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The ABC of Cryptocurrency

Cryptocurrencies, or virtual currencies, are digital means of exchange created and used by private individuals or groups. Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies – mediums of financial exchange that exist outside the bounds of state monetary policy.

“It is well that the people of the nation do not understand our banking and monetory system, for if they did, I believe there would be a revolution before tomorrow morning.”
– Henry Ford

CONTENT

  • The Big Opportunity
  • The History of Money
  • What is Cryptocurrency
  • Forms of Virtual currency
  • Centralized and decentralized
  • Why Cryptocurrency?
  • How Cryptocurrecny works-How its formed
  • Understanding Crypto Terms
  • Introduction to Bitcoin and its success story
  • How to open a bitcoin wallet
  • How to create wealth from bitcoin
  • 9 ways to make money with Cryptocurrency

 

THE BIG OPPORTUNITY

Let me introduce you to the world’s biggest opportunity. Opportunity is always based on time; Time Gone is opportunity gone. Have you ever wished to get in the beginning of Microsoft, Facebook or Google? Well it’s your chance now to be a part of the Next big Trillion Dollar Internet money industry and profit from it. This Time is For Cryptocurrency. Let me introduce you to the World of Cryptocurrency. But first let us look at the History of Money.

HISTORY OF MONEY
Let’s understand How Money came into Existence. From the beginning of mankind when there was no money or no medium of exchange. How did people trade things? How did they buy things? Let’s go back to 10,000BC, at that time people used to follow Barter System.

BARTER SYSTEM
Commodities were used as form of exchange, e.g. cows, eggs, etc.
Demerits: Divisibility, long distance trades, wrong evaluation of commodity

METALLIC MONEY
IN 5000 B.C
Introduction of gold, silver, cooper, bronze etc.
Taken as Metallic Money.
People started using these metals as a medium of exchange.

PAPER MONEY
As the value of metal increased fear of theft increased more among people.
To avoid this, banks started accepting gold and in return bonds compared to gold value.
People started using these bonds as PAPER MONEY.

PLASTIC MONEY
With advancement in technology plastic money came in existence.
Banks started offering plastic cards {debit/credit}
Cash could be carried easily
Withdrawal of cash made easier with Debit/ATM cards.

ELECTRONIC MONEY
Money recorded electronically on the web
Transactions are carried out electronically
Easier to use sitting in any part of the world

There are 3 eras of currency: commodity-based, politically based, and now, math based.
– Chris Dixon, Technology Investor

What Is Cryptocurrency?

Cryptocurrencies, or virtual currencies, are digital means of exchange created and used by private individuals or groups. Because most cryptocurrencies aren’t regulated by national governments, they’re considered alternative currencies – mediums of financial exchange that exist outside the bounds of state monetary policy.
Crypto currency operations is not centralized, it’s a digital currency in which encryption techniques are used to regulate the
generation of currency and verify transfer of fund, operating independently from the central bank. Digital world has made people convenient without realizing, you can talk to people all over, you can snap chat everyone around you and send over, you can do video calls via Skype, IMO, Viber etc, so indeed the world is going digital and currency has to go with this evolution. Importantly, cryptocurrencies can be exchanged for fiat currencies in special online markets, meaning each has a variable exchange rate with major world currencies (such as the U.S. dollar, British pound, European euro, and Japanese yen). Importantly, cryptocurrencies can be exchanged for fiat currencies in special online markets, meaning each has a variable. Due to their political independence and essentially impenetrable data security, cryptocurrency users enjoy benefits not available to users of traditional fiat currencies, such as the U.S. dollar, and the financial systems that those currencies support. For instance, whereas a government can easily freeze or even seize a bank account located in its jurisdiction, it’s very difficult for it to do the same with funds held in cryptocurrency – even if the holder is a citizen or legal resident.

WHAT IS CURRENCY

Currency is a generally accepted form of money, including coins and paper notes, which is issued by a government and circulated within an economy. Used as a medium of exchange for goods and services, currency is the basis for trade.
Currency, From the Latin word ‘Currens’ which means “CIRCULATION”. .. Trust and Value formed a currency.
TWO SYSTEMS YOU MUST UNDERSTAND TO APPRECIATE THE POWER OF CRYTOCURRENCY:
One of the systems enslaves you and limits your purchasing power, while the other gives you free wealth and also
helps your money grow in value.

CENTRALIZED SYSTEM
Everyone deposits their money in the banks. The banks are in turn regulated by the Central Banks of each Country.
IMF, World Bank and Federal Reserve’s regulates each central bank as well.

DECENTRALIZED SYSTEM
Decentralized system is where INDEPENDENCE takes place, you are out of anyone’s control. Decentralization
is the process of redistributing or dispersing functions, powers, people or things away from a central location or
authority.

Click the button below to download the full Pdf of “THE ABC OF CRYPTOCURRENCY”.[/vc_column_text]

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PHIDCON
Phidcon is a financial consultancy company birthed with the fascinating idea of creating financial freedom by taking advantage of the digital space.

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