Cryptocurrency for Beginners – Everything you Wanted to Know About Bitcoin and Other Cryptos

Cryptocurrency for Beginners – Everything you Wanted to Know About Bitcoin and Other Cryptos

If you’re a beginner when it comes to cryptocurrency and Bitcoin, we created this “crash course” for you. This Bitcoin for dummies sort of introduction is easy-to-understand and will get you on your way in the crypto market.

What is Bitcoin?

Naturally, any story about Bitcoin has to start with the mysterious man believed to be behind it all: Satoshi Nakomoto. While not much is known about him or who he truly was, we briefly discuss his play in the release of Bitcoin and the intrigue behind his identity.

The Crypto Market and the Blockchain

More important than the beginnings of Bitcoin though is of course the core of how it works and why this system is such an innovative idea, shifting global ideologies on how we think of currency and transactions. We touch on the concept of blockchains and how the globally distributed network of peer-to-peer nodes strengthen and decentralize the use of Bitcoin and other cryptocurrencies. But for any blockchain based digital currency, nodes alone are not enough to make it happen. To grow the global ledger by conducting writes of the transactions, the algorithms must be “hashed” (better known as mining), so we conduct a brief overview of this process and why it is so important to the growth of these digital assets.

What is an Altcoin?

As these blockchain based currencies have gained traction over the past years, we’ve been seeing more and more new crypto currencies, now referred to as “altcoins,” popping up at a continually increasing rate. With the flood of altcoins coming into existence, people have begun to realize that with the constant “community confidence” based price flux, these currencies while far more volatile than traditional markets can be traded by similar methods. This in itself is creating a whole new wave of crypto-interested people and has caused a number of cryptocurrency exchanges to pop up over the recent years, truly boosting the move of Bitcoin and Altcoins from the deep web nerds and techie circles into the public eye. As a result, this new digital asset class is becoming more and more of common term in households across the world.

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