CRYPTOCURRENCY

What is cryptocurrency:

     Cryptocurrency is a digital currency that is created on a blockchain technology, these currency are created using a computer networking software and there are used as a means of exchange to purchase goods and services, converted from one coin to the other and can also be traded based on the market analysis. It is a P2P (peer to peer) system that allows anyone to send and receive coin worldwide, thereby replacing the movement of physical currency or cash from one place to the other. It is a decentralized network i.e it is not controlled by any external bodies such as banks or any central government. Another importance of cryptocurrency transactions is that payment does not require third party authentication and transactions are fast and swift. They are mostly generated by mining, which involves downloading an application software that contains the history of the activities carried out. A lot of cryptocurrency mining apps exist and a good example is the PI network mining app Mine here and use aysmart001 as ur invitation code. The first cryptocurrency is Bitcoin and it is generated from mining.

Types of cryptocurrency:

     There are several types of cr such as Bitcoin, ethereum, litecoin, dogecoin, ripple, cardano, Tron, usdt Tether, altcoins e.t.c.

  • BITCOIN- Also known as BTC is the first cryptocurrency invented. These cryptocurrency was created in 2008,the cryptocurrency become fully implemented in 2009. The coin was created through the process of mining 
  • ETHEREUM- Ethereum is the second to Bitcoin, it was conceived in 2013 by a programmer and Russian-Canadian entrepreneur Vitalik Buterin and finally invented in 2015. It is a platform powered by blockchain technology that is best known for its native cryptocurrency called ether. These coin also allow the creation and exchange of NFTs which are non fungible tokens that are digital work of arts and can be sold as unique digital property.
  • LITECOIN- (LTC) is a cryptocurrency founded in 2011 two years after Bitcoin was founded by Charlie Lee. It differs from Bitcoin in aspect such as faster block generation rate and use of script as proof of work scheme
  • DOGECOIN- DOGE was launched in December 2013, although it was created as a joke based on the popular meme featuring a Shiba Inu logo. It was invented from litecoin blockchain technology. Dogecoin continues to grow, operate and trade based on the active community of miners.
Buying,selling and trading of cryptocurrency:
      You can buy, sell or trade cryptocurrency but before that can be done you have to set up a wallet where you can either buy, sell or trade cryptocurrency. Examples of wallet which you can use to carry out these operation are trust wallet, binance, link, paxful, bybit, coinbase, crypto.com e.t.c. These are ranges of application you can get by downloading them from your app stores. After downloading those application then you can set up you wallet to begin transaction. I would recommend binance Register here although there are other applications you can use. To set up your wallet, just register and follow the right procedure and provide necessary documents to verify your accounts. There are some applications that will provide you with phassphrase during registration, make sure you keep your phassphrase save and secure before you continue with the registration. 
KYC verification:
     There are certain rules and standard set aside to eliminate fraud or illicit criminal activities in  carrying out cryptocurrency exchanges so as to protect your funds from fraudsters. Kyc also known as "know your customer" requires the provision of necessary documents for the identification of the individual that is carrying out transaction on a particular platform, failure to provide that sometimes may lead to limitations in number of transaction or unverified wallet.
Advantages and disadvantages of cryptocurrency:
      There are several advantages and disadvantages attached to dealing with cryptocurrency
  • ADVANTAGES
  1. The transaction are carried out without third party intervention to ensure privacy of transactions
  2. It is not controlled by any gorvernment because it is a decentralized network
  3. Cryptocurrency are volatile which can also lead to the increase in the value of the coin which can thereafter serve as gain for the holders
  4. It is fast and straightforward
  5. There is no limit to amount you can transact after meeting up with required verification
  • DISADVANTAGES
  1. Despite not controlled by the government. It still require to be adopted by the government of different countries to be able to carry out transaction that involves exchange of the coin with fiat currency.
  2. Loss of passphrase will lead to loss of coin
  3. Due to volatility of the coin, a drop in value can also lead to capital loss.
  4. Cryptocurrency transactions are exposed to scam or wallet hack. Although to prevent this from happening keep your passphrase save.

*Aysmart cares*

Comments

Post a Comment

Popular posts from this blog

CRYPTOCURRENCY TERMS AND THEIR MEANINGS

         Cryptocurrency is a digital currency that exist on a blockchain technology. If you are into cryptocurrency or you are thinking of investing in cryptocurrency, there are basic terms and their meaning you need to understand. They can be used as means of communication during transactions or used during any activities involving cryptocurrency. The following are cryptocurrency terms and their meaning. HODL: It stands for "Hold On for Dear Life" It is an intentional misspelling of ‘HOLD’ that simply means to keep a coin. It relates to someone that buys a coin without an intention of selling it off for a long period of time. He/she might be having a feeling of a better future for the coin or willing to hold based on the proposed potential or the community in charge of the coin BAG HOLDER: This term is related to "HOLD" but differs in some perspective, it means to bag or buy different types of coin and of different volume keeping them in the wallet without sell...
Read more

VIDEO EDITING

HOW TO EDIT VIDEOS USING PHONE APP          ---------- It's easy and simple to edit videos with a phone application. This is an overview: Select an Editing App: There is a wide range of iOS and Android video editing apps. A few well-known ones are splice, video show, cap cut, iMovie, Kinemaster, Adobe Premiere Rush, and Inshot. To importing your video: open the editing software and select the desired image or video clips from your phone's camera roll or gallery. Trim and Cut: Utilizing the editing tools, remove any extraneous portions of the video. This could be the start or finish of the clip, or a particular scene in the video. Modify the speed: the duration and the speed of a certain clip should be adjusted to fulfill a deadline Add Transitions: To easily transition between clips, the majority of editing software provide a variety of transition effects. Try out a variety of transitions to see which ones work best for your video. Add Audio or Music: You ...
Read more

How to keep your media files save

Image
         Did you know apart from storing necessary documents, pictures and so on on your phone gallary and document reader. There are ways to keep essential documents and pictures safe for future use regardless of phone crash, loss or accidentally delete. We have several icloud application where you can upload and retrieve these documents anytime with the use of internet connection.     The following are the list of applications you can download from your appstore to carry out these operation.  Google photos:  This application is easily accessible from your appstore, it has a maximum storage space of 15GB although. Although you can subscribe for more additional space up to 100GB if that space is not enough. You can automatically backup your media with this application by allowing it to access your gallery and download those pictures and video automatically, you can also backup a particular image or video by selecting the video or picture...
Read more