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Let's Talk Crypto: A Beginner-Friendly Guide To Understanding Cryptocurrency


    Cryptocurrency is one of the most popular topics on the internet today as it teaches people about how to find a new market and make money. It is also a great way to learn more about finance and investing as it is a new form of currency. Cryptocurrency is also a great place to make money as it is not regulated by the government and there are many people that are doing it profitably. This also allows for complete freedom for all individuals that wish to accept this type of currency as an asset class. It is common knowledge that bitcoin has taken the world by storm and it is being used as a form of currency all over the world. 


    ✔️ 1. Working Process of Cryptocurrency :

    A Blockchain is a ledger that records information about financial transactions over time. The Blockchain ledger is decentralized and shared by thousands of users around the world who are all looking after a single objective which is to create network security, transparency, reliability and trust within the network. The data in the blockchain is organized into blocks which reference each other with certain codes that protect against malicious attacks. All this information remains updated using cryptography. This also allows for complete freedom for all individuals that wish to accept this type of currency as an asset class.

    ✔️ 2. Understanding the Blockchain :

    The blockchain is a growing list of records called blocks. The blocks are linked and secured using cryptography. These blocks come together to create a chain. Each block in the blockchain contains a cryptographic hash of previous block and transaction data. A crypto portfolio manager hash is created by taking an input of any arbitrary length and applying a mathematical function to it until the output meets the desired difficulty target which is encoded in the protocol. Cryptography is used to secure the transactions, control creation of new coins and verify transfer of assets. 

    ✔️ 3. A Blockchain Wallet :

    A wallet is a database that stores your private encryption key. It allows you to receive or transfer funds by representing it as a string of numbers and letters. This can be done through email or through software. A public key is created from the private key which allows people to send payments via the blockchain. The public key can also be shared with someone else allowing them to send funds on your behalf. Cryptocurrency wallets vary significantly in security, ease of use and features. Some wallets allow you to store your private keys in its software which is a huge security risk. 

    ✔️ 4. How To Make Money With Cryptocurrency :

    There are many ways to make money with cryptocurrency and that is the reason why everyone is getting involved in it. Some ways to earn money from cryptocurrencies include mining, trading, ICOs, investing and lending funds. Trading cryptocurrencies allows you to profit from price movements on an exchange. This is commonly done through margin trading which allows you to trade with borrowed capital and by using leverage of a single account for many transactions at the same time. 

    Binocs is a crypto tax software and Portfolio Management platform which lets you track your crypto investments in a single place. It lets investors monitor, analyse and manage their cryptocurrency portfolio all in one place. It is a complete platform for cryptocurrency investors and traders to manage, analyse and keep track of cryptocurrencies using its ranking algorithm. 

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