Introduction to cryptocurrency
Cryptocurrency is a digital currency that uses cryptography for security. The transactions are
recorded in a public ledger called the blockchain.
The first cryptocurrency was Bitcoin, which was created in 2009 by an unknown person
using the alias Satoshi Nakamoto. Bitcoin is the most popular cryptocurrency and has been
used as a global payment system since it was introduced to the public in 2009.
What is Bitcoin 101? How Does it Works
Bitcoin is a digital currency, which means it only exists online. It is not controlled by any
government or central bank. Bitcoin transactions are sent peer-to-peer, directly from one
user to another.
The Bitcoin network is made up of a series of computers that solve complex math problems
to add new transactions to the blockchain and provide the backbone for Bitcoins. These
computers are called miners and they are rewarded with Bitcoins for their work in solving
these math problems.
Bitcoin’s algorithm creates 21 million coins every year that will be mined until 2140 when all
bitcoins will be mined and in circulation. This makes bitcoin scarce which gives it value and
makes it a good store of wealth because its finite supply can’t be inflated like fiat currencies
like the dollar or euro can be.
Thinking About Investing in Cryptocurrency
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Investing in cryptocurrency is a high-risk, high-return investment. It also has the potential to
be a fruitful investment if done right. The risk is that you could lose your money and the
return is that you could make more money than what you invested.
The first step in investing in cryptocurrency is to do your research. Find out which
cryptocurrencies are worth investing in and how much of your portfolio should be invested in
it.
The second step would be to get a good understanding of what cryptocurrencies are and
how they work, as well as what the risks associated with them are.
Lastly, it is important to understand the tax implications of this type of investment before
making any decisions about where or how much money to invest
