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Getting Started With Cryptocurrency and Web 3by@tona
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Getting Started With Cryptocurrency and Web 3

by Joy OguntonaJuly 22nd, 2022
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Cryptocurrency is a digital currency that utilises encryption for security. It's decentralized, meaning it does not rely on banks or third parties to confirm transactions and monitor funds. Web 3 is the next generation of the internet, which will be built on top of decentralized consensus protocols such as Proof-of-Work. The goal of this new ecosystem is to create a more efficient, secure and fair platform for transactions between users or organizations. Web3 is a type of distributed open source software application that runs on a peer-to-peer (P2P) blockchain network.

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Cryptocurrency has been around for a long time, but it's only recently that it's become mainstream. The reason for this is simple: cryptocurrencies are becoming more and more popular as they become easier to use and understand.


There are many benefits associated with using cryptocurrency and Web 3, including increased security, reduced fees on transactions, faster payment times, and more.


What is Cryptocurrency for Noobies

Cryptocurrency is a digital currency that utilizes encryption for security. It’s decentralized, meaning it does not rely on banks or third parties to confirm transactions and monitor funds.


In addition, cryptocurrency has no physical form like dollars or euros do in our world—it can only be used online to purchase goods and services from vendors around the globe.


Cryptocurrencies are created by private individuals or groups who use special software to solve complex mathematical problems in order to create new coins with distinctive properties (for example, Bitcoin was designed so that there would only ever be 21 million units).


The first person who solves this problem effectively gets rewarded with bitcoin tokens (a type of digital currency) as well as their own unique identity behind them: these “miners” have become millionaires over time because they were among those early adopters who helped create these decentralized networks!


The blockchain ledger keeps track of all transactions throughout history; it records every transaction made between two parties along with its time stamp and location data so everyone knows exactly where things stand at any given moment - even if you're offline!


This makes it possible for anyone anywhere near any machine connected via wifi network connection anywhere within range without having access.


What is Web 3 for Noobies

Web 3 is the next generation of the internet, which will be built on top of decentralized consensus protocols such as Proof-of-Work and Proof-of-Stake. It's also known as a "W3" because it's an upgrade from traditional web applications (W2).


The goal of this new ecosystem is to create a more efficient, secure, and fair platform for transactions between users or organizations.


The goal is not just to replace money with cryptocurrencies but also to build better infrastructure for other types of data like identity or reputation systems that can benefit all parties involved in a transaction (buyer/seller).


You and Cryptocurrency - How to use them

  • Cryptocurrency is used to buy, sell, or trade goods and services.
  • You can buy cryptocurrency on an exchange. You can store your cryptocurrency in a wallet. You can transfer your cryptocurrency to a different wallet
  • Cryptocurrencies are often referred to as “cryptos” (short for cryptography) because they use cryptography—the science of encryption—to secure transactions from being viewed by anyone other than the sender and recipient. Cryptography can be used in many ways: from sending an encrypted email message through Facebook Messenger to encrypting files on your hard drive so that no one else can access them without knowing specific passwords or keys related to those files (also known as digital certificates)


How to use Web3 / DApps


decentralized application (dApp) is a type of distributed open source software application that runs on a peer-to-peer (P2P) blockchain network rather than on a single computer. DApps are visibly similar to other software applications that are supported on a website or mobile device but are P2P supported.


- From Techtarget


Now that you know what a DApp is, it's time to get started. There are two ways to do this:

  • Use a Dapp browser like MetaMask or Parity (which works on both Mac and Windows). These will help you create accounts with different wallets, manage your funds, and more. Note that these applications are easier to use than standalone web browsers; however, they still require some basic knowledge of how cryptocurrencies work in order to operate properly.
  • Install a standalone cryptocurrency wallet application like Exodus or Jaxx (which also works on Macs). These apps allow users to access their private keys so that they can send/receive payments from other people within the network without having any third-party involvement at all!


Endnote

Cryptocurrency is a new technology that will change the way we do business. It’s not just about money anymore, it’s about the ability to send information, make payments and interact with other users across the globe.


This new technology really has so much potential in its future and it’s only going to get better as more people adopt it into their daily lives!