Crypto Dummies Series Recapitulation To Perform The Task As Well
Hello dear subscribers! We know that with the title of this little article you will recognize that our series for dummies about the cryptocurrency and bitcoin market has come to an end. But, we want to take advantage of the total calm we are in, to make a recap of the activities learned.
However, we already want to bring forward great news. In the next few days we will have more content about trading strategies that will help you reduce losses. We understand that in this world there are many people who are new and that is why we are doing this work. Then, don’t worry, be happy!
Also, we want to take advantage of this space to remind you that sometimes it is important to reinforce what we have been learning throughout the last activities. With this, and because of the above, we do not want to saturate them with technical knowledge and difficult market interpretations. We want, in turn, that this we share with you is fun.
Then today, we’re recapping everything you’ve learned over the past crypto dummies lesson.
Lesson 1: The Beginning of the Bitcoin Revolution
We learned the core benefits of cryptocurrencies. We learned that bitcoin was the world’s first cryptocurrency, and how bitcoin’s first mover advantage has given it enormous staying power in the community.
We talked about how bitcoin was founded by the mysterious Satoshi Nakamoto in 2009, although the bitcoin network has never been controlled by Satoshi or anyone else. Instead, bitcoin is run by a decentralized network of computers around the world.
Bitcoin is powerful because it’s decentralized, deflationary, and open source.
Lesson 2: The Top 5 Most Important Things You Need to Know About Bitcoin
We learned some of the most important things you need to know about bitcoin, including how you can use a wallet to protect your bitcoin and access your money, how to buy bitcoin at exchanges and ATMs, and why bitcoin cannot be printed like regular money.
We also discussed how bitcoin’s volatility can be both a good and bad thing for bitcoin’s long-term future as a currency.
Lesson 3: The Price of Bitcoin
Many people first heard about bitcoin because of its price movements. You may have read headlines about bitcoin crossing $1,000 or $10,000 for the first time, for example. In this lesson, we explained why bitcoin’s price movements are so unique. It’s a common misconception that bitcoin’s price is based on “nothing”.
That’s simply not true. Bitcoin’s value comes from supply and demand. Demand is based on the technological innovation behind bitcoin and its usability as a currency.
Supply, meanwhile, is fixed at 21 million bitcoins. As demand increases and supply stays stationary, the price of bitcoin will inevitably rise. It’s basic economics.
Lesson 4: Everything You Need to Know About Bitcoin Wallets
You can’t buy bitcoin until you have a place to store it. Bitcoin wallets do not technically store bitcoins. Instead, they store your private keys and public keys that you use to claim bitcoins on the bitcoin blockchain.
Your private keys give you access to your bitcoin funds. As long as you remain in control of your private keys, nobody — not a bank or a government — can take your bitcoin from you. We talked about software wallets, online wallets, and hardware wallets, including the individual pros and cons of each.
Lesson 5: How Bitcoin Transactions Work
Making a bitcoin transaction is easy, although the technology behind a bitcoin transaction is much more complex. Making a bitcoin transaction requires a global network of computers to solve a complex mathematical problem. The first computer to solve that problem correctly gets rewarded in the form of bitcoin.
Then, that computer adds the new block to the bitcoin blockchain. The bitcoin blockchain contains every transaction ever made in the history of bitcoin — from the very first transaction to mysterious transactions worth over $100 million.
Lesson 6: How to Buy and Earn Bitcoin Today
So you’re ready to buy your first bitcoin. In this lesson, we explained the various options available to you. You can meet someone in your city to exchange bitcoin for cash.
You can purchase bitcoin via bank transfer from an exchange. You can use your credit card, PayPal, or even a gift card to purchase bitcoin. Today, there are more ways to buy bitcoin than ever before, which means there’s never been a better time to participate in the bitcoin economy.
Lesson 7: How to Spend Bitcoin
The entire point of bitcoin is to spend bitcoin on real-world goods and services. In this lesson, we explained how easy it is to use bitcoin in the “real world” on various goods and services. You can spend bitcoin at online merchants, for example, or at real-world merchants at your local mall.
Today, hundreds of thousands of retailers worldwide accept bitcoin. Plus, if you load your bitcoins onto a prepaid debit card or credit card, you can spend your bitcoins at 50 million+ retailers around the world — including anywhere VISA or MasterCard are accepted.
Lesson 8: How Bitcoin Mining Works
In this lesson, we explained the fundamentals of bitcoin mining. Without diving into excessive technical detail, we explained that bitcoin mining revolves around solving a complicated mathematical problem.
Once that problem is solved, the block is added to the bitcoin blockchain and the mining reward is released to the node that solved the problem. We also explained whether or not it’s still possible to make money from bitcoin mining in 2018. It’s still possible — although it’s harder than in the past.
Lesson 9: How to Pick the Perfect Bitcoin Exchange
We explained the differences between bitcoin exchanges. We talked about how some exchanges offer the perfect blend of usability, security, and liquidity, while other exchanges suffer from serious security flaws. We listed the top 10 most popular bitcoin exchanges in the world.
Taking The Next Step
After completing the lessons, you officially know the basic concepts behind bitcoin and blockchain technology.
Now, you’re equipped to dip your toe into the world of bitcoin. You can buy and hold bitcoin as an investment, for example. Or, you can use bitcoin to transfer money around the world — like to send money to friends and family overseas without hidden fees.
You can free yourself from the control of centralized banks or oppressive governments. You can transfer your entire wealth into cryptocurrencies if you’re feeling brave.
On behalf of Bitcoin Basics, we’d like to welcome you to the bitcoin community. Although bitcoin is a decade old, the journey towards a decentralized financial ecosystem is just beginning. It’s an exciting time to get involved with the world’s largest cryptocurrency.
See you in the next lesson! With love 💛 Rubika Ventures Team and masterthecrypto!
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Remember, investment in cryptocurrencies or other assets has a moderate risk, so it is important to have a detailed study of the possible scenarios before placing your money at risk.