Cryptocurrency for Dummies

We know how currency works. A physical currency. Something which you can hold and feel. You exchange that for goods, of that particular value. If you extra currency, you store it in the bank. So you go the financial institution, stand in a line and when your time comes to meet the teller, you hand over the currency or the set of currencies to him or her. The teller will go ahead and deposit it in your bank account. Job well done. Some transactions are made online where currencies are transferred directly to your bank account. When you wish to take them out, you will either visit a bank or the nearest ATM.

Now, ponder for a moment. The common thread running through the above scenario is the physical currency. And we take it out. Transform the currencies into digital cash. And instead of a physical bank account, all you get is a Public Key and  Private Key. A public key to make a transaction to another individual and private key to access your own wallet or account.

Welcome to the world of Cryptocurrency. The name suggests that this is a digital currency that is encrypted.

So how is this different from the conventional currency that we use.

For starters, we cannot feel it. It is based in the digital medium and operates through the internet.

Secondly, and one of the prime reasons why cryptocurrencies are popular, is the absence of a bank or a financial authority. The transactions take place between two individuals sans any authoritarian oversight.

Because of the above point, there is nil unnecessary bureaucracy and hence no delay or cost for transactions.

Bookkeeping is in the form of an immutable ledger or block since I’m this idea stands on the premise of blockchain. Every transaction creates a separate block and can only be accessed by the rightful owner.

One can hedge one’s investment against future Doller fluctuations.

Is it safe?

Well like everything that is technology-based will have its downsides.

Cryptocurrencies are prone to hacking. Hot wallets, the ones linked to the internet are susceptible to the machinations of hackers. Cold wallets, those which are not linked to the world wide web are hacker-proof but have their own challenges.

If there is a crash in the system and no backup is taken then the ledger would be lost forever.

Some of the high performing cryptocurrencies are Bitcoin, Litecoin, Etherium et al

What is Bitcoin: A Cointelegraph feature

Before we start talking about Bitcoin, let us first understand what a cryptocurrency is.

As the name suggests, it is virtual cash exchanged over the internet.

So how safe is it?

It uses cryptography to secure and verify transactions as well as to control the creation of new units or in crypto parlance, mint coin, of a particular cryptocurrency. Essentially, cryptocurrencies are limited entries in a database that no one can change unless specific conditions are fulfilled.

Bitcoin is a part of the cryptocurrency universe. In fact, truth be told, Bitcoin is the universe. First appearing in 2009, after Satoshi Nakamoto, created it, Bitcoin has since been spreading its wings, at a rapid pace.

It started with a valuation of less than 1 cent. Bitcoin is the first of cryptocurrencies had the novelty factor and in 2017, touched a high of $20000.

However, the euphoria did not last for long, and the second quarter if 2017, saw Bitcoin crashing, losing 75% of its valuation. It is currently being traded at a shade below $6000.

In spite, of its fall what makes Bitcoin the darling of the cryptocurrencies?

The primary reason for this being, Bitcoin covers more than 50% in the valuation of the entire cryptocurrency universe. Also, despite the crash, Bitcoin has shown a 4000% return from the time of its inception. That is an incredible carrot to be hanged in front of the ambitious investor.

However, certain precautions need to be taken whilst dealing with Bitcoin or any other cryptocurrency.

Cryptocurrencies are based on blockchain technology, which suggests that every transaction has a ledger attached to it. Also, the transactions are made through wallets. It is these wallets which become the target of hackers. These wallets, which are connected to the internet and can be easily accessed, are called hot wallets.

The cold ones are not connected to the world wide web and hence safe from any external machinations.

Some examples of cold wallets are:

Hard drive

Mobile phones

Pen drives

And the ubiquitous chit of paper.

The last option is the safest. However, for cold wallets, the responsibility absolutely lies with the owner, unlike the hot wallets which are taken care of by the exchanges itself.

Where to find Bitcoins?

Quite a few options here:

Crypto ATMs, though still at a nascent stage, the idea is catching up

Exchanges which have to government-approved

Gift cards

Bitcoin is the brightest star in the crypto constellation and would remain so for some time to come.

What is NXT?

The rise of Bitcoin and its eventual stabilising have led to a torrent of cryptocurrencies. While a new cryptocurrency is being launched almost every other month, a few have been able to make a mark.

Let us quickly look at a few new-age cryptocurrencies which have the potential to rock the boat and become big:


This is the new kid on the block. While others imitate Blockchain or modify some of its source code, the developers of NXT did the next best thing. They created an absolute independent code based on Java.

Because of its wider scope, NXT is also called Bitcoin 2.0.

Some of the features that NXT packs within are:


One can directly sell goods without getting hassled by middlemen. Also one can price competitively to increase sales.

Asset Exchange

One of the best features of NXT is the exchange of digital assets. They may range from bonds, reservations and even movie tickets. NXT has ensured that a user gets to find all his or her utilities under one roof.

Data Cloud

The old way of storing data on shared drives is passe. Now, one can directly store data on the decentralised NXT data cloud. So all your certificates, wills and other important stuff can go into the NXT cloud at extremely competitive rates.


NXT developers hit the road with this feature. While making a transaction one can message too. Since the entire premise is based on the blockchain technology, it is highly encrypted. This will ensure that no one is able to peep into your communication.

With Bitcoin saturating and the Altcoins stagnating it is this kind of a sudden jolt that makes investing in this sector all the more interesting. While NXT is still in the process of improving through its NXT 2.0 Ardor program, it is certain that this kid is here to stay.

One of the biggest competition that NXT would be facing will be from LIBRA, the approved blockchain digital currency.

Libra is being backed Facebook and though nothing exists as of now, it is already looking like a great opportunity.

As a crypto investor one is excited about the rise of cryptocurrencies. However, it should be noted that investment into cryptocurrencies is unlike any conventional methods. One has to be diligent before pouring in money. Also one has to be prepared for the long haul.

Trading crypto – the different ways to deposit

Cryptocurrencies have finally come of age. First appearing in the early 2000s, it has since come a long way. Bitcoin, the first cryptocurrency to appear, based on the blockchain technology, was valued at less than a cent. However, the year 2017 was a red-letter year. It hit $20000, and though the cryptocurrency market crashed and Bitcoin had to settle for a bit less than $6000, it was certain, that it was here to stay. Bitcoin spawned an entire universe of cryptocurrencies, also called Altcoins or alternative to Bitcoin. New age investors have fuelled interest in these digital assets by directing enormous investments. Such has been the intensity of activities in this field that in spite of an immensely forgetful 2018, there seems to be no dip in interest. 2019, has been a good year and the future looks quite promising.

One of the moot questions that first time investors ask is about the best exchanges to facilitate deposits to find crypto trades.

There are quite a few, in fact.

To begin with the most popular ones first:


Now, this is an online wallet which allows you to participate in myriad functions. You can deposit, store, transfer, and withdraw funds to various sites. However, PayPal only deals with fiat currencies, that is government or national currencies. Hence, it is compatible with fiat to crypto exchanges and online brokers like eToro.

Credit/Debit card

One of the most popular and easy methods is by payment through Credit and debit cards. It lets you directly make payments from your account to the relevant exchange.

Bank Transfer

However, there might be a rare possibility of countries blocking credit cards. In that eventuality, a direct bank transfer becomes the plausible way out. If one is operating with an online broker or dealing with a fiat to crypto exchange, the transfer is instant.

Digital Tokens

The original method to facilitate crypto trade, digital tokens are the only way out if a crypto-only platform is being used. In that case, one needs to have access to a crypto wallet, from the transaction needs to take place.

Fees that matter

If it’s a digital token, transfers are free of cost. However, if credit, debit or bank transfers are taking place, then the fee may vary. It usually is $60 to 0.100%.

PayPal is another popular option but with a withdrawal fee amounting to $25.

Twitter and Cryptocurrency

Twitter is one of the largest social networking websites. It is famous for its small-sized message feature. One can easily tweet their news or whatever they want, to update a status. People are loving twitter as there are less useless things and more useful information can be found there as compared to other social networking websites.

Moreover, Twitter has been great for influencing. Brands can easily interact with their customers. Along with all of this, there are a lot of discussions on Twitter about Cryptocurrency. All the Cryptocurrency traders are surely using their twitter account to get the latest update about the Cryptocurrency and all the other news related to the coins.

Cryptocurrency twitter accounts to follow

You might be wondering where to get all of these updates related to Cryptocurrency from Twitter. Twitter has been a popular network with lots and lots of accounts. Below given are some of the popular accounts with their twitter handles which you need to follow in order to get the latest updates of Cryptocurrency.

@vitalikbuterin: He is a dropout of college and creator of Ethereum. You will get all the news related to Cryptocurrency by following him.

@venturecoinis: It is by a Luke Martin a startup advisor. You surely need to follow it if you want to start a new startup using twitter.

@cryptohustle: It is an account whose owner is a full-time Crypto trader. You will get many news and analysis related to the Crypto from this account.

@aantonop: He is a public speaker who delivers most of his speech related to the Bitcoin and other open-blockchain technologies. The public speaker is also famous for his awesome sarcasm.

@satoshilite: You might know him by the coin he invented. He is the creator of Litecoin Cryptocurrency.

These are some of the most famous twitter account related to Cryptocurrency which you must follow to get the latest updates about the news and what is happening in the world of Cryptocurrency. You will get lots of other such accounts. Don’t forget to check out their old tweets. You might find something useful.

Top Cryptocurrencies to Invest in 2019

The price of cryptocurrencies are going high day by day. If one would have invested $1 on Bitcoin at the time of its release, they would have struck it rich by now. It is one of the best markets where your investment can easily reach on the top of the charts and you would get a huge return on what you have invested.

Hence, many of the people are planning to invest in cryptocurrency in this year. If you have not decided to invest your money, you surely should, because the best time to invest your money in crypto was 10 years ago, the second best time is now. However, today there are a lot of options to invest. Therefore, you will have to find the best Cryptocurrency to invest in. Going on the wrong one will give you fewer returns as compared to choosing the right one.

Below given are some of the Cryptocurrencies you should take a look at if you are planning to invest your money.


Binance Coin (BNB)

This coin is termed as Lucky coin due to its strong backup. It is from the Binance cryptocurrency exchange which is a leading exchange in cryptocurrency. Therefore, the coin automatically gains its popularity. It is the first choice of interest when you are planning to invest.

Ripple (XRP)

Ripple is famous for many years now. It has been the best choice of investment for past years also. It is the second largest cryptocurrency as per the stability in trading. Hence, it makes a good choice if you want to invest your money.

Litecoin (LTC)

When you are looking for the most reliable cryptocurrency, Litecoin is the one that comes into consideration. It is by far one of the most reliable currency. It is due to the trading volume as well as the stability of price.

Tron (TRX)

Tron is another popular currency that you need to take a look at. The progress attracts the special attention of the developers to the Tron network.

These are the best cryptocurrency to invest your money.


Starting a cryptocurrency business

The word cryptocurrency has become a synonym for an opportunity in the financial world in recent times. This is because of the scope it has and the returns it guarantees. So technically speaking, owning a cryptocurrency business is a very good idea.

Types of cryptocurrency businesses: 

Now before starting or thinking of starting a cryptocurrency business, one must be familiar with the various types of cryptocurrency businesses that are there in the market today.  The most successful ventures revolve around digital coin mining, cryptocurrency exchanges and initial coin offerings which everybody knows as ICOs. Later on, some entrepreneurs set up cryptocurrency ATM’s and also bitcoin vending machines to mine coins. So basically you have to find the need and see the opportunity in it before starting a cryptocurrency business.

Starting a business:

Firstly, you have to come up with an idea and also a model for your business. You have to know that there is a difference between starting a business and simply exchanging bitcoins. The idea should be around creating your own cryptocurrency and building a business around it. Almost every successful and recent start-up’s based on cryptocurrency lately followed the same method.  You must have heard of Obanc. They have a successful business strategy as well.

So if you intend to start a cryptocurrency on your own then you must create a code to develop the tokens. Fortunately, the bitcoin’s open source code has been a great use to every startup. You can simply make a few changes to that code and launch your own cryptocurrency and start mining to create more and more tokens.

After creating your own cryptocurrency you will need to register a company with the authorities of your country and start trading.


As we all know cryptocurrencies are decentralized, there is no particular authority supervising these companies. So you are technically liable to no one. Though this has been an issue initially, with the tremendous success of cryptocurrency. Almost, all the governments across the world realized its value and scope. So, basically, cryptocurrencies are legal in many parts of the world. Unless there is a strict opposition from the government of your country, you are good to start and run any kind of cryptocurrency business.

Earn money using bitcoin

It is no wonder that the world today is being frenzy about cryptocurrency or say bitcoins. There might be a lot of reasons for it, the scope for a good return on investments, or a safe and convenient way of transactions. But to have all those privileges you should first have to earn them. There are a lot of ways to earn bitcoins online. But earning Bitcoin online will require something in exchange, whether it’s your time or your knowledge or your computer’s processing power.

The following are some of the ways to earn bitcoins online.

  1. Micro earnings:

This is one of the easiest, cheapest and the most time-consuming way to earn bitcoins. On a comparison scale, the efforts spent is much higher than the income earned. Some of the well-known sites to get micro earnings are Bitcoin Faucets. These sites will allow you to visit online advertising sites, to click on them and claim the money out of it. The main advantage in this method is that the risk involved is rather low.

  1. Owning a faucet:

Now, having your own faucet may not earn you a lot of money, buy it certainly pays more than clicking advertisements. Here the effort you keep in running your own faucet gets paid almost equally. However, running a faucet requires a reasonable amount of time and effort. Also, the risk involved in it is not as low as in micro earnings.

  1. Become a crypto trader:

This is probably the easiest and riskiest way to earn bitcoins. This involves earning money by trading bitcoins for exchange. That is, you have to buy bitcoins when the price is low and have to sell them when the price is high. The whole crypto trading doesn’t necessarily base on luck. You have to be familiar with trading to make good profits from this.

  1. Write about bitcoin or crypto:

If you are good with words and really are into cryptocurrency then this is the best option for you to make money using bitcoins. With the tremendous success of cryptocurrency, a lot of websites are in constant need for news and other articles. The quality of the content you’ve written will determine the earnings you make.

Freewallet- A cryptocurrency Wallet

The revolutionary success of cryptocurrency has led to a lot of new business options and laid a platform for new ideas. One such idea was Freewallet. Freewallet is an online cryptocurrency wallet that offers its services to iOS and Android users. Freewallet enables its services to almost all the popular cryptocurrencies in the market today like bitcoins, Ethereum, Dogecoin etc. At present, it is the largest and a major mobile wallet that supports bitcoin cash.

Freewallet products:

The following are the products offered by freewallet to its iOS and Android users:

Bitcoin Wallet (iOS and Android)

Ethereum Wallet (iOS and Android)

Monero Wallet (iOS and Android)

Dash Wallet (Android)

ZCash Wallet (Android)

Doge Wallet (iOS and Android)

Steem Wallet (iOS and Android)

Lisk Wallet (iOS and Android)

Decent Wallet (Android)

NXT Wallet (Android)

Ardor Wallet (Android)

FantomCoin Wallet (Android)

Bitcoin Cash Wallet (Android)

Bancor Wallet (Android)

DigitalNote Wallet (Android)

Bytecoin Wallet (Android)

Tether Wallet (Android)


  1. Buying Coins:

If you haven’t bought any bitcoins yet, the freewallet offers you a chance to buy bitcoins for the first time. You can buy cryptocurrencies like bitcoins using your card. So, basically, freewallet apps are user-friendly even if you are a beginner or an expert trader.

  1. Backup:

In case you have lost your device, there is no need to restore it from backup. You can block the account and can simply activate it on another device.

  1. Exchange services:

Freewallet allows you to make transactions between different currencies. But the charges may vary depending on the currency you are using.

  1. Customers private keys:

One of the unique feature of freewallet is, it retains the control of its customer’s private keys. They keep the majority of users’ funds in cold storage – similar to how an exchange would keep your funds.

  1. Cold storage:

Now, this is a really interesting feature of freewallet. The majority of all assets are stored in an offline vault to secure your funds against any malicious activity. This is because, freewallet claims that 90% of its customers do not back up their private keys.  Again, Freewallet is unique among mobile wallets for keeping its users’ funds in cold storage, because most other mobile wallets don’t retain control of your private keys.

Cryptocurrency – the background

What is Cryptocurrency? – Cryptocurrency is a virtual currency that is used as a mode of exchange and is secured with cryptography, leaving negligible possibilities of forging. Unless some specified conditions are fulfilled, changing an entry becomes difficult.

If you are wondering what cryptography is, here is what you need to know; it is generating of codes that allow confidentiality of information. Cryptography converts the data into an unreadable format for someone who is not an authorized user.


Back in the 90s, systems like DigiCash, Beenz and Flooz attempted creating such virtual currencies, however, due to various inevitable issues like financial glitches, fraud and internal clashes, the whole idea of having digital currency failed terribly. After the failures of these ideas, digital currencies weren’t reevaluated for quite some time.


In 2009, a group of programmers under the name Satoshi Nakamoto presented the first blockchain based cryptocurrency and called it Bitcoin. It was considered as ‘peer-to-peer electronic cash system’, and was totally decentralized.

While there are numerous alternatives, Bitcoin is still one of the most popular and valuable cryptocurrency.


Bitcoin uses the blockchain technology as it’s central function to store an online book-of-records for all the transactions, and provides a data structure for the book-of-records that is quite safe from hacking and almost impossible to copy or forge the transaction history.
However, though technologies have the potential of being abused, only small groups have been observed attempting it.

Since the cryptocurrencies aren’t real and don’t have a central repository, there are chances of a complete wipe-out in case the computer crashes without back-up, or a loss of the privacy key.

EOS blockchain is one of the most recent projects entering the cryptocurrency market. EOS blockchain aims in becoming a decentralized operating system, to support the industrial-scale decentralized applications, and has claimed to have the below two features, that has caught a lot of attention:

  1. Plans over completely removing the transaction fees
  2. Ensuring an ability to handle millions of transactions per second.


EOS blockchain is going to be a significant blockchain in the coming years, facilitating, quick, free and accessible transactions.