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How Do I Begin My Cryptocurrency Journey? by Nobody: 7:36pm On Jun 08, 2021
Well, if that is your question, here's a guide to get you started with Cryptocurrency and hopefully gain abundantly with your investment.
As a bonus it's written in clear, simple and easy to understand terms.

And by God's grace the Nairaland bots won't block this topic.

Let's get started

first of,

the information being provided via this guide is for

educational purposes only and

I won't be held liable for investment decisions taken from it.

Here's the projected learning outcome (what you should know by the end of the session) :

● what Cryptocurrency is

● how Cryptocurrency
works and the technology involved

● variations of Cryptocurrency

● benefits of Cryptocurrency

● how to use Cryptocurrency

● how to buy Cryptocoins

● what Cryptocoins should I invest in?

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Re: How Do I Begin My Cryptocurrency Journey? by Nobody: 7:39pm On Jun 08, 2021
● What is Cryptocurrency?
bitcoin? litecoin? Ethereum?.......

Yes!

Cryptocurrency is simply digital money or a digital representation of a commodity, It can be a token(bat), coin(dogecoin), nft(art).

Cryptocurrency is used as a form of payment which is been exchanged online for goods and services.

Cryptocurrency is totally digital.

● How cryptocurrency works

Cryptocurrencies rely on a technology called blockchain, which is decentralized and is not controlled by the government like fiat money(naira, dollars).

Crypto coins are created through a process called mining, this coins can bought via brokers and peer-peer trades.

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Re: How Do I Begin My Cryptocurrency Journey? by Nobody: 7:42pm On Jun 08, 2021
●Mining?

the supply of coins is controlled by the process called mining,

a computationally intensive process where computers (mining nodes) compete against each other to secure the network by solving mathematical equations, collecting coins as a reward,

if they are the first to create a new valid block, which is then shared to the rest of the network and added to the blockchain.

Coins like bitcoin, litecoin use a process called mining to issue coins and reward participation in the network.

Coins like ripple, cardano, stellar are pre-mined,

where the mining occurs before the public launch of the coin

then it is massively promoted to increase it's demand thereby driving up the price.

However it's important to note some coins are been both pre-mined and are currently being mined, ether is an example of this.

This coins can be stored in crypto wallets which can be software (apps) or hardware (drives) wallets.

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Re: How Do I Begin My Cryptocurrency Journey? by Nobody: 6:49am On Jun 12, 2021
● Between Proof of Stake and Proof of Work

*Proof of Work (PoW)

In order for a miner to gain the right to update the blockchain,

the miner will have to provide an answer, also known as a proof, to a specific challenge. This proof is difficult to produce guessing a combination to a lock is a proof to a challenge.

It’s very hard to produce this since you will need to guess many different combinations

only someone who has invested enough computational power (work) in guessing the number will earn the right to update the ledger of transactions,

thus earning a reward(coins) for his work.

The disadvantage of PoW is its excessive energy consumption.

Bitcoin a pioneer coin makes use of this, and there are calls for a switch to PoS.

While *Proof of Stake (PoS)

provides that a person can validate block transactions according to number of coins they hold.

Thus solving the problem of excessive energy consumption, blockchains like Ethereum used this and a number of Altcoins.

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Re: How Do I Begin My Cryptocurrency Journey? by Chigorkizz(m): 12:31am On Jun 20, 2021
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Re: How Do I Begin My Cryptocurrency Journey? by AshleyJohnson13: 11:45am On Jun 21, 2021
I would like to add my two cents here. I'd say that one of the ways to get into cryptocurrencies today is to get hold of NFT. And it's not only about art as you mentioned. Anything can be tokenized. Say, tickets which will become absolutely unique. Or even ID cards. Of course, the most popular use of it is art. It can be used by artists or buy companies. Say, MyImpactPower https://myimpactpower.org/ is an eco project and they are going to sell NFT cards to their supporters to fund their initiative. Owning an NFT piece of art is like investing since it can become valuable.

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