Welcome to Crypto Revolution
Paul McCarthy – Dascoin Global Ambassador
As a Global Ambassador with Netleaders & Dascoin, and an early investor in Bitcoin, it’s no secret that I am a fierce proponent of cryptocurrencies, and believe that participating in the Blockchain movement is extremely important in protecting our financial futures.
Large national retail stores, construction companies and well-known providers of “jobs for life” close every week, as the internet continues to advance and exercise economies of scale that traditional brick and mortar businesses are unable to compete with, and so it is the same with money.
Blockchain technology and crypto currencies will revolutionise our economies. Don’t believe me? Watch this space.
Understanding The Cryptocurrency Paradigm – A Quick Guide
You’ve heard your friends talk about it, you read about it in the news, you see all the adverts, now you are trying to understand the cryptocurrency paradigm. How big is this thing really and what do you need to know?
If you want to avoid all the technical lingo and get a better understanding of cryptocurrency in basic terms, keep reading.
What Is Cryptocurrency?
Cryptocurrency is an umbrella term that takes into account all the digital currencies being used. In other words, money that doesn’t really exist. While you can hold a dollar in your hand, you can’t do the same with a digital currency. Instead, you get a number that proves you are the owner of the token, and when you buy something with it, the ownership changes and a new number is created for a token, which is given to the new owner.
So, in reality, a digital coin is nothing more than a string of complex code. And every time a transition takes place, it’s getting recorded in what is called the blockchain. Think of it as a big ledger in the cloud-based sky. Up until now, there is no way to hack it, and cryptocurrency developers are confident it will stay this way for a long time.
How Do You Get Cryptocurrency?
There are several ways you can become the owner of a cryptocurrency. But first, you need to figure out which one you want. At the moment, there are hundreds out there, Bitcoin being the most famous.
Once you decide which one you want, you can either buy the digital currency or mine for it. Take note that only a certain amount of each cryptocurrency can be mined, although this is something you’ll read about in your further research.
Mining does sound like a very lucrative idea, but it can get expensive and it takes time. This is why some individuals go through third-party companies that handle the mining for them. Thus, these individuals become investors instead of miners.
Is Cryptocurrency A Good Investment?
In the end, cryptocurrency is just as volatile as any other stock on the market. This is because you are dealing with something that isn’t really tangible. It can’t be traced and governments are trying to find a way to regulate it.
So if you want to invest in Cryptocurrency, remember you are taking some manner of risk. But there is money to be made if you can make the right choices.