Cryptocurrency is relatively new compared to traditional investments and that’s exactly why I love it. Most people have never heard of it or don’t understand it and that creates a fantastic investment opportunity.
By definition cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds operating independently of the central bank.
By utilizing cryptography cryptocurrency transactions are verified and securely stored in a public digital Ledger known as the block chain.
Bitcoin became the first decentralized cryptocurrency in 2009. Cryptocurrencies are known as coins which are created through a process known as mining.
Mining is a process of adding past transactions to the block chain. You can think of the block chain as a physical chain where each chain link is a transaction. The more transactions the longer the chain and the stronger the chain becomes.
Every single bitcoin transaction that has ever happened is recorded in the block. So what makes this so unique. Why are developers and investors talking so highly of the block chain. The main reason is it’s completely decentralized so there is no government that controls it. No company or person. It is all completely open source code that was released to the public in 2009. As time went on more and more people started to realize the potential of a decentralized currency and began to either work on the mining side by helping to grow the block chain while being rewarded with Bitcoins for their work or by investing which means converting feeded money such as U.S. dollars into Bitcoin.
Since every person involved has a copy of the block chain with every transaction. The result is an extremely secure network that has never been hacked and is constantly getting more secure with every new person who uses the network.
Bitcoin was just the beginning though. Since then hundreds upon hundreds of cryptocurrencies have been created for dozens of different applications outside of currencies for example large banks around the world have started to hire bloc chain experts to implement the secure system to safely store information.
Hundreds of new startups in the tech and medical industries are building their businesses based on the block chain to revolutionize the way the world operates. It started with currency but there’s so much more that can be done. It’s a decentralized software platform that enables smart contracts which is a contract between two parties that can be facilitated, verified and negotiated without a third party. Eliminating the need for lawyers theory and also enables distributed applications that allows for no downtime, fraud, control or interference from a third party. As time goes on the block chain will revolutionize currency information, storage and distribution applications and platforms.
I’ve spent hundreds of hours researching the blockchain and cryptocurrency as a whole and I’m confident that it’s here to stay and will only become more popular which means for early adopters and investors a giant opportunity for the potential of incredible investment gains.
I know all of this may be overwhelming if you’re hearing it for the first time but the point of this course is to introduce you to cryptocurrency and provide a starting point to get your foot in the door.
Will cover how to convert regular money into Bitcoin and other crypto currencies how to buy sell and understand the market graph fundamentals as well as a complete overview of crypto currencies by introducing you to the two main strategies of investing.