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Some Cryptocurrency Questions Answered

Wed, 16 Feb 2022 15:36:07 GMT

What are some of the key crypto questions that people have ?

Understanding cryptocurrencies and blockchain is like learning a new language. Clearly you cannot expect to be fluent from 'the get go', but having a basic grasp of some key points is an absolute must.

Your Crypto Coach has produced several very useful Crypto Compass Guides, that will help you learn the basics about this exciting world. There are some fundamental questions that you should be able to answer before investing any money so one of the guides provides you with the answers to 20 basic cryptocurrency questions.

This easy to follow guide should help you on your way in crypto.

Here are a couple of the key questions with answers.....

1. What is cryptocurrency and blockchain?

Any form of currency that only exists digitally, that usually has no central issuing or regulating authority but instead uses a decentralised system to record transactions and manage the issuance of new units.
It relies on cryptography to prevent counterfeiting and fraudulent transactions.

So basically cryptocurrencies are digital coins/tokens that aren’t controlled by a central authority, but through a network of equally privileged participants that follow
an agreed set of rules via cryptography (very complicated mathematics).

A blockchain is a growing list of records, called blocks, that are linked together using cryptography. In other words very complex equations. Each block contains a unique cryptographic hash of the previous block, a timestamp, and transaction data. You can imagine that a blocks 'hash' is like a fingerprint, it's totally unique to that block.

The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it.

Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks. This would be an impossible task.

Different blockchains do different things, and this alone is why virtually every industry in the world is looking into blockchain technology. It's the future. Imagine how the internet was 30 years ago, that’s blockchain technology now.

2. How do you set up a crypto exchange account?

Whilst not every cryptocurrency exchange set up is exactly the same, there is a general registration process that tends to be rather similar for each crypto exchange platform. As an example Coinbase is a fantastic exchange for beginners who are looking to start buying cryptocurrency.

Our Trusted Affiliates page for Crypto Compass Members has several trusted exchanges listed where our members receive discounts and commissions.

The sign-up process usually goes something like this…..

First, you will need to provide a small bit of personal information, which could be nothing more than a name and an email address. The exchange will then send you an email to confirm that you are in control of the associated address.

You will then need to add a payment method that can be used as a mechanism for deposits and withdrawals.

For some users, the above three steps will be enough to get the job done. However, depending on the exchange, and the level of your engagement, you may need to go through a more extensive “Know your Client” (KYC) process, which is really just identity verification.

If you’re interested in making larger trades, then you’ll need to verify more information about yourself. Different trading tiers are available to users based on the amount of information the exchange has collected about the customer. Additional verification could come in the form of an address, phone number, government-issued identification, and even a selfie of you holding that form of ID.

In addition to digital currency exchanges offering different tiers of trading to their customers, the laws regarding user verification can also vary between countries. This is why instant sign-up is possible on some exchanges while others may take some time to get you verified for buying and selling.

For the crypto trading platforms that have more stringent requirements for knowing about their customers, the following information may be required:

Full, legal name
Date of birth
Email addresses
Phone number
Address
A copy of a utility bill sent to that address
Driver’s licence, passport, or other government-issued ID
A selfie of you holding that government ID

Given the growing popularity and adoption of cryptocurrencies, exchanges sometimes struggle to cope with new enquiries, so please bear this in mind. The sign up process may take more than a few days.

For answers to the other 18 questions you can request the FREE Guide - Your 20 Top Cryptocurrency Questions Answered RIGHT HERE

What are Non-Fungible Tokens?

Wed, 08 Sep 2021 08:52:47 GMT

Ultimate Guide to Understand NFTs

Why 2021 will be the year of non-fungible tokens (NFTs)

The cryptocurrency sector has seen a huge amount of interest over the past few years.

In particular since the beginning of 2020 there have been so many instances of large traditional institutions
taking more than an active interest in the crypto space by investing huge sums of money and resources.

However, the amount of interest shown in the market for Non-Fungible Tokens, (NFTs),
particularly during 2021, even surpasses that of crypto in many instances. There is no doubt that NFT trends in 2021 are growing.

So what are NFTs ?.....

Non-fungible tokens aren't actual cryptocurrencies in the same sense as Bitcoin, Ethereum, Litecoin etc.
Simply put a non-fungible token (NFT) is a piece of data stored on a ledger (also referred to as blockchain) that verifies a digital asset.

Cryptocurrencies also utilize a blockchain for its ability to track financial transactions between parties and have been designed as a type of digital currency for use on the internet and in a digital world

NFTs built on a blockchain are used to guarantee ownership of an asset.

Think of it as a certificate, like a vehicle or property title stating the legal owner of a car or home, except that an NFT is proof of ownership in digital form.

Most NFTs are based on the Ethereum blockchain network.
An NFT is a unique asset that is not directly replaceable with another asset (thus the name "non-fungible").

A fungible token, by contrast, is one that is replaceable with another one identical to it.
Fungible token examples…..

ETH is the fungible token that trades on the Ethereum network, meaning one ETH is identical to another. The same goes for Bitcoin. One Bitcoin can be exchanged for another Bitcoin because they have the same value.

Physical currencies work this way, too. One pound sterling is the same as another pound sterling.

By contrast….. Each NFT is unique, there isn't another one exactly like it out there.

An NFT can represent any digital creation: music, videos, writing, etc.
Digital code is written into this digital token and recorded using the blockchain network it's based on (again, usually on Ethereum). It proves a list of historical ownership, and the current owner of a unique digital asset.

So now that we know that an NFT is a piece of unique data stored on a de-centralised ledger, in other words 'a blockchain'. It confirms this digital asset.

Here's a Non Fungible Tokens list of platforms where NFTs can be bought and sold

NFTs are bought and sold on online marketplaces. There are many marketplaces to buy and sell NFTs. Depending on which marketplace you choose, you’ll be able to purchase different types of art or collectibles.

Some of the top platforms to consider are.....

- OpenSea
- Rarible
- Nifty Gateway
- Circle
- SuperRare
- NBA Top Shot

A great way to enforce digital copyright and trademark law

As already mentioned, NFTs are now being used as digital assets in digital art collections.

The big example so far was in March 2021, with an NFT representing an image entitled "Everydays: The First 5,000 Days," by artist Beeple was auctioned off by Christie's for £50 million (shown here).

The purchaser of the NFT now has ownership of the digital art attached to it. Outside the realm of collectors' items (a form of modern fine art speculation), or other collectibles in the entertainment or sporting arena, NFTs could have some very practical, everyday use and value.

Think of this…. What about physical assets such as cars or property?

Think of these Non Fungible Tokens use cases....

Blockchain-based tokens could be used to guarantee ownership of physical property and cut out expensive intermediaries who traditionally handle titling services and related legal documentation.

NFTs could be a very important technological development.

We are now in a digital era that blurs the lines between the physical and virtual worlds. This new way of confirming ownership and distribution online will be increasingly important.

How about NFTs with blockchain-based tokens disrupting various sectors?

The implementation of NFTs could see 'middlemen' disappear (imagine no Estate Agents!) and also lower the cost of buying and selling big-ticket items like cars, land, property and even antiques !

Not only that.....

Adoption of cryptocurrencies will probably be assisted by NFTs....

Some of the worlds largest video game development companies are now looking at NFT technology for upcoming game developments. This will most likely take the form of in-game items that can be purchased by gamers.

Given that the video gaming industry is bigger than the movie and music industries combined, this development is huge for the future of cryptocurrency adoption. It's just a matter of time.

This means millions of gamers worldwide, who may or may not already own cryptocurrency, will now be getting involved in the crypto economy.

This will have a massive impact on adoption, and possible prices of cryptocurrencies over the years ahead.

It's still very early days for NFTs, though, with more applications emerging over the coming months and years the future for crypto and NFTs could be incredible !

NFTs - A bubble or here for the longer term? - What is the future for Non-Fungible Tokens?

Right now most NFTs are used to sell digital art and collectibles. This may be a fad, or it could continue to be the new form of exchanging collectible assets ranging from trading cards to artwork. In the future, NFTs could be used to tokenize any real world asset, making ownership of assets transparent and incorruptible.

Your Crypto Coach believes this is where the future lies.

Non-fungible tokens could be extremely valuable for real estate deeds, vehicle titles and business ownership.
It's likely that NFTs are here to stay because the possibilities and the opportunities of them are endless, and go way beyond art, celebrity tweets or sporting memorabilia.

The future of NFTs lies in business applications, as the true power of NFTs is providing authentication and facilitating the transfer of ownership. All stored on the blockchain, which in many cases will be the Ethereum network. Thus, you can tokenize a bottle of wine, a Gucci bag, a property, vehicle or any physical or digital asset that is deemed unique.

It is for this reason that NFTs have only just scratched the surface.

Your Crypto Coach believes that exciting times lie ahead for NFTs and the impact they are going to have

Finally why not join an awakened community and become a member of Your Crypto Compass for less than £5 per week !

All membership options offer a 100% MONEY BACK GUARANTEE.

As a member you'll benefit from.....

All the practical advice you need to get started in Crypto, and beyond. A 1-2-1 chat to get you started
Invaluable Crypto Compass Guides that will help you navigate Crypto World
Regular Crypto Compass Pointers about the market and cryptos to take a closer look at
You'll be provided with easy to follow 'step by step' instructions
Regular Group Zoom sessions with like minded people
Exclusive weekly Crypto Compass e-newsletter packed full of great tips, advice and information.
Access to the Crypto Compass Private Facebook and WhatsApp Groups, another great source of learning
Being part of a supportive and awakened Crypto Community
All of this to give you peace of mind and security. knowing that you are in safe hands.

All included in the Crypto Compass Membership to make sure you as a make a success of this new and exciting world.

And don't forget...

If you are not completely satisfied with the information you have been given, or the service you have received. all forms of Crypto Compass Membership come with a 100% Money back guarantee. So if you want to know how to buy crypto safely and securely come and join us today by CLICKING HERE

Enjoy and have fun

Your Crypto Coach

Blockchain Technology Explained

Sun, 04 Jul 2021 14:12:04 GMT

It's Going to Change the World

First things first…..it was not Bitcoin that excited me, initially, it was Blockchain.

The realisation was that this innovative technology has so much scope to change the way we do things. It is not an exaggeration to say that Blockchain will have an impact on all sectors of business, which in turn will affect the way we live.

Let's see how this amazing technology works, and what real life examples already show that Blockchain is here to stay.

Oh and it may surprise you to learn that we are not starting off with Bitcoin.

Yes the two 'B's, Blockchain and Bitcoin are inextricably linked.

However there is so much more to this technology than being the basis upon which the worlds largest cryptocurrency operates. Industries as diverse as Cybersecurity Marketing & advertising, Supply-chain management, Government systems, Music and video sharing, E-commerce and even Voting for elections.

Is it too complicated to understand?.... The short answer is no.

Okay, yes it is one of the most puzzling questions we find ourselves trying to answer when first discovering cryptocurrencies. So grabbing an understanding of Blockchain is essential.

So in simple terms the main purpose of the Blockchain is to allow fast, secure and transparent
peer-to-peer transactions (Point A to Point B)

It is a trusted, decentralised network that allows for the transfer of digital values such as currency and data. Let's get even more basic…..so how does Blockchain actually work?

¨ Think of it as a large database that is shared across a network of computers which are called 'nodes'.

¨ The nodes on the network work together to verify transactions (by using complicated maths) and are
rewarded with that verification by receiving that Blockchain’s currency.

¨ This is a process known as mining. 51%+ of the nodes on the network have to basically authorise each and every transaction.

¨ Once a transaction is verified by the network, the transaction is placed in a block of transactions.

¨ New transaction blocks are placed — in order — below the previous block of transactions

¨ This creates 'the Blockchain'. (the clue is in the name)

¨ All transactions are stored in a distributed database, which is the ledger. No one entity has control over it, which makes it really cool

¨ It is extremely difficult for a hacker to change the transactions because they need control of more than half of the computers on the network.

It may be even easier if you imagine a Blockchain as an Excel spreadsheet.

This spreadsheet/database is typically shared across a large network. It is completely public and operated by a number of 'nodes' (computers). The more nodes there are, the more secure this database is. Every time the network (nodes) makes an update to the database, it is automatically updated and downloaded to every computer on the network. Everyone can see what's going on.

Blockchain technology is secured with cryptographic techniques, making it near impossible for hackers to make changes to it. It's all about very complicated mathematics. To make changes to this network (or Blockchain) hackers would have to take control of over 50% of the nodes, an impossible task.

Forget cryptocurrency for a moment

Here's a simple example to explain Blockchain a little better.

Let’s compare how data is stored and shared in standard (non-Blockchain) systems, to how it is stored and shared in a Blockchain system.

The way that traditional (non-Blockchain) ledgers work is very similar to the way you would share a Microsoft Word document with your friend:

While you are editing the document, your friend is locked out and cannot make changes. Then once you have finished making your changes, you send it to your friend to edit it further.

Now while your friend is editing the document, you are locked out and cannot make changes until they are finished and send it back to you.

So in Blockchain system, however, all users can view the changes while they are being made. The data is accessible in a secure and shared environment, instead of being locked to one company or person at a time (at the risk of losing the data).

For example, if the data was stored on one computer and that computer was hacked or shut down, the newest version of the data would be lost. In other words the word document would be lost forever.

However…..

With the Blockchain, the data is stored on all the computers/nodes that run it. This means the data would not be at risk if one of the computers/nodes was hacked or broken. The word document is edited simultaneously. Everyone can see it. So as you can start to see, Blockchain technology does not just benefit cryptocurrencies.

It is benefiting, and will benefit, many different industries. Imagine the amounts of legal, health, accounts and customer data, etc. that should be used this way.

This technology really is going to change the way we do things…..

Crypto Advice along with Some Great Crypto Compass Guides

Tue, 25 May 2021 17:06:46 GMT

Helping people with 'Sound, Practical and Safe' crypto advice

Your Crypto Coach is dedicated to providing people with practical support, help and crypto advice

All Crypto Compass Guides that are published are geared to help people navigate throughout the crypto space and never get lost. Each simple informative guide explains, in plain English, the various parts of the Cryptocurrency and Blockchain worlds and what to do where necessary. With these guides you will never lose focus, and you will also been heading in the right direction

The New Financial Goals Guide shows you how to formulate really powerful goals, using crypto as the vehicle to help you achieve them.

Before getting started, out Crypto Compass Members usually make sure they read Buying Your Cryptocurrencies , which helps our members purchase their first crypto through the exchanges that Your Crypto Coach recommends.

After you have purchased your cryptocurrencies, you will want to keep them safe and secure. The Securing Your Crypto Guide will make sure that this is never a problem.

In the event that something unforeseen happens to you, or the day comes when the inevitable happens, then you must plan for your loved ones to inherit your new found crypto assets. The Wealth Legacy Guide will provide you with all the help and guidance you need.

Educating people about cryptocurrencies, and spreading the word about the incredible technology that is Blockchain, is a key aim of Your Crypto Coach . So the guides What are Cryptocurrencies and also Earning Free Crypto are essential reading.

Learning a new language should be fun, so the Crypto Compass Guide that focuses on a Crypto Glossary is a useful thing to have on hand. Of course there is a separate Crypto Compass Guide - All About Bitcoin , which tells you all about how amazing this invention is.

By using these 'easy to follow' guides, together with practical help from Your Crypto Coach , our members are able to make a great start in Cryptocurrency and continue to navigate the space successfully.

Find out more about Crypto Compass Membership HERE

Welcome to Your Crypto Coach - How to buy Bictoin

Mon, 05 Apr 2021 11:34:24 GMT

Helping you in the world of Cryptocurrencies in a Sound, Practical and Safe way

Hello folks

I have started this service to provide you with some help and information about Crypto Currencies and Blockchain that you really should look at before you invest any money into the Crypto space. I would like to point out at this stage that I am not a financial adviser, and will not be advising you as to what to invest in. Nor will I be giving you any trading advice

Having said that, I want to help people get started so I have put website together in the hope that it provides some 'no nonsense, practical assistance' for Crypto Newbies.. I want to pass on my knowledge as a former Blockchain rookie, and yes I have made mistakes in the Crypto space Hopefully you'll avoid them when you note the contents of this email.

Why have I gone to all this trouble?.....................

Well I was in your position back in April 2020, when Lockdown 1.0 started in the UK. I knew very little about Crypto Currencies, Sure I'd heard a lot about Bitcoin, but that was about it. So during the first lockdown I did some research and realised that not only was the UK Government messing with us, but so was the banking system ! I realised that with Central Banks around the world printing tons of money to solve our problems and to get through the Covid crisis this was a potential disaster waiting to happen ..

In other words a one way street to harder times for you and I.

The lessons of the 2008 World financial crash have still not been learned. That's incredible and frightening in equal measure, and the more I researched the more I realised how corrupt (and in a lot of cases criminal) the financial system is. The traditional banks hate Bitcoin, and you'll see why on your journey of discovery. I also came to realise that the worlds most powerful people and Governments around the world want to have a 'Great Financial Reset' (you've heard this term right?) and they are pushing through for a cashless digital society.

Furthermore with savings account interest rates virtually at 0% these days, and with UK inflation at at least 4%, your money is losing value !

I thought to myself there must be a better way?. Surely ?

Hence my motivation, and then extensive research, into the Crypto space. I have spent hours/days/weeks/months learning about this wonderfully innovative new Blockchain world. I am very excited about it, and once you embark on this journey, you'll be excited too.

As I say I will not be offering you financial advice. I just want to help you get started in what at first seems a strange, complicated and slightly unnerving new way of doing things financially

Don't worry. I was the same as you !. I was a Crypto Newbie . I have no financial background and I am not a Techie, so if I can do this stuff, then so can you.

Your Crypto Coach is a service for beginners, as I know from experience that getting into Crypto is very different from anything I have experienced in the financial world.

SOME PERSONAL QUESTIONS 1

First off, some BIG PERSONAL QUESTIONS ! You can't use Google for these ! (btw I never use Google. I use another Browser and Search Engine that earns me FREE Crypto!)

Why do you want to know more about Crypto ?

What financial goals do you have?

What would you like to achieve by investing in Crypto Currencies ?

Are you prepared to learn about a new way of doing things financially ?

If you know the answers to these questions, then you have taken your first steps on this great journey !!

You are now almost ready to invest your money. However you have to make sure to keep pushing your limits and learn more and more!

Or as I like to say

“Earning Whilst Learning”

I will be able to provide you with all the practical help you need to get started.

By becoming a Member of Your Crypto Coach, you'll get

Your Crypto Compass - You'll never get lost in Crypto Land ever again !
As a member you will have access to my Helpful Crypto Guides
You'll be able to join us for our Weekly Crypto Compass Zoom calls
Access to a private Facebook Group
1-2-1 Facetime/Zoom support
The weekly Crypto Compass e-Newsletter
Regular email support
Minimum of two new Helpful Crypto Guides each month

Take a look HERE for MORE MEMBERSHIP DETAILS

See you soon !

Alan - Your Crypto Coach