Cryptocurrency for dummies and beginners 2021

 Cryptocurrency as being in existence for over a decade now, but many people still don't have much knowledge about it, so here in today's article i will be doing justice by breaking down most of the things you need to know about this cryptocurrency of a thing.

Cryptocurrency for dummies and beginners 2021

What is cryptocurrency

The word Cryptocurrency means online digital money or currency always in digits that cannot be seen, feel or hold physically with our bare hands but can be use in purchasing goods and services. Cryptocurrency as a lot of benefits and uses, more than the physical currency we spend in our various countries. Aside that, cryptocurrency itself is a business on it's own which have got so many people rich. Cryptocurrency are always represented using "Coin".

What is cryptocurrency coin?

According to wordweb dictionary a coin is a flat metal piece (usually a disc) used as money, but in cryptocurrency; coins are its subset or children representing diverse currencies each with different prices. for example, the cost per one bitcoin is higher than anyother cryptocurrency-coins and all of this coins can be gotten through mining, exchanging, trading, buying, or can be use as means of payment. but before you can have access to cryptocurrency you need a wallet.

Cryptocurrency wallet

Wallet is used for holding money but cryptocurrency-wallet is use for holding coins, it act as an online banking just like a bank, and one good advantage of cryptocurrency wallet over saving money in a bank is:
  • No charges or maintenance fee deduction
  • You make profits when the coins you hold in your wallet rise in price.
  • Everything about your coins is anonymous no one can trace your account

How to create or get your own Cryptocurrency wallet

This is very easy and simple, all you need to do is goto Google, search for companies in your country that deals with cryptocurrencies open an account with them fills your details and boom you have your own wallet for Cryptocurrency or better still i suggest you open your Cryptocurrency wallet account on "Coinbase, Binance. For Nigerians (Roqqu and Luno) is preferable.

Cryptocurrency mining

Mining cryptocurrency is all about you contributing in generating coins through mining block most especially with a machine such as; computer, desktops, phones etc but before you can start mining cryptocurrencies you need to get the software installed on your device or you can mined Cryptocurrency through online mining websites.

Also read: how to mined through Ecos

Cryptocurrency exchange or Cryptocurrency trading

This deals with swapping of one particular coin with another one or converting the coins you have for something else, for example you have bitcoins in your wallet and you want to hold another coin that is trending, then all you need to do is exchange it for the one you want through swapping and on the other hand Cryptocurrency trading is about selling your coins for money or using it as means of payment in purchasing.

Cryptocurrency charts

This is very important for those running Forex trading, Olympic trading. charts helps you to see and know the performance of each cryptocurrency-coins at a given time and most Crypto experts uses the charts to determine the future of a particular coin. Cryptocurrency charts are always represented in a graph like form.

Cryptocurrency app

Many companies that allows users to create cryptocurrency-wallet account always design an application and this app is connected to their website server. here is example of Cryptocurrency app:
  • Roqqu cryptocurrency app
  • Luno cryptocurrency app
  • Coinbase cryptocurrency app
  • Binance cryptocurrency app
  • Eco cryptocurrency app etc

Cryptocurrency taxes

Some countries collect taxes on cryptocurrency you hold in your wallet while others don't, but if your country collect taxes from you then it is a good thing because the money collected from you is used to increase the growth of the society.

Cryptocurrency transaction

This is all about tracking or checking sending and receiving transaction through crypto ledger, which is also good to know that before you start making any transaction you need to check the wallet address carefully, if possible don't type the address one after the other just copy and paste because any wrong mistake in wallet address with lead to lost of coin and won't be refunded or reversible once you sent it.

Cryptocurrency price

It good to know that in cryptocurrency the price of it's coins are not constant it changes every now and then even within a minute it can shoot up in price more than 1000 percentage, which can be checked through cryptocurrency app or better still search on Google for the current price of the coin you want to know it price.

Top two cryptocurrency

1) Bitcoin

Bitcoins is the first cryptocurreny that came in existence before anyother cryptocurrencies and also the highest in price, many companies have started accepting bitcoins as means of payment and it is a very important coin you should hold in your wallet because day in day out the price is always shooting up. Bitcoin is of two type we have the Bitcoin gold and the Bitcoin classic. The Bitcoin gold is the main one which is the greatest among all while it classic which came in existence some few years ago is not that high in price some cryptocurrency coin like the ethereum beats the price.
And it good to know that Bitcoins transaction both sending and receiving can be tracked through block-chain.

What is block-chain?

Block-chain is like a ledger containing all records about transactions made in bitcoins which many experts use it in tracking or confirming client transaction. Aside that block-chain is the one that allocate block miners. For example if you transfer $10 worth of bitcoins to Mr B, block-chain will look for block miners having above $10 worth of bitcoins and use their mining machine to pay Mr B, then the transfer charges will go the block miners. that is why atimes you will notice slow or fast transfer rate, as this depends on the mining block your transaction falls on.

How to check your transaction on block-chain

 This is very simple and easy just copy your transaction id or your client transaction id and paste it in the box, after visiting blockchain.com to track. if it shows confirmed go and check your wallet but if it shows unconfirmed you need to wait for it to be confirmed.

2).  Ethereum

Is the second top cryptocurrency after bitcoins it also trending and it is a very nice coin to hold in a wallet because it potential are unique. ethereum too is of two type and it's also have is own separate transactions ledger known as etherscan. Etherscan have similar assignment like that of the block-chain it allocate transactions to block miners, but etherscan is very fast compare to block-chain because the loads on each of it's blocks are not much since it is not well known to people like the way bitcoins is. and to check or track your transaction all you need to do is visit etherscan.io and paste your transaction id in the box.

Top 5 new or hot cryptocurrency that should be bought

They are more than thousands new cryptocurrency coin introduce into crypto space but not all will suffice like bitcoins or ethereum. Here i will list some of which you should buy and hold for future sales:

1). Dodge coin: 

it not quite long dodge coin came into existence but it as become a trending coin people love to buy and keep for future sales, simply because of it potential of getting one rich quick and it price suddenly shoot up more than 100% of it original price.

2). Xrp coin: 

This coin came in existence before dodge coin and it really a very nice coin one needs to hold enough in a wallet because the price is also increasing with no doubt.

3). Tron coin: 

I included this because it also part of new coins that should be hold in a wallet for future sales, though it very slow when it comes to increase in price but with time am very sure it will do pretty well.

4). Shiver coin: 

This coin is very new and it as got some people rich just about it's arrival, though the price as fallen due to unknown reasons but with time it will surely rise.

5). Hive and Steem coin: 

This two coins are new and should be held in a wallet for future sales because their  price per one as rised from 2% close to 300% just in few years, so buy them and watch yourself smiling later in future.
Also read: next big cryptocurrency

List or names of other cryptocurrency

Like i said earlier they are about thousands cryptocurrency coins in crypto space but i will be listing out some so you can know their names:
1). Dodge coin
2). Tron coin
3). Xrp coin
4). Bitcoins
5). Ethereum
6). Litecoin
7). Wigd coin
8). Shiver coin
9). Moonlite coin
10). Dash coin
11). Eos coin
12). Bnb coin
13).  Steem coin
14). Hive coin
15). Usdt coin

Cryptocurrency market cap

This is mostly used by websites designers to display current price of some coins in a website or blog. Cryptocurrency market cap can be displayed in different designs some are in form of charts or a moving marquee but all of them are animations connected to live cryptocurrency market. So if you are a websites designer and you will like to use it on a blog then all you have got to do is; search for Cryptocurrency market cap on Google, copy and paste the html codes given to you into your blog.

Cryptocurrency facts

It good to know facts about cryptocurrency because that will help you not to got dupe by fraudster or feel regretful.

1). Don't involve yourselves in any company that promise to double your coins in limited time, just purchase your coin, save it in wallet then sell when it increases in price.

2). Each time you bought a coin and you noticed the price falls, don't be in haste to sell it off just be patient, watch and it will surely increase.

3). Cryptocurrency is an online currency that can't be seen physically or feel with our bare hands, so don't got deceived when someone tells you he as physical cryptocurrency to sell.

4). Don't buy cryptocurrency from unknown source, they are scammers everywhere or if you want to buy from someone you don't know please use escrow.

I hope you enjoy reading this piece, feel free to drop your comment, share and don't forget to visit more often for latest updates.

Post a Comment