How Crypto Works
Cryptocurrency can seam complex and confusing. We are here to solve that problem! In our card game, we introduce you to the basics of cryptocurrency while making many fun memories with family and friends over the dinner table. Below we discuss basic crypto concepts found in our game Crypto Whales.
Learn about Crypto in Crypto Whales!
Cryptocurrencies are digital money protected by cryptography that works through a decentralized system called the blockchain. Transactions can be made directly between users without intermediaries like banks. They're created through mining and their value is based on supply and demand on exchanges. Examples include Bitcoin and Ethereum.
What is the blockchain?
The blockchain is a secure and transparent ledger technology that records transactions in a chronological and tamper-proof way. It uses complex mathematical algorithms to encrypt each block in the chain, ensuring that the data stored within it cannot be altered without being detected. The blockchain is decentralized, meaning it doesn't rely on a central authority to verify transactions, which makes it highly resistant to hacking and fraud.
Investing in the Crypto Market
The crypto investment market works similarly to traditional investment markets. Investors can buy, sell, and trade cryptocurrencies on exchanges, with prices determined by supply and demand. The value of a particular cryptocurrency can be influenced by a variety of factors, including market sentiment, news events, regulatory changes, and technological advancements.
Don't forget your password!
When using cryptocurrency wallets and exchanges, you're responsible for keeping your cryptocurrency wallet and exchange password and recovery phrase secure. If you forget your password and don't have a recovery phrase, you may permanently lose access to your funds. To prevent this, use a strong and unique password, keep it safe, and follow recommended security practices.
What is an Airdrop?
An airdrop in cryptocurrency is the process of giving free tokens or coins to a large number of wallets or addresses as a promotional strategy to increase awareness and incentivize adoption. Eligibility criteria and tasks are usually required to participate, and tokens are directly deposited into the user's wallet or address. It's important to be cautious of fake or scam airdrops.
A crypto hacker is a person or group who uses unauthorized access to computer systems and networks to steal cryptocurrency or to exploit vulnerabilities in blockchain technology to gain access to digital assets. Crypto hackers use a variety of methods to carry out their attacks, such as phishing scams, malware, ransomware, and social engineering.