I have long learned about Web 3.0 and crypto and would love to share my learning journey with you.
What is crypto?
Crypto is short for "cryptocurrency", which is a digital or virtual currency that uses encryption techniques to secure and verify transactions and to control the creation of new units. Cryptocurrencies use a decentralized system, known as a blockchain, to maintain a public ledger of all transactions. Unlike traditional currencies, such as the US dollar or the Euro, cryptocurrencies are not issued or controlled by any central authority like a government or a bank, but rather rely on a network of computers and users to maintain and validate transactions. Some of the most well-known cryptocurrencies include Bitcoin, Ethereum, Litecoin, and Ripple, but there are many others in existence as well.
Why do we need crypto?
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Decentralization: Crypto allows for decentralization, meaning that it is not controlled by a single central authority like a government or a bank. This gives users greater control over their money and eliminates the need for intermediaries such as banks.
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Security: Crypto uses strong encryption techniques to secure transactions and protect users' financial information. This makes it much more difficult for hackers and other malicious actors to steal funds or commit fraud.
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Privacy: Many cryptocurrencies offer pseudonymous or anonymous transactions, which can provide users with greater privacy and protection from surveillance.
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Accessibility: Crypto can be accessed by anyone with an internet connection, regardless of their location or financial status. This can be particularly beneficial for people who do not have access to traditional banking services.
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Innovation: Crypto and the underlying blockchain technology have the potential to revolutionize the way we store, manage, and transfer value. This has led to the development of new and innovative use cases, such as decentralized finance (DeFi) and non-fungible tokens (NFTs).
Difference between crypto and traditional finance?
Top 10 cryptos today and their pros and cons?
What impacts cryptos’ price?
What are the types of cryptos?
Should every application offer its own token?
