Jeff gives a terrific intro to cryptocurrency for those of us new to it.
– Where cryptocurrency started
– Satoshi’s unique invention
– On the embryonic stage of cryptocurrency
– Growth and potential for increase yet to be explored
– A chaining of blocks, blockchain
– Nearly impossible to crack the codes
– Bitcoin uses a hash function
– How blockchain works across the globe
– Concept of decentralization
– Blockchain explorer
– Buying coins from exchanges
– The blockchain Ethereum
1) Blockchain is a digital ledger of transactions. It tracks the coming and going of cryptocurrency that is in and out of your control. It keeps a historical record of where money goes and what is going on through an anonymous and transparent technology – which is the blockchain.
2) Even though you can see the transparent information on the ledger it is still anonymous because there is no personal identification tied to anyone in regard to these transactions.
3) The concept of decentralization is across the globe thousands of computers are running at the same time, and they all have a copy of the ledger. You have a digital entry that is a carbon copy identical on every single node across the globe. It’s tied into the blockchain network. It’s very fast in getting the synchronous connection that they are synching the ledger.
4) When you make a transaction you can go to Blockchain Explorer and see it go through the process of verifications. Verification is a certain percentage or number of nodes that are saying yes this is a valid transaction. It is then verified and confirmed and then signed off before it will be added to the blockchain.
5) To ensure that verifications do not get rejected, your public address that is tied to your wallet must be correct and your gas fees must not be underplayed. Gas fees are what it costs to process the transaction.
6) There are two exchanges. With centralized exchanges, you have an account and when you buy a coin it stays on their ledger. They hold your key which has access to your coins and they can trade and do things to make money off of your coins. The other (better) type is a decentralized exchange, (DEX) where you maintain control of your coins and assets. This is done through a very secure personal “digital wallet”. The DEX allows you to connect your wallet to the exchange and you buy, sell, and trade with other directly through your wallet.
7) Coins have their own websites. If you can’t find a coin’s website information you can go to a coin watcher website. Two are coinmarketcap.com or coincap.com. Coin watchers provide information on activities of thousands of coins.
8) Your public address is what you give to people when you want to send and receive person to person transactions through your digital wallets. Your private key is the verification authorization that only you have access to.
– Bitcoin is known because it’s the first blockchain.
– New technology takes a while for adoption.
– It is a good time to jump into crypto.
– With cryptocurrency, no one is left behind.
– Not your keys, not your coins.
– Bitcoin and Ethereum are like your gold and silver.
– Give yourself grace and take your time; there are many ways to do things.
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