Missed our recent "Crypto for Beginners" workshop at NeoNomad’s Bubbles & Blockchain? Don’t worry, we’ve got you covered! Here’s a quick recap of the key insights we shared to help kickstart your journey into the world of cryptocurrency.

Workshop Overview:

We touched on several foundational concepts, including:

- Blockchain technology

- Wallets (hot vs. cold)

- Public and private keys

- DYOR – Do Your Own Research

- KYC (Know Your Customer)

- Real-world examples

What is a Blockchain?

At its core, blockchain is a decentralized ledger technology that records transactions across a network of computers. It's not just about tracking cryptocurrency transactions - different blockchains record various types of data, all in unique ways. Since they function independently, blockchain bridges are used to connect different ledgers, enabling information sharing and token transfers between them. What makes blockchain so secure? Once data is recorded, it’s locked in place, ensuring transparency and security.

Types of Blockchains:

1. Public Blockchain: Open to anyone, offering high transparency but slower transaction speeds and higher energy consumption. Use cases include voting and fundraising.

2. Private Blockchain: Restricted networks, often controlled by a single entity, offering speed and privacy but less security. Great for internal processes and supply chains.

3. Hybrid Blockchain: A blend of public and private elements, balancing privacy, security, and cost-efficiency. Used in industries like real estate and retail.

4. Consortium Blockchain: Governed by multiple organizations, combining security and scalability. Popular in banking and supply chain management.

Types of Wallets:

We also explored the two main types of wallets:

- Hot Wallets: Convenient for frequent transactions but vulnerable to online attacks since they’re connected to the internet. Examples include mobile and software wallets.

- Cold Wallets: These offer maximum security by storing assets offline, making them ideal for long-term holding, though less convenient for everyday use. Examples include hardware wallets and paper wallets.

The key difference? Hot wallets are more convenient, while cold wallets are more secure.

Understanding Keys and Wallet Addresses:

Public Key: The destination addresses for digital assets.

Wallet Address: A shortened version of the public key for easier use.

Private Key: The secret code that allows you to access and manage your digital assets.

Seed Phrase: A series of words that can restore access to your wallet if needed.

DYOR – Do Your Own Research

In the world of crypto, doing your own research is critical. Before making any investment, here are the basics to consider:

- Examine the project’s website and whitepaper.

- Does the token have real-world utility?

- Look at the project’s team, partnerships, and tokenomics.

- Keep an eye on social media for insights.

- Choose a reputable exchange with transparent transaction fees.

KYC (Know Your Customer)

We also covered the importance of KYC. This process ensures the legitimacy of financial activities, helping to prevent crimes like fraud and money laundering. Plus, adhering to regulatory compliance helps avoid legal issues and hefty fines.

Why is KYC important?

• Prevents Financial Crimes – Fraud, Identity theft, AML, Financing terrorism etc.​

• Regulatory Compliance – Failure to comply may lead to heavy fines and prosecution.​

That’s a wrap on our crypto fundamentals! Stay tuned for more engaging workshops, and remember, at NeoNomad, we’re here to make your crypto journey smoother! Join our WhatsApp group to stay updated and attend our next Bubbles & Blockchain event!

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