10 Cypto Facts — “i-10 by 10”
1. Cryptocurrency runs on the blockchain. The blockchain, (hypothetically) is every individualized thing/product/or code. In physical form, it is with a specified code or [QR Boxes] near the barcode of the product. In digital form it is a special code that allows security to be more secure by routing and re-routing.
2. There are thousands of cryptocurrencies. A few currently trending are — Bitcoin, Ethereum, Litecoin, Binancecoin, COSMOS (pays a 5% APY- compounding interest), Dash (now accepted by Doordash), Dodgecoin (created as a joke for TikTok), Celo (2% APY), and UNISWAP. Excuse the excitement but this is a major play. Not only can cryptocurrencies perform in e-commerce, but this means cryptocurrencies are a competitor toward the stock market.
ICOs V. IPOs
3. Cryptocurrencies and Initial Coin Offerings (ICOs) come in different forms; “a standard currency used for making or receiving payments on the blockchain, with the most popular Bitcoin” (Investopedia).
AltCoins, Alternative Coins AKA altCoins are currency other than Bitcoin (coded to run on one or more blockchain platforms typically used for peer-to-peer transactions such as: (Ethereum, Bitcoin Gold, Litecoin, etc.).
Tokens are assets- coded to run and be transparent on one/their blockchain (Investopedia). (This definition is currently being tested by the industry today via COSMOS.)
In some cases, Tokens can be used as platforms which ultimately run as a “triple play”: Energy Neutral, Currency, & Platform. Which makes tokens attractable. This is possible because Tokens are created through an ICO.
Stable-Coins, (the newest form of crypto-currency, brought in to help stabilize the market after Bitcoin’s 2018 Big Dip). In other words, “helps with volatility”. Typically, transparent toward a country. I.e., America’s Federally backed U.S. Dollar Coin (USDC).
4. Yes, you can spend Bitcoin/cryptocurrencies. Currently, Bitcoin is accepted at a few major places such as: DoorDash, Whole Foods, Wikipedia, AT&T, Microsoft, Subway, Overstock, and small businesses, to name a few.
5. Bitcoins Market — via (Coinbase.com)
- $600B+ Market Cap (@68.1%)
- 21 Million can be Mined. (No excess printing/creating).
- 18.6 Mil. Circulating
- Places using Bitcoin:
- The United States
- South Korea.
- The European Union
- China (Restrictions)
6. The Creator of Bitcoin is Satoshi Nakamoto — identity unknown. Check out what Investopedia has to say about the cult following of the creator(s). Includes Back story on Bitcoin.
7. There are many exchange platforms to buy, sell, send & receive, hold(wallet), and convert crypto. Fan favorites of Crypto enthusiasts via Reddit, Quora and Twitter typically lean toward: Coinbase, Coinbase-Pro, Binance.US, Crypto.com, and CoinMarketCap, and Forex.
We chose this list of cryptocurrency exchange platforms because they provide the most value and function. Many of them act as all buy, sell, wallet(s), and converter(s). The most notable differences in exchange platforms are the cryptocurrencies available on each platform and Buy/Sell fees.
Be aware cryptocurrency platforms have a wide and vast range of uses. Some can buy and sell but cannot convert to other currencies or exchanges. You may be able to buy and sell crypto, but not use it as a wallet. Ensuring that your crypto-currency platform can act as a buy, sell, converter and a wallet are very important. This is key to the idea of cryptocurrency being decentralized. If your platforms do not act as such then in essence you do not “control” your crypto. If your concern is security, a Ledger may be the answer for you. It acts as a products/ledger-nano-x security store wallet (long term).
8. Yes, cryptocurrencies can be hacked/stolen. In 2018, unfortunately millions were stolen and sold off from crypto wallets known as “The Great Crypto Crash”. The year 2018 also saw an awakening of Ponzi scheme cryptocurrencies/platforms. Fortunately, with regulation many of these “companies” were filtered out of the crypto boom.
9. Cryptocurrencies are great for e-commerce. Access, quality and acceptance are key. With access to a bank account being slim in third world countries, cryptocurrencies provide access to e-commerce/ Free Market. The quality of the U.S Dollar/ fiat-currency is in very high speculation, as cryptocurrency provides “security” and “options” for buyers/sellers. Acceptance among crypto currencies have caught momentum as more and more companies accept crypto as a form of payment (legal tender), while some companies dare to create their own such as Chase, T-Mobile, and Facebook.
10. Yes, you can create your own cryptocurrency token (Coinbase). This allows you to create crowdfunding. Much like venture-capital, however, a token creation will have to be tightly strategized on who your optimized user (buyer/seller) will be and which blockchain your token will run on.