Crypto Training: Crypto knowledge you need

This course helps you to:

• Quickly understand the differences between cryptocurrency and other types of currencies.
• Explain the abundance of the crypto world
• Earn free cryptocurrencies

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Highlighted content

1. The differences between cryptocurrency, virtual currency, and digital currency\
2. Why are there other types of cryptocurrency besides Bitcoin?\
3. Where should you find cryptocurrencies' information?\
4. How to own cryptocurrency\
5. How to choose a coin to invest in

1. The differences between cryptocurrency, virtual currency, and digital currency

The cryptocurrency market is a global network of buyers and sellers of different cryptocurrencies. This market is very similar to the Forex market in several aspects, including the decentralisation of its operations. The crypto market is growing at a pace that many people would not have imagined possible. There have been several digital assets and currencies, before mainstream crypto as we know today. Beginning with the advent of Bitcoin by Satoshi Nakamoto in 2008, cryptocurrencies were not as popular as they are today and the price of these cryptocurrencies were not even a tenth of their value today.

However, "Cryptocurrency", "Digital Currencies", and "Virtual Currencies" are used interchangeably in some cases. Actually, these are 3 different definitions:

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2. Why are other types of cryptocurrency born besides Bitcoin?

In the very early days of blockchains many of the newly created coins were forks of the Bitcoin client or the Bitcoin network. This originated the term "altcoin" as a way to classify any new cryptocurrency that wasn't BTC. It means an alternative to Bitcoin, and the name stuck. As of early 2020, there were over 5,000 cryptocurrencies in existence, with altcoins accounting for around 35% of the global cryptocurrency market.

Although Bitcoin is the "king" of cryptocurrency market, it also brings some defect like high trading fee as well as application or function of BTC Blockchain. That's why Altcoins are created.

However, there is no altcoins can meet all the requirements, and there is no "perfect" blockchain. Therefore, creating a new coin has cost resources; but it makes the market is more active.

While, stablecoins is an integral part of the cryptocurrency market to maintain the stability and long-lasting. Stablecoins are a type of cryptocurrency that offers price stability and is backed by a reserve asset (like gold, USD, ...). Therefore, Stable coins act as a bridge between the crypto and the fiat world.

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3. Where should you find cryptocurrencies' information?

Currently, there are nearly 4000 different cryptocurrencies in the world. All the information on cryptocurrencies across the world is listed on Coinmarketcap. This is the most popular crypto website, with more than 30 million visits per day.

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4. How to own cryptocurrency

Would you like to own some cryptocurrency? There are 7 most popular ways:

• Buy coins on a cryptocurrency exchange using fiat money or another cryptocurrency.
• Buy coins directly from another cryptocurrency user (trading platform -- P2P exchange)
• Mine new coins
• Obtain cryptocurrency from coin offerings, either as part of a free initial offering of coins or in the framework of a crowd sale set-up by the coin offeror
• Sells goods or services in exchange for cryptocurrency and receive coins as payment for those goods or services
• Automatically gain an amount of the newly created coin through a "hard fork."
• Receive coins as a gift or donation from another cryptocurrency user

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5. How to choose a coin to invest in

Many factors influence the decisions of choosing coins of traders. If you were a newbie, you should consider these following factors:

• Liquidity: Liquidity refers to the ease with which a coin can be converted without affecting its market price. The higher the liquidity, the easier it is to flip the coin to fiat or other coins while retaining their market prices.
• Intrinsic value: Intrinsic value is a measure of what an asset is worth, including technology, developer team, application, etc. of the coin. The higher the intrinsic value, the higher the sustainability of the coin. However, we don't have any scale or standard to define the inherent value; thus, this is the factor that traders should consider while investing in cryptocurrency. The ease of understanding this concept depends on the knowledge and experience of the involved persons.
• Supply: Most cryptocurrencies have a limited supply. Therefore, based on the scarcity in the supply-demand rule, the limited supply will boost their market price in the future and reduce inflation in the long term.
• Community support: The stronger the community's support, the faster the traders can receive a coin's information and invest in it. Their liquidity will ultimately be higher, and the market price will also increase because of the supply-demand rule.

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