For the uninitiated, cryptocurrencies can be an incredibly convoluted and difficult concept to grasp. What was once a niche idea has now developed into a worldwide phenomenon that is affecting every industry. It’s become more and more important for people to understand how it works, what it is and also where it came from.
Thanks to the internet and knowledgeable influencers that are willing to condense and simplify information regarding cryptocurrencies, we can simply search it in Google, read a few blog posts and we’ll have a good grasp of how it works. Sadly, none of this information is filtered and it can be difficult to pick out the right information.
So without further ado, let’s dive into the world of cryptocurrency and give you a brief yet informative overview.
Understanding What Money Is Used For
To understand cryptocurrencies, we must first understand currency. We must first understand why currencies were invented in the first place, how they came about, and the systems in place that govern its use.
This short video from CrashCourse economics is the perfect starting point for anyone that needs a deeper understanding of what currency is.
Understanding What Bitcoin Is
Many have tried and failed to explain Bitcoin in the form of documentaries. Some veer off topic and explain other unrelated concepts, or they fail to inform the reader without overloading them with technical jargon. That’s why we would recommend this list of documentaries that will teach you about Bitcoin, blockchains and other important technical terms that are crucial to understanding cryptocurrencies.
Learning About Other Cryptocurrencies
Bitcoin is the first decentralized cryptocurrency. Since its inception in 2009, many other cryptocurrencies have been introduced to the world. Most of them are similar to and derive from Bitcoin, so you’ll notice many similarities in how they work. We would recommend reading this post from Investopedia that details six other cryptocurrencies that are becoming popular.
Learning About Bitcoin and Cryptocurrency Trading
Bitcoin has spent a lot of time in the media and most of the news is related to its value and how people trade it much like any other currency. Due to its similarities with other forms of trading, it can be volatile so it’s important to use the right security measures and find reliable cryptocurrency trading platforms like Buy and Trade Crypto. This will ensure that your investments are safe and you’ll get plenty of support to assist you.
Regulation and Sustainability
Cryptocurrencies have, without a doubt, shaken the world. Every country has thus developed their own method of regulating cryptocurrencies, but it’s an incredibly complicated topic that is outside of the scope of this article. If you want to learn more about the regulations in each country, this article from Bitcoin Magazine should serve as a good starting point
The Future of Cryptocurrency
Cryptocurrencies and their associated technologies are quickly advancing and making their way into various industries, so the future is looking bright. We would recommend reading this article about how millennials are using cryptocurrency to further your understanding.