A Noob In The World Of Cryptocurrency

Investing is not new to me and, to be honest, I've heard of Bitcoins before, the first time, probably years back, though I've never given it much notice. So, I only knew that it was a sort of virtual money. Two weeks ago, Bitcoins became a popular lunch topic at work and people have started investing in them including me even when I knew so little about it. What can I say? I'm a high-risk taker.

My name is Heide and I'm a full-time engineer, I'm also a blogger and I found out about Steemit through the Cryptocurrency world. Since I'm passionate about writing, I thought I'd try it out and create an account. Now, here I am writing my first post, sharing a little bit about who I am and more of what I learned about Crypto Currencies in the past two weeks. So here's what a noob knows about the world of cryptocurrency.

What Are Crypto Currencies?

To lightly put it, as I've mentioned, it is a virtual money. It is a currency where you can convert money into for use in online transactions. There are a lot of cryptocurrencies such as Etherium, Litecoin, Ripple, and, of course, the biggest, Bitcoin.

Can You Buy Things With Crypto Currencies?

In some countries, Cryptocurrencies especially Bitcoin is now accepted like money. So, the short answer is yes, you can buy things with Bitcoins but that depends on where you are and who you're transacting with. If you can't use Bitcoin to buy, you can still convert your Bitcoin to government currency for your purchase. You can also buy Altcoins using cryptocurrencies.

What Are Altcoin?

In all honesty, I cannot give you the technical explanation of what Altcoins or alternative coins are. However, based on what I know from buying Altcoins so far when you buy an altcoin or token, you are similar to buying shares of a company. So when you trade on altcoins, you are like trading in the stock market. On the other hand, when you trade or convert to Cryptocurrencies like Bitcoin, you are like trading in Forex.

As I've mentioned above, I'm only in the world of cryptocurrency for two weeks, thus I am a noob. And what I've shared so far are based on what I've learned from my own experience. I am doing more research in understanding this online market and hope to share more soon.

By the way, as a blogger, I also cover many other topics. I'm still trying to grasp the audience on Steemit and what niche they would be interested in. So, I'd like to ask, what topics here would you like to talk about. I'd very much appreciate your opinion.

'Til next time.

Photo by Colin Maynard on Unsplash