so what is cryptocurrency really

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Learn Cryptocurrency Investment From Scratch

An impartial view into how to invest in Cryptocurrency and how you can avoid common scams and pitfalls

03:26:34 of on-demand video • Updated March 2018

  • Students will be able to go forward and invest safely without falling into the common pitfalls associated with cryptocurrency investment
English [Auto] OK. So I'm excited to present to you part 1 which is an overview of the crypto currency world. So the first thing we're going to dive into is what is cryptocurrency really. Then we move on to a useful history of Bitcoin and talk about what our old coins. Then we're going to move through comparing crypto versus fit and talk about some myths that you really should avoid things that are in the media etc which are misleading. Then we want to compare crypto with Pay-Pal and talk about what are the kind of crypto based solutions that also exist like paper. Then we want to look at why to invest in crypto and also talk about why not to invest in crooks or in other words what are the opportunities and risks ahead then who is crushing it. In cryptocurrency What are some of the success stories that are absolutely mind blowing and frankly quite exciting so we're going to cover some of that. And then finally we need to talk about what you must know about mining and why it's important to understand when you're investing in cryptocurrency. So without any further ado let's get into it. OK. So what is cryptocurrency really. All right so the official investor pedia definition just very quickly. Cryptocurrency is a digital or virtual currency that uses cryptography for security. Yada yada yada. Because it is not issued by any central authority. It is theoretically immune to government interference or manipulation. Now that is the official online investor pedia definition of cryptocurrency. But I want to break it down. It's not a good enough job just to talk about what cryptocurrency is at face value. It's not about how much you know as Einstein said it's about how much you understand. So let's look at this another way. Cryptocurrency or otherwise known as cryptographic currency is essentially a technology that allows you to trade wealth or to distribute wealth on a ledge. The ledge is distributed on a technology known as the block chain. Now if you've never heard of block chain before don't worry because we cover block chain and a lot more detail later on in this course. And even if you have heard of block chain I'm sure you'll learn a few things along the way there too but this still isn't a good enough explanation because why should we even care about cryptocurrency of what it is. What does this even mean while I would like to give you my personal definition that I've accumulated based on all the different conversations all the different media that I've read all the different definitions that I've been through. And my definition of cryptocurrency is it is Internet money based on a ledger of trust. Say it again it is Internet money based on a ledger of trust. Now the ledger of trust is the block chain technology. That's the way I'm going to sum up. Block change for you it's a ledger of trust using cryptographic technology where you can distribute information. You don't need a middleman you don't need a government you don't need you but you don't need Facebook. The information is just distributed on the ledger. And I'm not just talking about bitcoin there. You know I'm talking about things like smart contracts theory and all sorts of things that we're going to cover in this course but it's essentially a ledger of trust and internet money. A coin from Sedrick doll. Now if anyone's heard of strict always on YouTube great guy I really recommend watching his videos. So Cedric is essentially referring to cryptocurrency is Internet money and the reason why I like that. If you follow key figures or gurus such as Gary Vaynerchuk et cetera a lot of the forefront leadership are talking about how the Internet is going to take over everything. Just look at toys r us going bankrupt here in the UK the Internet is going to take over everything. And I look at cryptocurrency as being a vehicle that is going to allow that to happen. Now is Gary would put a crypto is very much still on the beach. It's still very early on but it is going to cross the chasm and the way it's going to do that is through adoption and because crypto needs no middleman there's a lot of advantages to both commercial industrial currency related contract related avenues. There are a lot of advantages of cryptocurrency So right now I just want you to think of cryptocurrency as being internet money based on a ledger of trust where no middleman is needed.