Hello everyone, am so delighted to write on this platform with this interesting topic which I want to write on. I am happy to write to us aboutCryptocurrency.
Cryptocurrency is an organised platform which allows an online payment that is secured. Cryptocurrency can be expressed in terms of symbol, voucher or token, this exist in a decentralised platform known as blockchain.
Cryptocurrency has played a very important role in the life of individuals. This is because it helps individuals to be free and liberated from political games played by the political leaders. It has empowered alot of individuals who are into it. The most trading cryptocurrency is the bitcoin though other new cryptocurrency have emerge. This new cryptocurrencies may lack or possess more than bitcoin.
There are different types of cryptocurrency and they include:
- Bitcoin
- Ethereum
- Litecoin
- Polkadot
- Cardano
- Chain link
- Stellar
- Tether
- Steemit
Just to mention but a few. Among all these types of Cryptocurrencies listed above, I will only discuss on three which are: - Bitcoin
- Ethereum
- Steemit.
Bitcoin is a type of cryptocurrency and the most popular and largest Cryptocurrency in the world. It was initiated in January 2009.
Bitcoin is a cryptocurrency as it makes use of cryptogram or cipher to encode and decode text, this makes it easy to secure the platform.
Bitcoin transactions are influenced by a process known as"mining". Bitcoin is not a governmental organizations or backed by any organisation e.g: the bank. This somehow present it as illegal but despite the fact that it is being considered illegal, it is the most trending in many parts of the world and has activated many other cryptocurrencies
Bitcoin are obtained through a process known as mining. To mine, one must go through series of difficult computed games or say puzzles. This process are taken in order to obtain a blockchain. People who mines are recompense or awarded with bitcoin.
Some people obtain their bitcoin not just by mining but also, buying and selling bitcoin and other cryptocurrencies. They buy when the price falls and sell when the price is high and by so doing make their money.
There are some challenges that might be encountered by verture of participating on this platform. Some of these challenges are not just limited to bitcoin but to other cryptocurrencies. Some of these challenges include:
Security challenge: because the operation of bitcoin is computerized, theives might gain access toprivate key and can steal some bitcoin in the person's account.
Hacking: Bitcoin users account might be highjacked by hackers.
Insurance: there are no special organized security bodies from government agencies to protect and insurance users.
Market price: the market price for bitcoin are volatile in the sense that the fluctuates and are always not stable.
This is a decentralised (distributed) platform that enhances an encoded instruction to be built, established and executed without being defrauded or any disturbance from another. Ethereum is an application established to ensure that it can easily be accessible irrespective of the tribe, nationality or religion.
Ethereum is the second largest Cryptocurrency aside bitcoin.
Steemit is a social media platforms based on blockchain. Steemians are rewarded when the make a post. There is two types of rewards a steemians can get they are:
Authors reward
Curator reward
Authors Reward: authors rewards are those reward given to a steemians for making a post. When a post is made, it is either upvoted or downvoted. When it is upvotd, you receive a particular amount of SBD which is known as Steem dollars which are converted to steem and finally marketed and or powered up for more steem value.
Curator Reward: this is a type of reward that is given to a steemians for upvoting a post. The curation of the post must be after 5mins the author has written, if not, certain percentage amount will be deducted from your reward.
Meanwhile, when you Downvote a post, definitely there will be no reward for you that's because people are not rewarded for downvoting a post.
In conclusion, cryptocurrency is a platform that one can explore as it is open to everyone, it is a means to empower yourself and become free from political manipulations especially financially which steemit is one of them. You can change your world today with steemit, thank you.