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Have you ever heard about cryptocurrency? Well, everyone is talking about it right now. You heard this word before, but you didn’t have any idea about this, right? And you don’t want your colleagues to make fun of you because you are already left out for the hottest trend. Don’t worry; I am here to help.
What about cryptocurrency? Why is it so trendy right now, and how does it work? Worry less; I have a solution to your curiosity. This article will take you from crypto newbie to crypto genius. You will learn more about cryptocurrency, what’s in it that makes it trendy and, how important it is right now. By the end of this article, you will also learn to start playing with the cryptocurrency market by using a free bitcoin. So read along.
How Cryptocurrency Originated?
Let me get this straight; when society was in its early stages, there was no such thing as money. Then there’s someone who says, “I like your necklace. You know what, I want to trade my dress for it.” But the issue with a system like that is even though you might be perfectly happy to give up your necklace, you just might not want a dress. Eventually, trade never happened. So that’s where currency or coins came in.
Coins are made of precious materials like gold and silver. Everyone agreed that coins are more precious than any material thing. You’ve heard of the British pound, right? They are called pounds because 1 pound is literally 1 pound of silver. So all of a sudden, a trade will be like, “It doesn’t matter if you don’t want my dress as long as I have coins, we can still trade for your necklace.” Even if you have no use at all for the silver because it’s a precious material, you have a reassurance that you can take the coins, give them to someone else, and trade for something you really want. Sounds good, right?
But then banks are built. As banks became established and governments had control, you can now use something even more convenient – paper money. The paper money has value because the government says it has value. For example, take a 10-pound note in the UK, which is made of plastic to make it more durable. If you look closely, you can see a note from the Bank of England saying, “I promise to pay the bearer on demand the sum of 10 pounds.” From what you’ve read, you can conclude that paper money is just a receipt – a kind of proof that you own a certain amount of money. But as technologies improved even further, technology experts found an even more convenient way of storing and trading stuff.
More people than ever are buying things online using credit cards. If you are part of these people, you know that your money is no longer seen. It is no longer about coins or physical money; it is just entries on a database. Like when you buy a book from Amazon. What really happens is your bank adds an entry to your database telling that your money was decreased, wherein Amazon banks increased. This explains where cryptocurrency began, the most convenient era of exchange ever.
What is Cryptocurrency?
Think of cryptocurrency as 100% virtual. If you see a gold coin with the letter B at the center of it, don’t let it confuse you as it’s just a logo. There is no gold, silver, or paper in cryptocurrency. What happens in cryptocurrency is only just the transfer of digital assets. The core concept is exactly the same. Imagine a lot of database of who and what to pay and to whom. Instead of keeping various records, there is only one huge database for every transaction users made using the cryptocurrency. This sort of a database is a ledger. Well, why is everyone talking about it? What’s in it that makes it trendy? Obviously, there are some distinct advantages to a currency system like this.
Advantages of Cryptocurrency
Cryptocurrency is decentralized, which means every transaction of a given currency is recorded on the same ledger or some database. At the same time, there are lots of copies of the ledger. Anyone who is a part of the network has one. Heard about cryptocurrency mining or Bitcoin mining? It is done by someone who sets up a computer to crunch through transactions on their copy of this ledger or spreadsheet. There are already about million Bitcoin miners around the world. But remember, Bitcoin is just one type of cryptocurrency. If you dedicate your computer’s power for mining to any cryptocurrency like Bitcoin, you will also earn some Bitcoin.
Here is another example. If you spend 5 Bitcoins on something, the shop will check if you have enough Bitcoin to buy that thing on a single computer instead of just checking with the bank’s record. All ledgers will update, including other cryptocurrency users, assuming you have that amount. For this reason, it is easy to determine if a scammer manipulated your computer. It’s basically a network of computers with the same history of transactions. Instead of being one company with one database that holds all the information, the same sort of list is held by all cryptocurrencies users. If you take action like buying something, it gets validated by everyone, which turns into the next part of the list. It’s sort of constantly updating itself. So it’s like a really accounting system from all sorts of things that everybody owns instead of being owned by one company.
- You don’t need banks anymore
A lot of cryptocurrency users prefer this to traditional banks as it doesn’t require paper works or any documentation. You will just need a secure Internet connection. Everything is already stored by the people on this ledger. You can now make international payments almost instantly instead of it taking half a day without limitations. Plus, you don’t need to worry about exchange and interest rates. Even transaction fees are zero for some cryptocurrencies. Cryptocurrencies came from the words “crypto” and “currencies” as they are secured by cryptography which basically encodes all transactions. You can’t see exactly what happened, but you know it happened.
One example of this, which a lot of the major cryptocurrencies like Bitcoin use, is blockchain. Well, what is blockchain? That’s a really good question. Blockchain is a new network. It’s going to help you decentralize trade – allowing you to do a lot of your transactions much more peer-to-peer directly. It will lower your use of intermediaries like companies or banks. People often get confused by this. Blockchain is neither Bitcoin nor currency itself. Blockchain is just a secure type of ledger. You already know about that ledger for every cryptocurrency user. Now, Blockchain is just a way of organizing it into blocks. So every time I pay for something with Bitcoin, that transaction is recorded as a block. Each block contains transaction data like who was paid and how much. Hash is a term used as a unique identifier on the system.
How important is it right now?
You have probably heard of people putting money into cryptocurrencies. Traditionally speaking, people exchange dollars for euros or other regular currencies. In cryptocurrencies, exchanging currency is in bitcoin. Other people hope that those cryptocurrencies become the next big thing, and therefore suddenly shoot up in value. At which point they can either spend it or just exchange it back for more dollars. There is a term called mooning, which means when a cryptocurrency suddenly increases.
Bitcoin is the first cryptocurrency invented and just one of over 4,000 different cryptocurrencies. Each of them has other properties. For example, there is Ethereum, the second cryptocurrency invented. Have you ever heard about NFT or non-fungible tokens? So traditionally, you can go into an art gallery and buy a painting. Well, now, thanks to the blockchain, you can pay for something just to have digital ownership over it. It doesn’t stop anyone from using or sharing that thing, but the whole world recognizes that it was you who owns it, like many NFTs are literally just JPEG images. It is just you are using the blockchain to prove that you have some ownership over that asset. Other cryptocurrencies are Cardano and Litecoin with a newer algorithm. Then there’s also Dogecoin that is based on the same tech as Litecoin.
Easy ways to play the Crypto Market without a Bitcoin wallet
Planning to play cryptocurrency but don’t have any Bitcoin wallet? Follow the instructions.
1. Go to the website com, and you can set up your bitcoin wallet there for absolutely free. You can also go over to blockchain.com and do the same thing. Basically, all you have to do is click on get started. It will redirect you to a form where you can enter your information. The process is entirely free, so you don’t have to invest anything in it. But if you haven’t decided already on which wallet is the most suitable one for you, you can go over to bitcoin.org, and it will let you choose your wallet. This site has a form that you can complete to see which one is the most appropriate. It doesn’t really matter whatever option you choose; as long as you have a bitcoin wallet, you are good to go.
2. Create accounts for a few different websites to automate the process. The first website is called io, wherein you need to sign up. Make sure to enter your correct information, like the username and email address you are currently using. Once you’re done with it, the following website you need to open is expresscrypto.io, where you also need to sign up. On the signup form, they will ask for your valid bitcoin address. Just input the one you’ve created earlier to link your bitcoin address to your express crypto account.
3. This process is about creating an account on dutchycorp.space, autofacet.org and autoclaim.in website. These are all powerful websites that would help you make that much money today. So as you might expect, you need to register to those three websites. After you’ve done that, you can move on now. You will receive a verification email to your email address for validity. If you’ve already done registering, go to the website autofaucet.dutchycorp.space and check your payment mode. It should already be set in an ExpressCrypto Mode to start generating money. If you don’t have that yet, select ExpressCrypto Mode. The next thing you need to do is choose what currency you want to receive. You can choose from Bitcoin, Ethereum, Litecoin, and other cryptocurrencies. You will be asked to write the characters from the captcha. Then click the start auto faucet button. It will send you to the new website’s screen. You’re going to make money or basically mine Bitcoin every 2 minutes. The major advantage of this website is you don’t have to check the website every 2 minutes to collect your earnings. Because your account is already connected to the expresscrypto.io website, let the website do its job. Plus, it would help you save a lot of time.
The last two websites are autofacet.org and autoclaim.in, you also need to create accounts there. Once you have logged in to your account, you should see your dashboard with lots of options at the left part of your homepage. Click the Daily Bonus or Offerwalls to watch ads, complete surveys, and do another thing you need to do to give you tokens that you can use to mine Bitcoin. Once you have a certain amount of tokens, you can leave it run and don’t ever close it. The process is also the same with autoclaim.in website to add some more money into your Bitcoin wallet. Then you are all good. You can now use this Bitcoin wallet in the crypto market.
Before digging into this system, knowing the consequence also matters; cryptocurrency has dark sides. It is probably the reason many people are afraid to dig this in. Here are some of it.
Unlike any traditional currencies, these currencies are so new and completely digital. No one really knows what really their worth is. And so, you find that cryptocurrency prices are quite heavily speculative. People are tied to the news cycle. Like when a glowing article comes out about them, prices spiral upwards. But then, when Elon Musk posts a tweet that puts them down, they go way down.
- Not accepted as a form of payment all the time
Well, some institutions accept Bitcoin, but some also do not. It depends on them.
- Environmental concern
You see, a lot of cryptocurrencies are secure because of the concept of transactions being verified many times by multiple computers. It may still seem to create a fundamental inefficiency on the other side.
There is also a pretty strong sentiment on this system. There’s no real policy or regulation on cryptocurrency right now, and criminals are attracted to it.
If you ever want to invest your money in blockchain technology, you need to think if you can handle the ups and downs of the system. Educate yourself about this, seek an expert and do a lot of research. If these things really convinced you to join crypto marketing, decide and think well.