Learn more about crypto with this collection
Understanding the basics of cryptocurrency
How to store cryptocurrency securely
Risks and benefits of investing in cryptocurrency
Cryptocurrency definition
Cryptocurrency is digital money that is used to buy and sell online.
- It's not based on an asset like gold.
- It doesn't go through traditional institutions like banks.
It is an entirely decentralised system that uses blockchain technology to track transactions.
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Bitcoin mining
To ensure that every block of transactions on the chain is verified, a subset of Bitcoin's network tries to solve the complex puzzle. The first one to succeed is rewarded with Bitcoins of their own. The network then adds the new block on the chain.
This process is ...
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Example of using a cryptocurrency
Say you want to buy a bike from a friend using, for example, Bitcoin.
- You will log into your Bitcoin wallet with a private key.
- Instead of a bank recording the money that is subtracted from one side and added to another, your transaction is shared wit...
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HOW DO YOU BUY CRYPTO ART?
- The NFTs used to buy crypto art are built on blockchain technology.
- Blockchain technology is also used for cryptocurrencies like Bitcoin, Etherium, and yes, even DOGE coins. The blockchain offers a secure, digital record of transactions.
- The...
Why are cryptocurrencies so popular?
Some of the reasons:
- Some see cryptocurrencies such as Bitcoin as the currency of the future and are racing to buy them now, presumably before they become more valuable
- Some like the fact that cryptocurrency removes central banks from managing the money supply ...
Decentralized Finance
Today, any kind of financial service, like an insurance claim, loan, asset management, or even stock trading requires the go-ahead from banking institutions and other middlemen who can seize your assets if you default even slightly.
Decentralized Finance(DeFi) cuts the middleman and puts ev...
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