Learning more about the Cryptocurrency World
In this generation, technology is improving and getting more complex. Like the evolution of mobile phones from the Nokia 3210 to the Apple 11 Pro Max, the invention of high-tech medical equipment, and the advancement of electronic vehicles. Moreover, technology also has a big role in the business world. Cashless transactions such as online banking, use of credit and debit cards, and so on are some improvements. But the true game-changer and another advancement in the world of business is the CRYPTOCURRENCY.
Financial technologies such as cryptocurrency are different from traditional finance. Financial technology is more appropriate and much practical than traditional ones. It is more suitable in this generation where technology is improving and growing.
Some of you might hear it for the first time and some might already be familiar with it. Besides, what do you think is a cryptocurrency? What are the pros and cons?
There is an easy way to understand cryptocurrency. SparkPoint allows its users to take their online courses for free at the e-learning platform, SparkLearn. There you can also find a course called Cryptocurrency 101: Buy, Sell, and Trade for Beginners by JRNY Crypto. Luckily, as an intern at SparkPoint, I got the assignment to take the course. Of course, I felt overwhelmed and delighted at the same time. Well, who wouldn’t be? It is exciting to learn new things. With this, I am sharing my experience as a student who took the Cryptocurrency 101 course.
But before we start with my walkthrough, let me first give you a brief introduction about the course creator, JRNY Crypto. Tony, the founder of JRNY Crypto, is known in the cryptocurrency world. He earns profit online by trading cryptocurrencies, marketing, and uploading videos on his Youtube channel. In a prelude in his course, he informed the participants that he is not a financial advisor.
So, let us get started!
As you can recall, money has evolved from barter to gold, gold to metal coins, then paper money emerged. During the modern generation, plastic cards arrived, and not long after, the use of electronic money also begun. Finally, the latest evolution of money is CRYPTOCURRENCY.
So, what is cryptocurrency? From what I have learned from JRNY Crypto, cryptocurrency is an asset like cash but in a digital form. It is like electronic money because it is also in digital form. But, cryptocurrency is way different from e-money. E-money needs a card to be charged in advance. By doing so, you can use the money deposited in shopping or purchasing goods. The concept of electronic money is to cut physical cash out from a physical wallet while cryptocurrency is like all currencies such as the dollar, pound, yen, and euro. Cryptocurrency is an upgraded form of money based on technology. From what I have learned in the course, cryptocurrency is built on blockchain technology. But what is blockchain technology and what are its advantages?
From my understanding, blockchain technology is essential in cryptocurrencies. Without blockchain technology, cryptocurrencies cannot operate. It is like Facebook without the internet, Facebook will not load without the internet. So, going back, blockchain technology is like a ledger. It is a database that stores all information. However, it is not a simple database, blockchain technology is decentralized. It means that it is distributed to all computers and users. Also, with the use of blockchain technology, cryptocurrencies become very secured and difficult to hack.
“Imagine that you are a writer and published a book with 2 million copies. You successfully sold 2 million copies around the country. However, one reader did not like the story and wanted to revise it. He insisted that he wanted to change the story by himself. Do you think he can change the content of every book that was published? Imagine, he needs to contact everyone who has a copy of the book. He needs to convince each one of them and revise every book. Isn’t it impossible?”
It is the same with blockchain technology. A hacker must have access to every computer that participates in a cryptocurrency network which is also impossible except if there is a computer that could do so. Indeed, blockchain technology is important in cryptocurrencies.
One last thing that I want to add about cryptocurrency is that it cuts off middlemen like banks and such. It also cannot be controlled by the government which is a good thing to avoid corruption.
As I have mentioned before, Bitcoin is one type of cryptocurrency. JRNY Crypto mentioned that Bitcoin is very scarce which made it more valuable. But, I prefer Ethereum to Bitcoin. Ethereum is another type of cryptocurrency. It is more decentralized compared to Bitcoin which gives it an edge when it comes to security.
TRIVIA: The SRK token is built on the Ethereum blockchain which means if Ethereum releases its new update the SRK token will benefit as well.
For me, I like Ethereum than Bitcoin because it is more secure. Also, Bitcoin is out of reach because of its market price compared to Ethereum which is a bit affordable. We can say that Bitcoin is expensive because it is “very scarce” and known to everyone. Honestly, if I have not taken the course of JRNY Crypto, the only cryptocurrency that I will only be familiar with is Bitcoin.
Moreover, there are still plenty of cryptocurrencies out there. You can go to CoinMarketCap to see the full list of cryptocurrencies. During my first visit to the site on September 8, 2020, there were 6,622 cryptocurrencies. Then I revisited the site on September 30 and there were already 7,252 cryptocurrencies. Imagine the numbers of cryptocurrencies? Isn’t it good to explore first before buying or investing? According to JRNY Crypto, it is nice to expand your knowledge about cryptos. You can make use of CoinMarketCap to study the crypto that you are planning to invest in.
TRIVIA: As of October 02, 2020, out of 7,252 cryptocurrencies, SRK tokens ranks 584.
What if you are interested to buy crypto? You might ask yourself, “What are the preliminary reminders to remember before buying crypto?” or you might find yourself searching on the internet about “How to buy a cryptocurrency?” If you are so eager to buy crypto, I can help you with some tips that JRNY Crypto mentioned in the course.
The first thing that you should bear in mind is that you should be firm with your decision of buying crypto. Once you are sure and you are mentally, emotionally, and financially prepared, you can proceed. Preparing yourself first is the primary key to fully understand the crypto world. Second, you must understand what cryptocurrency is. You must study about cryptocurrency, its types, and so on. In this case, you can take the free course in SparkLearn to know the basics of crypto. Next, explore and research about what type and which cryptocurrency you are planning to invest in. As I mentioned above, you can visit the CoinMarketCap website to guide and help you. Also, having a financial advisor is the best idea especially if you are new to the crypto world. The financial advisor will give you advice about your concerns. Another thing is that you must be wary of scams. JRNY Crypto discussed some ways to avoid getting scammed.
Also, you should be careful with cryptocurrency scammers in social media like Facebook, Telegram, Twitter, YouTube, and in emails. Downloading or clicking on something on the social media platform could be a virus to your phone that can steal or gain access to your cryptocurrencies. Also, never give your cryptocurrency’s details to anyone who guarantees you that you will get more in return. Examples of scams in social media are fake giveaways, emails, admins, links, and more. Finally, you should know how to avoid mistakes in cryptocurrencies.
The first thing to avoid is to lose your cryptocurrency. Always have a backup of your wallets and seed phrases and never leave your cryptocurrency on exchanges because it can be stolen or hacked. JRNY Crypto mentioned in his video the methods of storing your cryptocurrency. The following are ways to store your cryptos: online wallet, hardware wallet, brain wallet, paper wallet, mobile wallet, EXODUS, atomic wallet, and USB drive.
For me, I will make use of paper wallets and hardware wallets. I am fond of taking notes and hiding secret codes in my notes. Also, I choose to believe JRNY Crypto when he said that a hardware wallet is the best way to store cryptos. As you all know, JRNY Crypto is a cryptocurrency geek.
The next way to avoid mistakes is to diversify your portfolio. Investing in one can be riskier, so you must expand your choices. Let us make use of our imagination again, what if you invest all your money to only one platform, and then suddenly you figured out that you have been scammed or the platform went bankrupt. Then, you will also need to say goodbye to your money.
Another thing to avoid is to have an exit strategy. You must plan an exit strategy and the desired price you want to cash out so that you are prepared once you are planning to cash out. Also, you must avoid acting out of emotion. Involving your emotions when trading is not good, and you should always act logically.
The last thing to avoid is buying bad projects or scams which I discussed earlier.
So, if you decided to take the course in SparkLearn, you will also find the different tools that are essential in the cryptocurrency world. You can also follow JRNY Crypto on his youtube channel or go to his website to know more about cryptocurrency.
I strongly recommend taking the course Cryptocurrency 101 to everyone interested in cryptocurrency. Also, I suggest taking more courses at SparkLearn to increase your knowledge about blockchain technology and financial literacy.
Before I end my article, I would like to share how SparkLearn’s course about cryptocurrency influenced me. At first, I just want to take the course for academic purposes, but as I go along the course especially on the third part — DIFFERENT TYPES OF CRYPTOCURRENCIES, I was convinced to invest in the cryptocurrency world. Another instance when I was convinced to invest was when I visited the website of CoinMarketCap, I realized that I could gain profit from investing. But of course, you need to be prepared before investing.
So, are you ready to be part of the cryptocurrency world? Are you up for it? I encourage you to invest and buy cryptocurrencies because, with good decision making, you can gain income. Good luck!
