(Bitcoin & others)
(Bitcoin & others)
Cryptocurrency is legal decentralized digital money, using an online ledger with strong cryptography to secure online transactions based on blockchain technology. (it’s biggest advantages include bringing transparency to the global financial sector, and fighting corruption)
Bitcoin and Ethereum are the most popular, but there are more than 8,000 different cryptocurrencies in circulation, according to coinmarketcap. (A leading Crypto-tracking site)
You can use crypto to buy regular goods and services, Lots of people treat them like traditional assets, like stocks or precious metals.
Blockchain is an open, distributed ledger that records transactions in code. It’s decentralized technology spread across many computers that manages and records transactions.
In practice, it’s a little like a seeing your bank account activity. But on public record through the blockchain network.
Unlike the U.S. Dollar or the Euro, there is no central authority that manages and maintains the value of a cryptocurrency.
Instead, these tasks are broadly distributed among a cryptocurrency’s users via the internet.
Truthfully, there’s no great way to buy things you’d need for daily life.
These two issues cause a loop of trouble for crypto’s adoption. (how many people use it) Most people have trouble with crypto’s lack of current use, stopping them from adopting.
But retailers won’t accept it until adoption increases. (Forcing them to hedge against, or ‘accept’ $dollar alternatives) Bringing network fees down significantly.
Companies accepting it; Visa, Paypal, Wikipedia, Microsoft, AT&T, Burger King, KFC, Overstock, Subway, Twitch, Pizza Hut, Virgin Galactic, Norwegian Air, Cheap Air, Gyft, Newegg, Pirate Bay, 4chan, Pornhub, ExpressVPN.
(Crypto debit cards are being tested around the globe, but fee’s remain the issue.)
Multiple governments are already considering using bitcoin for; retirement funds, paying workers, accepting taxes, and more always coming to news.
While Paypal, Cash App, and Robinhood sell crypto. The biggest entry point into this space is no doubt coinbase.
Regardless of where you get it, unless you’re planning on actively trading your investment, It’s time to make the final step to decentralizing!
This is where you go from an exchange, to a ‘wallet.’ Your public (but secure) address on the blockchain network!
There are a few types of wallets;