CRYPTOCURRENCY; For Crypto Dummies Like Me

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I’m pretty sure you made a face the minute you read the title LOL, as you should. In all fairness, I know next to nothing about crypto, so it’s okay to call me a dummy, just for now.

Crypto is something that I have admired from the sidelines much so that I am quite fascinated. I see my friends engrossed in crypto conversations and although I cannot make sense of it, it sounds interesting to me.

I even tried reading crypto-related articles in the Leofinance community, but I always got lost. Now, I’m starting my own crypto study plan and I’ll be documenting every new thing I learn here with the hopes that people like me can learn with me, and the gurus can teach me more.

As a result of the need to grow, I had a physical meeting with a fellow Hiver @readthisplease a few days ago. Great guy. I mean it’s not every day people make time from their busy schedules to listen to offer free training sessions.

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Before now, when I heard the word CRYPTOCURRENCY, the only thing that came to mind was BITCOIN. But after my interaction with @readthisplease, I learned that there were several others like Ethereum, Dogecoin, Ripple, Litecoin, Dash, etc.

Crypto is a digital currency secured by cryptography and maintained by a decentralized system. This is where the term Defi comes in. Defi as in Decentralised finance. I stand corrected. Defi is a blend of cryptography, finance, and software development.

In contrast to other centralized financial systems, such as our banking system, no one party is in charge. It is almost impossible for just one person to change the rules surrounding the virtual coin.

Decisions are independently made. I mean it’s virtual so there’s almost no way to kill it.

The first dApps I learned about was Cubdefi.com. From research, Cubdefi is more like an extended relative, platform, or say a product of some finance experts at Leofinance.io.

Cubdefi is a swapping platform whilst Leofinance is a blogging platform that operates on the Hive blockchain. Phew... I honestly hope I'm making some sense.

With Cubdefi, you can swap tokens like BUSD, BTC, BNB for hive tokens like LEO and DEC. Liquidity pools, however, may be the more lucrative component for holders who store their tokens. In exchange for contributing to these liquidity pools, contributors receive compensation in CUB tokens.

I also learned that Cubdefi is a good platform to generate income through different options such as farming, pools, decentralized lending, or whatever method you choose.

The POOL method is more lucrative, but due to IMPERMANENT LOSS, it is riskier than the FARMING method for reasons I have yet to fully comprehend. Hopefully, I can shed more light in my next crypto article.

Thank you for reading my first ever crypto-related article. As a newbie in this field, I’d appreciate it if you could enlighten me on the subject matter. Thank you again!