Learn With Steem Contest: More Talk On “BITCOIN” Cryptocurrency (Father Of All Cryptocurrencies)
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Hey dearies😌 Am excited to have your attention because you are about to learn something big thing time too. Am grateful to God almighty for live and that of each and every one of us. I believe you feel anxious already to read through, please calm and let's take it step after another. Enjoy my piece of article.
Cryptocurrency, which sometimes is called crypto, is any form or medium of currency that exists digitally which uses cryptography to secure every transactions within the block. Cryptocurrencies virtually do not have any regulating authority or central issuing or institution that controls the transactions done in the Blockchain, instead using a well decentralized system to record and store transactions and issue new units or block.
It’s a peer-to-peer system that can permit anyone, anywhere to send and receive payments. When transfer of a cryptocurrency funds is done, the transactions are been recorded in a public ledger, and it is stored in digital wallets.
Bitcoin:
Bitcoin was the very first cryptocurrency to be introduced in the blockchain and it is still the most commonly traded coin. It was founded in 2009. Cryptocurrency was developed by Satoshi Nakamoto, it is broadly believed to be a pseudonym for a person or group of persons whose precise identity remains unknown. Bitcoin had no monetary value yet. The first block to be introduced in the blockchain was nicknamed the Genesis block.
Bitcoin has value just like every other currencies because others are ready to exchange them for goods and services and for existing currencies. The fact is that bitcoin's price has risen, fallen and risen again exponentially many times since its introduction in 2009. Many have consider the swings to be volatile because the prices have risen and fallen in the stock market possibly due to a number of factors, which includes, companies dropping support for the currency.
Bitcoin is commonly used as a form of payment option or as an alternative investment. The payment method can be used to buy goods and services. Although the number of vendors that gets to accept the cryptocurrency is kinda limited, well!? vendors like PayPal, roqqu and AT&T are beginning to accept bitcoin payments. As a medium of investment, individuals can go ahead to invest in Bitcoin to help diversify a portfolio of bonds and stocks.
Here are some risks involved with bitcoin;
There's No insurance: Bitcoin wallet and exchanges are not insured by federal programs or government programs. Unlike its counterpart, bank accounts, if something gets happens, it is unlikely that a person will get their bitcoin back.
Volatility to investments: Bitcoin do not have a promised long-term track record or even history of credibility behind it, the prices rise and fall quickly, and well-known personality such as Elon Musk have positioned the value up almost 10% and caused it to fall back by 5%, by just sending out tweets. In 2014, just in one day, the price declined by 80%.
Some Regulatory restrictions: Bitcoin also has been used for black market transactions, which might invite government regulation to get it restricted.
There are some few ways to prevent your crypto from being hacked. See below..
Back Up Your Seed Words Or Mnemonic Phrase Properly:
Assuming you’ve downloaded wallet software and have started setting it up. You’re immediately told what might be an unfamiliar experience, therefore you will be told to back up your seed words. You do that by using your Gmail and writing it down (ie hardware and software storage).
Use a Strong Password to Protect Your Crypto:
If eventually your device is infected with malware, then the attacker should not be able to read or access your key vault file and tamper with your seed words.
Check the URL (Avoid Fake Software):
Apart from hacking an exchange, let's say probably the most commonly strategy scammers use to steal crypto is to persuade an individual to download a fake wallet or application and transfer their funds their.
Conclusion
This topic drop in my mind just yesterday as I heard someone complain about being scammed of his funds. I totally believe to have at least solve 65% of the ranging problems of scam. Thank you all for cooperating and giving me your attention 😌Am grateful.
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Cc:
@fredquantum
Hello friend,
Thank you very much for sharing. It is quite painful that most novice or people who know nothing about cryptocurrency are really being scammed. Few weeks ago, a lady came crying that a young guy told her about Bitcoin and she invested 200k not knowing that the boy was planning on scamming her. I wish more people will get to know more about cryptocurrency, advantages and ways to protect their wallets.. it will go a long way.