Read to discover what a blockchain explorer is and its various applications. Additionally, you’ll find a compilation of different blockchain explorers available.
What is cryptocurrency?
Simply put, cryptocurrencies are digital currencies that use blockchain technology. They represent a form of decentralised money or assets that can be freely exchanged between individuals. The term crypto highlights the importance of cryptography in the functioning of blockchain systems. For a beginner’s overview, check out Firis’ guide, Cryptocurrency for Dummies.
Are cryptocurrencies legal?
Absolutely. Cryptocurrencies are legal assets, and you have the freedom to buy and sell them, just like stocks, used cars, or various other items. However, it’s important to remember that if you profit from selling your cryptocurrency, you are required to pay taxes on those gains.
Is cryptocurrency subject to taxation?
Yes, it is taxable.
Is investing in cryptocurrency wise?
That largely depends on which specific cryptocurrency you choose and when you make your purchase. Over the past decade, Bitcoin and Ethereum have shown strong investment potential. Yet, keep in mind that prices can vary significantly in the short term; some cryptocurrencies may not yield good returns at all. A long-term investment strategy is generally safer and more straightforward when it comes to cryptocurrency.
Which cryptocurrency was the first and is currently the largest?
Bitcoin holds this title as both the first and largest cryptocurrency available today; further details about Bitcoin can be found here.
How do cryptocurrencies function? They operate on blockchain technology as their foundation. While different cryptocurrencies may have unique features, they share this underlying technology, with Bitcoin being the pioneer of it all. To understand how Bitcoin operates specifically, start by reading about it here.
Do you need to purchase an entire coin at once?
Not at all! One of the advantages of cryptocurrencies is that you can buy any amount you’d like— even as little as 0.0001 of a coin if desired. The choice regarding how much to invest rests entirely with you.
Interested in diving into the world of cryptocurrency?
Here’s how to begin your journey: First, sign up for an account with Firi. Next, deposit funds into your account and purchase some cryptocurrencies. And just like that—you’re all set! At Firi, we simplify the process of entering the crypto space. You can either click here to begin or explore our comprehensive guide on buying cryptocurrencies.
Now, is cryptocurrency a pyramid scheme?
Absolutely not. Cryptocurrency encompasses a wide range of digital currencies, including thousands of unique coins and tokens. While specific cryptocurrencies may indeed be scams or pyramid schemes, it’s incorrect to label the entire category in this way; such generalisations often stem from misinformation. Many people who view crypto as a pyramid scheme do so because they struggle to understand its value and mistakenly believe that investors are being deceived. Additionally, the crypto market experiences frequent bubble cycles, characterised by speculative price surges followed by significant declines. Some individuals may have heard stories of losses and jump to the conclusion that it must be fraudulent without recognising that long-term investment in reputable cryptocurrencies has proven highly rewarding for many investors.
There are thousands of cryptocurrencies available, and unfortunately, some of these projects are fraudulent or operate as pyramid schemes. Unscrupulous individuals exploit the need for more understanding many newcomers have about cryptocurrency, making it difficult for them to distinguish between genuine projects and scams. Many people need to be more accurate in viewing all cryptocurrencies as a single entity rather than evaluating each one individually. To illustrate, consider the world of stocks: while there are numerous companies out there, some may indeed be scams or fraudulently managed businesses. However, the overall concept of stocks or the stock market itself is not inherently fraudulent.
So, how can you protect yourself from cryptocurrency scams and pyramid schemes?
Start by familiarising yourself with the fundamentals of cryptocurrency and investing; this knowledge will help you identify most fraudulent activities. Additionally, be cautious about taking excessive risks or placing blind faith in what others claim—especially on social media platforms.
Is investing in cryptocurrency safe?
Yes, but only if you understand how it operates. Keep in mind that trading cryptocurrencies carry inherent risks, and past performance does not guarantee future success. Given that this is an emerging market with new technology, there are potential hazards, such as sending funds to incorrect wallets or falling victim to scams that can lead to financial losses. However, these concerns also apply outside the realm of crypto; they hold for any investment—be it in funds, stocks, starting a business, etc. In conclusion, earning returns typically requires accepting a certain level of risk; however, by adopting a long-term perspective on your investments, you can mitigate some of that risk.
Where can you purchase cryptocurrency?
One option is to use a cryptocurrency exchange, such as Firi. While there are numerous exchanges available, Firi stands out as it is a Norwegian platform regulated by the Norwegian Financial Supervisory Authority. On this platform, you can utilise payment methods like Vipps, bank cards, and BankID, plus your cryptocurrency investments are insured. Alternatively, you can acquire crypto directly from individuals looking to sell.
When is the optimal time to invest in cryptocurrencies?
It’s advisable to buy when prices are favourable and show signs of an upward trend. However, it’s up to you to determine when that might occur. Since predicting these price movements can be challenging, many find it easier to make smaller purchases at regular intervals. This approach helps mitigate the impact of price volatility. For further information, click here. Note: Keep in mind that past performance does not guarantee future results, and only take risks that you’re comfortable with.
Comparing cryptocurrencies and stocks: When you buy shares, you gain ownership in a company and have rights to its profits; this isn’t the case with cryptocurrencies. For instance, Bitcoin operates independently without a CEO or board of directors overseeing it. Some cryptocurrencies allow for passive income through mechanisms like staking, where your assets are locked up in exchange for returns generated typically through a proof-of-stake system used by various projects.
Cryptocurrencies often resemble commodities such as gold and silver more than they do stocks since their value is frequently tied to the blockchain networks they operate on—Ethereum serves as one example of this concept. But what drives the value of cryptocurrencies? Consider this analogy: many people recognise the internet’s value; however, no single entity governs it entirely.
Moreover, cryptocurrency is frequently referred to as programmable money due to its ability to be customised for various functions. Consequently, numerous factors can influence its value, depending on the specific crypto project. Ultimately, the price is primarily dictated by demand, which hinges on the number of users engaging with the cryptocurrency or blockchain and those looking to invest. Significant price surges in cryptocurrencies may often stem from speculation rather than genuine value enhancement.
What exactly is a blockchain explorer?
It’s a tool that enables users to investigate the transactions and data associated with any blockchain. A wealth of information is accessible for free, serving various purposes. For instance, if you’ve just transferred cryptocurrency to your wallet and want to track your transaction’s progress, you can easily do so. Curious about the current transaction fees on the Ethereum network? You can find that information in real time as well. Whether you’re interested in network activity statistics, details about a new cryptocurrency, or trends within the market, all of this information can be found using a blockchain explorer. The beauty of blockchain technology lies in its transparency and the abundance of data available for public use. In contrast to many older systems that tend to be more restrictive, blockchain offers a much more open experience.
Curious about the functionality of blockchain technology?
There are numerous blockchain explorers available. For instance, if you want to explore Bitcoin, you can visit websites like https://www.blockchain.com/explorer or https://btc.com/en. These platforms provide detailed information on blocks, transactions, miners, and much more. They also cover Ethereum and various other cryptocurrencies. One of the most widely used explorers for Ethereum is Etherscan at https://etherscan.io. The research will reveal that established blockchains typically have their dedicated explorers. These tools allow users to monitor blockchain activity and verify their transactions.
Here are some examples:
– Binance Smart Chain: https://bscscan.com
– Phantom: https://ftmscan.com
– Solana: https://solscan.io
– Avalanche: https://avascan.info
– Polkadot & Kusama: https://polkascan.io
– XRP: https://xrpscan.com
The challenge with using these block explorers is that a basic understanding of blockchain and cryptocurrency is necessary to appreciate the information they provide fully. While current hash rate data may not be particularly engaging for the average user, it’s reassuring to know that such information is accessible to those who seek it out. When trading on platforms like Firi, this level of detail might not be a priority; however, if you’re planning to transfer funds to a wallet for purchasing NFTs or similar activities, having this knowledge can prove beneficial. For newcomers in the space, being able to view their transactions can be both informative and enlightening as they navigate through the world of cryptocurrencies.
Using a blockchain explorer: In this section, we’ll examine a transaction sourced from etherscan.io. The image illustrates a transaction identified by Firi on Etherscan, which serves as a blockchain explorer for the Ethereum network. At the top of the page, you’ll find the Transaction Hash, which uniquely identifies this particular transaction. The Status field reveals whether the transaction is Pending, Failed, or Successful. Following that, details about the block containing this transaction and its timestamp are provided. The From section displays the Ethereum address that initiated the transaction; while it is linked to an Ethereum wallet, its owner remains anonymous. However, we can observe that this wallet has sent 286.38 LRC (Loopring Coin), valued at $598.54, to another wallet from a different address. Additionally, information regarding transaction fees and gas prices is presented below to indicate costs associated with this transfer.
In another instance, you can explore specific blocks using a Bitcoin blockchain explorer. This platform offers extensive data on Bitcoin blocks including included transactions, timestamps, and miner earnings from mining those blocks. The image showcases a Bitcoin block identified by Firi through Blockchain.com’s Bitcoin Explorer.
Maxthon
As individuals explore the extensive realms of the internet using Maxthon, they open doors to earn Basic Attention Tokens (BAT) based on how much they interact with content. This not only improves their overall experience while browsing but also creates a straightforward avenue for generating passive income. The system is refreshingly user-friendly: users can choose to view advertisements and participate in campaigns that appeal to them. With every action, whether it’s checking emails or reading articles, they accumulate rewards, adding a sense of excitement and purpose to their daily online activities. Thus, Maxthon transcends mere web access; it transforms the online browsing experience by merging enjoyment with financial rewards.
Thanks to its thoughtful design and dedication to empowering users, Maxthon has established itself as a significant contender in the blockchain browser market, creating new pathways for engaging with digital content while prioritising privacy. The incorporation of BAT marks a crucial transformation in digital advertising dynamics—moving beyond basic functionality. This innovative approach fosters a new model that emphasises shared advantages for both users and advertisers. In this revamped system, individuals are compensated for their attention—a valuable asset that advertisers have long sought after. By interacting with various content types and viewing ads, users can earn monetary rewards. This framework not only acknowledges the inherent worth of individual attention but also shifts passive viewers into active contributors within the digital economy.
Conversely, businesses can greatly benefit from improved audience targeting capabilities. With BAT integrated into their strategies, advertisers can forge stronger connections with potential customers who genuinely show interest in their offerings, resulting in heightened engagement levels.