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Bitcoin and Other Cryptocurrencies

SunuAkkadAug 6, 2020, 3:53:25 AM
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Bitcoin and Other Cryptocurrencies

By Sunu Akkad (David Burt)


I remember a few years ago, the topic of Bitcoin annoyed the hell out of me. I can recall the very first Bitcoin craze when all my friends on Facebook were chatting up a storm about it. It got so annoying, that I posted "I'm sick and tired of hearing about Bitcoin! Ugh!" That's because I honestly didn't know that much about it back then.

Years later, when I got back into reading about money and finance, I got reintroduced to the topic of Bitcoin. During my research, I found it very fascinating. 

Bitcoin was created in 2009 by an unknown person or group of people under the alias Satoshi Nakamoto. There is a debate about exactly who this individual is, but still to this day his true identity is unknown.

To explain what Bitcoin is and to explain what Blockchain is, that's a whole different topic that even I can't even clearly explain. I've had people explain it to me, and I've watched many YouTube videos about Blockchain technology and I still can't clearly explain it myself. To explain it plainly in ghetto terms, it is like a computer program or a group of inter-connected computers 💻 from around the world 🌎 where all records are recorded in such a way that everybody in the world can see what is recorded on that record and it can not be changed or erased off that record.

Blockchain Technology - A system in which a record of transactions made in bitcoin or another cryptocurrency are maintained across several computers that are linked in a peer-to-peer network.

From my limiting understanding, Bitcoin isn't just like typing computer digits on a screen like the numbers in your banking account. It actually takes a certain amount of power and electricity to create one Bitcoin which is the reason why one Bitcoin costs so high. To speak in ghetto terms so the beginners reading this can easily understand, you can, for lack of a better word "download" a Bitcoin which the nerds and tech-geeks call "Mining" Bitcoin that actually takes a lot of time, power, and energy. The reason being, you're creating a new Blockchain connection onto the Blockchain, NOT just typing in a digit onto a computer screen like in your bank account.

For a further explanation, watch this video below by Crypto Casey ⤵

The Other Altcoins and Cryptocurrenies

Most people are just familiar with Bitcoin which is the first and most popular of all the Cryptocurrenies. There are now currently, literally thousands of smaller Altcoins or Cryptocurrencies out there. Some of the main ones include:

1. Ethereum

2. Ripple/XRP

3. Litecoin

4. ADA/Cardano

5. ChainLink

6. EOS

7. Dash

8. Dogecoin

And literally hundreds and hundreds of others. For a complete list, check out the link to this website ➡ https://www.livecoinwatch.com/

When you look at the list of all the Altcoins, it is like a stock exchange. You can buy coins, just like when you buy stocks. When the price of an Altcoin you purchased goes up, you can make a lot of money!

If you want to buy Altcoins, you can go to these exchanges ⤵

1. https://www.coinbase.com/

2. https://www.binance.us/en/

I have to WARN you, setting up an account with an exchange can be a very tedious process, so you have to be very patient. 

These online exchanges are known as HOT Wallets, because since they are online, they can get hacked and you can lose all of your money. it's kind of like having a third party holding you money, like a bank. Since Crypto isn't protected by the FDIC when your money is gone, it's GONE.

It's best to get what is called a Cold Wallet which is like a thumb drive, to transfer all of your Crypto offline which is the safest.

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The reason why learning about Cryptocurrencies is important is because we are headed into a cashless society very soon. it's not a matter of if, it's a matter of when. Currently, many banks and companies like JPMorgan Chase, Bank of America, VISA, and even Warren Buffett (not officially, but on the down-low) are buying Cryptocurrencies by the loads. I suggest that the average person to at least buy a small fraction of a Bitcoin for starters just to add as one of your assets in your portfolio. Cryptocurrencies, just like gold and silver, if the value of the dollar goes down, their value goes up. 

Here Are More References Below

1. Investing Basics: Bitcoin and Blockchain

2. How Does Bitcoin Work?

3. BREAKING: JP Morgan Goes ALL IN on Cryptocurrency in 2020!! | Best News on Cryptocurrency in 2020

4. Ripple XRP News: It’s 100% Confirmed, XRP Is The Ultimate Solution, Warren Buffett Knows It Too!

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