Introduction to Cryptocurrency


Introduction to Cryptocurrency

In What is Cryptocurrency?

Cryptocurrency is a type of digital or virtual money that exists only online. Unlike traditional money or “fiat” (like dollars or euros), cryptocurrencies are not controlled by any government or bank. Instead, they run on a technology called blockchain, which keeps records of transactions secure and transparent.

Key Features of Cryptocurrency

1. Digital & Decentralized – There are no physical coins or bills; everything happens on computers. There is no single company or government in charge.

2. Secure & Transparent – Every transaction is recorded on a public ledger (the blockchain) and cannot be changed.

3. Global – You can send and receive crypto anywhere in the world, often with lower fees than traditional banks.

4. Limited Supply – Many cryptocurrencies, like Bitcoin, have a fixed amount that can ever exist, making them scarce like gold.

Popular Cryptocurrencies

• Bitcoin (BTC) – The first and most well-known cryptocurrency, created in 2009.

• Ethereum (ETH) – Allows developers to build applications (not just money transfers) using blockchain.

• Stablecoins (e.g., USDT, USDC) – These are tied to the value of a traditional currency (like the US dollar) to reduce price swings.

How Do People Use Cryptocurrency?

• Investment – Many people buy crypto hoping its value will increase over time.

• Payments – Some businesses accept crypto for goods and services.

• Decentralized Finance (DeFi) – Crypto allows people to earn interest, lend, or borrow money without banks.

• NFTs & Gaming – Some use crypto to buy digital art (NFTs) smart contracts and bots, or play blockchain-based games.

How to Get Cryptocurrency?

1. Buy from an Exchange – Websites like Coinbase, Binance, or Kraken allow you to buy crypto using regular money.

2. Earn It – Some jobs or businesses accept crypto as payment.

3. Mine It – Some cryptocurrencies (like Bitcoin) reward people who help secure the network using powerful computers.

Important Warnings

• Crypto Prices Can Be Volatile – Prices can rise or fall quickly. Only invest what you can afford to lose.

• Beware of Scams – If something sounds too good to be true, it probably is.

• Secure Your Crypto – Use trusted wallets and never share your private keys or 12 word passwords phrase (these work like passwords).

Final Thoughts

Cryptocurrency is a new and exciting financial system, but it’s important to learn the basics before diving in. In the next lesson, we’ll explore how blockchain works and why it’s so important to crypto.

Next Lesson: Setting up a Bitcoin Wallet

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