Bismillah.
Based on my last post, Crypto Safe? , I shared about Cryptocurrency. In this post, I will be sharing about my experience in dabbling with Cryptocurrency.
But before I get myself into it, I had to go read-up more on it to understand better and attend various seminars/investment talks too.
Some of the things I somewhat understand is the digital wallet, NFT and geomining. Yes I missed out on trading as I have no confidence in trading Cryptocurrency as I see it different or somewhat similar to Forex.
Digital Wallet (Investopedia): “A digital wallet (or electronic wallet) is a financial transaction application that runs on mobile devices. It securely stores your payment information and passwords. These applications allow you to pay when you’re shopping using your device so that you don’t need to carry your cards around. You enter and store your credit card, debit card, or bank account information and can then use your device to pay for purchases.”
NFT (Investopedia): “Non-fungible tokens (NFTs) are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged at equivalency. This differs from fungible tokens like cryptocurrencies, which are identical to each other and, therefore, can serve as a medium for commercial transactions.”
Geo Mining a.k.a Bitcoin Mining (Investopedia): “Bitcoin mining is the process by which new bitcoins are entered into circulation. It is also the way the network confirms new transactions and is a critical component of the blockchain ledger’s maintenance and development. “Mining” is performed using sophisticated hardware that solves an extremely complex computational math problem. The first computer to find the solution to the problem receives the next block of bitcoins and the process begins again.”
In summary I have digital wallet to store my cryptocurrency and NFTs that I played games/did surveys/geo mine that reward me with cryptocurrency and NFTs, a cool way of earning and safekeeping your money. To date I have yet spend any of it or trade it in the market.
A point to note that recently, the Monetary Authority of Singapore (MAS) has openly announced that crypto trading is risky and it is not advisable for retail clients or people who do not have finance background/knowledge to embark on crypto trading. (Article here)
That’s all for the topic on cryptocurrency for now. Until the time I understand more and dabble on crypto trading. Have a great weekend! Cheers!
i-financejourney.com 