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You’ve heard of cryptocurrencies. They’re those computery coins that people began talking about as their prices seemed to explode overnight, turning a bunch of geeks into instant millionaires. Depending on whom you ask, cryptocurrencies are either the beginning of a technological revolution, a Ponzi scheme, the key to financial freedom from banks or history’s greatest scam. Amid the technobabble, the sensationalist headlines and the idealism of crypto fanatics, it might seem like cryptocurrencies defy reasonable description. They don’t. This book eases complete beginners through the process of understanding, buying, storing, trading and selling their first cryptocurrency investments via plainly worded, step-by-step guidance. Crypto’s cryptic, but buying it doesn’t need to be....
Bitcoin, along with most other cryptocurrencies, can be summarized in just one simple sentence: A cryptocurrency is a digital asset stored on a decentralized and cryptographically secure blockchain. So what’s crypto? The concepts and technologies behind crypto are complex: this explanation isn’t. 1 5 Okay, I’ll admit it’s not that simple, and it’s stuffed with buzzwords you’ve never bothered to google. So let’s break it down. An asset is an item owned by a person. Like a spoon. A cryptocurrency coin is an asset. But unlike a spoon, it isn’t physical —there are no real-world coins to jingle in your pocket. A cryptocurrency coin is formed of information stored on a computer —making it digital. This digital information, which details the owner of every coin and the transactions they have made, is stored in a special kind of database called a blockchain. It’s similar to how your bank manages your bank account: when you deposit money, your bank updates a database to show a transfer to your account and updates your balance to reflect it. A blockchain works the same way: when you buy a cryptocurrency coin, your account on the b...
So what’s crypto? A new type of investment Good habits of a smart investor Buying your first cryptocurrency Storing your crypto Setting up a Bitcoin wallet Setting up an Ethereum wallet Finding more coins to invest in Research in action Buying altcoins Monitoring your investment Selling your coins Tax implications ...