Intro to Cryptocurrencies

Greetings ladies and gentlemen! What a year huh!?! I mean where do we start? The bull market will not quit! Tax cuts looking like they will be dropping soon and did y’all see how bitcoin’s price surged!? We are sure by now you or someone you know has heard of bitcoin.

“What the heck is bitcoin? How does it work? How do I get some? How do I protect them once I have them?” These are just a few of the questions that have plagued the minds of newcomers to the world of cryptocurrency. No worries because we here at The Clever African have got you covered! We have put together a short, simple yet comprehensive guide to bitcoin and cyrptocurrencies as whole.

What is bitcoin?

What is Bitcoin? A Step-By-Step Guide For Beginners

How does it work?

Bitcoins are “mined” and created by using computers to solve mathematical functions. This same process verifies previous transactions. Bitcoin is essentially backed by mathematics. (2+2 is 4 minus 1 that’s 3 quick maths!). No government nor central bank in the world can issue them meaning bitcoin and all other digital currencies can cross borders seamlessly! You can send bitcoins to anyone in the world without the need of middlemen like Visa (V) or Mastercard (MA). Store some of your bitcoins in an offline wallet disconnected from your network for added security. Think of this as a bank, while you, generally, keep only some of your money in your wallet.

There’s more?

Yes! Just take a look at this info graph made by visual capitalist.

Image result for cryptocurrency visual capitalist

Pretty neat right? These are just a few of the the more than 1300 digital currencies (And growing)! This is the new direction of future economics. Lets ride to the moon Clever Africans!

Sources: BlockgeeksVisual Capitalist 

 

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