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I still like it here on steemit and this is my little contribution in the promotion of this platform. I thank steemit for this ample opportunity of exercising what I had always wanted to do - posting of items that will improve the very existence of human in all its ramifications.
I heard the slogan Retire Young and Retire Rich and on my own I tried to find out what Cryptocurrency business or investment is all about. I stumbled on the following information which I will like newbies like me to know and share their experiences with others on steemit platform. I know many people have shared this but this is the way I understand it. Please correct me where I am wrong. Here we go.
Cryptocurrency and Cryptography
During the course of search for issues related to the above subject, I stumbled on the definition: A cryptocurrency (or crypto currency) according to Wikipedia is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units and to verify the transfer of assets. Hmmmm, indeed true.
Please enlighten us more on this subject, I am a newbie and ready to learn more through steemit.
Retire Young and Retire Rich
I heard this slogan or announcement over the radio inviting interested prospective candidates to a lecture on how to retire young and retire rich. I was fascinated by all the little enticing speeches of the advertiser(s). I decided to give it a trial and to look in to see what it was all about, because it is said that a lizard that refused to wash its hands where others washed could be mistaken for a cave-lizard. You *know lizards are always associated with light and sunshine.
On the day of the lecture, we were taught all about cryptocurrency. We were informed that Cryptocurrency Investment involves the use of coins and anyone who is interested to join would be given a power pack. We were also informed that the means through which anybody could enter the vehicle of ## Retire Young and Retire Rich is through Cryptocurrency Investment on the One-coin.
One-coin will be the topic for another post, please watch out for it.
Those of you in this type of trade investment would understand it better and could enlighten us more on this area.
The Block Chain and Block Chain Technology
We were told that the Block Chain is an ingenious invention, which is the brainchild of a person or group of persons known by the pseudonym, Satoshi Nakamoto. It is an innocent invention that lacked worldly experience. This is why there is always improvement day in day out and will continue to evolve into something greater. But Block Chain Technology allows digital information to be distributed but not copied and creates the backbone of a new type of internet. It is devised for the digital currency and Bitcoin while the tech community is now finding other potential uses for the technology.
Simply put, “Blockchain solves the problem of manipulation.
Bitcoin BlockChain
WOW! Gold is beautiful. Who does not like gold?
Wikipedia also had it that Bitcoin was created in 2009 and was the first decentralized cryptocurrency. It is called “digital gold.” However, numerous other cryptocurrencies have been created since then and they are called altcoin, which is an alternative to coin. It is a known fact that Bitcoin and its derivatives use decentralized control as against centralized electronic money and central banking systems. To date, the total value of the currency runs to many billions of US Dollars. And block chains can make other types of digital value such as the internet. It may not be necessary for one to know how the block chain works for one to use it. But having a basic knowledge of this new technology shows why it is considered revolutionary.
So, it is necessary for us to note the following about Block chain Technology:
- It is the newest wealth creation.
- It enables one build wealth
- It is secure
- It is transparent
- It gives leverage in over 190 countries
- It puts money into investors' pockets.
- No Central Bank in the world can control the Block Chain.
Here is a good example:
The initial Bitcoin was purchased by only 7 persons, after 6 minutes talk by Bill Gate, so today, those who get involved in this new technology has every course to thank God they were part of it. Therefore the trend and interest people show keep increasing day in day out. It all depends on when youyou’re your own information. Join today, it is never late, I believe, steem and learn more about Crypto currency and Bitcoin.
Evolution of Currency till date
Before Bitcoin, Fiat Currency, which is Pounds, Dollar, Naira and Euro has been in use. It should also be noted that currency trading evolved as follows:
From Trade by Barter to Precious Metals
From Precious Metals to Fiat Currency
From Fiat Currency to Cheques and Paper money
From Cheques to Plastics (Credit/Debit Cards)
From Plastics (Credit/Debit Cards) to Cryptocurrency (Block Chain Technology), which includes Bitcoin and Onecoin which will be our main focus on this post.
The whole idea of all these evolution is to reduce the weight of money, that is all, nothing more nothing less.
Thanks to Holy Transaction for the following information on Bitcoin:
Bitcoin is the most popular decentralized currency in the world right now.
It has a fixed supply of 21 million coins. No more coins can ever be issued beyond that point, giving all bitcoins in circulation some form of value at any time and with the potential to increase in value over time.
It will take until 2140 before all 21 million bitcoins are mined.
Speaking of generating new Bitcoins, there are no institutions “printing” additional coins. Is this true? Educate us further, please.
The only way to bring additional coins in circulation is through a complex process called “mining.” As a reward for bringing new coins in circulation, Bitcoin “miners” receive the privilege of being able to spend these coins first.
There is no approval process to go through, as Bitcoin is an open ecosystem welcoming people from all over the world to participate. All funds are controlled by the people active in the ecosystem, creating a decentralized system.
Additionally, Bitcoin has no single point of failure, making the network far more secured and completely tamper-proof.
Unlike fiat currency, where one institution is responsible for controlling the money supply, Bitcoin is consumer driven. On top of that, Bitcoin has multiple points of distribution, as the “mining” process takes place all over the world.
Last but not the least, spent bitcoins are injected directly into Bitcoin’s growing economy once again.
Spent fiat currency is kept out of the ecosystem until it is brought back to the bank, a process that can take anywhere from hours to years.
Bitcoin’s economy is self-sustaining, open to anyone, and simply better.
One can trade on Bitcoin without converting money into cryptocurrency and trading account is in US Dollar or Euro.
There is no risk of devaluation of investors’ money.
Investor gets up to 92% profit per transaction and trading is from $1 while trade times are from 1 minute.
You can buy and sell Bitcoin at any time and you can sell without buying first.
Investor gets instantaneous transaction fulfillment without commissions.
Bitcoin has sound forecasting indicators and it is an effective way to earn money.
Investors enjoy fast funds withdrawal in US Dollar/Euro than with a bank card or e-wallet.
Bitcoin has no single point of failure and so the network is far more secure and completely tamper-proof.
The only way to bring additional coins in circulation is through a complex process called “mining.” Therefore as a reward for bringing new coins in circulation, Bitcoin “miners” receive the privilege of being able to spend these coins first.
Last but not the least; spent bitcoins are injected directly into Bitcoin’s growing economy once again and so the process continues until all the Bitcoins are completely mined.
OneCoin Blockchain will be discussed in the next post for lack of space.
Steemit is a family, I will continue to love it here. The Holy Book says, 'my people perish for lack of knowledge'. All those who got this information earlier are now up there. But it is better 'to be late' than 'the late'. Keep steeming my people. See you on the other side.
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