By Comrade Juice and The Economic Development Office
What is cryptocurrency?
All cryptocurrency is digital currency, but not all digital currency is cryptocurrency. You feel me? Cryptocurrency is a type of online currency or money that uses cryptographic protocols (rules the computer follows) to authenticate transactions from users themselves.
Basically it is digitized money that people can buy and sell online and when you want to send it to another person or user you have to enter your personal key/passcode. This is the cryptographic protocol, or procedure, in action. To an average user, sending and receiving cryptocurrency tokens is much like entering a username and password to get into a website. Once you’ve entered in the correct information, you now have access to your online wallet and can store or send your tokens however you’d like.
An important part of the process is the block-chain system, which is what every type of cryptocurrency runs on. Not all digital currency goes through this block-chain system though, for example the money in your bank that you send through Zelle, Cashapp, Venmo and others.
This is what we mean when we say not all digital currency is cryptocurrency, because the money that you have stored in your bank is centralized. It is regulated by banking institutions and the government such as the Federal Reserve here in the united snakkkes. The feds have eyes all over your transactions. The white power state works with plantations like Amazon to advertise to you more worthless plastic or purchase suggestions created just for you through these transactions and outright spying of course.
Your bank money does not require you to enter in a cryptographic key, or passcode, nor does it rely on the block-chain system.
What does the block-chain mean? It means that a network of computers is keeping track of and validating every transaction. Instead of relying on banks and institutions like the Federal Reserve to keep record of all your transactions on their own private ledger, the block-chain approves and validates transactions through user agreement—user agreement meaning, when you entered your passcode you are the user that has agreed to unlock your wallet and move your money.
This ledger stores every single transaction made by any user ever and it is all listed anonymously. Why anonymously? Well the block-chain is a public online ledger but when you sign up as a user and create your account you choose your own username. Your personal information cannot be accessed just by looking at the ledger which is just a long series of code over and over. White power and sellout governments have no internal access to surveil or freeze funds on crypto sites, also known as cryptocurrency exchanges, as they do with banks.
This is also what makes it so secure; a hacker couldn’t just hack one ledger on a single computer because across the network are numerous other computers with that same copy of the ledger. If one ledger on one computer is hacked or compromised, the network of other computers can see it because that ledger wouldn’t match the rest of the system.
How is it valued?
The value is based on consumer supply and demand. The more people buying cryptocurrency, the more it is worth due to the limited supply of tokens. It is often a successful practice to buy when the value is decreased and sell when the value is increasing, and the value increases when there are a lot of people buying. However, users must be careful because exchange rates can be volatile and you should never invest more than you are willing to lose.
How does this affect users? To play it safe, trading and investing might not be a long-term solution for many unless you’ve done the research and can dedicate a great amount of time monitoring the crypto market. Critics of cryptocurrency often say that it is over-valued and under-regulated. It can be nothing more than a temporary fad. We can see this when it comes to brands such as Tesla, who announced that they are now accepting Bitcoin as payment for their electric vehicles.
This was highly praised across Silicon Valley and tech bros who view Tesla’s owner as god due to their lack of community and melanin. However, they have the financial power to boost the value of cryptocurrencies after such public announcements and this shows that cryptocurrency is still dependent on the colonial market and even internet trends.
Users should always keep in mind the risk involved in the ever changing markets of cryptocurrencies. They should be cautious not only of the fluctuating value but of legalities as well. Policymakers say that current protections and regulations are inadequate. Many lawmakers emphasize the criminal activities that can occurr on these sites such as money laundering and tax evasion. Here in the united snakkkes, tax laws have already been put in place regarding cryptocurrency. There may be more to come as cryptocurrency continues to become more prevalent across the world, so users must remain up-to-date with the laws of their region.
To summarize, cryptocurrency is a decentralized alternative to other currencies in circulation today. It can serve as a secure network in which to store and save your money as tokens or coins that are difficult to track. Due to this we’ve seen many nations try to impose more regulations on cryptocurrency websites despite having no ownership or central authority. However, the increasing pressure for regulation and the swinging value can also make it a risky asset to use. Nonetheless whether you are a user or not it can be beneficial to stay informed as the future is being shaped by this new market.
Financial and economic literacy is often deprived from us. For the Economic Development Committee, it is one of our goals to put this knowledge back into the hands of the Colonized poor working class masses. So often, our people are tricked and taken advantage of because of the lack of resources we have in these violent colonial systems. Technology, financial markets, and economies are ever changing and are doing so at a fast pace in order to crush the poor and working class—leaving us little time to catch up in between long hours and multiple jobs.
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