STAGE 1: crypto betterhttp://crypto better

• Bitcoin, Blockchain, Dogecoin, Ethereum, NFTS everyone is talking about cryptocurrency right now but imagine what does all of it mean why it keeps becoming more important? What you’ve invested in yourself and the dark side of it.
• When society was in its early stages there was no such thing as money we’ll call this stage one the only thing to buy something off someone was to go up to them and be like for example you trade things as you like  a dog and you’ll trade your cat for it, but issue with the system like that is that even though you might be perfectly happy to give up your cat you just might not want a dog so that trade will never happen but that’s where currency came in.

• STAGE 2: crypto better

• Because they were made of precious metals like gold and silver everyone just accepted that they were worth something you’ve heard of the British Pound. The reason they’re called Pound because one Pound literally just used to be one Pound of Silver.
• So, all of a sudden in a trade it doesn’t matter you don’t want cat as mentioned earlier but as long as you have coins you can still trade for the dog even if you have no use at all for the silver because it’s a precious material you have that reassurance that you can take that coin give it to someone else and trade for something that you do want convenient.

• STAGE 3: crypto better

• After that Banks became established and governments had to control and people realized that  as long as there was trust in the system we could move away from needing to carry blocks of precious metal towards even something even more convenient paper money it does the same thing but now the money doesn’t have value because it’s made of pure silver it just has value because the government says it has value like for example there’s a 10 Pound note of U.K.

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• the note itself is just made of plastic but there government changed it because it’s more durable but if you look closely in above picture you can see that all this actually is the Bank Of England promising that they will pay the bearer of this note 10 Pounds. This is just a receipt a kind of proof that you own a certain amount of money. As the technologies improved even further we found even more convenient ways of storing and trading our stuff.

• STAGE 4: crypto better

• Now, people are buying things online and using credit cards and really when you’re that stage we don’t see our money anymore it’s not about coins or notes or cats it’s just entries on a spreadsheet.
• Like if you buy a music album from amazon all that’s happening is that your bank adds an entry in your spreadsheet that says you now has $10 less and then amazon’s bank adds an entry that says they have $10 more. So explaining this context to you is because you know where cryptocurrency sits .
• It’s seen by many people as the most convenient era of exchange ever .

• STAGE 5: crypto better

• The way to think about cryptocurrency  is that it’s 100% virtual you know that logo for bitcoin kind of looks like a physical coin but with crypto there is no gold there is no silver there is no paper it really is just the transfer of digital assets the core concept is exactly the same think of them as literally just running spreadsheets of who’s paid what to who but instead of multiple banks keeping their own separate records with crypto there is just one enormous spreadsheet of every transaction made using that currency and this is called a ledger.

• Why is everyone going crypto crazy?

• Well there is some distinct advantages to a currency system like this:
• DECENTRALISED: crypto better
• It means that while every transaction of a given cryptocurrency is all recorded on the same ledger there are many many copies of that ledger and anyone who is a part of the network has one you might have heard of cryptocurrency mining or bitcoin mining well all that is is someone who setup a computer to crunch through transactions on their copy of this ledger or spreadsheet.
• There are already million bitcoin miners around the world and bitcoin is just one type of cryptocurrency the reason they’re doing it well if you dedicate your computer’s power to mining say bitcoin then you will earn some bitcoin as compensation so the result of this is that if you go into a store and spend 5 bitcoins on something then instead of just checking with one bank’s records the shop instead checks with every single computer on this network if you have enough and assuming you do each computer will go ahead and then every single one will update their records independently.
• Like if anyone tries to hack into someone’s computer that’s on the network and give himself more money by adjusting figures on their copy of ledger it’s not going to get through the system will realize that 99.9% of the copies on the ledger are saying one thing but one of them is saying something else.
• The main work of crypto is that you don’t need banks anymore because everything is stored by the people on this ledger you can make international payments almost instantly instead of it taking half a day with no spending limits plus you don’t need to worry about exchange rates interest rates even transaction fees are close to zero.

• CRYPTOCURRENCY: crypto better

• The reason that cryptocurrencies are called cryptocurrencies is because they’re secured by cryptography and one example of this which a lot of the major cryptocurrencies like bitcoin use is blockchain.

• Blockchain :

• Blockchain is not bitcoin blockchain is not a currency  blockchain is a secure type of ledger as you know that big spreadsheet that everyone has that’s recording transactions. Blockchain is just a way of organizing it into blocks.
• Every time you pay something with bitcoin that transaction is recorded as a block each block contains a transaction data like who was paid and how much a hash which is a unique identifier and the hash of the previous block in the sequence or the last transaction that was recorded and the pivot on which this  system rests is that if something in a block is changed then that block’s hash will change.
• Each block also contains the data of the previous block if the hash of the block here changes then the next block will no longer have a matching hash with it and so every subsequent block after that one becomes invalid.

• INVESTMENTS: crypto better

• You’ve probably heard of  people putting money into cryptocurrencies and all the means that they’re exchanging normal currencies like dollars$ for cryptos like bitcoin they’re hoping that those cryptocurrencies become the next big thing and therefore suddenly shoot up in value at which point they can either spend them or just exchange them back for more dollars than they bought them.

• WHICH CRYPTOCURRENCY?: crypto better

• As we have talked about Bitcoin but bitcoin is just one of over 4000 different cryptos already and each of them have different properties for example:

ETHEREUM: crypto better

• Ethereum is the second most invested in can process transactions even faster than bitcoin.
• CARDANO: crypto better

• There’s one called Cardano which is considered to be technologically superior.
• LITECOIN: crypto better
• Litecoin has a newer algorithm.

DARK SIDE: crypto better

• These currencies are so new and they’re completely digital unlike say the market for gold no one really knows what they really should be worth and so you find that crypto prices are quite heavily speculative they’re tied to the news cycle they’re not really accepted as a form of payment in most places.
• There’s been lot of companies who are pretty back and forth with it:

• MICROSOFT

• TESLA

• BURGER KING

• There are examples of companies who were going to accept bitcoin and then they said they weren’t going to accept bitcoin.
• There can be an environmental concern the whole reason why a lot of these cryptos are so secure is because of this concept of transactions being verified many many times by many many computers  it creates a fundamental inefficiency that much computing power requires a lot of electricity but at the same time you could counter it by saying that traditional banking uses more electricity that there are newer coins with better technology that are more efficient and that one day we’ll be able to get that electricity from renewable sources.
•  There’s a pretty strong sentiment that because there’s no real policing or regulation on crypto right now it’s like the perfect currency for criminals . It’s a misconception that currencies like bitcoin are anonymous they’re actually pseudonymous which means that even though your actual details aren’t visible to everyone your public key your unique  identifier will be permanently baked into the blockchain upon making transactions with it.
• So cash is just a better currency for most types of criminal activity because its very nature  it’s untraceable.
• You might have heard of:

• DOGECOIN: crypto better
• Dogecoin is based on the same tech as litecoin but it was created as a joke people started sharing it and  putting a bit of money into it  because they thought it was funny but that propelled its value to the point where now we have people who have actually become millionaires just because they bought dogecoin when it was cheap.
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