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Bitcoin is only for Bitheads!
Refutation: Um, no, that's RedCoin with which you're confusing it. Seriously, though, crypto is not only for software and Web developers and the technically inclined/savvy. Anybody who bothers to learn about it (including how to acquire and HODL it for at least three years) is welcome, indeed encouraged, to get hold of some.
Although many people have heard of cryptocurrency (particularly Bitcoin), few know how to start acquiring, HODLing or using it. The barrier to entry lies in the lack of tech savvy of the average user, the complexity of the average crypto exchange's user interface, the FUD that gets bandied about by detractors (many of whom are either uninformed or misinformed) and the fact that the cryptosphere is full of jargon and buzzwords. (What's a DEX? What's a DAO? What's a fork? What's a blockchain?) That's not even touching on the technical information you need to know if you want to start mining crypto or include blockchain technology in your next project.
Do users and enthusiasts really need to have a technical/programming background in order to get started with it? As both a software and Web developer for over a decade, as well as a crypto enthusiast, I can confidently state that the answer is "most definitely not"! Cars were some considerably advanced/high tech when they first came out, but you didn't need to be an engineer in order to learn to drive a Model T (although it might have helped). Likewise, cellphones used to be cutting edge when they first arrived, but you don't need to be an electrical engineer or application developer to use one. (Does anybody else remember not just cordless phones, but rotary-dial ones before them? Did you need to be an engineer or switchboard operator to use them?) Why, then, would you suddenly need that knowledge in order to make use of the latest and greatest technology? That thinking makes no sense, since you don't.
The Cryptosphere and Web 3.0 are two of the most revolutionary developments in the world of money (which it will render obsolete) and online payments (which it will make a lot easier/more convenient). The concept of a decentralized, peer-to-peer, international form of currency has been around since the early days of the Internet. (Cypherpunks aren't anything new.) In the roughly thirteen years since Satoshi Nakamoto introduced Bitcoin to the world, it has been developed, expanded and improved by a global collective of developers and entrepreneurs. It has also inspired/spawned altcoins in the thousands (Bitcoin Cash, Ethereum, Litecoin, Monero and Ripple being just some of them). Because Bitcoin has never had a centralized financial system, understanding it can be tough for those who don’t have at least some technical knowledge (but little more than how to use a computer to browse the Web, download software and make an online payment or do Internet banking). Crypto is definitely pretty easy to use.
Crypto is for Everyone
Bitcoin is definitely used by developers (the people who write code, not just that which runs the Bitcoin network), but it is also used by business people and consumers. It is used by writers, students, engineers, all sorts of different people from different walks of life.
This year, the president of El Savador adopted Bitcoin as that country's national currency and ordered a geothermal apparatus be built in order to mine it.
Crypto is all the rage these days. Many have made insane amounts of money by investing in Bitcoin, the value of which has increased by over 400% in the last year or two. It’s also a topic that’s heavily discussed and debated on social media platforms.
If you’re not familiar with Bitcoin, here’s a quick rundown: Bitcoin is an online currency that is “mined” using a super-powerful and specialised computer specifically made for mining, otherwise known as a Bitcoin miner or ASIC. Miners verify and collect Bitcoins as rewards for writing transactions to the blockchain, the LEDGER that records all Bitcoin transactions. This rewards system is how new Bitcoins are created.
The miners aren’t the only ones profiting from the currency’s price increase though. Some startup companies now offer services to invest in the currency or exchange it for others. Bitcoin IRA, for example, allows people to invest in Bitcoins through their individual retirement accounts (IRAs).
Crypto is a (relatively) new online payment system that is taking the world by storm and it is easy to us. You just need to follow some simple steps before acquiring your first bitcoin.
- Firstly, download and install a wallet such as EXODUS or Atomic. (I prefer Atomic, but either will serve you well in the beginning.
- Secondly, use your fiat to buy some Bitcoins (most likely a fraction thereof on an exchange (such as SimplEx.cc). The more you can put in at one time, the better. Anything less than $100 USD isn't worth it, but try to put in at least twice or thrice that if you can, since you'll want to exchange some of it for Ethereum and Litecoin (and probably at least one other altcoin) once it's in your wallet.
- Thirdly, transfer your Bitcoins to your wallet and exchange about a third of them for Ethereum and another third for Litecoin. (However, do not let your balance in BTC go below 0.02 or you will have problems later on.)
- If you can, sign up with CRYPTO.COM and/or nexio.io so that you can get a crypto-based credit card to use like you would a regular credit card. (To minimise fees, avoid using it for small purchases; it's for your big ticket items).
Although Bitcoin can be (and often is) accepted as an online payment method by thousands of merchants and companies, you'll want to find an alternative that's faster and has lower/zero fees. It should offer you several benefits compared to BTC and fiat, such as the following:
- Speed: You’re able to make purchases in seconds to minutes, without having to wait for your bank to approve/clear the transaction.
- Security: It’s more secure than cash. It’s almost impossible to counterfeit and non-reversible.
- Minimal or No Fees: It’s cheaper for merchants to accept than traditional credit cards. (No third-party tariffs)
- International: Crypto is available to anyone, anywhere in the world.
- Anonymity (or close to it): If you use Monero (XMR), PrivacyCoin (PIVX) or ZCash (ZEC), your identity is not tied to your crypto wallet. Only the wallet ID is public and you choose whether it is linked to a name (which may/may not be your legal name).
Hopefully, if you're already an author on Pub0x, this isn't covering new material for you. However, if this is your first introduction to crypto, it's likely too abstract/vague for you (but at least somewhat useful, nevertheless).
Disclaimer: I am not in any way associated with the services I have recommended in this article and have not received any commission from them for doing so. As always, my opinion does not constitute financial advice and you should do your own research.
The world would be a better place if everyone accepted crypto payments and abandoned fiat for good. It is important that the general public understands the benefits of this new digital currency, so they can start adopting and using it as quickly as possible. The end of centralised government and banks is nigh. it's only possible with your help and active participation.
Post thumbnail photo by Vie Studio from/on
