What is CryptoCurrency in a nutshell
Yes, we are finally going to talk about Bitcoin, Ethereum and other so-called altcoins on Aeternet.com. It should probably have happened way back.
So what is it then?
Cryptocurrency is a digital form of money (not entirely correct but easier to understand) that is usually gathered by the means of “mining”, just like in the old days we would physically mine for gold ore, we now do it in a digital environment. Many people will already know of BTC or bitcoin, which was the worlds first cryptocurrency. But there is also ETH ethereum (second largest coin) and thousands of so-called altcoins, these are just other cryptocoins that are not bitcoin basically.
How do you create / get / mine a bitcoin?
This is where it gets a bit complex, but without going into too much detail, ill will briefly explain this.
So bitcoin and many other altcoins are usually gathered by mining them. This process is done by using computer power (mostly the GPU graphics card) to solve complex mathematical puzzles. By solving these puzzles, you can form a “block” and discover a new bitcoin or other altcoin. Also remember that the term Crypto-Currency is partly derived from the term Cryptography, which in modern terms has to do with mathematical computer algorithms.
Where do you store and sent bitcoin from?
Most crypto like bitcoin are stored at a so-called “Wallet”, which come in different versions as well. But all you have to know for now is that it is just a personal adres where you, and you alone have the keys for to unlock it and is used to sent and receive crypto from and to.
Should you get into crypto?
This depends of course. Personally i would say: “Yes”. No matter how you look at it, this IS the way forward, it IS the future. So you best get used to it early on in my opinion. Several governments around the world are already creating their own version of a blockchain based cryptocurrency. It is also a way to speculate on future prices and earn some money with it.
How to get started
So if you want to look more into this and get yourself some crypto. The best way is to start an account with Binance, which is the worlds leading exchange when it comes to cryptocurrency. It is also probably the safest place where your assets will stay safe for a long time.
You can create an account for free and start trading crypto right away. Also worth noting that you can store your crypto on the exchange wallets itself, so there is no need to create other wallets (but still recommended).
With Binance you can either trade currency in the more traditional sense like with stocks, or just buy assets and wait for them to grow in value.
REMEMBER I AM NOT A FINANCIAL ADVISER SO DO NOT TAKE ANYTHING ON THIS PAGE AS FINANCIAL ADVICE.