Couverture de Cryptocurrency - Part 1

Cryptocurrency - Part 1

Cryptocurrency - Part 1

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 Here is the forty-sixth episode of Quantum Foam, Cryptocurrency - Part 1. We are going over digital currency, otherwise known as cryptocurrency. The financial industry is absorbing this technology into its framework. The point of being involved with cryptocurrency is to make money. The idea is to buy low and sell high. A token or coin is similar to a share from a company. This is based on Blockchain Technology. Cryptocurrencies are digital assets that rely on an encrypted network to execute, verify, and record transactions. This is done in a way that is independent of a central authority such as a government or a central bank. Crypto is decentralized currency. There is no central bank issuing the currency. Crypto is completely made from ones and zeros. It uses cryptography to insure the fluidity. The cryptocurrency is usually interfaced with a Blockchain Technology using a public ledger. Transactions are made secure and are able to avoid being tampered with. A blockchain is an encrypted public ledger through which digital assets can be transfered, recorded, and stored. It is a decentralized network Distributed Ledger Technology. Computers are tasked with verifying each transaction block in the system. 1 block goes after another similar to 1 transaction after another. Thousands of commputers must verify a single transaction or entry. If there is a disagreement between computers, the transaction will be voidied. This process may take some time. Blockchain Technology is considered what is called a Tech Distruptor. What are the ristks involved with investing in crypto? There is a volitility and liquidity risk. Make sure to keep bad actors away from your crypto wallet private key. They can turn your wallet into their wallet if you give someone your private key. If this happens, they can take your money. There is overnight risk because crypto trades 24 hours a day. A Ponzi Scheme is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors. Crypto is an emerging field and is used as an alternate asset. A lot of crypto started way later than Bitcoin. Raptoreum goes back to 2021. It seems like there is a coin for every situation. You hold your digital assets with a digital wallet. It is backed up by a 12-phrase security code. It loads on a program and shows a list of your assets. There are keys that are used to direct the cryptocurrency. These are the pubic keys that direct a crypto from 1 wallet to another. You enter the key into your program, send 1 Bitcoin to a certain key, and it directs it to another wallet. It sends it to that key and takes maybe a half hour to process. This is how you send money from 1 person to another. There are different types of wallets. There are hot wallets, cold wallets, paper wallets, and perhaps other types. A lot of wallets these days are accessed by a QR code.
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