Hoffman - Cryptocurrency: The Ultimate Guide to The World of Cryptocurrency and How I Became a Crypto Millionaire in 6 Months (Bitcoin, Bitcoin Mining, Cryptocurrency trading and Blockchain book)

Cryptocurrency

The Ultimate Guide to The World of Cryptocurrency and How I Became a Crypto Millionaire in 6 Months

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Blockchain: Everything You Need to Know About Blockchain Technology and How It Works

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Copyright 2017 by Neil Hoffman - All rights reserved.

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C hances are if you 're reading this book, you've already heard something about Cryptocurrency, and it has definitely peaked your interest. You're probably thinking you'd like to get in the profits that are beckoning you but don't know where to start. Well, you've come to the right place.

Many people believe that cryptocurrency will eventually replace our current economic system. That's a pretty bold statement considering that the system we are using now has been in place for hundreds of years. However, if you've learned anything about economic history, no matter where you came from, whose culture you adopt, or your status in life, the economic and political fabric of the world is never completely set. It is always in a state of flux, and when the systems in place no longer meet the needs of the public, they must change. We are on the precipice of change right now with cryptocurrency.

Ask one hundred people if they know what cryptocurrency is, and you'll probably find that only half of them have ever heard of it, likely half of them have no idea what it is, and the odds are that half of those who do know what it is, have any detailed knowledge. And likely only a small percentage of them actually have earned or invested any money in it.

So, how is it that people are touting this as the next big thing in economic evolution? The answer is simple. While the percentage of people with knowledge of it is still small, the news of this amazing innovative opportunity in economic evolution is spreading. It's spreading because cryptocurrency has already proven to be the perfect solution for many who are already struggling in this harsh and slanted economic environment. The opportunities are endless, and all it takes is a little know-how, and you can start building your new financial portfolio with cryptocurrency and turn a tidy profit in the process.

What Is Cryptocurrency?

Every society since mankind began trading things of value had some type of currency. Notice I used the word currency, not money. The reason for this is because money is merely one form of currency; it is used to transfer VALUE from one party to the next. Now that we are in the digital age, cryptocurrency is simply currency in digital form.

In the past, people used all sorts of things to transfer value from one person to the next. At one point, they were using livestock (cattle, goats, sheep, pigs, chickens, etc.). Later, when carrying around a few cows every time you needed to go shopping turned out to be cumbersome, they began trading shells (conch, puka, conch, etc.) or beads, after that it was bone, metal, and now paper (actually paper money is not really paper at all, its a secret blend of bamboo and cotton fibers, woven together with silk threads).

But Im sure youve noticed over the past few years, that the need to carry around physical money is not as important or necessary as it once was. People now do much of their buying and selling either online or with credit or debit cards. Eventually, physical money may completely fade from use. Whats now taking its place is cryptocurrency, the next step up in a digital form of currency that is traded and managed entirely online.

The word cryptocurrency itself is a blend of two Greek words, "crypto," which means "to be hidden or to be kept private." In English, we use these as root words quite often. A crypt is a place where you can hide dead bodies, cryptic to have a mysterious or hidden meaning, cryptography the study of breaking codes to find their hidden meaning or the practice of solving them. This is the general idea behind cryptocurrency, the art of writing code (encrypt) or decoding (decrypt). The second word in the blend "currency" refers to the object used to transfer value from one party to the next. Today, that object is money, but in the modern world of cryptocurrency, it is digital code.

It is basically the use of a complex code to encrypt data transfers to exchange value. This is done by creating complex mathematical formulas and unique protocols designed to make the codes virtually impossible to break, counterfeit, or duplicate. These protocols then not only protect the transaction between two parties but they also conceal the identity of all those involved.

The beauty of cryptocurrency is that it is not under the control of any governmental agency, so there is no centralized institution or political entity responsible for determining its value. The value, therefore, is determined primarily by its users and is based on supply and demand. This causes the price to fluctuate more like that of stocks and bonds.