What is Bitcoin?
What is an Altcoin?
What is the Blockchain?
More importantly, why should I care?
All great questions… hopefully we will adequately answer all of them to your satisfaction.
Let’s be honest, we are all here for the money…
There I said it, let’s get it out in the open.
But, just because we want to focus on short and long term gains and assets to increase our wealth portfolio, doesn’t mean it’s not a good idea to know exactly what you’re investing in.
Think about it like your IRA or Retirement Plan at work. You decide exactly what options to invest in after you read about them or get more info. (HOPEFULLY)
Are you new to crypto and thinking about investing some of your hard earned cash into Bitcoin or maybe an altcoin?
The amount of choices you have can give you a headache. to help people, I have broken down an initial set of cryptos that are good options for beginners, read about that here.
So the crypto universe is vast and the information here can seem unending. So, in order to give you some level of comfort with the arena you are about to enter, we will take a “mile high” view to start.
I guess a definition of cryptocurrency is a good place to start.
According to Wikipedia, cryptocurrency is defined as:
“a digital asset designed as a medium of exchange using cryptography to secure the transactions and control the creation of additional units of the currency.”
You can find the entire Wikipedia page here.
So what does that mean?
Basically, cryptocurrency is a digital form of money or exchange.
The debate still rages as to cryptocurrency being real money. I answer that question here.
Generally these take the form of coins and others tokens.
They are generally traded or purchased on exchanges… more on exchanges in later posts.
They all get stored in wallets.
Some of these wallets are designed for specific coins or tokens. However these days, multicurrency wallets, able to accommodate coins and tokens from different blockchains, are prevalent.
There are different types of wallets, which provide you with varying levels of custody and security.
Ultimately the best of these crypto wallets are those that are noncustodial by design. That way you, and only you are in control of them and responsible for them.
I have taken the time to break down the different types and categories of wallet to help guide you on your journey, check that out here.
So what exactly do these coins and tokens represent?
For the most part, they represent a share of a specific form of currency, a platform or a project.
(Think like stocks in the stock market – that’s not exactly right, but a good representation for our conversation here)
Know that we will go into these at a later time on a more individual basis, but generally speaking they represent a currency which is designed to replace an existing fiat currency, a platform or project which is trying to create something and/or solve a problem.
I have dove deep into the potential of cryptocurrency to replace our current banking system. Join the discussion.
What To Do With This Information
Again, realizing that this is the “mile high” view of cryptocurrency, you may be asking yourself… “What do I do next.”
Well, the best answer is, learn more about this space.
We here at Crypto Coin MindSet are going to try to help you with that.
Some of the future information to increase your knowledge of the crypto universe will include the different types of cryptocurrency, how to make money with cryptocurrency, where to purchase and store your cryptocurrency, how to find hidden crypto “gems” and crypto investment strategies and tax ramifications.
The information provided here is for INFORMATIONAL & EDUCATIONAL PURPOSES ONLY!
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