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    Cryptocurrency: Ultimate Beginner's Guide to Trading, Investing and Mining in the World of Cryptocurrencies
    Cryptocurrency: Ultimate Beginner's Guide to Trading, Investing and Mining in the World of Cryptocurrencies
    Cryptocurrency: Ultimate Beginner's Guide to Trading, Investing and Mining in the World of Cryptocurrencies
    Ebook134 pages1 hour

    Cryptocurrency: Ultimate Beginner's Guide to Trading, Investing and Mining in the World of Cryptocurrencies

    By Matthew Connor

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    About this ebook

    Edition 2 - Updated for 2018!

    Bitcoin, Cryptocurrencies, Ethereum, ICO Blockchain

    Over the last 12 months, you may have heard of these words all over the news, the internet, facebook, advertisements and etc.

    Cryptocurrencies are proving that they are the wave of the future and are turning the traditional financial structure on its head. In 2017, they took the world by storm as the currency of the future where millions of people were investing and trading in the market. They created such a buzz, that recently in 2018,governments around the world are placing gags on the market as cryptocurrencies are gaining enormous popularity and World recognition.

    The most popular cryptocurrency is Bitcoin. Its price is $7035 with a total market cap of around $120 Billion

    This book Cryptocurrency: Ultimate Beginner's Guide to Trading, Investing and Mining in the World of Cryptocurrencies was written to cover everything you need to know about the technology and the digital currencies.

    Cryptocurrencies as an investment opportunity are an extremely volatile market, both when it comes to the rate at which the various types of currency change price, and also in the way in which new best practices come into effect. As such, the market is extremely open when it comes to those looking to profit from it in various ways, but only if you go about it in the right way.

    This book will provide a detailed insight on how to INVEST, TRADE and MINE as well as tips and tricks to help ensure that the investments you make are the right ones.

    This book will help you learn the following:

    • What is blockchain? The technology behind of all cryptocurrencies.
    • The most effective ways to invest in cryptocurrencies in order to minimize your risk and maximize your returns.
    • Tips for choosing the right method of investment for you, determining your preferred level of risk and more.
    • How to create a personalize trading plan
    • How to build a mining machine
    • A look to the future to see where cryptocurrencies are likely to be in five years and beyond.
    • A complete breakdown of the steps that major world governments are taking to bring cryptocurrencies under control.
    • Cryptocurrencies in 2018
    • And more…

    So, what are you waiting for? Now is your best opportunity to master digital gold of the future.

    Take full advantage of it and buy this book today!

    LanguageEnglish
    PublisherMatthew Connor
    Release dateAug 27, 2017
    ISBN9781974476466
    Cryptocurrency: Ultimate Beginner's Guide to Trading, Investing and Mining in the World of Cryptocurrencies
    Author

    Matthew Connor

    Matthew Connor is a financial technology analyst and a self-taught computer programmer that currently lives in New York City. After graduating from Princeton University with an MS in Computer Science, Matt is currently working for a Fortune 500 company in Manhattan, NY. Matt is passionate about numbers and likes to analyze data to find trends and patterns. As an early investor of Bitcoin, Matt believes cryptocurrencies will revolutionize the world within the next 10 years. Therefore, he is setting out to share what he had learned so others can also get ahead start too. During his spare time, Matt enjoys cooking exotic recipes and push his taste buds.

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      Book preview

      Cryptocurrency - Matthew Connor

      Introduction

      Congratulations on downloading Cryptocurrency: Ultimate Beginner’s Guide to Trading, Investing and Mining in the World of Cryptocurrencies. and thank you for doing so. Cryptocurrencies are fast proving that they are the wave of the future. They are popping up in more and more places and proving to be viable investments time and again; with the most popular of all, bitcoin, trading at around $20,000 as of December 2017. What all this means is there has never been a better time to get in on the action as long as you do it in the right way.

      This is easier said than done, however, which is why the following chapters will discuss everything you need to know in order to get in on the cryptocurrency craze while the getting is good. First you will learn all about blockchain, the technology that makes cryptocurrency tick. Next, you will learn all about cryptocurrencies themselves including what makes them so popular and how the price for each is determined before then learning about the top cryptocurrencies to watch in the moment.

      From there you will learn all about investing in them properly and how to choose the best exchange to go about doing so. You will then learn all about investing in them the right way to avoid losing your shirt in the process through creating a personalized trading plan and executing cryptocurrency trading strategies that are proven successful. With that out the way you will then learn about making money from cryptocurrency in another way, via cryptocurrency mining through both the cloud mining process and by building your own mining machine and mining via a mining pool. Finally, you will learn all about where the technology is likely headed in the future, how major world governments are looking to get in on the action and what to expect from cryptocurrency in 2018.

      There are plenty of books on this subject on the market, thanks again for choosing this one! Every effort was made to ensure it is full of as much useful information as possible, please enjoy!

      Chapter 1: Blockchain Basics

      More and more these days, you can’t go anywhere without hearing about cryptocurrencies of one type of another. If you are like approximately 75 percent of all Americans, however, then you aren’t quite sure what all of the fuss is about. Cryptocurrencies are a type of digital currency that are useful for a variety of different reasons. Their use, and indeed, their very existence, is thanks to an underlying technology known as blockchain.

      While the use of the term can vary if it is being used in reference to smart contracts, cryptocurrencies in general or, most commonly, bitcoins, the heart of every blockchain is its ability to store large amount of primarily financial data in a decentralized database. A useful analogy is that blockchain can be thought of as Lego in that each blockchain is made up of many different parts, assembled in different ways, while still falling under the same general brand. More specifically, each blockchain stores data in such a way that it allows unparalleled access while still providing security that is extremely difficult to crack for reasons that will be discussed later.

      Each block that makes up part of a chain contains all of the data for all of the proceeding blocks while also adding in its own. When a new block is added to the node of the chain in one location, that information is then automatically added to all of the other nodes that are connected to that chain after a verification process has occurred. Besides storing a wide variety of data, each block in a blockchain is also notable due to its ability to automatically timestamp when its individual transactions take place in addition to other information that allows it to easily determine its place in the chain as a whole.

      The other extremely interesting part about blockchains is the fact that each has the ability to operate without any centralized authority or primary server that oversees the process to ensure everything works the way it is intended. Rather, these processes are spread amongst the nodes that contain the blockchain. This means that a single blockchain could easily be operating via thousands of different nodes spread across the entire world. These nodes are then able to easily communicate with one another via an advanced system that utilizes specially designed cryptography along with digital signals to guarantee the integrity of the chain at all times.

      Each blockchain allows for two primary user types, read-only users and writeable users. Read-only users are allowed to look at the chain and its transactions and writeable users are able to make changes to the chain in the form of adding new blocks to it. Blockchain security is also unique in that it doesn’t actively do much to prevent those with nefarious designs on the data contained within, rather, it relies on its very nature to ensure that those who would try to alter the data would be required to exert vast computational power to the extent that it is rarely a feasible, not to mention economical, proposition. The reasons behind just why this works are also described below.

      Humble start

      While the basics of blockchain technology can trace their roots back to the 1980s when they were invented as a means of blocking spammers from sending mass emails, the technology largely lay fallow until 2008. At that time discussion on a peer-to-peer programing forum turned to the possibility of means for a P2P financial transaction system that in no way relied on the current banking infrastructure. This was a purely theoretical conversation but it wouldn’t remain so for long.

      Soon after in 2009, a treatise titled bitcoin: A P2P electronic cash system started making the rounds authored by a pseudonym Satoshi Nakamoto. At the same time, the alias released the basic code of what would go on to form the core of the bitcoin infrastructure. Several other programmers quickly went to work on the code and Nakamoto was never heard from again after early 2010.

      To more accurately understand blockchain technology, it is helpful to understand how bitcoin, and a majority of the cryptocurrencies that came after it, work. Bitcoin is a type of virtual currency that, broadly speaking, works in the same way that other digital services such as PayPal do, with a few key differences. It allows users to transfer bitcoins from one person to another and each bitcoin has a value that allows it to be exchanged for hard currency based on its going rate.

      Each one of these transactions is then verified and recorded in the bitcoin blockchain which can be viewed by anyone with the mind, and the software, to do so. Transactions are verified by individuals, known as bitcoin miners, through the use of specialized hardware which completes complicated proof of work equations to verify the authenticity of the nascent blocks. The miners are paid for their time and electricity costs in fractions of bitcoins for each transaction verified.

      The value of a single bitcoin is based on the value of the bitcoin global exchange rate at a given moment as well as the number of bitcoins currently on the market. Prices tend to vary, sometimes dramatically, and it is considered to be extremely volatile overall when compared to other assets. In July 2017, one bitcoin was worth nearly $3,000 but by the end of 2017 the price had peaked at $20,000. Prior to disappearing for the last time, Nakamoto created the bitcoin genesis block and transferred coins to other users. The first documented case of bitcoins being used to purchase physical products came when 10,000 bitcoins were exchanged between users in an effort to purchase a pair of large pizzas which put the original price of a single bitcoin at around $.002.

      By 2014, bitcoin and the blockchain technology that powered it were catching on in the mainstream. While bitcoins were reaching above $1,000 for the first time, coders working behind the scenes made a breakthrough of their own. They figured out a way to add entire programs, to individual blocks in the form of what are known as smart contracts.

      Blockchain components

      Decentralized database: The most notable difference between a traditional database and a blockchain database lies in the degree of centralization that is taking place. With a standard database, data nodes and servers are split up based on space limitations in the real world but still kept as close to one another as possible in an effort to reduce latency. At the other end of the spectrum you have blockchain databases which are made up of individual nodes that can be spread out literally around the world. This fact, combined with blockchain’s self-sorting and tamperproof nature means that it is more or less totally autonomous and extremely safe as well. Essentially blockchain allows for currency transference in much the same way the internet transfers information.

      Perhaps the most unique thing about blockchain technology is the cryptography that powers its security measures. This level of security is also a function of the decentralized nature of blockchain as much as it is required because of it. Essentially, it works because every block contains all the information of every block that came before it. Before a new block can be added to the chain as a whole, the information it contains is verified by the nodes that are currently active in comparison to the chain

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