Googling Your Crypto Queries May Not Give The Best Answer

The Complicated Learning Process Of Cryptocurrencies

Newcomers to cryptocurrencies will most likely try to find out about the technology via a Google search. What is mining? How are Bitcoins created? What are cryptocurrencies? Often, the explanations that you will find online are overly simplified and inaccurate.

Just take a look at CoinTelegraph's (a leading crypto-focused periodical) description of mining.

Mining is a process of adding transaction records to the Bitcoin’s public ledger called the Blockchain. It exists so that every transaction can be confirmed, and every single user of the network can access this ledger. It is also used to distinguish legitimate Bitcoin transactions from attempts of re-spending money that has already been spent somewhere else.
— CoinTelegraph, How to mine Bitcoins

What does "confirming every transaction" has to do with "users accessing this ledger"? How can it tell whether the transaction is legitimate or a re-spending attempt? If you read further, you will find more confounding terms about hash, rewards, and mining difficulty.

The problem is the misrepresentation of the technical details in our attempts to break it down into something relatable for the readers. To be very honest, I have had misinterpretations of these technical details and it is only after repeated attempts to explain these terms that led me to my way of illustrating complex crypto concepts.

A Professional Artist Explaining To An Accountant How To Paint In Strokes

I have attended many talks about blockchain and cryptocurrencies. In more than half of them, I have found that the presenters failed to communicate what crypto really is about.

Do not get me wrong, some of these speakers are very accomplished in their fields. They know their shit and their specialisation in cryptography, security, and programming are legit, but they are just not the best presenters. A professional excels at his skill but he may not be the best instructor.

This was the reason why I set off to write my book, Rolling In Crypto, and the recurring issue always renews my faith that the content and explanations in my book are much needed.

How Will I Explain Mining Differently?

Firstly, I will state that mining serves two purpose – as a consensus mechanism, and to create new tokens that go into the ecosystem. Then, I will elaborate on consensus in relation to blockchain, before going into the mining reward system.

The problem about most explanations that you will find online is that they jump into telling you how mining is meant to reward the miners who do computational work with their mining rigs, and it is like a lottery jackpot system where the first miner to solves the cryptogram is rewarded the coins.

WHAT THE FK?

That explanation not only confuses people about the purpose of mining but also gives the impression that it is a gamble. It has missed out on the whole concept that mining is meant to inscribe the ledgers, and that there are blockchains where coins are not mined.

How Then Should You Learn Crypto?

For one, you must never ever trust a single source. Even when you read my book, which I believe offers a comprehensive, comprehensible, and well-planned explanation, you should read widely to see how other people are describing these concepts. 

If you are unsure as to whether you have learnt the crypto concepts correctly, or still have doubts on some of these terms, use my book as a secondary resource. 

Talk to people and share with them what you have learnt about cryptocurrency and blockchain technology. If you can explain it well and answer all their queries, congratulations, you are one step closer to crypto mastery. 

Lastly, remember that Google is a news aggregator. The crypto articles are all biased in their own ways and have their agendas. So beware what the online media are presenting to you.