Hello everybody, welcome to this series on cryptocurrency.
On this series I'm going to be covering :
What is cryptocurrency?
When was it first used and accepted?
Fundamentals of crptocurrencies
Types of cryptocurrencies
List of the all the available cryptocurrencies and their dollar equivalence.
The future of crptocurrencies and their impact on the economics of the world.
If you're hearing the word crypto for the first time, then welcome to the future where impossibilities are now made possible.
You must have heard kryptonite from the superman movie, the rock that makes him weak, well that's what I thought of first when I heard the word crpto-currency. Spoiler alert it's not. Maybe that's what they had in mind when they first created bitcoin. 😂
But what is crypto?
Cryptocurrency is an electronic money based on a blockchain. So let's call crypto-currency an electronic money, yes it can be used for all sorts of transactions on the internet, and thanks to block chain it's very open and less prone to fraud.
Crypto-currency eliminates transaction fee and other charges we pay for in banks. Imagine trying to transfer millions of dollars or Naira from your bank to another bank, the charges will be much.
You can transfer virtually any amount of crypto-currency across the net in a matter of seconds, compared to the time delay and queue you see in the bank.
Hey I'm not trying to rule out banking, they have made life easier for us, but it's time we move forward, so do we really an organisation to hold our money when we can do it ourself? . Yeah, we can do it ourself.
Blockchain is a topic I will have to treat in another post. But have this in heart, blockchain makes it almost impossible for your data to be compromised.
Make sure you check my blog tomorrow for the first part of this series. I'm going to be covering what is Cypto, and it's history.
Thank you for reading through
Bye bye for now