New Age Coin

Money is Constantly Evolving, Shouldn't You?

Cory Monahue

• Publisher: MVCVM
• Year: 2021
• ISBN:
  9781087966625
• Edition: 1
• Topic: Business
• Subtopic: Business General
• Index: Business

A clear & concise resource guide to understanding & entering into the cryptocurrency world. Resources consisting of understanding what the new currency is, how it is tracked, & basics on obtaining privacy with your new money.

Section 1: Cryptocurrencies & What Makes Them

1

What is Crypto?

Cryptocurrency or “Crypto,” is one of the most exciting, alluring, & seemingly mysterious markets man has seemed to create so far. Relatively new & in the early-adoption phase (about 10 years old now in 2021), it has become more and more prominent in daily life. We have gone from having almost no way of buying into anything to now being able to sync our bank accounts to online exchanges and even through simply 1-click purchases like Cash App. At this point we all have to know that crypto is here to stay and will continue to expand as long as we have a growing technological civilization and the world becomes more and more connected. This situation ends up being known as DeFi or Decentralized Finance, since most mainstream banks are not involved & the funds are in control of you, the user.

The fundamental foundation of a cryptocurrency is simply called the “Blockchain.” Think of a blockchain as, what its name is, a series of blocks strewn together. In computer speak a block is a chunk of encrypted data, that gets read, processed, packaged up using cryptography, & keeps records of the transaction info in a specific timestamp that then gets attached to the previous block creating a chain. Each chain is then kept on a connected ledger that keeps track of every transaction ever made with each coin & fraction of a coin between coin exchanges & wallets. We will come back to these details later in this section.

Computers have to download a specific software in order to “mine” the crypto from the ledgers. The way mining works is every computer in a network piles into groups called “pools.” Now pools require all of this computing power put together to mine each byte of data being held on these ledgers in order to properly record and create a 1:1 ratio for sending & receiving a transaction. This process is ultimately what the banks & 3^rd party payment processors have been doing with credit/debit cards. The banks can’t verify quickly enough that you had spent $3 at the gas station so they rely on an intermediary to verify the purchase and take the initial hit of the funds spent. Often times this can lead to “double spending” as it is referred to. Double spending is when your account shows that a transaction was charged for the same amount or charged for more than it has in the account itself. What the blockchain system has done is ultimately eliminate the double spending effect of delayed payment systems.

Cryptocurrencies are broken down into fractional amounts regarding whatever fiat currency you are used to using (fiat being a government issued currency not backed by any physical means; gold, silver, etc.). For example in the U.S. everything is compared to $ 0.00 amounts; whole numbers can infinitely go up while fractional amounts go to .00000001, 8 decimals right of the 0. These are the smallest fraction of value that a crypto is broken down to & is often called by the name of the creator. Bitcoin’s alleged creator was Satoshi Nakamoto therefore the smallest unit is called a Satoshi & such follows for other coins like Etherium, etc.

Contracts happen to be the root code to building new cryptos & any apps that pair along with them. Etherium uses a baseline of ERC...

Table of contents

• Half-Title
• Full-Title
• Dedication
• Contents
• Intro
• Section 1: Cryptocurrencies & What Makes Them
• 1 - What Is Crypto?
• 2 - Fees
• 3 - Wallets
• 4 - Value
• Section 2: Purchasing, Exchanging, Leveraging & Tax Structure
• 5 - Types Of Exchanges
• 6 - Making Crypto Work For You
• 7 - Crypto Tax Structure
• Section 3: Obtaining Monero (Xmr)
• Resources
• End