Riccardo Ferrari Crypto
I'm Riccardo Ferrari Crypto investor, a cryptocurrency expert.
I'm Riccardo Ferrari crypto investor, a cryptocurrency expert.
I post facts and essential information designed to eliminate confusion, clear myths and best elucidate the prodigious power of this medium. I aim to help investors and entrepreneurs to "trust" cryptocurrency, understand its future and how to leverage it to its maximum potential.
Many patients think that the crypto industry's upward trend will continue! So it's still worthwhile to invest, especially because there are several methods to profit from cryptocurrency; all you have to do is pick the most acceptable and easy one for you!
How does Cryptocurrency work?
Cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders.
Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can also buy the currencies from brokers, then store and spend them using cryptographic wallets.
Cryptocurrencies are not controlled by the government or central regulatory authorities. As a concept, cryptocurrency works outside of the banking system using different brands or types of coins – Bitcoin being the major player.
Cryptocurrencies (which are completely digital) are generated through a process called “mining”. This is a complex process. Basically, miners are required to solve certain mathematical puzzles over specially equipped computer systems to be rewarded with bitcoins in exchange.
In an ideal world, it would take a person just 10 minutes to mine one bitcoin, but in reality, the process takes an estimated 30 days.
2. Buying, selling, and storing
Users today can buy cryptocurrencies from central exchanges, brokers, and individual currency owners or sell it to them. Exchanges or platforms like Coinbase are the easiest ways to buy or sell cryptocurrencies.
Once bought, cryptocurrencies can be stored in digital wallets. Digital wallets can be “hot” or “cold”. Hot means the wallet is connected to the internet, which makes it easy to transact, but vulnerable to thefts and frauds. Cold storage, on the other hand, is safer but makes it harder to transact.
3. Transacting or investing
Cryptocurrencies like Bitcoins can be easily transferred from one digital wallet to another, using only a smartphone. Once you own them, your choices are to:
a) use them to buy goods or services
b) trade in them
c) exchange them for cash