High fees, long queues in the bank, long waiting times to send money across the world, chargeback frauds, and similar issues are all about to become part of history. With the latest technology known as „blockchain“ that powers cryptocurrencies, our funds, and transactions are set to become a piece of cake. In fact, this process is already well underway.
It is likely that you have already heard at least about Bitcoin — the world’s first and still best-known cryptocurrency. It was launched in 2009, but gained worldwide fame in 2017 when it’s value reached nearly $20,000. If you were an early adopter who has been accumulating bitcoins between 2009 and 2017, you would become a millionaire in late 2017.
These stories are probably the main reason you’re interested in cryptocurrencies – whether it’s still possible to make quick cash. However, after conducting online research, you realized that the crypto landscape is so confusing that you can’t even decide which blog, Twitter account, or expert to learn from, let alone understand what’s this all about.
If this is the case, you have arrived at the right place. The infographic you’re about to see is designed to help you understand the most fundamental concepts of cryptocurrencies and the blockchain technology that stands behind them.
Before you can engage with complex crypto processes such as mining, trading at crypto exchanges, earning through crypto-based loan interests, investing in ICOs or IPOs, and other similar stuff, you need to understand the basic principles of how blockchain works.
The next step is to understand how cryptocurrencies work and what you can use them for. You should know that trading crypto coins are just a small percentage of what you can do with them.
Did you know, for example, that cryptos are already being used across the world in the gambling and betting niche? They proved to be far more efficient means of payments than traditional money, which is why most of the gamblers and sports fans ditched fiat currencies for crypto coins.
So without any further ado, scroll down and learn about the basic concepts that will help you take off on your crypto journey.
By Guest Author Tarun Reddy