Let's talk about Cryptocurrency and Steemit

The defination

a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"

I hope you can read, search and research more about cryptocurrency because steemit is a cryptocurrency based incentivized social platform. If we can understand what is cryptocurrency and it's uses, we can leverage our steemit earnings and maximize the returns.

Bitcoin in late 2008, Satoshi said he developed “A Peer-to-Peer Electronic Cash System.“

• "Announcing the first release of Bitcoin, a new electronic cash system that uses a peer-to-peer network to prevent double-spending. It’s completely decentralized with no server or central authority. – Satoshi Nakamoto, 09 January 2009, announcing Bitcoin on SourceForge".

• "… after more than a decade of failed Trusted Third Party based systems (Digicash, etc), they see it as a lost cause. I hope they can make the distinction, that this is the first time I know of that we’re trying a non-trust based system. – Satoshi Nakamoto in an E-Mail to Dustin Trammell"

Bitcoin is the first introduced into digital money. It seems to be complicated at first time but it will be seamless once you get it through.

• As long as a transaction is unconfirmed, it is pending and can be forged. When a transaction is confirmed, it is set in stone. It is no longer forgeable, it can‘t be reversed, it is part of an immutable record of historical transactions: of the so-called blockchain.

STEEMIT is CRYPTOCURRENCY

Digital Currency is CRYPTOCURRENCY. STEEM, Steem Power and Steem Dollars are the three forms of digital currency used by the Steem Blockchain.

Steemit contents giving rewards through STEEM DOLLARS and STEEM POWER. STEEM POWER is an Influence tokens which give you more control over post payouts and allow you to earn on curation rewards. STEEM DOLLARS and STEEM are tradeable tokens that may be transferred anywhere at anytime. Steem can be converted to STEEM POWER in a process called powering up.

Lots of new steemit users dive into steemit platform without the knowledge about cryptocurrency, bitcoin, token, coin, airdrop, ico, exchanger, trading, market, etc that drives the price of Steem and Steem Dollars.

Even few Steemit witness didn't understand how market works. A lot of steemians worried when steem/sbd value goes down or the Potential rewards keeps depleting.

In our current days, steem/sbd is not yet available to exchange directly into fiat to buy what we need or wants. Most of all Cryptocurrency, that includes steem/sbd was heavily paired to bitcoin. Then bitcoin converted to fiat since only btc is convertable to fiat in most cases.

What is an ICO?

• ICO is the abbreviation of Initial Coin Offering. It means that someone offers investors some units of a new cryptocurrency or crypto-token in exchange against cryptocurrencies like Bitcoin or Ethereum. Since 2013 ICOs are often used to fund the development of new cryptocurrencies.

• An unregulated means by which funds are raised for a new cryptocurrency venture. An Initial Coin Offering (ICO) is used by startups to bypass the rigorous and regulated capital-raising process required by venture capitalists or banks. In an ICO campaign, a percentage of the cryptocurrency is sold to early backers of the project in exchange for legal tender or other cryptocurrencies, but usually for Bitcoin.

I do not recommend you to join any forms of ICO unless you already know the consequence and risk it may posed. Better you have a background to a certain ICO to avoid loss.

Cryptocurrency Market

Bittrex, Poloniex, Hitbtc, Upbit, Binance etc are only the exchanger out there that offer steem/sbd selling and buying to Bitcoins and others ALTCOINS.

Steemit Internal Market

Steemit has it's own market where you can convert STEEM to STEEM DOLLARS or back and forth. Now, 1 SBD is equivalent to 1.2+ steem and you can use this advantage to by more steem to power up if you like.

https://coinmarketcap.com - A site that gives you the current value of a certain cryptoccurrency depending on the market value in an Exchanger.

ALTCOIN

• Altcoins are the alternative cryptocurrencies launched after the success of Bitcoin. Generally, they project themselves as better substitutes to Bitcoin. The success of Bitcoin as the first peer-to-peer digital currency paved the way for many to follow. Many altcoins are trying to target any perceived limitations that Bitcoin has and come up with newer versions with competitive advantages.

AIRDROP

• AIRDROP- A​ ​crypto airdrop, short of cryptocurrency airdrop,​ ​is​ ​an event during which ​a​ ​coin project distribute​s​​ ​tokens or​ ​coins to​ early adopters, ​for free

• Airdrops are a brand new format to distribute tokens in the crypto world. And there’s no standard rules yet. Maybe in the future, with the increasing popularity. But right now, each team offers a different set of rules

I want to stress this out that lots of my crypto colleagues earn from $0.00, $5.00. $50.00, $100.00 and even $1k worth after a certain coin gets an exchanger and that was totally FREE.

Sources:

• https://blockgeeks.com/guides/what-is-cryptocurrency/
• https://www.investopedia.com/terms/i/initial-coin-offering-ico.asp
• https://www.investopedia.com/terms/a/altcoin.asp
• https://bestbitcoinalternative.com/resources/cryptocurrency-airdrop/

What Do you want to know About the Cryptoworld where Steemit Belongs?

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