Here In The Cryptocosm
There is one thing common among my Cryptocosmonauts & Crypto-Evangelists do believe for certain….
Cryptocurrencies is a Constant Learning Curve
Keeping pace with developments in the ever-evolving cryptocurrency ecosystem feels like a 2 full-time jobs & 20 Hours of Community Service and that’s just for experienced heads.
For novices, it’s tough enough working out where to even start. While crypto wisdom accrues over time,I have launched the Cryptocosm as a trove of knowledge to learn Cryptocurrency as well as familiarize with the various aspects and real world applications of the Blockchain.
The Cryptocosm is evolving to be an array of resources to jumpstart your cryptocurrency education starting with the 1st cryptocurrency of the world i.e Bitcoin aka BTC. Eventually the Cryptocosm will raise your knowledge base as well as your human capital to amplify your life our forefathers cant even imagine.
We at the Cryptocosm will be providing great and easy to digest educational content to help you understand the basics on Blockchain and Cryptocurrencies in particular.
The Cryptocosm is an educational space on everything Crypto & Blockchain in the YOU & ME Level.
Before We Begin On Your Journey Into The Cryptocosm
I Just Want To Say
What The Facts
Here we will be covering the BASICS of Blockchain and Cryptocurrencies
The Cryptocosm will be evolving as we cover the incredible transitions and transformation taking place not only in the Blockchain and Cryptocurrency ecosystems,but also the demise of the legacy global economic and financial systems.
Our goal at the Cryptcosm is to create global massive adoption of cryptocurrencies to enable power and freedom decentralized in the hands of the individual or at the YOU & ME Level.
What is Blockchain?
A blockchain is a digital, decentralized ledger of cryptocurrency transactions. The Bitcoin and Ethereum networks are both blockchains where all transactions are recorded. Where assets tied to governments were formerly backed by gold or silver, Bitcoin and Ethereum are backed by their respective networks. A typical cryptocurrency transfer is first published to the blockchain, where it’s then securely verified by multiple sources in the network. Once a transfer is confirmed by several sources and verified for all to see, it’s accepted by the network. Since the blockchain verifies the transfer of assets, you no longer need to go through a bank to initiate a transaction.
What are Cryptocurrencies?
Cryptocurrencies are digital currencies, created and stored electronically in the blockchain using cryptography (hence “crypto”) to control their creation and to verify the transfer of funds.
Cryptocurrencies are unique because they don’t have any physical form and exist only in the network. Their supply, or circulation, isn’t determined by any central bank or government, and the network itself is completely decentralized. There are a growing number of cryptocurrencies, but the most popular to date are Bitcoin, Bitcoin Cash,Ethereum, Monero etc.
What is Bitcoin ?
Bitcoin is a new type of money that works very differently to traditional money.
Bitcoin is for EVERYBODY…..
No person, company, or organization is in control of Bitcoin: it’s a decentralized digital currency that’s powered by a huge, distributed network of computers.
As such, when you own Bitcoin, only you have access to your funds. You’ll typically send, receive, and store it using a secure digital app like Exodus.io or even the digital wallet app from Bitcoin.com which you can download both the digital wallets for free.
It’s really important to remember that, since no bank or other financial intermediary ever has access to your wallet app, you’re in charge of keeping it secure.
Remember the Phrase -” If you dont hold the Keys, You dont own your Cryptos”
Bitcoin can be used to move and store money
You can use your Bitcoin just like regular money. Transactions are sent and received directly between one person and another—be it for personal or business purposes.
Currently, there are Three Main Types of Bitcoins: Bitcoin(BTC),Bitcoin Cash (BCH) and Bitcoin Satoshi Vision (BSV).
When you use Bitcoin Cash in particular, these transactions cost only micro fees (less than a cent!). As such, they’re a lot cheaper and also much faster than international bank transfers.
You can also choose to store your money as Bitcoin(BTC). If you’re storing larger amounts, consider purchasing a Hardware/Cold Wallet like Trezor or Ledger to add an extra layer of security to your storage.
How can you use Cryptocurrencies?
Cryptocurrencies can be used to purchase products or services from online retailers like Overstock.com etc or a Travel service like Travala can accept BTC,BCH,DASH etc fro payments for flights and hotel bookings. There has been a great increase in the merchant adoption of cryptocurrencies particularly in accepting Bitcoin Cash as it is fast, lower costs and reliable for commerce. Cryptocurrencies is also used as an investment as more and more people are looking to diversify their portfolios to be able to increase their net worth and be part of the new developments that will accelerate economic and financial growth all across the globe.
Can Bitcoin be exchanged with other Cryptocurrencies & Traditional currencies ?
Whether you’ve bought, received, or earned Bitcoin, you can choose to exchange it for both traditional (fiat) currencies and also for other digital currencies.
One of the easiest ways to do this is through a cryptocurrency exchange. Create an account with an established exchange and, after verifying your identity, you’ll be able to sell your Bitcoin.
Are Bitcoin transactions truly ANONYMOUS???????
Since you don’t need to share your identity to download a digital wallet, it’s more private than a bank account. However, Bitcoin is not a privacy coin: the blockchain is public to everyone, meaning that all transactions can be viewed (though they’re not tied to your identity).
To keep your Bitcoin transactions more private, use a different address for every payment.
Just FYI when sending and receiving Bitcoin Cash, you can use an automated tool like CashShuffle to help enhance your privacy. This is currently available in the Electron Cash desktop wallet and is being added to other Bitcoin Cash wallets over time.
Proof of Work vs. Proof of Stake – Simple Explanation
Proof of Work – PoW
In a PoW system, transactions are verified by “miners”, who use their computer hardware to solve complex mathematical equations for the right to add new groups of transactions (blocks) to the blockchain (record of all blocks and the transactions in them).
It’s only by solving these problems that a new block can be added to the last block of the blockchain. By being the first to solve one of these mathematical puzzles and add new transactions to the blockchain, a miner is rewarded with a block reward and transaction fees in the form of cryptocurrency, such as Bitcoin – BTC,Bitcoin Cash -BCH & Bitcoin Satoshi Vision -BSV, Monero – XMR etc.
Proof of Stake – PoS
With regards to Proof of Stake coins like Tezos- XTZ,Dash-DASH,NEO – NEO,PIVX-PIVX etc. nstead of miners, there are “validators”. hese validators don’t use hardware to solve complex mathematical puzzles. Instead, they lock up or “stake” their crypto as collateral for the right to verify transactions.Factors like the size of the stake and how long the crypto has been staked help determine who gets the right to verify transactions, If you’re lucky enough to validate a new block of transactions, you are rewarded with new cryptocurrency and/or transaction fees, similar to Proof of Work.
The Dramatic Version of the Bitcoin Whitepapers
Below is the Dramatic version of the Bitcoin Whitepapers done by the Crypto Vigilante , who have people like myself and many others across the world to learn how to buy,sell, trade and invest in cryptocurrencies.
The Crypto Vigilante Team is the best crypto analysts in the world, Im so blessed and honored to see them grow and committed to increasing the financial confidence , raising the human capital and bringing personal and economic freedom to every individual in the world.
Be Blessed and Enjoy The Video on the Bitcoin Whitepaper
Whether you’re a bitcoin novice or a cryptocurrency enthusiast looking to smooth over any gaps in your knowledge, there are some great wells of information to draw upon. While the long-term reward derived from exploring these resources is to make you richer in knowledge, a little short-term enrichment of the pocket won’t hurt either.