How Does the Blockchain Work?

In laymen’s terms, the Blockchain is a global yard sale on steroids. The Blockchain is a shared, distributed, and immutable ledger that records, and publicly stores, the history of transactions starting with transaction number one. It establishes trust, accountability, and transparency. Blockchain stores information in batches called blocks. These blocks are linked together in a sequential way to form a continuous line.

What is a cryptocurrency wallet?

A cryptocurrency wallet is an app allowing cryptocurrency users to store, send, receive, and more with their their digital assets. Just like conventional currencies, a wallet isn’t needed to use your assets, but it certainly helps to keep it all in one place. When you hold cryptocurrency, you can store it in a supporting cryptocurrency wallet and from there use it to make transactions.

What Are Crypto coins and how do they work?

As of March 16, 2022 there are over 18,000 crypto currencies on Coin Market Cap. Below are a few pictures showing the top 10 based upon market cap of that coin/network. Each one serves a different purpose. Some are used as digital gold, like Bitcoin (BTC), others, like Ripple using the (XRP) coin to serve as a cross border liquidity provider for money transfers, while others provide technical requirements for other programs to operate and function within the blockchain, such as Chain Link (LINK). This is why we believe the most important thing you can do is to learn what you own. Research and study for the network and coins you choose to engage with.

One aspect that many research is “Utility”. Simply put, does the program (coin) serve a purpose? The greater the purpose and adoption for that program/coin’s purpose is what will cause the future results of that coin and/or network value. Supply and Demand

How Do I Use Crypto Coins?

After you have chosen a coin(s) to engage with, how do you get them?

Acquire a crypto wallet and Buy the coin(s). Setting up your first crypto wallet is pretty simple. There are several to choose from. There are mobile, desktop, decentralized, and centralized wallets and platforms available.

What Can I Do With My Crypto Coins?

Once you have coins in your wallet, you will be able to send, receive, and interact with other coins within that specific coin’s network. With a centralized wallet or platform, you can buy, sell, swap, and some offer staking your coins to generate interest. The Wallet or platform performs the transaction for you, for a small fee usually. The Decentralized wallets will do the same as the centralized however, with the decentralized option, you own your keys and have 100% full control over your assets making the decentralized wallet available to interact directly with other programs/coins within that network. This means you have to use an “exchange” to sell your coins for a different coin. Examples: Cosmos (ATOM), Solano (SOL), Cardano (ADA). And others, have numerous networks and coins that interact with each other. You are able to swap or utilize any of the networks programs to engage with others in that network. I.e.: Decentralized exchange. (Dex)

Think of it as simply converting your dollars for Euros. Same concept just without un-needed 3^rd party involvement in your transaction. This is the original concept of Bitcoin. Peep to Peer transactions.