Can I invest in Cryptocurrency? How does cryptocurrency work?
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Here is what you all want to know before investing.
Until last year cryptocurrency was something that warren buffet resisted and this year it became an asset class. So what exactly cryptocurrency is , to understand what it we should first know what money is. In simple term money equals to value .Money is all about how we transfer it . You must have all seen that there is something written on a note saying " I promise to pay the bearer the xyz sum of money".
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What is cryptocurrency? What is cryptocurrency? What is cryptocurrency?
What is cryptocurrency? What is cryptocurrency? What is cryptocurrency?
Only reason that paper is worth something because we all of agree that it is worth something. It has to have some intrinsic value ,that's what we basically call money. And the value of this note will go on and will keep changing .Moreover, there was a time when notes were not printed, people used to work for each other just like barter . Since the evolution of mankind ,people have given value to many things , they used pay each other with a bag full of rice , nickel, copper , silver and gold because all of us thought that it is valuable and that became the currency of that time. Where does bitcoin come from? How bitcoin is generated ?Where does bitcoin come from? How bitcoin is generated? ADVANTAGES OF HAVING CRYPTOCURRENCY
Time by time when professions started increasing it became harder to find that one thing which is valuable for everyone . So as the world grew bigger it became difficult to find one uniform currency for everyone . Governments of different countries started printing their own notes and promised the people that these notes are valuable even though there is no underline asset to this piece of paper that it is valuable but we trust that it is valuable because we trust the government and it is their job to maintain that.
Where does bitcoin come from? How bitcoin is generated? Where does bitcoin come from? How bitcoin is generated?
Where does bitcoin come from? How bitcoin is generated? Where does bitcoin come from? How bitcoin is generated? Where does bitcoin come from? How bitcoin is generated?
Now lets look at the disadvantage of having paper currency . Money has a central authority that controls the supply and circulation . Since the government maintain the money flow, people trust the them till the government is stable. If that trust breaks money will collapse. And value of each note goes down the more notes are printed which means the ideal scenario is that we all should have currency which is limited and decentralized which means no matter what happens to the authority ,nothing happens to that currency. To solve all these problem we have cryptocurrency. Can I invest in Cryptocurrency? Can I invest in Cryptocurrency? Can I invest in Cryptocurrency? Can I invest in Cryptocurrency? Can I invest in Cryptocurrency? Can I invest in Cryptocurrency?
What is cryptocurrency?
Cryptocurrency is a form of digital money which can be stored on our computer , phone and it can be send peer to peer with no bank or intermediate .
Today as we transfer money through UPI , paypal and banks , there is someone to make to sure that transaction is legitimate it is bank's job to maintain record of that a person has sent some amount of money to this person .But since cryptocurrency work on blockchain technology , there is one centralized leisure where all the records are processed and kept. If you hold a cryptocurrency you have a public key and a private key .
Can I invest in Cryptocurrency? Can I invest in Cryptocurrency? Can I invest in Cryptocurrency?
1. Public key is like email address which you can give to anyone so that they can give or send cryptocurrency .
What is cryptocurrency? What is cryptocurrency?
2. Private key is like email password ,it protect your crypto .. You should not give it to anyone. Also there is no option like forgot password. If lost your password there is chance that you lost your cryptocurreny.
Can I invest in Cryptocurrency? Can I invest in Cryptocurrency? Can I invest in Cryptocurrency? Can I invest in Cryptocurrency?
ADVANTAGES OF HAVING CRYPTOCURRENCY
ADVANTAGES OF HAVING CRYPTOCURRENCY
1. Nobody controls the currency.
2. Nobody decides who gets to transact that currency .It is available for everyone irrespect of their nationality.
3. Secure
4. Privacy - No one can alter it.
5. Limited - We cannot print more .
ADVANTAGES OF HAVING CRYPTOCURRENCY
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Where does bitcoin come from? How bitcoin is generated?
ADVANTAGES OF HAVING CRYPTOCURRENCY
New bitcoins are generated by a competitive de-centralized platform called mining.
Mining for cryptocurrency is like digital version of digging for gold. Miners are usually processing transaction and are getting rewarded by the network in cryptocurrency. Basically miners use powerful computers to compete with each other to solve math puzzles (algorithms). Those puzzles get harder as more people try to win it , that's people tend to hold cryptocurrency.
The lesser( people holds their crypto ) the number of cryptocurrency more will be it value .
And by seeing that hike in the price people gets attracted to invest in it and the cycle continues.
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Blockchain technology explainer videos:
Simply Explained► https://youtu.be/SSo_EIwHSd4
3Blue1Brown (detailed explainer)► https://youtu.be/bBC-nXj3Ng4
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Where does bitcoin come from? How bitcoin is generated? Where does bitcoin come from? How bitcoin is generated?
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