A Brief Background

So, let’s sum this up, The origins of cryptocurrency go back as far as 1998 and a computer scientist named Nick Szabo who developed Bit gold but, the actual creation of a viable cryptocurrency was ten years later in 2008, by Satoshi Nakamoto, whose whitepaper outlined how a linear, time-stamped network could fuel a cryptocurrency called Bitcoin.

Thus, the coin/currency/token/digital asset (these terms are interchangeable) is stored on the chain — a distributed ledger.

The main feature of real cryptocurrency is that there is no central control over the currency, unlike banks or governments. You do, however, get centralized cryptocurrencies where there is a measure of power exerted. Check out this list of centralized and decentralized crypto. The blockchain and cryptocurrency industry’s overall sentiment and purpose are to be a democratic alternative to traditional currency

The Crypto Culture

As you dabble and delve into crypto, you will become very aware that a strong community is backing this new industry.

The community has a powerful ethos and purpose related to individual control of their financial destiny and provides financial access to users that may not qualify for traditional financial services.

Decentralized blockchain networks are chains of validation nodes. These nodes are stakeholders that verify transactions.

There is no central authority, and the system is set up based on parameters determined by the code upon which the blockchain operates. Several blockchains exist, and they have their currencies — for example, the Ethereum blockchain fuels the ETH cryptocurrency.

It is worth noting the players involved in the cryptocurrency culture or even subculture.

Crypto Wallets Explained

Understanding the background, how the tech was built, and who continues to maintain, participate in, grow and invest in the blockchain and cryptosystem should give you an idea of where or how you want to fit in.

So whether you aim to mine crypto with the view to becoming a venture capitalist that supports and funds exciting and innovative projects or if you want to trade crypto or perhaps yield farm, everyone has to start in the same place — getting a crypto wallet. Without a crypto wallet, no transactions can be made.