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Crypto explained for [ beginners ] : Bitcoin,Ethereum, [ Cryptocurrency & Blockchain ] what's driving the craze for investor

 Crypto : Bitcoin,Ethereum , Cryptocurrency & Blockchain what's driving the craze for investor 


Cover Image of Crypto explained for [ beginners ] : Bitcoin,Ethereum, [ Cryptocurrency & Blockchain ] what's driving the craze for investor
 Cover Image of Crypto explained for [ beginners ] : Bitcoin,Ethereum, [ Cryptocurrency & Blockchain ] what's driving the craze for investor 


 Economics is boring this is a lie we've


been told all our lives but accept it or


not our life depends on it


war poverty revolution they all hinge on


economics which itself rests on one key


concept


money the ultimate catalyst for the


worst and the best of human endeavor


like it or not money defines our social


status it also compromises our morals


sometimes


some people spend their lives chasing


these rectangular pieces of paper


some are willing to fight even kill for


it


but are we headed towards the end of


money as we know it


will we have to burn our rupees dollars


and euros


transform every single penny we have


into digital binaries


or should i say to cryptocurrency


is it really the new goal the future of


money or is it gambling


a recipe for financial disaster if these


are questions you've been asking


yourselves


what the internet did for information


digital currency is doing for money


it is revolutionizing transactions and


eliminating banking


not a week goes by when cryptocurrencies


do not dominate the news there are


record-breaking price surges every other


day


your colleagues won't stop talking about


it your friends want you to invest


what do you do you weigh the pros and


cons


understand where you're putting your


money and that's where the problem lies


most of us do not understand money and


it's handling it's a life skill


we were not taught in school beyond the


basic computing


now if money changes form the first


thing you try to do is understand it


and that's what we'll do today and if


you're worried that we are going to get


too technical do not


it's all plain english let's start with


understanding


three basic concepts bitcoin blockchain


and cryptocurrency what do they mean


here are some quick definitions


first bitcoin it is the name of the best


known cryptocurrency


like the euro is the name of one type of


currency bitcoin


is digital and decentralized it exists


electronically


it's a computer code only and i'll


explain in a bit


for now the second definition


cryptocurrency it is a medium of


exchange for bitcoin


just as notes and coins are for rupees


and dollars


crypto means data encryption it


basically


ensures the security of transactions now


you may have heard about


your messages being encrypted it means


they're secure


it's the same for crypto it's encrypted


data


but unlike debit and credit cards


cryptocurrency has no physical


counterpart


it's the only form it exists in the


third definition is blockchain


it is the technology that enables the


existence of cryptocurrencies


think of it like a computer file that


stores data


but this is a file across a vast network


of computers


and it's not exclusive to bitcoin and


crypto blockchain has many many uses


this is just one of them so simply put


this is everything we don't understand


about money combined with everything we


don't understand about technology


now don't lose your head if you do not


get it because most people don't


and surveys have shown this only one out


of ten people understand how


cryptocurrencies work


and one in three cryptocurrency


investors themselves


know little to nothing about it take


bitcoin for instance


no one even knows who created it it has


been in circulation since 2009


but the identity of its creator or


creators


remains a mystery to this day over the


years many people have claimed to be


or have been called nakamoto but there's


still no clarity

____________

Related Pages:


Read more about Ethereum ETH


Find out more about Solana SOL 


Learn more about SHIBA INU


Find out more about Cardano ADA


Learn more about Litecoin LTC


Find out more about Internet Computer ICP 


Learn more about Binance coin BNB

___________________________


whether it's one person or a group of


people no one really knows


that i have nothing to do with bitcoin


nothing to do with developing


i was just an engineer doing something


else


what nakamoto did though was solve a


potential flaw in digital


banking double spending now what's that


let me explain through an example if a


person buys a sandwich worth ten dollars


for instance they cannot spend that same


ten dollar bill anywhere else


but when the same amount is paid


digitally


some people can manipulate systems and


spend the same ten dollars


more than once and that in simple words


is double spending to stop this from


happening you have banks and credit card


companies acting as middlemen


so they vouch for the transactions that


you make and they prove that you've


already paid for something


at the same time they take their own cut


of the transactions you make


enter bitcoin it solves both these


fiddly problems


like i said it is decentralized meaning


there is no third party controlling it


instead it is regulated by its own


community of users


and all of them record all of their


transactions at the same time


any attempts to fool the bitcoin


community will ideally get noticed


and the payment will get rejected no


single user or government or bank or


credit card company can force a


fee on your payment or control its flow


plus


bitcoin is said to be secure from the


effects of currency debasement and


inflation


does sound perfect doesn't it well it


isn't bitcoin is not without problems


the transactions are irreversible


once you've paid you've paid you will


not get a penny back


plus it's extremely volatile the value


keeps fluctuating


on the 14th of april it was worth 63 000


us dollars one bitcoin


on the 23rd of april it sank below 50


000


why does this happen you see like


everything else the price of bitcoin is


driven by demand and supply


when the demand increases the prices go


up when people see the price going up


they feel like cashing in so they try to


sell their own bitcoin


and this leads to more people wanting to


sell but sometimes


there are not enough buyers so they


lower their price


and on it goes like a roller coaster


ride so fluctuation


is problem number one the second problem


has to do with security


the digital wallets containing bitcoin


are stored in


phones and computers and we all know how


vulnerable


these are two theft and hackers in 2016


a los angeles hospital ended up spending


17 000 us dollars on illegal


transactions


after hackers took control of its


computers for more than a week


so if you have a good amount of money


invested in bitcoin


create passwords that are difficult to


guess also stop visiting those weird and


suspicious websites


the same rules apply for every other


cryptocurrency


which brings us to the question how many


are there


4 000 plus there are more than 4 000


crypto currencies in the world why do so


many of them exist because why not


the key software to create a crypto is


open source which basically means


anyone and everyone can create them so


there's litecoin


name coin peercoin grid coin ripple


prime coin


order mazer coin stellar and this


dogecoin a cryptocurrency that started


off as a meme


it has now become mainstream in 2013 two


software engineers used the image of a


dog


and made this cryptocurrency as a joke


their aim was to make fun of how people


would invest in anything and guess what


people did just that on the 20th of


april dogecoin's market capitalization


surged to more than


50 billion dollars it ended up being


worth


more than ford and marriott all thanks


to dogecoin supporters


who used hashtags and social media posts


to fuel its price


and this episode is both laughable and


fascinating it tells you about the times


we're living in


where online campaigns can have a


surprisingly big impact on the market


price of


anything an age where parody can be


turned into a real


asset dogecoin is worth 50 billion


dollars because


people believe it is worth 50 billion


dollars


you know what they said about the power


of what you believe in perhaps this was


it


it's the same in the case of bitcoin the


fundamental reason


it has value is because people agree it


has value


think of it like these shoes with human


blood they're worth


one thousand dollars why because it's


manufacturer thought


someone would pay one thousand dollars


for such shoes


who by the way was absolutely right


because all of these shoes have been


sold out


what does this tell you that a vast


majority of people investing in


cryptocurrency are just responding to


the craze around it


they're giving it a shot what about


governments


these countries recognize cryptocurrency


the uk is working on something called


brit coin russia does not recognize


cryptocurrency


china cracked down on it but then it


shifted position


now beijing calls it alternative


investment


in india cryptocurrency is not legal


tender but there are people who invest


in it


because people around them do it the


bottom line is this


the future of currency is digital there


is no doubt about it


but when you invest you must know that


you're not just investing you're also


gambling


and if you're ready to gamble you must


also be prepared to win or loseconomics is boring this is a lie we've

been told all our lives but accept it or

not our life depends on it

war poverty revolution they all hinge on

economics which itself rests on one key

concept

money the ultimate catalyst for the

worst and the best of human endeavor

like it or not money defines our social

status it also compromises our morals

sometimes

some people spend their lives chasing

these rectangular pieces of paper

some are willing to fight even kill for

it

but are we headed towards the end of

money as we know it

will we have to burn our rupees dollars

and euros

transform every single penny we have

into digital binaries

or should i say to cryptocurrency

is it really the new goal the future of

money or is it gambling

a recipe for financial disaster if these

are questions you've been asking

yourselves

i have a story to share hello and

welcome to gravitas plus i'm

what the internet did for information

digital currency is doing for money

it is revolutionizing transactions and

eliminating banking

not a week goes by when cryptocurrencies

do not dominate the news there are

record-breaking price surges every other

day

your colleagues won't stop talking about

it your friends want you to invest

what do you do you weigh the pros and

cons

understand where you're putting your

money and that's where the problem lies

most of us do not understand money and

it's handling it's a life skill

we were not taught in school beyond the

basic computing

now if money changes form the first

thing you try to do is understand it

and that's what we'll do today and if

you're worried that we are going to get

too technical do not

it's all plain english let's start with

understanding

three basic concepts bitcoin blockchain

and cryptocurrency what do they mean

here are some quick definitions

first bitcoin it is the name of the best

known cryptocurrency

like the euro is the name of one type of

currency bitcoin

is digital and decentralized it exists

electronically

it's a computer code only and i'll

explain in a bit

for now the second definition

cryptocurrency it is a medium of

exchange for bitcoin

just as notes and coins are for rupees

and dollars

crypto means data encryption it

basically

ensures the security of transactions now

you may have heard about

your messages being encrypted it means

they're secure

it's the same for crypto it's encrypted

data

but unlike debit and credit cards

cryptocurrency has no physical

counterpart

it's the only form it exists in the

third definition is blockchain

it is the technology that enables the

existence of cryptocurrencies

think of it like a computer file that

stores data

but this is a file across a vast network

of computers

and it's not exclusive to bitcoin and

crypto blockchain has many many uses

this is just one of them so simply put

this is everything we don't understand

about money combined with everything we

don't understand about technology

now don't lose your head if you do not

get it because most people don't

and surveys have shown this only one out

of ten people understand how

cryptocurrencies work

and one in three cryptocurrency

investors themselves

know little to nothing about it take

bitcoin for instance

no one even knows who created it it has

been in circulation since 2009

but the identity of its creator or

creators

remains a mystery to this day over the

years many people have claimed to be

or have been called nakamoto but there's

still no clarity

whether it's one person or a group of

people no one really knows

that i have nothing to do with bitcoin

nothing to do with developing

i was just an engineer doing something

else

what nakamoto did though was solve a

potential flaw in digital

banking double spending now what's that

let me explain through an example if a

person buys a sandwich worth ten dollars

for instance they cannot spend that same

ten dollar bill anywhere else

but when the same amount is paid

digitally

some people can manipulate systems and

spend the same ten dollars

more than once and that in simple words

is double spending to stop this from

happening you have banks and credit card

companies acting as middlemen

so they vouch for the transactions that

you make and they prove that you've

already paid for something

at the same time they take their own cut

of the transactions you make

enter bitcoin it solves both these

fiddly problems

like i said it is decentralized meaning

there is no third party controlling it

instead it is regulated by its own

community of users

and all of them record all of their

transactions at the same time

any attempts to fool the bitcoin

community will ideally get noticed

and the payment will get rejected no

single user or government or bank or

credit card company can force a

fee on your payment or control its flow

plus

bitcoin is said to be secure from the

effects of currency debasement and

inflation

does sound perfect doesn't it well it

isn't bitcoin is not without problems

the transactions are irreversible

once you've paid you've paid you will

not get a penny back

plus it's extremely volatile the value

keeps fluctuating

on the 14th of april it was worth 63 000

us dollars one bitcoin

on the 23rd of april it sank below 50

000

why does this happen you see like

everything else the price of bitcoin is

driven by demand and supply

when the demand increases the prices go

up when people see the price going up

they feel like cashing in so they try to

sell their own bitcoin

and this leads to more people wanting to

sell but sometimes

there are not enough buyers so they

lower their price

and on it goes like a roller coaster

ride so fluctuation

is problem number one the second problem

has to do with security

the digital wallets containing bitcoin

are stored in

phones and computers and we all know how

vulnerable

these are two theft and hackers in 2016

a los angeles hospital ended up spending

17 000 us dollars on illegal

transactions

after hackers took control of its

computers for more than a week

so if you have a good amount of money

invested in bitcoin

create passwords that are difficult to

guess also stop visiting those weird and

suspicious websites

the same rules apply for every other

cryptocurrency

which brings us to the question how many

are there

4 000 plus there are more than 4 000

crypto currencies in the world why do so

many of them exist because why not

the key software to create a crypto is

open source which basically means

anyone and everyone can create them so

there's litecoin

name coin peercoin grid coin ripple

prime coin

order mazer coin stellar and this

dogecoin a cryptocurrency that started

off as a meme

it has now become mainstream in 2013 two

software engineers used the image of a

dog

and made this cryptocurrency as a joke

their aim was to make fun of how people

would invest in anything and guess what

people did just that on the 20th of

april dogecoin's market capitalization

surged to more than

50 billion dollars it ended up being

worth

more than ford and marriott all thanks

to dogecoin supporters

who used hashtags and social media posts

to fuel its price

and this episode is both laughable and

fascinating it tells you about the times

we're living in

where online campaigns can have a

surprisingly big impact on the market

price of

anything an age where parody can be

turned into a real

asset dogecoin is worth 50 billion

dollars because

people believe it is worth 50 billion

dollars

you know what they said about the power

of what you believe in perhaps this was

it

it's the same in the case of bitcoin the

fundamental reason

it has value is because people agree it

has value

think of it like these shoes with human

blood they're worth

one thousand dollars why because it's

manufacturer thought

someone would pay one thousand dollars

for such shoes

who by the way was absolutely right

because all of these shoes have been

sold out

what does this tell you that a vast

majority of people investing in

cryptocurrency are just responding to

the craze around it

they're giving it a shot what about

governments

these countries recognize cryptocurrency

the uk is working on something called

brit coin russia does not recognize

cryptocurrency

china cracked down on it but then it

shifted position

now beijing calls it alternative

investment

in india cryptocurrency is not legal

tender but there are people who invest

in it

because people around them do it the

bottom line is this

the future of currency is digital there

is no doubt about it

but when you invest you must know that

you're not just investing you're also

gambling

and if you're ready to gamble you must

also be prepared to win or lose.



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