Re-cap:
Previously we learnt about my struggles and the purpose of my motivation to study hard and be successful. I then touch on when I was working for the Police, I then learnt what the cryptocurrency was and what it offers and also I said I will discuss how I made thousands of pounds utilising different opportunities (I am not rich nor millionaire).
I am asked to talk more about cryptocurrencies and how I made money, so today's focus will be cryptocurrencies.
Cryptocurrencies, sometimes called virtual currencies, digital money/cash, or tokens, are not really like U.S dollars, British pounds or any other fiat currencies. They live online and are not backed by a government. They're backed by their respective networks. Technically speaking, cryptocurrencies are restricted entries in a database. Specific conditions must be met to change these entries. Created with cryptography, the entries are secured with math, not people.
Restricted entries are published into a database, but it’s a special type of database that is shared by a peer-to-peer network. For example, when you send some Bitcoin to your friend Cara, you’re creating and sending a restricted entry into the Bitcoin network. The network makes sure that you haven’t not the same entry twice; it does this with no central server or authority. Following the same example, the network is making sure that you didn’t try to send your friend Cara and your other friend Alice the same Bitcoin.
The peer-to-peer network solves the “double-spend” problem (you sending the same Bitcoin to two people) in most cases by having every peer have a complete record of the history of all the entries made within the network. The entire history gives the balance of every account including yours. The innovation of cryptocurrency is to achieve agreement on what the history is without a central server or authority.
Entries are the representation of cryptocurrency.
Cryptocurrencies are generated by the network in most cases to incentivize the peers, also known as nodes and miners, to work to secure the network and check entries. Each network has a unique way of generating them and distributing them to the peers.
Bitcoin, for example, rewards peers (known as miners on the Bitcoin network) for “solving the next block.” A block is a group or entries. The solving is finding a hash that connects the new block with the old one. This is where the term blockchain came from. The block is the group of entries, and the chain is the hash. Hashes are a type of cryptologic puzzle. Think of them as Sudoku puzzles that the peers compete to connect the blocks.
Every cryptocurrency is a little different, but most of them share these basic characteristics:
They’re irreversible. After you send a cryptocurrency and the network has confirmed it, you can’t retrieve it.
Cryptocurrencies are one way, no chargebacks.
They’re anonymous. Anyone can open a wallet, no ID required, and have varying stages of anonymity depending on which token you utilize.
They’re fast and globally accessible. Entries are broadcast across the network immediately and are confirmed in a couple of minutes.
They’re built to be very secure. Cryptocurrencies use the latest cryptographic techniques, but they’re in early development.
They have a controlled supply limited by the network.
Now that you understand what cryptocurrencies
I want you to understand this the ideology behind this currency was to remove large banks, governments and decentralise the whole financial system by giving power to the poor. There are millions of farmers and other poor individuals who have no bank accounts and as the inflation in the country grows the cash they hold loses value because of the way the government works.
We hear a phrase a lot that I had no choice what I was born into but I refuse to die poor, well billions of people are not even in position to challenge that and they are failures by the natural order of their governments and the idea behind cryptocurrencies was to make them successful let them look past their failures.
We often associate failure with fear, anxiety, sadness, anger and self-worthlessness but we forget that failure is part of our life and depending on the circumstances it is either a push towards success or an event that took place and you reflected on that event. You have learnt what and where things needs to be done differently.
In many cases it is nothing more than our own fears of thinking what will others think of me or feel that others will be disappointed in me. We are often living our lives in depression because of the negative energies around us and being scared to hurt the ones we love, but the ones we love are also in the cycle where they don't want to hurt you and we have created ourselves a fake society. What we need is a freedom from all of this, and it has to have a beginning from somewhere this is where cryptocurrencies fit in. It is a small change on our way towards a bigger change in our lives.
I also want you learn learn how you can make money with cryptocurrencies, there are many people who have left their jobs and surviving from the money they are making from cryptocurrencies. Readers do you want details? Leave your thoughts in the comments section below. It is important that you engage with me. It gives me strength and energy to continue in this.
I have written two articles on LinkedIn. Here are the links; https://www.linkedin.com/pulse/how-trade-ripple-dash-bitcoin-ethereum-litecoin-almost-gul-usman/
https://www.linkedin.com/pulse/how-can-i-earn-bitcoin-gul-usman/
But if you guys prefer me to talk about them here then please leave your comments below.
Please also let me know what more you want to hear about and don't forget to read part 1 & 2 to gain a better understanding of what all this is about. Please also show thumbs up for them all.
Thank you so much for your love steemit family.
