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A BEGINNER’S GUIDE TO BLOCKCHAIN & CRYPTOCURRENCY

Mon May 02 2022 • 5 mins read


CRYPTOCURRENCY

Bitcoin isn't controlled by a centralised authority. No one person, entity or
organisation determines the price, economic growth, and inflation except the
open market and the general public. And how do they do that? Via the following:
To start at the very beginning, the simplest way to understand what a
cryptocurrency is is to know that it is a type of digital currency. And digital
currency, as the name suggests, is a type of currency that only exists in
electronic form.

And while digital currencies usually behave like fiat currencies (which is just
a fancy name for paper money), cryptocurrencies are different. A cryptocurrency
is not just digital, but also encrypted and decentralised.

First, by encrypted, we mean it is highly secure. The crypto in cryptocurrency
comes from cryptography which is, basically, the science of making and breaking
codes. That means cryptocurrency uses cryptography to secure your currency.

Also, it is decentralised; and here is what makes cryptocurrency really
interesting and appealing to many people all over the world.

Here’s what we mean:

Your local currency is controlled and regulated by a governing body in your
country, probably the central bank. That’s not the case with cryptocurrencies.
They are designed in a way that removes the need for a central governing
authority. So, instead of a central bank, every one of us is in charge and do
not need to rely on any middleman or bank before we can use cryptocurrency.

As you may very well know, bitcoin is the original and foremost cryptocurrency
and it is thanks to its creation that we now have several other cryptocurrencies
today that all perform different functions.

The crypto in cryptocurrency comes from cryptography which is, basically, the
science of making and breaking codes. That means cryptocurrency uses
cryptography to secure your currency.

For better understanding, you can read these articles on some of the notable
cryptocurrencies:

 * What is Cryptocurrency?
 * What is Bitcoin?
 * What is Ethereum?
 * What are stablecoins?
 * What is Tether?
 * What is Celo Dollar?


BLOCKCHAIN

It is a normal reaction to wonder how all this is even possible. How do
cryptocurrencies work? Why hasn’t anyone created one before bitcoin? How do you
prevent duplicating digital currencies? Well, thanks to the innovative
technology of the blockchain which was created by the creator of bitcoin,
Satoshi Nakamoto, what couldn’t be done before suddenly became quite easy for
everyone to do.

And, to show how revolutionary blockchain technology is, its application has
gone beyond the creation of cryptocurrencies to finding solutions to age-long
problems in healthcare, transportation, logistics, governing, real estate and
more.

But what exactly is blockchain, you ask?

It’s actually simple: a blockchain is a ledger. Yes, it’s that simple.

Not satisfied? Okay, it is a public ledger. Really, that’s the main idea behind
it. What a blockchain does is that it collects similar data into what is called
a block and then links several blocks together to form a block-chain. 🤓

However, what makes a blockchain really special is the way it collects data and
links them because that is how cryptocurrencies and any other thing a blockchain
is used for is protected from fraud, loss of data and data tampering, to name a
few.

What a blockchain does is that it collects similar data into what is called a
block and then links several blocks together to form a block-chain.

We break this down into different articles that are easy to understand:

 * What is blockchain technology?
 * What is a consensus algorithm?
 * Proof of work (PoW) vs proof of stake (PoS)
 * What is double-spending?
 * What are smart contracts?


TRADE & INVESTING

The prospect of making money from crypto is what has drawn many to the crypto
world. And rightly so! There are a number of opportunities to make profits with
cryptocurrencies. The two most popular ways are through trading and investing.

While they both involve buying and selling crypto assets, trading and investing
defer in certain ways and thus require different strategies. The major
difference, however, is the duration: trading often involves buying and selling
of assets in the short-term — ranging from hours to days to weeks — while
investing is more about buying and hodling assets that you believe are more
likely to generate maximum returns in the long-run.

Because learning to trade or invest in cryptocurrencies can be daunting for
beginners, we have provided a couple of learning materials that will get you
started - from popular trading terms to trading strategies to trading indicators
and how to analyse an asset

The major difference, however, is the duration: trading often involves buying
and selling of assets in the short-term ranging from hours to days to weeks
while investing is more about buying and hodling assets that you believe are
more likely to generate maximum returns in the long run.

 * Crypto trading for beginners
 * Fiat vs crypto trading: Differences and similarities
 * Crypto investment myths debunked
 * What is technical analysis (TA)
 * What are technical indicators in trading?


FINANCIAL LITERACY

Our mission at Yellow Card is “bringing financial inclusion to everyone”. And
for that to happen we believe everyone should be financially literate. This is
why we don’t just provide learning materials about cryptocurrencies, blockchain
and trading; we also want you to know how to make smart financial decisions.

Regardless of your academic, financial or social background, we have carefully
put together well-researched articles that will help you on your journey to
financial independence.

This is why we don’t just provide learning materials about cryptocurrencies,
blockchain and trading; we also want you to know how to make smart financial
decisions.

We have carefully put together well-researched articles that will help you on
your journey to financial independence.

 * What is Financial Literacy?
 * Planning for the future: crypto vs stocks
 * What is Inflation?
 * Understanding Interest Rates
 * How to set achievable financial goals
 * What is Insurance?
 * How to make a personal budget that works


SECURITY

Finally, in the digital world we now live in, it is important to know how to
protect your data, your funds and how to not fall victim to scammers. And this
doesn’t just apply to your use of cryptocurrencies but your general activities
online, be it sending and receiving emails, downloading a mobile app,
transacting online or just surfing the internet.
In the digital world we now live in, it is important to know how to protect your
data, your funds and how to not fall victim to scammers.

This is why we also have articles that will get you started on protecting
yourself and your data on and off the internet:

 * How to spot and avoid crypto scams
 * How to verify legit investment opportunities
 * What is Phishing?
 * What are Ponzi and Pyramid Schemes?


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