Getting Started

What is Cryptocurrency?

Bitcoin Logo

You’ve probably heard something about Bitcoin – the “digital currency”, or “Cryptocurrency” that commands an insanely high price and comes out in the news occasionally. You’ve searched around, but you still can’t figure out how it works or why you would want to use it.

We’re here to help you figure it all out.

Bitcoin is just the first of a huge number of Cryptocurrencies – often just shortened to Crypto. Before we get into how it works, let’s talk about what it is (if you want to just jump into how to earn more, head on over to the Earn Crypto section).

What is Money?

Imagine you need something – let’s use milk as an example. You go to the store, you take the milk to the checkout, and you pay with cash. But why does the store let you walk away with milk when all they got was some paper?

Fiat Cash

Because we all have agreed that the paper has value.

Cash (and credit cards and the traditional banking system) is all based around Fiat Currency. All that this means is that a government has guaranteed that your paper money has value.

And that where Bitcoin and most other Cryptocurrencies are vastly different from fiat – there is NO central authority saying that the asset has value – we have all just agreed that it is valuable!

This may sound crazy – but just imagine if you had never heard of gold before, and someone offered to sell you a tiny block for hundreds of dollars!

There is much, much more detail to how Cryptocurrencies work, but for now, let’s just worry about why Crypto is worth your time. To do that, I’m going to tell you a short story about my experience with Crypto.

Infinite Returns

Back in 2015, I was just about to move back to the United States, and I saw a post come up on Reddit – “$5 in Free BTC to sign up for this App!”

I signed up for it and got my Bitcoin (well, a small fraction of one). I had previously bought some back in 2011 and sold them for a very nice profit, and it never hurts to have a few extra dollars.

After signing up, I found that I couldn’t withdraw the money, so I quickly forgot about the app. That is until I got an email in April of 2020. The email was letting me know that the app had sent me around $10.

Whoa…

I rushed to get back onto the website but was not able to log on because I don’t have the same phone number anymore. I got in touch with support, and luckily, they were able to help me get back into the account. In there, I found 0.02226354 BTC.

This number may seem small, but it is worth over $200 at the time of writing!

Don’t believe me? Check out the ledger below:

Circle Pay Ledger

The Potential for Crypto

Hopefully, this gives you some idea of just how much potential Crypto can have. Bitcoin has grown in price by over 100,000 times over 11 years.

It would be foolish now to expect those kinds of returns again. But if you’re like me, you want to start (or keep!) accumulating as much Crypto as possible. Who knows – it might end up being how we pay for everything in a few years!

Keep following along with the different pages on this site to learn more. If you’re a total beginner, continue to learn how to get your Wallet set up.

If you’re a seasoned Crypto user, head over to the Earning Crypto section to get ideas on how to get more – you’ll find reviews on different apps and services and offers that are worth your time and effort.

Happy Crypto-ing!

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