THE FUNDAMENTAL BASICS OF CRYPTOCURRENCIES
If you are already familiar with cryptocurrencies you will know most of this information and reading this article could be a waste of your precious time, but you can also read it to refresh the absolute basics.
I feel it is important to educate new Steemit users about cryptocurrencies and this includes the very basics.
What is Cryptocurrency?
Cryptocurrency is a digital currency that uses encryption (cryptography) to generate money and to verify transactions. Transactions are added to a public ledger – also called a Transaction Block Chain – and new coins are created through a process known as mining.
As of 2017, cryptocurrency has been used as a decentralized alternative to traditional fiat currencies (which are usually backed by some central government) such as the US dollar (USD).
The basics on how to buy cryptocurrency
For the average person using cryptocurrency is as easy as:
- Get a digital wallet to store the currency. (https://www.blockchain.com or use built-in wallet of exchanges)
- Use the wallet to create unique “public addresses” to receive currency.
- Transfer funds in or out of your wallet using public addresses.
What is a cryptocurrency address?
A public address is a unique string of characters used to receive cryptocurrency. Each public address has a matching private address that can be used to prove ownership of the public address.
Using Bitcoin the address is called a Bitcoin address, every cryptocurrency address is always a string of letters and numbers. Think of it like a unique email address that people can send currency to as opposed to emails.
That is all for today. I will make more articles like this in the future to educate all new interested people of the cryptocurrency-space and help you make some profit in this insane expanding market. :)
Thank you for reading.
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Cheers,
MAXIDIGI