Introduction to Cryptocurrencies

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Over the last few years cryptocurrency has rapidly increased in popularity, in January Forbes Advisor reported that there are more than 5000 cryptocurrencies in circulation. For perspective on just how monumental that figure is, there are 180 traditional currencies that are recognised by the United Nations…yeah.

In this short article we will recover what is a crypto and what your attention should be focused on.

Okay, so first of all, what is a cryptocurrency? The history of crypto began in 1980. That time it was called cyber currency. Bitcoin — A Peer-to-Peer Electronic Cash System- published in 2008 by anonymous group under the Satoshi Nakamoto name became the most known cryptocurrency in the world and began a so called cryptocurrency revolution

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The key crypto difference from any other financial system is its independence from banks. Cryptocurrencies don’t have a central issuing or regulating authority, instead they use a decentralised system to record transactions and issue new units. Instead of banks, people use peer-to-peer protocol, so they connect to each other directly with no bank integration.

Crypto does also has a so called “public ledger”, which serves as a notebook for all transactions. This is a public resource, so anyone can see all transactions in any second in the world.

Cryptocurrency gets its name from the advanced encryption systems it uses to verify transactions. The point of the encryption is to provide security and safety to owners of crypto. Other cryptocurrencies apart from bitcoin in the market are Ethereum, Litecoin and Ripple. They are the most known and respected coins in the community.

You can make transactions at any time of the day or night, and there are no limits on purchases and withdrawals. Anyone is free to use cryptocurrency, unlike setting up a bank account, which requires documentation, paperwork and lots of bureaucracy.

Nowadays crypto became more than just a tokenomics system. Now it is a whole world for self expression, new ideas and startups.

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We — The SPINCAT community- recently launched its new project. Value creation through our tokenomics and NFT staking platform presenting passive income-earning opportunities on the SOL blockchain.

Our primary goal is to create an opportunity for the holders to earn from our project and develop a community with supportive members, so that in the future our NFTs would be used as a “business” relic and holders would be able to benefit from the amount of time they hold these NFTs…

We are a lottery club, we sell tickets. When you buy a ticket, which costs around 10$, you automatically considered to win 40$. This can do anyone. However, we do also sell our NFTs. And here is a magic. Our NFTs will give you an opportunity to participate in our jackpots. Jackpot is a storage of 2% of a daily income from selling these lottery tickets, and each member, who has our NFTs will have an opportunity to win it (randomly).

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