What is Cryptocurrency for Dummies


This introduction explains the foremost necessary factor concerning cryptocurrency and its existence. Once you‘ve read this, you'll be aware of the bare basices; which is more than is understood by most of the world's population.

While most of the world has heard of Bitcoin and Cryptocurrencies, most have no idea what those words mean. However, many people, banks, governments, and businesses large and small are aware of its significance. In 2018, you will have a hard time finding a bank, start up, software company or government that did not examine digital forms of money, distribute a paper in regards to it or start a blockchain-venture. But, the majority of people still have troubles in understanding the fundamental ideas. So let‘s find out some of those basics.

What is crypto?

After seeing all of the forms of centralized money and payment try and fail, Satoshi created a new, digital money and payment system without any central controlling entity. It was a unique Peer-to-Peer network for document sharing. And, it turned into the introduction of digital money; called BITCOIN. The gift given to the world by Satoshi with the concept of BITCOIN is the future of money and payments, with the security of giving you, the user, complete control over your cash, with nearly instantaneous and secure worldwide transactions, with lower exchange expenses when contrasted with current fiat cash payment options.

This invention spawned the development of many successive cryptos, each born of the same ideas behind BITCOIN. Each of those networks have added to the cryptosphere to essentially change our worldwide monetary framework. The code behind the cryptos is a bit technical and sophisticated. However, if you take the time to reseacrh and really understand it, you will have an advantage over the majority of the population regarding the cryptocurrencies that are the very future of money.

One essential disadvantage every fiat network deals with is their inability to prevent "double spending" (aka "overdrafts"). A decentralized cryptocurrency network has no such a problem as that possibility is automatically eliminated by the process of transfers. Each crypto is processed without a central server tracking records, eliminating financial intermediaries and reducing the cost of payments.

The market of various cryptocurrencies is speedy and wild. Every day new cryptos are born. While some of the old ones fade away, those that have been built around the trust and transparency of the blockchain normally find the success of a significant following; pushing them to successful adoption by a large portion of the population.

Cryptos were born out of a desire for financial freedom from the fraud and external control of the past 10,000 years. And, whether the banks and governments appreciate that desire, cryptocurrencies are here to stay. People, wherever they are on planet, are getting Bitcoin and other cryptocurrencies to protect themselves against the instability of their national monetary system. More people discover Bitcoin and the other cryptocurrencies like Ethereum, LTC, Monero, Zcash, Dash coin, Doge e.t.c. every day. As the word spreads, as more businesses adopt various cryptos as payment options for their goods and services, the more people will begin to use these forms of money and payment in the future. And, the more people there are who use crytpos, the stronger the cryptos become; leading us to that freedom given to the world by Satoshi with the release of the Bitcoin Whitepaper almost a decade ago.

Danny Donahue



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