Cryptocurrency
Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies issue their own currencies, typically called tokens, and these can be traded specifically for the good or service that the company provides, or even real world items. Cryptocurrency is digital money.
Blockchain
Blockchain is a decentralized technology spread across many computers that manages and records transactions.
Think of it as a big network that records transactions as receipts and anyone can have access to see them. You can also view it as a public bank statement. The individuals are completely anonymous, only showing their cryptocurrency address.
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Decentralization
Decentralization is the process where decision-making is distributed between multiple parties/individuals. Instead of having one center of authority, not one person or group has absolute power, making it fair for all individuals that are partaking in crypto. Cryptocurrency being decentralized, brings freedom and equality to individuals and their finances.
Tips on how to Get Started
Social Media
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Follow crypto project developers, crypto companies, trusted crypto enthusiasts, and crypto news pages. Your timeline has to be busy with crypto content to keep up with the industry. Social Media is your tool to access opportunities early within the crypto industry.
Dive into it
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Crypto is its own culture and it expands pretty vast in regards to the information within it. Study the actual details and not just what the graph shows you. You will gain a perspective as those that think highly of crypto because you start to see where opportunities lie, giving you the motive to act upon it. Just like anything in life, you have to learn it to see it’s value.
Patience with yourself
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Don’t be so quick to invest your money into something without understanding what it actually is. Understanding first, brings confidence so you can have peace with yourself and where you placed your investment. Apply investing into what the company or project does, before what you heard or see on a graph. It will help keep on the winning side long term.
Mentorship
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Utilize online mentors, people you may connect with on social media, an online course, an actual teacher, etc. There’s a bunch of people you can learn from online and this is how most people find their way into crypto. Who to Follow? Definitely a process of elimination depending on who you are. Follow those who will expand your mind and who you can learn from easily.
Coins/Project/Company
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Understand that every coin you see in Crypto represents a project of some sort, which is also considered a company. They issue their own coin that you can invest in and use to access their services. Example: Ripple is a company and they use XRP as their currency to pay for their services.
* For educational purpose. Not financial advice.
Types of Coins
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HEDGE
Hedge is type of a coin is used to hold against inflation. As inflation continues to rise, investors have been using Bitcoin as a deflationary asset to hold during this time period. Bitcoin is the only coin that falls in this category at this moment.
(Example: BTC)
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SMART CONTRACT
Smart Contract type of coins are projects that are designed to issue smart contracts on their platform for developers to be able to build on. Smart contract are programs stored on the blockchain where predetermined agreements are met and executed.
(Example: ETH, SOL, AVAX)
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STABLE
Stable coins are cryptocurrencies that offer stability in Crypto. These coins don't change in value and usually is pegged to a currency (The Dollar). They are backed by reserve assets and been a growing trend as place to store crypto profits.
(Example: USDC, USDT, DAI)
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DeFi
DeFi coins are cryptocurrencies used in DeFi projects and protocols. DeFi has a variety of financial applications and services all built on the blockchain. Most applications have a native coin used to operate their financial services.
(Example: AAVE, CAKE, CURVE DAO)
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NFT/METAVERSE/GAMING
NFT/Metaverse Coins are cryptocurrencies used within NFT and Metaverse projects. NFTs exist in the Metaverse, and in this Metaverse they have a native currency used to access the goods and services.
Example: MANA is a the native currency in the Decentraland Metaverse, and you can purchase NFTs and in game items to have in this virtual world.
(Example: MANA, SAND, APE)
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MEME
Meme Coins are cryptocurrencies created based off of a meme or a joke. They became big in 2020 and 2021 with the boom of Dogecoin and the big surge by Shiba Inu. These coins were made with no real utility but they shown that with enough people behind them, they can become a serious topic of discussion.
(Example: DOGECOIN, SHIBA INU)
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UTILITY
Utility Coins are cryptocurrencies created for real world use. Most of these type of coins are going to be used by businesses and institutions, and are building up more partnerships with large corporations as we speak. Utility coins are where most crypto investors look for long term investments.
(Example: XRP, ALGO, LINK)
