Cryptocurrency/Bitcoin: A brief Introduction

Are you one of the many people who keep hearing about cryptocurrency (called “Crypto”) but really have no clue what is going on with it but want to know? Well, this text is for you. This will be a short article outlining just enough for you to understand the history, tax issues, and a glossary so you can get up and going relatively easily. If nothing else, you will be able to talk about crypto at a cocktail party. Here is an outline:

History of cryptocurrency

What is cryptocurrency

Initial Coin Offerings (ICOs)

Tax issues

Trends

Resources

Glossary of terms

Knowing the history of crypto is the basis of getting started in it. Let’s get right to it.

1. History of cryptocurrency

“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party. Transactions that are computationally impractical to reverse would protect sellers from fraud…. The system is secure as long as honest nodes collectively control more CPU power than any cooperating group of attacker nodes.” Satoshi Nakamoto 2008

There were other such ideas but this Satoshi Nakamoto (who has never come forth to be publicly identified) had an idea that caught on and has now done so with a…