Certain features newbies should knows about cryptocurrency before venturing into it
Sometimes I seat down and meditate on so many things when it comes to cryptocurrency. It is so painful that people at this stage have failed to even give and study what they are about venturing into. The moment they heard that it is paying, they don't want to know if risk is involve again or not. This is why some times I grow angry over those people luring newbies into cryptocurrency without lecturing them how the ecosystem works. Many are doing this because of the benefit involve from luring such person into the cryptocurrency ecosystem.
First of all, I will advice anybody venturing into cryptocurrency that just like your normal physical business, your cryptocurrency project or token can fall down in price and begins to do poorly. Don't just have it in mind that whatsoever investment choice or whatsoever money that you invested into cryptoccurrency will keep going up and up, there is every tendency that you can invest today and the money you use in investing can drop in value badly same thing today. When this happens you need to make sure that you knows how to deal with it maturedly.
You can still invest into a cryptocurrency project and immediately the little money you invested will change your life for the very best. But nonetheless, it is advisable to knows that when it comes to cryptocurrency, it is good to invest money that you can afford to loose as nothing is certain here. It is just like mirage. You can invest in business A and B will be doing well. When you run to B you will see that A will start doing well. It is advisable to observe and study a cryptocurrency project properly before venturing into it. If you study such project properly you will see that despite the ups and down you will still be able to maintain some focus till things starting working positive for your sake.
When it comes to cryptocurrency they are some certain things that you needed to know as a newbie or as somebody who has been in the chain for a certain period of time. Some of them include;
Blockchain
Cryptocurrency
Trading
Airdrop
Defi
Cryptocurrency Exchange
Permit me to explain some of the things I mentioned above. I will start with #blockchain. What is blockchain If I may ask. To explain this to lane man or in a lane man language, I will say that Blockchain is the housing unit where all the cryptocurrency transactions are being carried out. It is just like the Bank where all the bank related activities are being carried out.
We have different types of Blockchain, they include; Tron blockchain, Bitcoin blockchain, Ethereum blockchain, Hive blockchain, Steem Blockchain, Xdai blockchain, Binance Smart Chain blockchain etc. The list is endless as we have more and more blockchain rolling out almost every certain period of time. Despite all this, you just have to stick with the one you are good at or the one you love and start working with it. If you feel like jumping into all the blockchain, the choice for real is yours to take.
- Cryptocurrency: This is simply the fund or transactions that is run in the blockchain. Remembered I told you that blockchain is the housing unit while cryptocurrency is the fund or transactions being carried out in that house. The difference between the Bank and Cryptocurrency is that when it comes to one, the transaction is being carried online (cryptocurrency) while the other, transaction is being carried offline (Bank).
Trading: This is one aspect that I will love to talk about in a different post. Trading is just selling or buying of coins through an exchange. It is either you are making gain or making lost when you are selling a token.
Cryptocurrency Exchange: This is simply the place or the market where you can sell your coins. We have different Cryptocurrency exchange, some are Binance, Bittrex, Kraken, Bithumb, Poloneix, Upbit, Hotbit, Huobi, Coinex, Coinone etc. The list is endless. If you want to sell your coins, you can simply visit any of the above exchange and carry out your trade.
Defi: This is otherwise referred to as Decentralized finance. By decentralised it means you are the one controlling your activities unlike centralized exchange where you have people controlling the exchange and whatsoever thing that you are about to do. In the decentralized ecosystem you can embark in activities like staking, liquidity mining, providing liquidity etc. What this can offers is just endless as we can see more features rolling out almost all the time.
Airdrop: When it comes to cryptocurrency it is either you are in as investors or as some one with the aim to working with his/her effort, energy and time. One good thing is that when it comes to cryptocurrency it is either you are investing or you can still makes money with zero investment strategy. Through the airdrop medium you can promote a project with your mobile phone through your Twitter account, Instagram, TikTok, Whatapp, Facebook, Telegram etc. After you promoted what they asked you to do, they will now pay you with their native token. If they the token, the price can change your life if it hit good value and it might get you frustrated if it hit small value. Sometimes you can hold your coin for years before you will start seeing positive impact. Everything here depends on you, remember that nobody will be held accountable for any decisions you make when it comes to cryptocurrency.
There is no much thing for me to say again than to let newbies knows that what I named above are some of the things that they should knows when it comes to cryptocurrency. The list should be more than this, I will discuss some during my second post. Once you knows all this, it is obvious that you have already understand some basics of cryptocurrency.
Tfame3865
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There is a decentralized finance project currently running. If you want to make good reward from your stake or Liquidity mining you should take a look at this project called Woxdefi . For more information about woxdefi you can check the different links below.
Purchase Wox through this link
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hello @tfame3865
I share some of your views , before getting into this world is very important to be able to know well many of its characteristics to better understand where we are . Undoubtedly we can generate many resources but also go bankrupt .
Thank you very much for sharing
You are right... As far as venturing into cryptocurrency is concerned, proper understanding of important terms such as blockchain and what it is all about, DeFI, concensus mechanism, and more is key as it plays a very important role when it comes to making any decision in the cryptocurrency space.
Hey @tfame3865!
This post is really helpful for the people who are willing to jump into cyrpto world and start exploring as it gives them an initial idea of what they should learn and guide them well whenever they read such words or trying to understand something.
Thanks for sharing!
Although the potential offered by blockchain technology and cryptocurrencies is undoubtedly very attractive, I believe that something fundamental has not changed with respect to fiat money. I mean, we're still human and just as there are scams in businesses that use fiat money, there will also be scams in the crypto space.
You just have to think about it a little and prepare accordingly. Education is very important and as you say: "bet the money you are willing to lose."
#affable #venezuela
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Basically , these things boil down to making appropriate research before going ahead with any decision. Unfortunately, there are people everywhere trying to lure people into making some quick money from cryptocurrency for their own selfish gains.
It is great to read contents like this, it is really educating and helps to make right decisions all the time.