The basics to get you started on your road to financial freedom. Some of these opportunities require you to have a cryptocurrency wallet and access to an exchange. Click on each one to learn more about the opportunity and to join.
Getting Started: FAQs and Basic Crypto Tools
What is crypto?Joseph Ltd2022-04-04T23:44:59+01:00
Crypto or more specifically Cryptocurrency is made up of two words, crypto and currency. It is digital money and the first part of the name is derived from cryptography which is a security aspect of computer science which made the technology of digital currency possible. The second part currency deals with the flow of energy, in this case monetary energy. There are various cryptocurrencies with BTC (Bitcoin) and ETH (Ethereum) being the most popular along with some “alternative coins” referred to as Alt-Coins emerging every day.
A cryptocurrency wallet much like a traditional wallet is used to hold your money. You can have several wallets and hold a variety of digital currencies at the same time in your wallet. Each currency has its own wallet address that you use to send and receive your digital money. Wallets vary in complexity and functionality with some being more secure than others. All these factors may influence your choice in selecting the right wallet for you. It is usually best to start with a user-friendly and easy to you use wallet when starting out then once you are more familiar with the advantages and disadvantages of the various offerings, you can then chose a more appropriate one that meets your needs.
An exchange as the name implies is where you exchange one cryptocurrency for another. You can also buy, sell or trade cryptocurrencies against each other or other assets within the exchange. There are different types of exchanges but the most significant difference is that you have Decentralise Exchanges (DEX) those which are not controlled by a central body and Centralised Exchanges which have significant control by a centralised body and normally subject users to KYC (Know Your Customer) which scrutinise users, requiring personal details.
A token is a store of value within a community or ecosystem. Much like monopoly money, or tokens you exchange fiat money for at a petrol-station to pump tyres or wash your car, or points you collect in a game or in supermarkets, or airlines to spend, redeem thus making savings within that ecosystem. Tokens are used within crypto ecosystems to store value which can be redeemed for cryptocurrencies within the ecosystems or exchanged or traded with other ecosystems or exchanges.
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