Cryptocurrency and Blockchain Fundamentals : The New Industrial Revolution | Piyush Rawtani | Skillshare

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Cryptocurrency and Blockchain Fundamentals : The New Industrial Revolution

teacher avatar Piyush Rawtani, What we think , we become

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Taught by industry leaders & working professionals
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Watch this class and thousands more

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Taught by industry leaders & working professionals
Topics include illustration, design, photography, and more

Lessons in This Class

12 Lessons (40m)
    • 1. Introduction & Course Contents

      0:49
    • 2. Basics Of Cryptocurrency

      2:13
    • 3. Problems Of Traditional Monetary System

      2:06
    • 4. Benefits Of Cryptocurrency

      3:58
    • 5. Myths Surrounding Cryptocurrency

      3:21
    • 6. Blockchain Technology Simplified

      8:26
    • 7. Mining & Proof Of Work Vs Proof Of Stake

      4:38
    • 8. Important Cryptocurrency Concepts

      0:34
    • 9. Cryptocurrency Wallets

      5:17
    • 10. Cryptocurrency Exchanges To Buy & Sell

      3:35
    • 11. How To Choose A Cryptocurrency Exchange

      3:57
    • 12. Using Technical Analysis In Cryptocurrency

      1:28
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About This Class

This quick video course wastes no time and leads you to quickly understand what cryptocurrency is, the real world benefits and applications of the blockchain technology, and how you can use cryptocurrency, buy it, sell it and even trade it.

You will learn the key concepts around cryptocurrency including:

  • Basics of cryptocurrency.
  • Problems of traditional monetary system.
  • Benefits of cryptocurrency.
  • Myths surrounding the blockchain technology.
  • Blockchain technology simplified.
  • What is mining?
  • What is Proof Of Work & Proof Of Stake?
  • What are crypto wallets?
  • What are crypto exchanges?
  • How to choose the best exchange for buying/selling cryptocurrency?
  • How to use technical analysis for buying/selling and investing in cryptocurrency?  

FREE Bonus: With your course enrollment you will receive a PDF download of a professionally produced, simple and quick-to-read book focused on financial markets called "Trading Myths Debunked." 

I look forward to seeing you !

Best,

Piyush

Additional Information 

Who this course is for:

  • Students preparing for their successful future career.
  • Bankers and other financial professionals interested in cutting-edge financial innovation.
  • Business executives and managers interested in the potential impact of blockchain on their industry
  • Entrepreneurs looking for more innovation within the blockchain space.
  • Entrepreneurs looking to boost their existing business models and complement their ideas with the power of blockchain.
  • Legal and accounting professionals interested in the new market opportunities blockchain, distributed ledger technology and crypto-assets are opening up.
  • Government officials, regulators and other public sector professionals who want to understand thoroughly and keep up-to-date with the latest advancements in a technology with high potential impact on business, the economy and society as a whole.
  • Legal professionals interested to participate in shaping the legal and regulatory framework around blockchain and crypto-assets.
  • Tech enthusiasts interested in the latest developments in blockchain.
  • Any ambitious individuals interested in the ways blockchain can change the world.

Meet Your Teacher

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Piyush Rawtani

What we think , we become

Teacher

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Transcripts

1. Introduction & Course Contents: This is the age of cryptocurrency, that disruptive technology, which is changing the global economic order from Elon Musk's tweets to dodge coin becoming bigger than Honda Motors Company cryptocurrencies, the cause of mass hysteria all over the world is here. In this lecture, we'll be discussing about the basics of cryptocurrency, how it's different from the traditional monetary system, the real-world problems, cryptocurrencies and blockchain technology can solve the myths and misconceptions surrounding the cryptocurrency industry. We will also study important things to keep in mind before starting your journey in the world of cryptocurrency. My name is Piers route Danny, let's get started. 2. Basics Of Cryptocurrency: Hey guys, I hope you're doing well and having a great day. More than 4 thousand cryptocurrencies are being treated at this very moment. Cryptocurrencies gain a lot of attention in the year 2017. And the price of bitcoin gained by more than one hundred, ten hundred percent in a span of few months. Not only that other cryptocurrency, like ripple, gain more than 30000 percent in a very short span of time for a traditional stock market or commodities market trader and resto, these kind of returns are simply not possible. These kind of returns generated enough interest to create a frenzy. However, at the beginning of 2018, the bubble burst and the cryptocurrency market crashed with price of bitcoin falling by a great deal of margin. And a lot of late investors who purchased bitcoin and other cryptocurrency at a very high price, thereby forcing themselves to get out at a loss. This crash was enough for some investors to label the whole industry as a scam. A lot of them gave up on the cryptocurrency market and switched back to traditional market of stock trading and commodities trading. But now the cryptocurrency market is continuously evolving. It's becoming much more stable, mature with time. And it's getting the attention of a lot of big financial institutions all over the world. More and more people are adopting cryptocurrencies with time. And a lot of people are much more comfortable accepting it as a payment method. And that is how the whole industry is flourishing with time. The foundation of cryptocurrency lies in a whole year technology called blockchain. The blockchain is considered to be the next big thing after the Internet. And block chain is the infrastructure that the cryptocurrency is built on. The application of blockchain technology does not end with cryptocurrency, just like email was one of the uses of the internet, block chain technology can help us solve many real world problems. Most of the cryptocurrencies and their underlying technology called the blockchain, are de-centralized. It means there is no central authority controlling it. Instead, the authority is distributed among the members who are part of the technology or the block chain. 3. Problems Of Traditional Monetary System: Remember the good old days of the barter system when you could create your fish for a pack of cigarettes. But then the value of the goods exchange was really inherent to their nature. Well, the mention of cash has solved a lot of problems of the barter system. The definition of money has changed since the mention of cash. But most importantly, the trust model of money has also changed. The hassle of carrying gold from one country to another was the reason cash was invented. And then people became much more lazier and create gods were invented. But credit cards carry the money which you are banks. And central governments control the traditional monetary system like cash, credit cards, debit cards have been going on for a few decades now. But the time the system has become outdated and has a lot of problems it needs to solve. The first problem is that a hefty amount of fees is charged by the banks and other institutions. For example, on your credit card payments, on wire transfers, good deal of money goes into Commission, making the transaction much more slower and expensive. The second problem is that financial inequality is growing all over the world at a pace You can never imagined last, but not the least, is that more than 3 billion people around the world have no access to financial services. They cannot do any banking transactions because they don't have access to it. That's more than half the people on this planet. You know how your everyday government-backed currencies are resorbed in banks. And you must have a bank account or an ATM to transfer your funds from one place to another. Well, with the invention of cryptocurrency, you might be able to get rid of the banks and middlemen altogether. That's because cryptocurrencies are built on blockchain technology, which means that there is no central authority controlling. It. Simply stated, cryptocurrency is a form of digital money which you can use to send in, transfer or receive payments from all over the world without the need of any middlemen. 4. Benefits Of Cryptocurrency: Hey guys, welcome back for another video. Still not convinced about cryptocurrencies being a better solution than the government-backed currencies. Here are some key benefits of cryptocurrencies due to their decentralized nature. The first key benefit is reducing corruption. With great power comes great responsibility. But when you give a lot of power to one person or one entity, the chances of that power being misused increases to a great extent, cryptocurrencies in to resolve the issue of absolute bubble by distributing power among many people or distributing power among the members. The network. That is the whole key idea behind the invention of blockchain technology. The second key benefit of cryptocurrencies eliminating printing of money. Before we start off, go ahead on YouTube and search for Weimar Republic hyperinflation. It's one of the cases of inflation during the World War Two in Germany. It's a very interesting video to watch it. Governments and central banks all over the world have the authority to print money whenever they face an economic problem. This process is called quantitative easing, but printing money is just like putting a bandage on a broken knee. It really solves problems, but it creates even bigger problems for the future. In Venezuela due to excessive printing, the value of the currency started to devalue at such a huge speed that it was not possible for people to afford even basic goods and services. Therefore, with the invention of cryptocurrencies, cryptocurrencies come with a limited supply of coin. When all the coins are in circulation, it becomes really difficult for any entity to increase the supply of coin by creating more coins. Did you know that in the year 2020 during the COVID pandemic, governments call or the World printed record amount of money in order to save the economy. Whether the decision of printing this much amount of money was viable or not. We just have to wait and watch. Another key benefit of cryptocurrency is giving people the charge of their own money. See, when you are using traditional cash, they're basically giving all your control to the central banks and governments. If you trust your government, That's a great thing. But remember that at any point of time, garments are banks, can simply freeze your account. That's the amount of control and power they hold onto your money. In a lot of countries, if you pass away without leaving a will, the government has the power to take away all your assets without giving them to your successors. For example, in the year 2016, in my own country in India, the government banned notes of five hundred and ten hundred rupees in order to flush out the black money. To this shows the amount of control the garments and the banks have or the fiat money. Another key benefit of cryptocurrencies, cutting out the middleman, but the traditional money, every time you make a payment or receive a payment, there's some charges you have to give to the middleman. In the case of cryptocurrency, the members on the network, on the blockchain technology. They are the middlemen and how much money they're entitled to make on every transaction is decided by a computerized formula and does not change. The commissions and the transaction costs of using cryptocurrencies are minimum. If you compare it with the traditional money. Last but not the least, cryptocurrencies are a very viable way to serve the unbanked. As we have already discussed, more than half the people on this planet don't have access to banking services. Cryptocurrencies can aim to solve this problem by spreading digital commerce so that anyone with a mobile phone can send or receive payments. And it's a funny fact that more people have access to a mobile phone than having access to a banking facility. 5. Myths Surrounding Cryptocurrency: Hey guys, welcome back for another video. In this video we'll be discussing about the myths and misconceptions surrounding the cryptocurrency and the blockchain technology as a whole. During 2017, when the market was booming, a lot of misconceptions started to develop around the whole technology and industry. And these myths may have played a role during the crash that followed in the year 2018. One thing that should not be forgotten is that Cryptocurrency industry and blockchain technology are in the earliest stages of development. There are a lot of developments being made each and every day and the industry is maturing with time. Let's get some of the most common misunderstandings out of the way. The first myth is that cryptocurrencies are good only for criminals. Some cryptocurrencies boast a non-empty as one of their key features. That means your identity is not revealed. When you make a transaction. Majority of cryptocurrencies are based on a decentralized blockchain, which means no central authority can control the network. These features may Cryptocurrency industry attractive for criminals. But on the other hand, if you are a law abiding citizen living in a corrupt country, you can also benefit from cryptocurrency. For example, if you don't trust your local bank, or if you don't trust your own government because of the corruption and political instability, the best way to store your money, maybe through the blockchain and cryptocurrencies. The second myth surrounding the industry is that the only application of blockchain technology is Bitcoin. This idea could not be any further from the truth. Bitcoin and other cryptocurrencies are simply a byproduct of the technology, the revolution of the block chain. A lot of people believe that Satoshi Nakamoto, who created Bitcoin, he simply created bit going to provide an example of how the technology can work from supply chain management, voting, the applications of blockchain are vast and can be used to solve real-world problems, will be discussing about the applications of blockchain in another video. Another myth surrounding Cryptocurrency industry is that you can make anonymous transactions with all cryptocurrencies. But as a matter of fact, Bitcoin and other cryptocurrencies, they don't incorporate anonymity at all. All the transactions which are made using the cryptocurrencies are made on a public blockchain. There might be some cryptocurrencies who prioritize privacy, like Monro, which means that no outsider can find the source. But however, most other cryptocurrencies, including Bitcoin, don't operate. Concept of anonymity. Another misconceptions surrounding this industry is that all blockchain activities private. A lot of people falsely believe that the blockchain technology is not open to the public and can be accessed only by the network of the people who are using it. Although some companies create their own private blockchain to be used only for the employees and business partners. The majority of blockchain behind the top cryptocurrencies like Bitcoin and ripple planetarium are accessible by the public. Anyone with a computer can access the transactions in real-time. You can simply search for Bitcoin ledger or Ripple ledger to view the transactions that are taking place right now. 6. Blockchain Technology Simplified: Hey guys, welcome back for another video. In this video we'll be discussing about the block chain technology in detail. Majority of people have heard more about Bitcoin than they have heard about blockchain. And many of us who have heard of blockchain think it is just the technology that powers Bitcoin. Although Bitcoin became one of the most famous outcomes of blockchain technology. Blockchain is capable of doing many more things. There's a reason it is considered to be one of the most disruptive technologies after the Internet, and it has the potential to change our lives forever. As we remember, email was one of the uses of the internet, for example, to be able to receive and send emails, internet was required similarly, to be able to use any crypto, you need blockchain technology. So we'll discuss how this particular technology works and how it has the potential to impact our lives and solve real world problems in the future. Because understanding the technology behind the blockchain can help us form our opinion on the cryptocurrency market. And that way you can make better investment decisions when it comes to the Cryptocurrency industry. In our modern technology, we are able to communicate with people directly. We are using social media like Facebook, Twitter, and we are able to send and receive messages in real time, talk to people using various messaging softwares like WhatsApp, Telegram, Facebook Messenger. In this way, we are able to maintain trust with others no matter where they are in the world. And all these things are possible only because of invention of the Internet. Technology is developing at a very rapid pace. But we still have to depend on a third party on the Internet to complete any kind of transaction. But blockchain technology is challenging our dependence on a third party in a very radical way. A blockchain is a special kind of digital ledger in our traditional accounting system, a ledger is considered to be a book collection of financial accounts of a particular type. And ledger can actually be considered to be the foundation of accounting. Now imagine a digital ledger which cannot be compromised, which cannot be corrupted. A ledger of economic transactions that can be programmed to record and track not only financial transactions, but also virtually any transaction of any type of value. Blockchain technology is a type of a digital ledger. It's a shared and an incorruptible ledger that records the history of transaction starting from transaction number 1, it can help us establish trust, accountability, and complete transparency. Block chain stores information in batches called blocks. And these blocks are linked together to form a continuous pattern which is called a chain of blocks, blocks connected to each other, a blockchain. Imagine each block like a page of a ledger. A block usually has three elements. The first one is data. Data tells you what this blockchain is being used for. For example, in Bitcoin's blockchain, uh, blocks data must be containing the details about the transaction, including the sender, the receiver, the number of bitcoins being sent, and so on. The second element is called a hash of a hash in a blockchain can be considered to be a digital signature or a fingerprint. It identifies a block at all its content and a hash is always unique. The third element is the hash of the previous block. The hash of the previous block is what precisely makes a blockchain. Each and every block contains the information or the digital signature of the previous block. So the whole chain becomes very, very secure. So let's discuss more about blockchain with this particular example. As we can see, the first block contains the data of an economic transaction of 10 Bitcoins from a to B. And here we can see the hash or the digital signature of the first block and the third element, which is the previous hash in the first block, as there are no previous blocks, the first block has no previous hashed data. So the first block or the first transaction in the block chain is considered to be a genesis block. In block number two, we can see that data which shows the transaction which has taken place in this block, the hash or the digital signature of block two and the previous hash of block one, which is also mentioned in block 2. Similarly in block three, the previous hash of block two is mentioned in block three, the hashes, the data, the elements are very unique to each block, and that is our blockchain becomes really secure with the hashing technology. If we try to tamper with a block within a block chain, it causes the hash of the block to change. The digital signature of that block changes if you try to tamper the block and that changes the digital signature or the hash impacts all the blocks that are following it. That makes the whole blockchain, which are interconnected to each other invalid. And this type of setup gives the block chain a level of security. You try to manipulate or change of data of one block and the whole blocks are getting invalid. But however, this technology is very, very secure. But using hashing technology is not enough to prevent tampering of data, because computers these days are very, very advanced and super fast, a hacker can change the hash of a specific block, and then you can go ahead and change all the hashes of the falling blocks in order to hide this particular tampering. There can be a rare possibility of that, and that is why to make blockchains more secured, they have an additional security. Proof of work and proof of stake. These additional security makes tampering of data or the block chain very, very difficult. We'll discuss these concepts in the coming videos. The third way blockchains secure themselves is by being distributed. Blockchains, as we have discussed, don't have a central authority to manage the whole technology. Instead, they use peer to peer network in a public blockchain like Bitcoin, everyone is allowed to join. Each member of the network is called a validator or a node. When someone joins the network, they get a full copy of the blockchain. So what happens when a new transaction happens on a block chain or a new block is created on the blockchain, the new block is sent to everyone in the network. Each node then verifies the block and makes sure that the data is correct and has not been tampered with. And if everything is okay, everything checks out. Each node adds this new block to his blockchain and all the nodes, all the validators who are validating the transactions in this process create a consensus when everyone agrees that a data is okay, it has not been tampered with. It creates a consensus because now everyone has added that block in the block chain. So if someone really needs to go in and mess with the data, change in, tamper the records. In simple words, they need to go to every validators network, change the block on the network, tamper the data on each and every validators account in order to tamper the data on the blockchain or to change any records. They need full control of all the members for validating the transactions. That becomes tough next to impossible. So that makes the block chain really, really secured. The decentralization of the technology and no central authority controlling it reduces the possibility of data tampering in the block chain. So what is the process of a new block being added in the block chain? A new transaction being validated on the blockchain. In very simple words, before a block can be added to a chain, few steps must be followed. The first step is data cryptographic puzzle are mathematical problem must be solved to create the new block and the computer or the validator that solves the puzzle, shares the solution with other computers in the network. This solution is the proof of work. And when all the computers which are involved in the network verify that proof of work. And if more than 51% of the people of the validators in the network, they agree that the proof of work is correct, the new block is added to the chain. The combination of mathematical puzzles, the cryptographic problems, along with the verification by many computers, the nodes that ensures that users can trust each and every block on the chain. The network does the trust-building for us and we have the opportunity to access the records in real time. This type of trusted peer to peer interaction with data, it can actually change the way people access, verify, and transact with one another. There are a lot of real-world problems prevailing in the world right now. And blockchain technology can be a very viable solution to it. 7. Mining & Proof Of Work Vs Proof Of Stake: Hey guys, welcome back. For another video. We'll be discussing about proof of work and proof of stake technology, which is using the block chain, which makes the blockchain more secure before proceeding further, it's important to understand about the concept of nodes in mining in the world of block chain. In the previous video, we already discussed that a node is an electronic device which is doing the bookkeeping job in the network of the blockchain, uh, node makes the whole decentralization of blockchain possible. The nodes can be any electronic device like a computer or a mobile phone, as long as it is connected to the Internet. Now let's discuss about mining. See the nodes or the validators are willingly contributing their computer resources to store and validate transactions so they must deserve something as a return. Validating the transactions can help the validators collect a transaction fees and own reward in the underlying cryptocurrency for validating the transactions. This process is known as mining and the owners and the networkers and the people who do it are called miners. Here's our mining works. The cryptocurrency miners solve cryptographic puzzle or a mathematical equation to add the transaction to the ledger, adding a block to the blockchain, as we have discussed in the earlier video. And for that, they get coins as a reward. The process is called mining because of the fact that it helps extract new cryptocurrencies from the system. The first step of mining, which is guessing the answer to the cryptographic puzzle. A lot depends on the power of the computer. The more powerful your computer is, the more guesses it can make an a second, increasing your chances of winning the game of guessing the correct answer. And if you do it right, you want cryptocurrencies as a reward and add a block to the blockchain. So now let's discuss about the two major types of mining that are being used on cryptocurrencies. That is, the proof of work and proof of stake. We discussed about the concept of mining and how miners are able to get a reward for validating the transaction by solving a cryptographic or a mathematical problem. See these cryptographic puzzles are not easy to solve. They require computing power, resources, electricity, and money. The first miner who solves this problem for each block gets a reward. The reward the miner gets is an incentive to keep on mining and get the miners competing to be the first one to find the solution for the cryptographic problem. Bitcoin and other cryptocurrencies use the proof of concept to make sure that a network is not easily manipulated. But the Proof of Work concept has been outdated and there are a lot of disadvantages to it. The biggest problem is that it wastes a lot of computing. 8. Important Cryptocurrency Concepts: Cryptocurrency industry is here to make our transactions faster and smoother. But before you start to take advantage of this particular industry, it's really important to familiarize yourself with some of the concepts associated with cryptocurrencies. In the coming videos, we'll be discussing about wallets, exchanges, and strategies you need to follow to study investments in the world of cryptocurrency. So what are we waiting for? Let's get started. 9. Cryptocurrency Wallets: So hey guys, welcome back for another video. In this video we'll be discussing about the basics of cryptocurrency wallets. See a traditional wallet is where you keep your valuable personal items, such as your cash, credit cards and your ID cards, for example. But now that you are going to use the most advanced, futuristic form of money, that is Cryptocurrencies. You are going to need a brand new type of wallet, cryptocurrency wallet. When it comes to a cryptocurrency wallet, you can not only store the value of your digital currency, but you can also send and receive currencies, just like watching your bank accounts on an app. You can also check cryptocurrency wallets on your mobile phone. So in simple words of cryptocurrency wallet is a software program that helps you manage your digital money. It's really important to have a digital cryptocurrency wallet. If you want to use any type of cryptocurrency, cryptocurrencies are not usually stored in a banking reserve like cash or gold without cryptocurrency wallets, the whole idea of cryptocurrencies dies. Cryptocurrency wallets are really important for the whole industry and it's actually keeping the system alive. So when it comes to Cryptocurrency Wallets, there are a lot of types of different wallets that you can use. For example, there are hot wallets, which are wallets connected to the Internet. There are cold wallets, which are wallets that are not connected to the Internet. Wallets contain public keys, and while it's contained private keys, public-key is like an account number of your bank. Each and everyone has a different account number. So in a similar way, all the cryptocurrency wallets have a different public key, which are unique in nature. On the other hand, the private key is similar to a password in your banking account, you can use your private keys to send money from a crypto wallet to another crypto wallet. A private key is one of the most important things when it comes to the security of your crypto wallet. See when someone sends you any type of cryptocurrency, he's signing off The ownership of those cryptocurrencies. Do your wallets address. So what happens is that when someone sends you a cryptocurrency from their wallet to your wallet, the balance in your wallet increases and the sender balance decreases accordingly. No exchange of real coins actually occurs, and this particular transaction that takes place is recorded on a blockchain. It's the advancement in the cryptocurrency industry. More and more new methods are being added to store your cryptocurrencies into wallets. New and new applications are being launched on the mobile phones for storage and transfer of cryptocurrencies. But here we will discuss about the two most important qualities. The first one is the hardware wallet. A hardware wallet can consider to be one of the most safest types of crypto wallets. Just imagine a fully secured USB drive. The wallets store your private keys on a device that looks like a USB. You are still able to make transactions, but the wallets are offline most of the time. So you can consider them cold wallets because they are not connected to the Internet. So if you're thinking of owning a large amount of cryptocurrency, a hardware wallet is an absolute must. Hardware wallet is considered to be one of the safest crypto wallet options. And if you're not willing to use or cryptocurrencies on a day-to-day basis. It's really important to store your cryptocurrencies on a place which is not connected to the Internet frequently to avoid any kind of hacking or security threats. One of the most popular hardware wallets these days has ledger nanos, a hardware wallet for cryptocurrencies, expensive purchase, and you have to shell out some money to buy it for the extra security you need. Another type of wallet is a paper wallet. A paper wallet can be considered to be a really, really cold wallet. To use it, you print out your private and public keys. You can send funds by transferring money to the wall, it's public address, and you can withdraw and send your currencies by entering your private keys or by scanning the QR code on the paper wallet. Paper wallets can be considered to be an old-school crypto wallet. Most of the times, they are not connected to the Internet. You don't store your keys on a computer or mobile phone or a USB drive. You store it by writing both the private and the public keys on a piece of paper and accessing it when you need to use or cryptocurrencies. But paper wallets, they're harder to use for day-to-day transactions compared to other crypto wallets. And another major risk is that suppose you know down your private keys and public keys on a piece of paper. And what if you lose it, then there's no way to access your lost account. There are a lot of websites available that can help you generate a paper wallet. Simply type your cryptocurrency followed by paper wallet generator on any search engine. A very old paper wallet generator for Bitcoin is big addressed.org for ripple. You can use bit home.com to generate a paper wallet. Last but not the least, very, very important thing to note down is that your public and private keys should always be kept secure, because if you lose this information, it's practically impossible to recover your cryptocurrencies. So it becomes really important to store and keep this information in a safe, secure place. If you are one of those people who hides things so well that even you can't remember where they are, make sure you choose a location that you won't forget if you lose your cryptocurrency wallet, the odds are you have lost it forever. 10. Cryptocurrency Exchanges To Buy & Sell: So now we have discussed about the future of cryptocurrency and the blockchain technology, the risks, the benefits, and the myths around the whole system. And now we wish to start our investment in the world of cryptocurrency, in the world of this digital era. So what is the most ideal way to buy cryptocurrencies is to go directly on an online Cryptocurrency exchange. A cryptocurrency exchange is also called a digital currency exchange. Just like a traditional stock exchange, these exchanges can help people exchange cash into cryptocurrencies and vice a versa. And a lot of cryptocurrencies now focus on converting cryptocurrencies into other digital currencies like converting Bitcoin and Ethereum, or converting Ethereum into ripple or ripple into light coin and so on. In the world of cryptocurrency exchanges, there are two types of exchanges. The first one is centralized and the other is decentralized. Centralized exchanges are like traditional Stock Exchange. The buyers and sellers come together and the exchange simply plays the role of a middleman and they charge a commission or a brokerage for these transactions. So a centralized exchange usually works when you give your money to exchange. The exchange holds the amount for you. Just like a bank, you watch the prices of the available cryptocurrencies. You place your order and the exchange find a seller to match your buy order. In the past few cryptocurrency exchanges, which were centralized, got attacked by hackers, but they paid their customers back with their own money. So sometimes investing through a centralised exchange, which has a huge backing financially, can help you recover your amount in case the exchange gets attacked or by hackers or has any security threats. Some of the most famous centralized crypto exchanges which are running currently are coinbase, matrix cracking and Robinhood. The second type of exchanges, decentralized exchange. Just like the cryptocurrencies, have no central authority. A de-centralized exchange is an exchange that does not rely on a middleman to hold your funds. It's a marketplace where buyers and sellers come together and process the transactions directly between one another. So in simple words, a decentralised exchange, it's simply a peer to peer transaction taking place. On a decentralized exchange. You can buy and sell your cryptocurrencies directly from other market participant. There are a lot of technologies being developed on blockchains like smart contracts, which are self-executing contracts when the terms of the agreement between buyer and seller are directly written into the line of code. There's a very high chance that in future, decentralised exchanges might completely replaced the centralised exchange. But at this point of time, there are some issues with decentralised exchanges. Decentralized exchanges are harder to hack. On the flip side, if you forget your account login information or your private or public keys, you may get locked out of your account forever because the system then things, you are a hacker and currently decentralized exchanges are suffering from a liquidity problem, which means that when you go to buy and sell your cryptocurrencies, sometimes it's difficult to match your order with a buyer or seller. Liquidity right now in decentralized exchanges are very low. And that is why they are less popular than the centralized exchanges. Some of the most popular decentralized crypto exchanges. Right now our index Yunus swap, pancake swap and perpetual protocol. 11. How To Choose A Cryptocurrency Exchange: So how do you choose an exchange? So far we have discussed about the various type of exchange which are in the market right now to centralize exchange and the decentralized exchange. And there are a lot of them. So which cryptocurrency exchange should you choose? See each and every exchange have a different set of pros and cons. So it might be a wise decision to diversify your cryptocurrencies among a lot of different exchanges. But there are some key points you need to keep in mind before choosing a cryptocurrency exchange. The first one is security. Security is one of the biggest issues in this industry. There are a lot of risks prevailing in the market like hacking, frauds, the pump-and-dump schemes, thumping dumb scheme is when someone and courageous investors to buy a cryptocurrency that leads to inflation of its value. And then that same person sells his own assets at a higher price, thereby pumping the cryptocurrency and then dumping the same coin. That is why one of the most important things to do before choosing your cryptocurrencies is to do your own research. There are a lot of websites, a lot of crypto communities, and a lot of news channels where you can do your own research for cryptocurrencies. Another factor to consider about the cryptocurrency exchange is if they are storing most of their crypto wallets in a cold wallet or not, because cold wallets are harder to hack because they are not connected to the Internet most of the time, which can increase the security of the crypto funds. The other point to consider is the instruments which are being traded. There are a lot of cryptocurrencies being traded right now. And before you choose a cryptocurrency exchange, make sure that that particular cryptocurrency that you are willing to buy or sell is being traded on that exchange. And if you're looking to purchase your cryptocurrency with your fiat money. For example, buying cryptocurrency with US dollar, check. That particular exchange allows you to deposit the country's fiat money. The third important factor to consider is liquidity. Without liquidity, It's not possible to buy and sell at a rapid pace. If there's low liquidity in the market, a big move in the price of the cryptocurrency can lead to higher losses in the future. So make sure that Cryptocurrency exchange has a very high liquidity. The more buyers and sellers are there, the more liquidity that exists. The best way to measure an exchange liquidity is to go onto coin market cap.com and check the recent traded volume on that exchange. Another key factor to consider a cryptocurrency exchanges, fees. Exchanges charge their customers in a number of different ways. That is how they make money in the market. The most common method of taking a fee, sticking a small percentage of the amount you trade. So it's important to always check how much the cryptocurrency exchanges are charging you for buying and selling. The lower the better. Another important thing to consider is ease of use, a good user interface, and an easy to use application is really important if you're starting off in the world of cryptocurrencies. For example, compare the user interface of Coinbase with finance. Coinbase has a simple user interface. You can go on their website, simply buy and sell any cryptocurrency. On the other hand, if you log on to finance.com, it will take some time for you to understand how to buy and sell. And last but not the least, the transaction limits. Most other cryptocurrency exchanges have a daily withdrawal and deposit limit. So these limits are something you need to keep in mind depending upon your investment style and goals. Most of these informations we have discussed right now are available on the website of the exchanges. Doing your own research helps you make better investment decisions. So it's really important to consider these points before opening an account in a cryptocurrency exchange and start to buy and sell cryptocurrencies. 12. Using Technical Analysis In Cryptocurrency: By now you must be having a pretty clear idea about the cryptocurrency industry, the blockchain technology, the key benefits of holding a cryptocurrency. So in this video, I'll be discussing with you how you can use technical analysis for buying and selling your cryptocurrencies. A lot of people believe that stock markets, the commodities markets, or even the cryptocurrencies market, or just a sort of legalized gambling. They believe that the markets are moving randomly and have no sense and have no connection to the fundamentals, the conditions of the market and so on. I've been creating for the past eight years using technical analysis. And I for sure can say that technical analysis is one of the strategies that can help you in the world of cryptocurrencies. It's a really effective study, which is hundreds and hundreds of years old. And the study is applicable to the very present moment. So if you're willing to learn technical analysis, you can check my complete foundation stock trading course, which is divided into three parts. It's an in-depth study of technical analysis with over six hours of video content is study how to manage your traits, how to buy, how to sell. And will also discuss about a lot other things related to the whole world of technical analysis. You can find the links, the course in the description below. I'll see you there. Thank you very much.