Tory explains how cryptocurrency works as fully digital money without a central government. Bitcoin uses mining and proof-of-work to verify transactions, which get stored in digital wallets and recorded on an immutable blockchain of linked blocks.
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Cryptocurrency is a word that has probably been in your ear and on your feet a lot lately. When we see it, a lot of us probably give that same I'm going to act like I know what this means when I really don't type of nod. But don't worry, I'm going to break it all down for you so you understand what crypto actually is and how it differs from real money. My name is Tory and if you want to stay up to date with all the emerging tech trends, click the link below. Here is what you need to know. Cryptocurrency is 100% digital money. It's different from real money because it doesn't have a government government or direct institution that controls it, AKA no middleman. Cryptocurrencies can be spent and received securely by anyone, anywhere, at any time, throughout the entire world. There are well over 2,000 different types of cryptocurrencies, but the most popular ones are xrp, Litecoin, Ether, and the original the og, the crypto that started it all, bitcoin. Now you may be looking at each of those and thinking to yourself, how is one digital coin worth 48k? Like I don't so in a land before money, bartering was the name of the game. The only way to get something was I'll trade you my cup for your bowl, but I don't want a bowl. So we started trading shiny silver. That way, if you wanted to trade but didn't want my bowl, you could still trade for something of value with what you received instead of just being stuck with a bowl. Unless you have a lot of cereal, then bowl's for you. It got to the point where banks came along and said, hey, this legal tender now represents your shiny silver and gold. You can carry a lot of it around without even hurting your backs. It's awesome. Look at it here. Now introducing fiat Money. Great for making it rain, but bad for security. One of the big problems with this type of money is that it is easily corruptible because there will always be a digital trail of authenticity. Cryptocurrency, however, not so much. Two major ways for acquiring crypto are either buying it or creating it. Bitcoins, for example, are created by miners. Mining for Crypto is a proof of work system where miners run complex energy guzzling computer programs that solve even more complex math equations to validate every single cryptocurrency transaction. This in part helps generate what we know as cryptocurrency, bitcoins, etc. The name comes from Mining, which is like getting any other natural resource. Scarcity is the name of the game because there's only so many bitcoins that can actually be mined. And as of today, we've already gotten over 18 million of them. Once it is successfully mined, the crypto can be stored in a digital wallet. This wallet can live on your phone, online, on a piece of hardware, or right there on your desktop. Think of it as an Apple wallet, but much bigger. Are you or someone you know suffering from pcrm? Hi, I'm Tory from HubSpot, and PCRM is no laughing matter. Symptoms include losing track of prospects and reports that don't make any sense. But finally, there's help with HubSpot, the number one CRM platform for scaling companies. HubSpot helps you adapt quickly, align your teams, and achieve adoption like never before. And you can get started now for free. Stop letting leads slip through the cracks. Sign up here. We can help. Can you turn your cryptocurrency into cash? Yes. You can do this through an exchange or a peer to peer network. With an exchange, you can deposit your cryptocurrency and request a withdrawal in the currency of your choice. The downside to this option is that it takes four to six days to even reach your account, which kind of defeats the purpose of, you know, instant digital. While getting your money through a peer to peer network is definitely quicker, it is not as easy as walking up to the roulette table, throwing your hands up and pulling your chips off. It goes like this. You put real money into buy crypto. Your real money then becomes crypto. You now own crypto. Congrats. You then have to sell your crypto to someone else in exchange for the real money in order to cash out. Then you can either transfer your funds to your bank, or you can decide to buy more crypto after that. Moving into a bank account is the same kind of process as converting currencies at the airport when you arrive to a new country. So at the end of the day, yes, you will be able to convert your crypto back into real money. In some cases, it'll just take some time. Now, if you're a marketer, the amazing thing for you isn't just the cryptocurrency revolution itself. While it could definitely be an awesome investment, the true star of the show here is some of the awesome technology behind it. I'm talking about the one that generates a transaction, holds the information, and secures your data. It's all held together by the almighty blockchain. Blockchains are A new type of database that store information in blocks. The blocks are then linked together through cryptography. When new data comes in, it's put into a block and then it is chained onto the previous block in chronological order. Different types of information can be stored onto a blockchain, but the most common use so far has been a ledger for digital transactions. Decentralized blockchains are immutable, which means that the data entered is irreversible. Linked can't break it up. For Bitcoin, this means that transactions are permanently recorded and viewable to anyone. Blockchain is an electronic ledger with some nifty security features. It's a record keeping technology that's nearly impossible to tamper with. So impossible in fact, that J.P. morgan decided to get in on the wave. J.P. morgan announced that they are using blockchain technology to improve the way banks transfer money internationally. Sometimes you can't buy something because of a payment error. This new blockchain fused solution called Confirm will help solve this problem immediately. It'll make sure that people's bank information is correct and secure. This means fewer rejected or returned transactions caused by mismatched payment details and lower costs for banks. If you're in business or marketing, this is a great tool to consider. It feels like every other day there's a new story about. Well, new tonight, one of the biggest ever data breaches affecting Capital One and its customers. The bank says in March a hacker gained access to personal information for more than 100 million credit applications. Crypto and the blockchain technology of Secure2 can provide a level of privacy for data that that you and your customers have only ever yearned for. When it comes to cryptocurrency, you're probably watching this video right now and you either think it's a hot air balloon that's about to pop, or it's something that is providing a peek into the future of currency. Whatever your thoughts are, make sure you comment below and let me know, as always, if you'd like to always be in the know in regards to new terms or pieces of tech that you need to be in the know about. Make sure to click the link in the description. For our offer on emerging tech, it's wonderful. We put together a resource list of blogs, podcasts and newsletters to help you gain a ton of insight and stay up to date. Until next time, leave a like at the door before you go. Bye bye. I'm gonna roll away. Roll backwards. I rolled in, I'm gonna roll out. Crypto and the blockchain technology is secure to can provide a level of privacy. Now, you probably have privacy, but have you had privacy?
