{"id":275,"date":"2017-06-12T23:38:00","date_gmt":"2017-06-12T23:38:00","guid":{"rendered":"https:\/\/kindsonthegenius.com\/blog\/2017\/06\/12\/cryptocurrency-five-things-you-must-know\/"},"modified":"2020-11-05T12:48:01","modified_gmt":"2020-11-05T11:48:01","slug":"cryptocurrency-five-things-you-must-know","status":"publish","type":"post","link":"https:\/\/kindsonthegenius.com\/blog\/cryptocurrency-five-things-you-must-know\/","title":{"rendered":"Cryptocurrency &#8211; Five Things You Must Know!"},"content":{"rendered":"<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">Thanks you for stopping by.<\/span><\/div>\n<div style=\"font-family: 'segoe ui';\"><span style=\"color: #555555; font-size: small;\"><span style=\"font-family: 'trebuchet ms' , sans-serif;\">Cryptocurrency \u00a0has been a\u00a0<\/span><span style=\"font-family: 'trebuchet ms' , sans-serif;\">trending<\/span><span style=\"font-family: 'trebuchet ms' , sans-serif;\">\u00a0topic recently: Bitcoin, BTC, Swisscoin, Giracoin, Ethereum an many more.<\/span><\/span><\/div>\n<div style=\"font-family: 'segoe ui';\"><span style=\"color: #555555; font-size: small;\"><span style=\"font-family: 'trebuchet ms' , sans-serif;\"><br \/>\n<\/span><\/span><span style=\"color: #555555; font-size: small;\"><span style=\"font-family: 'trebuchet ms' , sans-serif;\"><b>The\u00a0questions are:<\/b><\/span><\/span><\/div>\n<ul style=\"font-family: 'segoe ui';\">\n<li><span style=\"color: #555555; font-family: 'trebuchet ms' , sans-serif; font-size: small;\">What does the future hold for cryptocurrencies?<\/span><\/li>\n<li><span style=\"color: #555555; font-family: 'trebuchet ms' , sans-serif; font-size: small;\">Should you put your money on it?<\/span><\/li>\n<li><span style=\"color: #555555; font-family: 'trebuchet ms' , sans-serif; font-size: small;\">How secure is the investment?<\/span><\/li>\n<\/ul>\n<div style=\"font-family: 'segoe ui';\"><span style=\"color: #555555; font-family: 'trebuchet ms' , sans-serif; font-size: small;\">You will get answers to these\u00a0question and more on this post but I would make a details\u00a0explanation of the underlying\u00a0technology in a\u00a0different post.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\">\n<p><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">Before I outline the five facts, let me explain in simple terms how Cryptocurrency(also called digital currency) works.<\/span><\/p>\n<p><span style=\"font-size: small;\"><b>Similar Posts<\/b><\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/cryptocurrency-five-things-you-must-know\/\">Five Things You Must Know About Cryptocurrency<\/a><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/blockchain-technology-explained-part-1-the-estate\/\">Blockchain Technology Explained-Part 1(The Estate)<\/a><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/blockchain-technology-explained-part-2-distributed-database\/\">Blockchain Technology Explained-Part 2(Distributed Database<\/a><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/the-bankers-nightmare-cryptocurrency\/\">Cryptocurrency &#8211; The Banker&#8217;s Nightmare<\/a><\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<ul>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/should-i-buy-cryptocurrencycoins-a-cryptocurrency-analysts-advice\/\">Should I Buy Cryptocurrency &#8211; A Cryptocurrency Analyst&#8217;s Advice\u00a0 <\/a><\/span><\/li>\n<\/ul>\n<\/div>\n<p>&nbsp;<\/p>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">\u00a0<\/span><\/div>\n<table style=\"margin-left: auto; margin-right: auto; text-align: center;\" cellspacing=\"0\" cellpadding=\"0\" align=\"center\">\n<tbody>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-size: small;\"><a style=\"margin-left: auto; margin-right: auto;\" href=\"https:\/\/1.bp.blogspot.com\/-FQxN2SOkszo\/WT8lGSABNYI\/AAAAAAAAADw\/DMQDg_Dn8mceYiSaRjIARvNz9MX-J3wXgCLcB\/s1600\/CRYPTO.jpg\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/1.bp.blogspot.com\/-FQxN2SOkszo\/WT8lGSABNYI\/AAAAAAAAADw\/DMQDg_Dn8mceYiSaRjIARvNz9MX-J3wXgCLcB\/s320\/CRYPTO.jpg\" width=\"320\" height=\"158\" border=\"0\" data-original-height=\"294\" data-original-width=\"589\" \/><\/a><\/span><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><span style=\"font-size: small;\">Sorry for the typo there: Facts not Fact!!<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-size: small;\"><b><span style=\"font-family: 'trebuchet ms' , sans-serif;\">Money as Transactions, How\u00a0Cryptocurrency Works<\/span><\/b><\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">To get a clear understanding of the technology, you need to view money in terms of transactions.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">What this means is that if Mr xyz has $10 million dollars, it does not mean that $10 million dollars of physical notes are kept somewhere for him!<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-size: small;\"><span style=\"font-family: 'trebuchet ms' , sans-serif;\">\u00a0It means that there are series of transactions and records held by the bank that proved that figure. And you are sure you have this money as long as these records are not compromised.<\/span><\/span><\/div>\n<p>&nbsp;<\/p>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><span style=\"color: blue;\"><i>Banks store this records using Database Technology<\/i><\/span> which ensures security and consistency of the records. The records are kept on series of related tables and this records are stored in the bank&#8217;s computers.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">The records held by the banks are referred to as centralized, which means that it is controlled \u00a0and managed by a central body or organization<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">Now cryptocurrency is exactly the same: series of transactions and records stored securely!<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><i><b><br \/>\n<\/b><\/i><\/span><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><i><b>So what is the difference?<\/b><\/i><\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">First, Cryptocurrency employs a different technology called <b>BlockChain<\/b>(I would discuss this later) which is related with databases but is actually more secure than conventional databases used by banks.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">Second, cryptocurrency records are decentralized, \u00a0which means it is not managed by just a single bank.\u00a0<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">This is shown below:<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-size: small;\">\u00a0<\/span><\/div>\n<div style=\"clear: both; color: #555555; font-family: 'segoe ui'; text-align: center;\"><span style=\"font-size: small;\"><a style=\"margin-left: 1em; margin-right: 1em;\" href=\"https:\/\/1.bp.blogspot.com\/-pbKl9SQfLDU\/WT8nfDYEraI\/AAAAAAAAAEA\/wo5v_8Zc9tEGLR1udsGHsLfuePRi5UCegCLcB\/s1600\/crypt.jpg\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/1.bp.blogspot.com\/-pbKl9SQfLDU\/WT8nfDYEraI\/AAAAAAAAAEA\/wo5v_8Zc9tEGLR1udsGHsLfuePRi5UCegCLcB\/s640\/crypt.jpg\" width=\"640\" height=\"228\" border=\"0\" data-original-height=\"210\" data-original-width=\"588\" \/><\/a><\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">Let&#8217;s now look at the 5 facts about Cryptocurrency.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-size: small;\"><b><span style=\"font-family: 'trebuchet ms' , sans-serif;\">1. Has Been Around Since 1990<\/span><\/b><\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">The idea of digital currency\/cryptocurrency was introduced by a researcher named in David Chacum in 1983 but its actual use was in 1990 when a company called DigiCash was founded.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><br \/>\n<ins style=\"display: block; text-align: center;\" data-ad-client=\"ca-pub-7041870931346451\" data-ad-format=\"fluid\" data-ad-layout=\"in-article\" data-ad-slot=\"1097581601\"><\/ins> <span style=\"font-size: small;\"><b><span style=\"font-family: 'trebuchet ms' , sans-serif;\">2. All Modern Banks Use Cryptocurrency.<\/span><\/b><\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">This should not come as a surprise. Records kept by the banks are encrypted for security reasons and can be used for financial transactions and therefore can be viewed as cryptocurrency. If you want to buy a car, you don&#8217;t need to collect the physical cash, you use your credit\/debit card, the banks simply modify the records for you and for the car dealer and you have the car. So using cryptocurrency simply means modifying the records\/transactions. So here we clearly see that cryptocurrency is used every other day.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-size: small;\"><b><span style=\"font-family: 'trebuchet ms' , sans-serif;\">3. Cryptocurrency is the Future of Transactions<\/span><\/b><\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">Many years ago, you could not easily talk to someone in another continent, but now you can do that with excellent ease in real time at the comfort of your living room. Mobile Technology have made that possible. Same with monetary transactions, right now its not very easy to transfer money across continents, but in fews years to come, you will be able to do that in seconds with cryptocurrency. That is \u00a0simply how technology work, creates an easy way to do things.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-size: small;\"><b><span style=\"font-family: 'trebuchet ms' , sans-serif;\">4. Financial Institutions \u00a0Tries to Suppress Its Popularity<\/span><\/b><\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">There is an expression that says: &#8220;<b>You can&#8217;t fight the technology<\/b>&#8220;. This is actually not very correct, the fact &#8220;<span style=\"background-color: #000000;\"><b>You can&#8217;t win the technology<\/b>&#8220;<\/span>. No matter how hard you fight, new technology would replace \u00a0old ones. This is very clear because, the technology would change things, \u00a0unfortunately to the detriment of persons who have failed keep pace with growth in technology.<\/span><\/div>\n<p>&nbsp;<\/p>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">The questions is, <span style=\"color: red;\">&#8216;<i>why would people fight a trend they know they cannot win<\/i>?&#8217;<\/span>. Maybe they cannot stand the effect this trend would have on them. Imagine what would happen to the big banks when everyone can make transactions easily in a decentralized way without interference from the bank. Imagine the millions of bank employees that would be put out of the job, and so on. My advice is: start now to see ways to move along with the changing trend while \u00a0the time is still there.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-size: small;\"><b><span style=\"font-family: 'trebuchet ms' , sans-serif;\">5. To Succeed, You Need to be Well-Informed<\/span><\/b><\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">One thing i see especially in developing countries is that people get involved so easily anytime a particular scheme promises to yield much returns. At the end of the day, they don&#8217;t get what they expect and end up disappointed. Same applies here, you need to get all the necessary information before you can delve into this area but be sure that the cryptocurrency technology is moving at a very fast \u00a0pace and the waves would sweep across the financial horizon, wrecking much damage and leaving behind the naive and gullible permanently altering our perception of wealth.<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">I perceive that this would happen sooner than we expect.<\/span><\/div>\n<div style=\"color: #555555;\">\n<div style=\"font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">I&#8217;m sure you may have many questions here, I already expect it. I&#8217;m working on a comprehensive explanation of the technology behind cryptocurrency as well as its security.<\/span><\/div>\n<div style=\"font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">\u00a0<\/span><\/div>\n<p><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">To understand more on how the technology work you can view this article i wrote recently:\u00a0<a href=\"http:\/\/kindsonthegenius.blogspot.com\/2017\/06\/blockchain-technology-explained-part-1.html\">Blockchain Technology Explained<\/a><\/span><\/p>\n<\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\"><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><b>Do leave your questions and concerns in the comment box<\/b>, I would collate them and it would enable me know what areas you would need clarification.\u00a0<\/span><\/div>\n<div style=\"color: #555555; font-family: 'segoe ui';\">\n<p><span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\"><br \/>\n<\/span><br \/>\n<span style=\"font-family: 'trebuchet ms' , sans-serif; font-size: small;\">You may also like to read the following:<\/span><\/p>\n<ul>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/blockchain-technology-explained-part-1-the-estate\/\">Blockchain Technology Explained-Part 1(The Estate)<\/a><\/span><\/li>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/blockchain-technology-explained-part-2-distributed-database\/\">Blockchain Technology Explained-Part 2(Distributed Database<\/a><\/span><\/li>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/the-bankers-nightmare-cryptocurrency\/\">Cryptocurrency &#8211; The Banker&#8217;s Nightmare<\/a><\/span><\/li>\n<li><span style=\"font-size: small;\"><a href=\"https:\/\/kindsonthegenius.com\/blog\/should-i-buy-cryptocurrencycoins-a-cryptocurrency-analysts-advice\/\">Should I Buy Cryptocurrency &#8211; A Cryptocurrency Analyst&#8217;s Advice <\/a><\/span><\/li>\n<\/ul>\n<\/div>\n<p><ins style=\"display: block; text-align: center;\" data-ad-client=\"ca-pub-7041870931346451\" data-ad-format=\"fluid\" data-ad-layout=\"in-article\" data-ad-slot=\"1097581601\"><\/ins><br \/>\n<ins style=\"display: block; text-align: center;\" data-ad-client=\"ca-pub-7041870931346451\" data-ad-format=\"fluid\" data-ad-layout=\"in-article\" data-ad-slot=\"1097581601\"><\/ins><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Thanks you for stopping by. Cryptocurrency \u00a0has been a\u00a0trending\u00a0topic recently: Bitcoin, BTC, Swisscoin, Giracoin, Ethereum an many more. The\u00a0questions are: What does the future hold &hellip; <\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[177],"tags":[],"_links":{"self":[{"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/posts\/275"}],"collection":[{"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/comments?post=275"}],"version-history":[{"count":8,"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/posts\/275\/revisions"}],"predecessor-version":[{"id":1670,"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/posts\/275\/revisions\/1670"}],"wp:attachment":[{"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/media?parent=275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/categories?post=275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kindsonthegenius.com\/blog\/wp-json\/wp\/v2\/tags?post=275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}