Hitting It Big With Cryptocurrency

By Stephen Nurse

Cryptocurrencies, despite its slow and seemingly non-effective start, it is now a legal tender in many major countries around the world.

The world is evolving and many people are unable to keep up, with mind-boggling questions they are afraid to ask for fear of being labelled ignorant or old.

This book answers all your questions of cryptocurrencies and more, as the author extensively answers frequently asked questions and demystifies common myths about cryptocurrency.

This book carefully reiterates:

The history and evolution of cryptocurrency

The different types of cryptocurrency

What a cryptocurrency wallet is? and

How to make money from cryptocurrency?

The advantages of this book can not be overemphasized, on a generation where information is power and wealth. Discover within this book the secrets to safe and effective crypto-trading.

Are you ready to start? What are you waiting for?

Click 'buy now'

• Language: English
• Publisher: Stephen Nurse
• Release date: Feb 23, 2021
• ISBN: 9781393154068

Stephen Nurse

Stephen Nurse is a mechanical engineer who completed a master's degree in industrial design in 2017. He's designed electric motors, pumps and rotomoulded plastic cases and his masters was spent working on leaning trikes. He has been building, riding, refining and documenting bikes and trikes since 1987.Steve is a recent convert to home 3d printing and a fan of surfing and all sorts of human powered vehicle. He volunteers as bike repairer, has a grown up son and lives with his partner Christine a in inner Melbourne.Steve likes wasting his time in healthy, productive, playful and environmentally responsible ways and hopes his designs will help others to do the same.

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All rights to this book are reserved. No permission is given for any part of this book to be reproduced, transmitted in any form or means; electronic or mechanical, stored in a retrieval system, photocopied, recorded, scanned, or otherwise. Any of these actions require the proper written permission of the publisher.

Disclaimer

INTRODUCTION

CHAPTER ONE

WHAT IS CRYPTOCURRENCY?

Evolution of cryptocurrencies

Myths about Cryptocurrency

Bitcoin

CHAPTER TWO

UNDERSTANDING CRYPTOCURRENCY WALLET

Types of cryptocurrencies

What is a coin

CHAPTER THREE

WHAT IS CRYPTO TRADING

How does day trading in cryptocurrencies work?

CHAPTER FOUR

HOW TO MAKE MONEY FROM CRYPTOCURRENCY

CHAPTER FIVE

UNDERSTANDING THE RISE AND FALL OF BITCOIN

When is the safest time to invest in crypto?

CHAPTER SIX

FREQUENTLY ASKED QUESTIONS ON CRYPTOCURRENCY

What is blockchain?

Disclaimer

All knowledge contained in this book is given for informational and educational purposes only. The author is not in any way accountable for any results or outcomes that emanate from using this material. Constructive attempts have been made to provide information that is both accurate and effective, but the author is not bound for the accuracy or use/misuse of this information.

INTRODUCTION

We are in a technologically advanced world; everything from transportation, communication, education, and even finance is changing. The world is evolving and many people are unable to keep up, with mind-boggling questions they are afraid to ask for fear of being labelled ignorant or old.

Cryptocurrency is all the rage, and most people cannot come to terms with what it is about. It is a widely accepted form of legal tender and the rate at which its effictiveness is rising highlights the reason why you should be actively involved. There are also many myths propounded about Cryptocurrency, the types of Cryptocurrency, how to trade Cryptocurrency.  It is essential to invest and profit in Cryptocurrency but the knowledge and cautious risk-taking initative is just as important. This book extensively explains and unravels the little-known facts about Cryptocurrency; continue your discovery into the wonderful of Cryptocurrency.

CHAPTER ONE

WHAT IS CRYPTOCURRENCY?

Put the word cryptocurrency in your conversation, and you will undoubtedly hear a flurry of different opinions. Some will say that this is the most significant technological breakthrough since the Internet's launch, others that it is a scam. But how many people are capable of explaining what it is?

Bitcoin made it to the most unlikely places, including nursing homes, where it infiltrated grandmothers' conversations discussing the morning news.

But here's what. Even though bitcoins and cryptocurrencies are rapidly breaking into the news, agendas of board meetings, and billboards, most people still do not clearly understand what this is about.

So, it's time to get to know this phenomenon better.

A cryptocurrency is impossible to describe in simple words since innovative technologies are used in its production and subsequent operations. But trying to figure out where it comes from and how it is used is a must.

Definition of Cryptocurrency

In the name alone, you can see two clues that can be easily deciphered: crypto and currency.

Crypto refers to cryptography, the practice of encrypting plain text or data by turning it into an unrecognizable and incomprehensible form. Only if the intended recipient can decipher this code with confidential and secure means of exchanging information will he extract it.

The word currency is traditionally associated with a particular state's monetary units, but in fact, the currency is any system of money used as a medium of exchange.

Bring it together, and you have Cryptocurrency, a digital form of currency where cryptography regulates the creation of new funds and enables transactions.

Is Cryptocurrency just an encrypted form of digital money?

You can't go wrong with this answer, but it sounds pretty useless. To understand why Cryptocurrency is so much more than just encrypted money, let's go back a few years

Where did Cryptocurrency come from?

The point is that cryptocurrencies are not the first form of digital money. Attempts to create digital currencies began in the early 90s, but none of these inventions could compete with electronic banking or third-party systems such as PayPal.

David Schaum paved the way for digital currency when he launched DigiCash in 1989. It was an electronic network used to send money anonymously. Ten years after DigiCash went bankrupt, we saw the likes of E-gold and Liberty Reserve, which also went bankrupt after criminal charges. Soon the idea itself began to seem far-fetched and unrealizable to people.

Why did it all fail? You can remember the saying that the first pancake is lumpy. But a more plausible explanation is that there was no demand for digital currency since e-commerce had not yet hit the scene, as had widespread internet access.

Fast forward to 2008. A mysterious figure known as Satoshi Nakamoto gave a new explanation for previous failures: all of these systems were centralized and based on trust. And according to the enigmatic Nakamoto, that was the biggest problem.

Evolution of cryptocurrencies

Having formulated the essence of the correct currency and created the Blockchain, Nakamoto became the founding father of the first Cryptocurrency - bitcoin. The first block was mined in January 2009, and the following text was encrypted in it, referring to the financial crisis: The Times 03 / Jan / 2009 Chancellor on the brink of second bailout for banks.

Goodbye banks; hello bitcoin.

As with any innovative technology, the followers were not far behind the discoverer. In less than ten years after the invention of bitcoin, you can observe the circulation of over 1,500 cryptocurrencies with a total capitalization of close to $ 500 billion (at the time of this writing).

Competition is high, and coins are competing to grab a more significant piece. You should remember at least five representatives of this space: Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. These five giants have a large market share. For more information, check out the top 50 cryptocurrencies.

The basic idea of ​​bitcoin is quite simple since it is primarily a means of storing and exchanging values. However, this is just the tip of the iceberg, as cryptocurrencies have other functions as well.

Recently, innovators have come up with entirely new uses for cryptocurrencies, many of which Satoshi might not have imagined in his wildest dreams.

Take the second largest Cryptocurrency, Ethereum. Vitalik Buterin invented this platform in 2013. Unlike Bitcoin, Ethereum is built to create apps (dapps - decentralized applications) and smart contracts based on it.

Bitcoin itself was a dapp designed to fulfill a specific purpose (a decentralized p2p system for exchanging digital currency). Dapps work on blockchains in the same way that PC programs are created for Windows or other operating systems.

Instead of creating a new blockchain every time someone wants to develop their own DApp, you can use the existing Ethereum infrastructure. Compare building your own home in an open field to hiring a team of professionals who thought of everything for you. Ethereum has allowed almost everyone to create their cryptocurrencies and dapps without too much trouble.

Unsurprisingly, hundreds of cryptocurrencies are built on Ethereum, and individuals, institutions, and start-ups are coming up with all sorts of creative uses for the platform. It is the path of least resistance.

However, many have done the hard work required to create their blockchains—for example, NEM, NEO, Qtum, or Litecoin.

What for? While it is relatively easy to create a cryptocurrency or dapp on an existing platform, you will be limited by that platform's capabilities and the rules it sets. It is why serious projects often prefer their blockchains.

Cryptocurrency