WHAT IS CRYPTOCURRENCY?

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People often get confused when they hear the word cryptocurrency and hence get swindled, lied to or get scammed into investing on things they don't have an idea on.

 I would like for you take a look at the above picture, the generation between the hunter gather cage up to the industrial age and maybe the beginning information age most of them don't know what cryptocurrency is?

So what is cryptocurrency? 

Cryptocurrency is a type of digital currency that generally only exists electronically, this means that it is a digital system that doesn't rely on banks to verify transactions. Cryptocurrency uses encryption to verify transactions this means that advanced coding is involved in storing and transmitting cryptocurrency data from your digital wallet to public ledgers.

How do people use Cryptocurrency? 

This is question which is asked frequently. To answer that question am going to use the bank as an example. Lets say you want to make payments for goods bought online or services provide online and you pay vie the bank, you will realize that there are some added fees, but if paid vie cryptocurrency you avoid transactions. Others use it because of its anonymity meaning that your profile is secure.

How do you get cryptocurrency?

Cryptocurrency being a digital system mean that you can buy cryptocurrency through an online exchange platform. Platforms such as Coinbase, Crypto.com, Binance.US. Some people earn cryptocurrency through a complex process called “mining,” which requires advanced computer equipment to solve highly complicated math puzzles.

Where and how do you store cryptocurrency?

Cryptocurrency is stored in a digital wallet, which can be online, on your computer, Phone, Tablet, or on an external hard drive. But if something unexpected happens — your online exchange platform goes out of business, you send cryptocurrency to the wrong person, you lose the password to your digital wallet, or your digital wallet is stolen or compromised — you’re likely to find that no one can step in to help you recover your funds. And, because you typically transfer cryptocurrency directly without an intermediary like a bank, there is often no one to turn to if you encounter a problem.

Want to learn more about Cryptocurrency? Click here

Are you looking for online jobs in Kenya? Check it out here

How to make money online? Find out more here


Written by: Boaz Bett


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