WEBVTT 00:05.540 --> 00:11.300 Recently you may have heard a lot about Bitcoin a theory am ripple or crypto currencies in general. 00:11.300 --> 00:16.130 So when people say cryptocurrency they're referring to one of the following things. 00:16.400 --> 00:23.450 A digital currency a virtual currency a digital coin or a digital token that can be used to replace 00:23.450 --> 00:25.750 our current local currencies. 00:25.990 --> 00:31.100 And it also refers to a payment system that can be used for sending and receiving money online. 00:31.990 --> 00:37.270 Because there are many resources that explain clearly what crypto currencies are and how they work in 00:37.270 --> 00:38.650 the digital world. 00:38.670 --> 00:43.690 I'll only dive into the most important things that you'll need to learn before trading or investing 00:43.690 --> 00:47.310 in crypto currencies. 00:47.390 --> 00:52.280 Below are everything you need to know about bitcoins and other crypto currencies. 00:53.230 --> 01:00.720 Most crypto currencies are de-centralized de-centralized means that transactions are made directly from 01:00.720 --> 01:03.730 one person to another person through the Internet. 01:03.930 --> 01:09.020 And there's no need for a bank or financial institution to act as the middleman. 01:09.090 --> 01:14.310 Thanks to this the transaction fees are much lower and that can be used in all the countries around 01:14.310 --> 01:15.580 the world. 01:15.710 --> 01:21.720 Your cryptocurrency account cannot be frozen and no one can limit or block your account. 01:21.720 --> 01:26.310 This means that you will have full control of your account and no one can access it. 01:27.080 --> 01:32.430 And the best thing is more and more merchants are starting to accept crypto currencies and you'll soon 01:32.430 --> 01:35.070 be able to buy anything you want with them. 01:35.190 --> 01:43.050 And because of this cryptocurrency values are rising every single day. 01:43.110 --> 01:49.050 If you take a look at bitcoin for example which was first introduced in 2011 back then its value was 01:49.050 --> 01:56.510 only $1 per coin and now its value has increased over ten thousand dollars per coin in just a few years. 01:56.630 --> 02:02.160 This made a lot of people millionaires and even billionaires and I believe its value will go higher 02:02.160 --> 02:08.400 and higher in the future and thats why we need to get into the cryptocurrency world right now before 02:08.400 --> 02:09.870 we get left behind. 02:12.070 --> 02:18.660 The best thing about crypto currencies is that most transactions are made pseudonymously pseudonymous 02:18.670 --> 02:24.330 means that while all transactions are publicly viewable on an open ledger called the block chain the 02:24.340 --> 02:29.240 senders and receivers are only known as a string of numbers and letters. 02:29.290 --> 02:37.060 So this means that using bitcoins or crypto currencies in general can be done anonymously owning a cryptocurrency 02:37.060 --> 02:39.160 simply means you'll have a private key. 02:39.220 --> 02:41.020 Similar to a password. 02:41.020 --> 02:45.410 With this you can easily transfer your cryptocurrency to someone else. 02:45.580 --> 02:48.750 These private keys are often stored in digital wallets. 02:48.820 --> 02:51.560 If you have no idea about what digital wallets are. 02:51.610 --> 02:56.750 Don't worry we'll get into this in the next lecture. 02:56.960 --> 03:03.230 When you send cryptocurrency to someone the transaction will be added to the block chain block technology 03:03.230 --> 03:09.090 serves as a platform that allows the transit of digital information without the risk of being copied. 03:09.290 --> 03:14.780 BLOCK chains are kept secure from hacking through the work of validators whose jobs are just validating 03:14.780 --> 03:16.540 transactions. 03:16.610 --> 03:22.940 You may have heard about bitcoin mining or cryptocurrency mining the miners here are known as the validators 03:23.060 --> 03:28.640 because they use their computer power to help verify and validate transactions made in the digital world. 03:29.450 --> 03:35.990 Validators or minors are given crypto currencies as reward or payment every time they verify a transaction 03:36.620 --> 03:41.060 and they may also be rewarded transaction fees paid by the sender. 03:41.080 --> 03:46.660 So this is the reason why many people invest a lot of money in buying computers and machines to just 03:46.660 --> 03:50.020 validate transactions and earn money along the way. 03:50.910 --> 03:56.640 When the transactions are validated the transactions are marked as confirmed or completed and they'll 03:56.640 --> 03:58.390 appear in the receiver's wallet. 03:59.130 --> 04:04.770 It normally takes two to three confirmations between the network before the receiver can use the cryptocurrency 04:04.770 --> 04:06.060 they've received. 04:06.180 --> 04:11.710 This process may take a few minutes to several days depending on the workload of the network. 04:11.740 --> 04:16.720 So if you don't receive your cryptocurrency when someone sends it to you or when you send from one wallet 04:16.720 --> 04:17.830 to another. 04:17.830 --> 04:20.290 Don't panic just wait a few hours. 04:20.290 --> 04:24.500 Everything should be fine if you want to speed up the process. 04:24.520 --> 04:26.610 Just check out the material below. 04:26.680 --> 04:32.810 I've made you a step by step guide on how to get your transactions confirmed in less than an hour. 04:34.710 --> 04:39.010 So now you have a good understanding of crypto currency and exactly how it works. 04:39.210 --> 04:43.410 I believe everything you've learned in this lecture is enough for you to get started. 04:43.410 --> 04:48.040 Below are the next things you'll need to prepare before buying your first cryptocurrency. 04:48.330 --> 04:53.050 First of all you'll need a digital wallet where you can store your money online. 04:53.730 --> 04:59.070 Next you'll need to open trading accounts from some popular cryptocurrency exchanges so you can buy 04:59.070 --> 05:02.320 and sell any cryptocurrency you want. 05:02.400 --> 05:07.860 Then you'll need to understand how to convert your local money into crypto currencies and how to sell 05:07.860 --> 05:13.710 your crypto currencies to get real money understanding this is very important. 05:13.710 --> 05:17.000 Many people don't know exactly how to get into cryptocurrency. 05:17.130 --> 05:22.110 They have no idea about what will happen with their money and how they can actually make a profit. 05:22.900 --> 05:27.820 In addition you'll need to know some places where you can do some research to find information related 05:27.820 --> 05:34.480 to your crypto currencies will dive into all of these things in this module in the next lecture. 05:34.490 --> 05:38.690 I'll teach you how to get your digital wallets to store your crypto currencies.