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By Derick Ferguson

Do you want to get started investing in cryptocurrencies, but have no idea how they work? Are you interested in expanding your knowledge about cryptocurrencies and the concept of blockchain? Are you skeptical about investing in crypto because you feel you've missed the boat?

If you answered yes to any of these questions, then this guide is for you.

This powerful guide is going to take you by the hand and walk you through all the information you need to get up to speed investing in cryptocurrency, this guide will help you hit the ground running.

Here's a snippet of what you're going to discover in this book:

•Everything you need to know about cryptocurrency that "gurus" won't tell you
•The important distinction between Bitcoin and Alt coins
•Why cryptocurrency is important in a world of constant surveillance
•Differences between cryptocurrency and fiat currency
•What you need to know about crypto wallets and how to use one to secure your cryptocurrency
•Surefire tips to help you invest in cryptocurrencies using the most popular crypto exchanges
•Pros and cons of cryptocurrency you need to be aware of
•Factors you must absolutely consider before investing a single cent of your money in cryptocurrencies
•…and lots more

 

Whether you're a complete newbie to digital currencies looking to learn more about it, or you're ready to jump into a lucrative world of cryptocurrency investing, there is something in the pages of the guide for you.

• Language: English
• Publisher: Derick Ferguson
• Release date: May 29, 2023
• ISBN: 9798215725399

Book preview

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Table of Contents

Chapter 1:History of Cryptocurrency............................................3

Chapter 2: What is cryptocurrency?.............................................6

Chapter 3: The difference between a coin and a token.............................10

Chapter 4: What is a wallet and how to select one?...............................14

Chapter 5: What is an exchange i.e. Coinbase?..................................21

Chapter 6: Cryptocurrency taxation............................................27

Chapter 7: Crypto and fiat money: What are they and how do they differ?..............31

Chapter 8: Things to consider before purchasing a crypto..........................34

Chapter 1:History of Cryptocurrency

Hard cash was the primary form of transaction for thousands of years. However, there is a significant shift in the consumer mindset, thanks to remarkable advancements in the technology sector.

Why the need for digital currencies emerged in the world?

These days, hard cash is facing stiff competition from the likes of digital currencies. They have high adoption rates among consumers, due to the ease of use and convenience along with other factors. For instance, customers weren’t happy with the fees charged by financial institutions for transferring money.

If people lost their hard cash, it was as good as gone, as anyone who finds it can use it without facing any repercussions. Similarly, when it comes to international payments, the entire process was time-consuming and complex.

All these pain points faced by consumers paved the way for digital currencies. Once consumers realized the benefits of moving away from banknotes in favor of the newer variants.

The digital currencies in use before bitcoin

Although cryptocurrencies such as Bitcoin, Ethereum, Ripple, and Litecoin are popular at the moment, there were several digital currencies before them.

One of the first digital currencies to enter the market was DigiCash. David Chaum, the creator, created token currency, as part of his goal to make transactions safer for the masses. His system ensured complete privacy and safety of transactions taking place between customers.

The next innovator in the industry was PayPal, which changed person-to-person payments. With the help of a web browser, customers were able to transfer money securely and quickly.

e-gold, founded by Barry K. Downey and Dr. Douglas Jackson in 1996, was another type of digital currency. Users could exchange precious metals such as gold and silver for online credit. Even though it was extremely popular during the late 90s and early 2000s, the government shut it down, due to several scams.

The last popular digital currency before the rise of Bitcoin was Flooz. By accumulating credit via various techniques, consumers could use this