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The 'Get It Done In An Hour' Guide To Cryptocurrencies : Step-by-step guides to understanding, buying and storing popular cryptocurrencies: Step-by-step guides to understanding, buying and storing popular cryptocurrencies

By King, Nick

Book Id: WPLBN0100301920
Format Type: PDF (eBook)
File Size: 26.79 MB.
Reproduction Date: 1/08/2018

Title:	The 'Get It Done In An Hour' Guide To Cryptocurrencies : Step-by-step guides to understanding, buying and storing popular cryptocurrencies: Step-by-step guides to understanding, buying and storing popular cryptocurrencies
Author:	King, Nick
Volume:
Language:	English
Subject:	Non Fiction, Technology, cryptocurrencies
Collections:	Technology, Authors Community
Historic Publication Date:	2018
Publisher:	Nick King

Member Page:	Nick King
Citation APA MLA Chicago King, N. (2018). The 'Get It Done In An Hour' Guide To Cryptocurrencies : Step-by-step guides to understanding, buying and storing popular cryptocurrencies. Retrieved from http://www.gutenberg.us/

Description
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.

Summary
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.

Excerpt
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 blockchain (commonly referred to as a wallet) will show a transfer into it, and will update your balance accordingly. But there’s a key difference between your bank’s database and a blockchain. Your bank might go off-line because a freak storm cuts power to its data center, or a hacker shuts down its systems. A blockchain is stored on thousands of computers across the world, all connected by the internet, making it extremely resistant to failure. This is called decentralization. But having a database spread across the world sounds pretty insecure, right? What if someone decides to hack it and give themselves a zillion coins? That’s where cryptography comes into play.

Table of Contents
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