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Bitcoin? Cryptocurrency? What?

October 20, 2018

What is Bitcoin? What is Cryptocurrency?

The Bitcoin/ cryptocurrency markets have come a long way since the highs of January 2018.

I remember the days when a gain of 30% each day was just normal practice.

I also remember when my next door neighbour (who isn’t so tech savvy) had asked if I had heard of this thing called Bitcoin which reached $20,000.
Of course the next question, being where can I buy it from?

If you got into Cryptocurrency in January 2018 chances are, you probably cringe each time you look at your portfolio.

One thing to remember…
ONLY INVEST WHAT YOU CAN AFFORD!

Anyway you are here to know more about cryptocurrency and Bitcoin, so lets take a dive into what it is.

Crypto? Blockchain? What?!

Cryptocurrency or crypto (for short) is a digital currency. In the article >> https://airdropvillage.io/earn-money-with-cryptocurrency/

I described this as internet money, similar to your online banking. It’s intangible, you can’t touch it, but yet there is $ value behind it.

Common terms which you hear alongside cryptocurrency is the blockchain.

Satoshi Nakamoto (who some say is a fictitous character) gave us the birth of Bitcoin, but more importantly the implementation of blockchain technology and a decentralised currency ecosystem.

So what is the Blockchain?

A blockchain is an ever growing list of records which are linked using cryptography.

Think of a block which contains information (cryptography hash) of the previous block, a timestamp, and transaction data. Now imagine this block being duplicated 100’s or thousands of times yet being linked with each other.

In essense you then have a network which does not have a single point of failure and the creation of an immutable ledger.
If one block is damaged theres another few hundred out there containing the same information.

This ingenius technology is what makes Bitcoin and other cryptocurrencies so special.

1. No single entity can control the network
2  It has never been hacked (yet)
3. Promotes decentralisation

The world could use this technology in so many different ways.

The Finance sector could have even more transparency where each transaction can be stored on the blockchain forever. People who do not have access to bank accounts can have money sent to them. You can send money overseas which no longer takes days. What’s even better is that money can be sent within seconds with a full audit trail of where the transaction is up to.

The possibilities are endless and we are at the very early stages. Everyone wants to start using and benefiting from first mover advantage with this technology.

So when you feel down about the market, just think, you are part of a revolution which gives power back to the people and an early adopter of the cryptocurrency blockchain story.

I leave you with this Cryptocurrency Medium Article

Start your airdrop journey with us at Airdrop Village where you can start your cryptocurrency portfolio with no investment required.

AirdropVillage.io Team

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