CRYPTO SKILL || sharing My Crypto Knowledge/Skill || @starrchris

Introduction

Cryptocurrency is known as with so many names, you must have seen or read about some of the most popular types of oldest and most expensive cryptocurrencies for example Dodge, Litecoin, and Ethereum etc.

What's cryptocurrency?

A cryptocurrency can be easily defined as a digital currency, that act as an indispensable form of which people use for payment and it was created using strong and powerful encryption algorithms. It always uses encryption to strengthen it's security and safety, that's to say it make use of strong key's to secure users asset at the same time it also ensure safe transaction by hiding users real identity for online criminals To use cryptocurrencies, you need a cryptocurrency exchange or wallet. These softwares can be used for keeping, trading, swapping and storing crypto asst.

Some major Concept of Crypto currencies

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Decentralization:

Concerning Crypto currencies, decentralization can be easily and professionally defined as the act or process giving full control and decision-taking from a centralized node (owner, organization, group Or administrators.) to a distributed network (peer to peer), where permission, authority Power, freedom and control would be given to all users or account owners .

The term decentralization and its own feature are similar when compared to the understanding of cryptocurrency in general and the original purpose it was created in the first place.
Decentralized systems have no center area of control and cannot implement changes unless the majority of users participating approves, so therefore it significantly decreasing the probability of any successful attack and the possibility of corruption.

In decentralizing the management of site or resources and access to the site or resources in application offer bigger and fairer service opportunity can be achieved to all users.

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Cryptoghapy

Cryptography can be easily be defined as secure dispatches ways or manner that permit only the sender and intended owner of a key to know about the key. The cryptography was derived from two the Greek dictionary "kryptos", which means secret, unknown or hidden. It also work hand to hand coding and encryption, which can be said to be the coding, encrypting or scrabbling ordinary understandable text to ciphertext (encrypting) and it can be done otherwise (decrypting). So therefore, cryptography also covers the obfuscation of massage or data in images using formats similar as incorporation or microdots. Back then Ancient Egyptians were populary known for using this format in complicated or complex hieroglyphics.

In the process of transmitting electronic information, massage or data, the most common use of cryptography is to encryption and decryption . The simplest technology implements symmetric format. Therefore, plaintext is converted using any secret key.

What are the pitfalls to using cryptocurrency?

• Cryptocurrencies are still partially new, and the use, volatility and request for Crypto currencies is very unpredictable.
• Since cryptocurrencies do not need any physical exchange platform or any other administrator to regulate it use, this crypto currencies are most times uninsured and are difficult to convert into a form of currency especially if you are new to the market

• In addition, because cryptocurrencies are technology products it has so many weak spot , they can be addressed like any other technology asset which all have weak point, also we store our cryptocurrencies in a digital stores.

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My Advice

Choose wisely! : Before investing in any crypto asset, make sure you understand but working format of operation properly, How the assert should be used, and how to swap or trade the asset. This is a useful advice because not all project are real some are just there to scam people.

• Make sure to use a safest and most secure exchange platform.
It's going to be very useful for users to take the to check details and feedbacks the exchange the desire to use to perform all their trades before saving your assert in them. Because having or using the wrong exchange is like you carrying a billion dollars around in a bag.

• Make sure you always make a backup plan. Imagine what will be the implications if your electronic devices are spoilt, lost or stolen or You loss all access to the exchange, Without a backup plan, you are definitely going lost all your hard earned assert

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