“Steemit Knowledge Exchange” Season #1 Episode #2 Topic on Crypto Currencies

Another Weekend! But not Just an Another Steemit Post!

I am here to welcome you all to the brand new concept Steemit Knowledge Exchange, a Q&A session steemit post in which steemians can exchange knowledge by answering questions over the comment section. This is the second episode from season #1 and on this post, I have 5 questions with answers on topic cryptocurrencies.

You people might know, how cryptocurrencies related subjects are discussing everywhere on the internet today and so I believe the Q&A session on topic cryptocurrencies might be interesting and helpful to gather knowledge over the topic.

Before getting into the questions and answers, I would like to convey my heartfelt thanks to fellow steemians who has supported the concept first episode by appreciating, upvoting and answering the questions. Immense thanks to @mikepm74 @swissclive @thinkofanamemike @shihann9 @sabbirahmedkhan

Check out the Steemit Knowledge Exchange concept episode #1 on topic steemit community here in the steemit post link https://steemit.com/knowledge/@letyouread/steemit-knowledge-exchange-season-1-episode-1-on-topic-steemit-community

Without further delay, let me start the Q&A session: Topic – Crypto Currencies

Q1. Define Crypto Currencies in Easy to Understand Answer?

A1. Crypto Currencies in an easy term called digital currencies. Like USD, INR, GBP you cannot witness having the cryptocurrencies in your wallet. Every country should have the central authority to issue the own currency. But there are no central authorities required for cryptocurrencies.

Q2. What is the first ever Crypto Currency and when it has come into existence?

A2. Bitcoin is the first ever digital currency introduced to the word in earlier 2009. Sources believe that Bitcoin has been introduced by a developer name called Satoshi Nakamoto. Bitcoin can be mentioned in the symbol as BTC. It’s been almost nine years bitcoin came into existence and it is the cryptocurrency with high price value.

Q3. What is the major cryptocurrencies drawback?

A3. Like too many benefits, there are even few drawbacks of using cryptocurrencies. You must be very careful when transferring cryptocurrencies from your wallet to others. Everyone will be provided with a separate address by several cryptocurrencies exchange in terms of transactions. You have to provide a correct address in your receiver column, if you make mistake then you lose your money because of transferring it to a wrong address. Also, keep your cryptocurrency wallet password safe and secure. You can’t get it back once you lose.

Q4. What is the important Quality a cryptocurrency investor should follow?

A4. You should have the willing power to hold your cryptocurrencies in your wallet if the value even goes down by 80% or more. Be patient and have the ability to invest more when the value decreases. Ensure to look for long-term on your investments. Enjoy when it goes up and be relaxed and wait for your turn when it goes down.

Q5. What are altcoins and what is the best site to look for cryptocurrencies value?

A5. There are too many (more than thousand) crypto coins out there. All the available cryptocurrencies which are alternate to bitcoin are called altcoins. Litecoin, Ripple, Steem, Steem Dollars, Ethereum, Bitcoin cash and few more are the good alternatives to bitcoin to invest your money. In my point of opinion, https://coinmarketcap.com/ is the best website to look for cryptocurrencies value, price and volume as well its price change in percentage for every hour, 24 hours and 7 days.

I hope you found interesting questions and answers from Steemit Knowledge Exchange Episode #2. Also, I believe you people can provide better answers than me. If you feel you can write better answer to all the five questions than me, it’s my humble request to exchange your answers in the comment section.

Meet you all again in another interesting Steemit Knowledge Exchange episode.