Welcome, i believe you are entirely new to bitcoin and crypto currency stuff that you don't know how or where to begin with. Search no further. THIS POST IS FOR YOU. I will reveal the basic knowledge and guide you to the ways you can make money with it. I will try my best to break it down to your understanding so you don't get confuse about the subject matter.
According to WIKIPEDIA, a cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
It typically does not exist in physical form (like paper money) and is typically not issued by a central authority. Cryptocurrencies typically use decentralized control as opposed to centralized digital currency and central banking systems.
From the above explanation, you should take note that crypto currency is a digital currency that cannot be minted or controlled just like our paper currency (fiat). Each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
What Is Bitcoin
Bitcoin is a cryptocurrency or digital currency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto.
Is Bitcoin The Only Crypto Currency?
NO, Bitcoin is not the only crypto currency. According to coinmarketcap, there are over 6000 coins.
What Are Altcoins?
The name altcoins was orginated from crypto traders. It means Alternative coins. Since bitcoin was the first originated digital coin, it is therefore regarded as the king. Those 6000+ coins are what we know as altcoins. The popular ones among them are ETHEREUM (ETH), XRP, STELLAR, BNB, LITECOIN, CARDANO, CHAINLINK, BAND.
You should take note that each of those altcoins are different project and they have their own contribution to the crypto world. For instance, Ethereum is a smart contract platform that enables developers to build decentralized applications (DApps) on its blockchain. Ether (ETH) is the native digital currency of the Ethereum platform.
CONCLUSION
I think you now have some basic understanding about crypto currency, bitcoin and altcoins. The next thing to do now is to take action. And as time goes on you will be happy about the crypto world. Go buy your first bitcoin and watch on my post on how you can make money with it.
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