INTRODUCTION TO CRYPTO-CURRENCY FOR BEGINNERS by PART 2

2년 전

The work below is Authored by @dannytroniz, edited and published by @mbj for @steemjetnewbies.

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CRYPTO-CURRENCY AS A DIGITAL ASSET

A digital asset, in essence, is anything that exists in a binary format and comes with the right to use. Data that do not possess that right are not considered assets. Digital assets include but are not exclusive to: digital documents, audible content, motion picture, and other relevant digital data that are currently in circulation or are, or will be stored on digital appliances such as: personal computers, laptops, portable media players, tablets, storage devices, telecommunication devices, and any and all apparatuses which are, or will be in existence once technology progresses to accommodate for the conception of new modalities which would be able to carry digital assets; notwithstanding the proprietorship of the physical device onto which the digital asset is locatedsource

There are over 900+ crypto-currencies as of now, and they keep adding up. You can own a crypto either by participating in airdrops; you are given series of task and rewarded after wards with the currency. You can also own a crypto by purchase. Some crypto make available fiat means of exchange and crypto to crypto exchange. Block trades is an example of a platform that helps exchange crypto-currencies.

To own a crypto, you need to have a some sort of storage, called a wallet. These wallets are digital and they come with a unique address, which you can use for receiving and transferring crypto.

A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their balance.source

A wallet is very necessary and security is very necessary, you giveaway your password or private key, your funds are gone.

Wallet also known as digital wallet, are found in both hardware, like flash drive and hard drives. Before online wallet address, bitcoin was transferred in hard drives and hard disks.
Example of some digital wallet/ crypto-currency wallet
Crypto wallets come in two forms, we have the cold wallets, which is the hardware wallet, which can be in hard drives and flash drives, and we have the hot wallet which is an online platform for storing your crypto.

1 COLD WALLETS

  • Ledger
  • Nano
  • STREZOR
  • KeepKe

2 HOT WALLETS

  • Bitrex
  • Coinimi
  • Myether wallet
    Etc
    There are lots of hot wallets, and they come with a very user friendly interface, and since it's connected to the internet, you can easily make and receive transfers

Till Next Time.

No one knows it all !!

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This added to my knowledge of Cryptocurrency. Thanks for making not easier for me. :)

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