Understand Cryptocurrencies part one


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today understand Cryptocurrencies part one

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Unless you have been living under a rock you will have heard about cryptocurrencies. The most
famous of these is Bitcoin which is always in the news. Some people think that cryptocurrencies are ascam but they are not. If you know what you are doing you can make some very tidy profits with them.
Some people are too scared to get involved with cryptocurrencies. They do not understand them and all they focus on are the scams that hit the headlines. Unfortunately there are cryptocurrency scams but they are easy to spot and avoid.
In this report you will learn how to prepare yourself to profit from cryptocurrencies like Bitcoin. You will discover the mistakes that most novices make when they get started with cryptocurrencies. So read this special report from cover to cover to maximize your chances of making good profits with cryptocurrencies.

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lets continue

You must understand what cryptocurrencies are and how they work to make a profit from them.
Basically a cryptocurrency is a virtual currency that is used for exchange online. All cryptocurrencies have cryptology functions which are essential for secure financial transactions.
Almost all of the cryptocurrencies available these days use the blockchain technology. This technology is much more secure than the conventional client server technology that supports most financial transactions used by banks and other financial institutions.
Blockchain is a decentralized system rather than a centralized one. This means that all of the nodes (computers) in a cryptocurrency network must be able to see all of the transactions and they need to be confirmed and verified for authorization. The cryptocurrency term for this is “consensus”.
All cryptocurrencies should have a controlled supply. As an example there will only be 21 billion
Bitcoins. Think about a finite amount of gold existing in the world. The reason gold is so valuable isthat there is only so much of it and one day humans will have mined every last bit of it.
There needs to be a finite amount of cryptocurrencies to ensure that they have value. Experts
estimate that there will be no more new Bitcoins created after the year 2140.

Photo by RODNAE Productions on Pexels.com

Bitcoin is so popular that the supply could run out a lot faster than that.All cryptocurrency transactions must create immutable records. This means that after authorization a record can never be changed. The blockchain technology ensures the immutability of all cryptocurrency transactions.
You should never need the permission of anyone to participate in cryptocurrency transactions. There is no government control (not yet at least) and one of the major attractions of cryptocurrencies is that they are not affected by specific inflation and deflation issues of countries.
Some countries are scared of cryptocurrencies and have banned them so you need to check if you can trade cryptocurrencies in your country.


Public and private key

Photo by Alesia Kozik on Pexels.com

You must understand the principle of the public and private key system and how it applies to cryptocurrencies. To verify a cryptocurrency transaction there must be a public and a private key and these must be linked together with you as the owner. These keys are heavily encrypted for security and it would take massive computer power to decrypt these keys even if it was possible.
A public key has a tie in with a public address and you need this for cryptocurrency transactions. You use your public key to deposit your cryptocurrencies and let people know that you are available to make transactions (buy and sell cryptocurrencies). Anyone can see your public key.
Your private key must never be shared and acts like a password to protect the cryptocurrencies that you own. All of your private keys must link to public keys for additional security. Private keys
determine the balance of your cryptocurrency holdings.

part two soon on sakkemoto.com

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11 thoughts on “Understand Cryptocurrencies part one

  1. This is such an in-depth article. Venturing into cryptocurrencies especially bitcoin can be the best decision to make nowadays. Thanks for this beautiful piece.


  2. People must understand the importance of wallet keys as the importance of wallet keys is correctly highlighted in the article. People must place their wallet keys into a safe place where no one can get those keys. It is always a good idea to remember your keys as no one can steal your keys if you remember them correctly. Do not save keys on computers as you may lose keys in case of hard disk failure.


  3. I so much love this article as a crypto-fanatic. Digital currency is now the talk of the Town. Bitcoin and other alt-coin can be used to make transactions online, most especially the Bitcoin which will someday get to the moon. Thanks for this tips. I found it helpful.


  4. Cryptocurrency is a digital currencies which allows e-transaction without physical cash. It helps in cashless policy which reduces the cost of printing physical cash.


  5. My husband is very enthusiastic with crypto. I don’t even know what it is all about. Good thing you shared this article.


  6. Understanding cryptocurrency comes with passion which makes it ideal to spend time learning it right and applying the needful to make our crypto trading more successful than losses.


  7. Public opinions about crytocurrencies are different and many are still not away of crytocurrencies. In remote Africa town crytocurrencies sound like a misery. Well the future is here, digital money is the future.


  8. cryptocurrency is a virtual currency that is used for exchange online, understanding it comes with its emotions. I am just learning about it and I hope to know more about it. Thanks for this enlightenment it was really helpful.


  9. I have always been scared of investing in crypto currency. I did not really understand how it works. Thanks for this article. Now, I understand crypto currency and I will surely invest in bitcoin


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