Bitcoin and the beginning of cryptocurrencies

Bitcoin (BTC) is the world's first and best-known cryptocurrency, and its history dates back to 2009. An anonymous figure (or group of individuals) hiding under the pseudonym Satoshi Nakamoto is responsible for creating Bitcoin. The cryptocurrency is based on blockchain technology, which allows the system to be decentralised while ensuring the security and privacy of transactions.

Since Bitcoin's inception, its value has increased significantly and the cryptocurrency has gained widespread use as a form of payment or investment. Bitcoin's success has led cryptocurrencies to be seen as a revolutionary way to conduct financial transactions, as well as potential tools to change traditional financial systems.

The history of cryptocurrencies just started with Bitcoin, but the success of this digital currency inspired other developers to create their own cryptocurrencies. The launch of more digital currencies has led to the creation of a diverse ecosystem of cryptocurrencies that offers users a variety of investment opportunities and utility features. There are now more than 10,000 cryptocurrencies, many of which bring their own innovations and improvements over the original Bitcoin concept.

Some of these new cryptocurrencies, such as Ethereum, Cardano and Ripple, have gained a lot of popularity and have become serious competitors to Bitcoin, offering unique features and applications in different fields. As a result, the cryptocurrency market has become more dynamic and diverse, giving users a range of options to choose from and creating new investment opportunities.

BTC only?

In the world of cryptocurrencies, where Bitcoin (BTC) dominates the market as the first and most recognisable digital currency, there are many other options to consider. Today, the number of cryptocurrencies has surpassed 10,000, and among them are some that are gaining increasing recognition in the community.

Ethereum (ETH), Litecoin (LTC), Ripple (XRP) and Cardano (ADA) are just some of them. Each of these currencies has its own unique characteristics that allow them to rival Bitcoin in terms of potential for value growth and application in various areas of life. It is also worth noting the lesser-known but equally innovative cryptocurrencies that are striving to create even more efficient and flexible payment systems.

Polkadot (DOT) or Chainlink (LINK) are just two of the many projects that are gaining popularity due to their unique features and solutions. The introduction of new technologies and innovations could further increase the value of these cryptocurrencies.

It is therefore worthwhile, especially for those interested in investing in cryptocurrencies, not to be limited to Bitcoin. The diversity of the market allows you to explore new opportunities and invest in projects that may gain value in the future and have the potential to influence the development of technology and financial services.

Get your own crypto

To acquire cryptocurrencies, you can buy them on specialised cryptocurrency exchanges such as Binance, Coinbase or BitBay. The purchase process usually involves registering on the exchange, providing your personal details and transferring funds to the platform. It is worth remembering that some exchanges offer the possibility to purchase cryptocurrencies directly with credit cards, which can make the purchase process easier.

Cryptocurrencies can also be acquired by participating in so-called airdrops, which are free distributions of newly created digital currencies. In order to participate in an airdrop, you usually have to meet certain conditions, such as registering on the relevant website, sharing information about the airdrop on social media or having a certain amount of another cryptocurrency in your wallet.

When it comes to storing cryptocurrencies, there are several options. The most popular of these are electronic wallets, which can be easily set up in the form of an app on a computer or smartphone. There are also hardware wallets, which provide a higher level of security for stored funds, but are also more costly.

'Dig' your crypto?

Cryptocurrency digging is a process in which users use the computing power of their computers to verify and record transactions on the blockchain, receiving rewards in the form of cryptocurrencies in return. In the case of Bitcoin, this reward is called a 'block reward' and is currently 6.25 BTC per block registered.

In the past, digging cryptocurrencies was easier and less costly because it required less computing power. As cryptocurrencies have grown in popularity and value, the digging process has become more complex and the need for specialised hardware (known as ASICs) has significantly increased the cost. Currently, digging cryptocurrencies such as Bitcoin may not be cost-effective for the average user, due to the high cost of equipment, electricity and competition from large professional cryptocurrency farms. However, there are other cryptocurrencies that can still be mined with less sophisticated equipment, such as Monero (XMR) or Zcash (ZEC). These alternative cryptocurrencies offer the chance to engage in the digging process without having to invest in expensive equipment.

It is also worth noting the so-called proof-of-stake (PoS) and its variations, which provide an alternative to the traditional proof-of-work (PoW) model used in Bitcoin digging. In PoS, users lock (stak) their cryptocurrency as a deposit that allows them to participate in the process of creating new blocks and securing the network. An example of such a cryptocurrency is Ethereum, which moved to PoS after the 2.0 update.

Cryptocurrencies started their history with Bitcoin, but there are now many thousands of different digital currencies on the market. Due to their unique characteristics such as decentralisation, privacy and security, they have grown in popularity and have become the focus of investors around the world. Acquiring cryptocurrencies can be done by buying on exchanges, participating in airdrops or digging. Although digging Bitcoin is now more difficult and less profitable for the average user, there are other cryptocurrencies that can still be dug with less sophisticated equipment.

In order to gain a better understanding of cryptocurrencies, it is advisable to use the educational material available on the Webinar Universe training platform to help deepen your knowledge of the subject. This will enable both beginners and more advanced users to make informed decisions about investing, storing and using cryptocurrencies.