The cryptobodies is digital currencies based on blockchain technology and are mainly used for electronic transactions without the need for an intermediary, like a bank.
But do you want to know more about What are cryptocurrencies? but are you having trouble understanding them?
Let's go step by step to learn all the basics and also the how to start 2025 in crypto.
Initially you should cryptocurrency purchasesSo you can buy cryptocurrencies from the OKX exchange or the exchange bybit.
So let's get straight to the details.
Table of Contents
When did Cryptocurrencies start?
In recent years you will have heard many people talking about the cryptobodies and that it is the future.
However, let's take a closer look at what they are and when they started.
Cryptocurrencies It is a type of digital currency based on blockchain technology.
The blockchain In short, it is a ledger that records all transactions that take place on a network.
The crypto as they say in English they are decentralized, which means they are not controlled by any central authority, such as a government or a bank.
The first cryptocurrencies were created in the 2000s however the idea failed, and after almost 9 years the Bitcoin was the first to gain widespread acceptance.
Bitcoin is decentralized, open source, peer-to-peer electronic money which is not issued by any central authority and is not based on any banking system.
How Cryptocurrencies Are Created
Cryptocurrencies are created in a quite different way than we are used to with traditional money.
A cryptocurrency can be created in the following ways:
- Mining Proof of wark
- Staking Proof of stake
- Tokenization
Let's start by showing you what Mining is.
Mining Proof of Work
The most well-known method for creating a Crypto is Mining.
That is, miners who mine Bitcoin, for example, use powerful machines that can solve complex mathematical operations and these actions verify transactions on the Blockchain network.
When someone successfully completes the calculation from this mathematical operation as a reward the miner will receive Bitcoin.
Let me mention here that the mining requires high computing power and a lot of electricity and it is more difficult and expensive as the network grows.
However, in Greece it is prohibitive to do mining.
Staking – Proof of Stake
This method is different from mining. In Proof of stake What you need to do is stake the tokens you have and locks for a period of time.
And automatically, users who stake tokens will become validators which are randomly selected by the network to confirm transactions on the network.
When they correctly validate a block, they are rewarded with new coins from the token.
However, this method is lower energy consumption from mining and with small capital you can do staking.
Tokenization – Creating Tokens on Blockchain
This way is the easiest for someone to create a crypt.
For example, you can choose network Solana and with minimal money, you can create a token in 10 minutes.
The shiba inu token, pepe and all of that were created this way.
But the tokens created in this way carry a great deal of risk. risk for investment.
Popular Cryptocurrencies
Many people mistakenly believe that cryptocurrencies are only Bitcoin.
However, there are millions of different cryptocurrencies that They are called altcoins.
Altcoin is any other cryptocurrencies besides Bitcoin, but in recent years there have also been meme cryptocurrencies but which are of no use.
However, meme cryptocurrencies have no utility because quite simply they don't solve any problem and most of them are some kind of “fad”. So, once this fad goes away, these cryptocurrencies will go to the zero.
2 similar meme cryptocurrencies are Morning Routine and Free Ross.
Now let me show you the most popular cryptocurrencies.
| Bitcoin (BTC) | The largest cryptocurrency |
| Ethereum (ETH) | The second largest cryptocurrency |
| Tether (USDT) | Stable cryptocurrency |
| Left (LEFT) | The third best cryptocurrency |
I have also created an article with the 13 cheap cryptocurrencies with prospects and if you want to go deeper, you can study it.
Where Are Cryptocurrencies Used?
Cryptocurrencies are used in several ways.
The most well-known is the investment method, meaning you can buy a cryptocurrency at a fairly low price and if it goes up, you can sell it. sales at a profit.
The next way is to transfer money from country to country directly.
Tomorrow if you want you can transfer 1 million from your wallet to another wallet within 1 minute. Also crypto like Bitcoin and USDT are already used for online purchases or and to physical stores.
Finally, some people see cryptocurrencies, especially the Bitcoin, as “digital gold”, that is, a store of value against inflation and currency instability.
How Cryptocurrencies Are Stored
After you have purchased the crypto you want, you will need to choose where to store it to keep it as secure as possible.
If you want to store cryptocurrencies, you can do it with three places.
Exchange office
The most well-known way that most people choose is to store their cryptocurrencies in wallets from exchange offices.
For example buys a Bitcoin from an exchange and keeps it in the exchange's wallet.
It's certainly an easy solution but there is a huge risk.
The first danger is that you break the code that you have on the exchange and have them transfer the crypto you have to you.
The second risk is that the exchange where you bought your cryptocurrencies may close, in which case you will lose access and your crypto.
Hot wallet
Now, the next way that many people choose to hold their crypto is Hot wallets.
For me, these wallets are only for holding crypto that you will only trade.
Because these wallets have enough risks that if you just make a mistake and click a link to a scam website there is a high probability that they will gain access to this wallet.
Cold wallet
The next way is to keep your crypto in a cold wallet which for me is one of the best ways for storage.
Cold wallets are physical wallets that are not connected to the internet and they only connect when you want to transfer cryptocurrencies.
However, there are also options for offline wallets.
If you are interested, I have written a detailed guide for the best cold wallets.
If you want to get involved serious about cryptocurrencies the topic of security should be your priority.
How Can You Buy Cryptocurrencies?
To buy cryptocurrencies, you will need a digital bank or a cryptocurrency exchange.
The exchanges They offer a simple and secure method for buying and storing crypto.
To buy cryptocurrencies you will need to do registration on the OKX exchange or at Bybit which is one of the best on the market.
However, if you are a video enthusiast, you can see a detailed guide in Greek for how to buy cryptocurrencies:
So let's say you choose ByBit: Since complete your registration at Bybit and you complete the KYC verification, it will take you to the exchange's home page and you will click on the Buy crypto and one click Buy option.
Then you will choose your local currency and enter which crypto you want to buy.
You will choose the money you want to deposit from 10 euros up to 9.000 euros.
Finally, you will choose the payment method that suits you and that's it! You have just purchased your cryptocurrencies.
Advantages of cryptocurrencies
Cryptocurrencies definitely have some positive and some less positive points and characteristics.
Let's start with the advantages:
- Decentralized: Cryptocurrencies are decentralized, which means they are not controlled by no central authority. That makes them less vulnerable to government interventions and economic crises.
- Security: Cryptocurrencies are based on blockchain technology, which is a very secure accounting system. This makes them cryptocurrencies less vulnerable to fraud and data breaches.
- Efficiency: Cryptocurrency transactions are much more efficient than traditional currency transactions. This is due to the fact that cryptocurrency transactions are carried out directly between users, without the intervention of a central authority.
- Global: Cryptocurrencies are global, which means they can be used for purchases and transactions around the world. This makes cryptocurrencies more accessible to people who do not have access to traditional financial systems.
Advantages of cryptocurrencies
- Deep Volatility: The price of cryptocurrencies is very volatile. This can lead to significant losses for investors.
- Risk: Cryptocurrencies are still relatively new and there is no legislative framework to protect investors. This makes them riskier than traditional currencies.
- Energy consumption: Cryptocurrency mining requires a lot of energy. This has a negative impact on the environment.
Legal Status and Taxation
Cryptocurrencies are not considered legal tender in Greece so far (legal tender), but recognized as digital assets and their possession and use is permitted for investment or other purposes.
About the taxation of crypto at the moment I am writing the article there is no clear framework and it's a gray area.
However, for profits from the sale of cryptocurrencies that have been converted into euros and are considered profits, the tax rate for individuals is 15% on net profit.
However, given that many things are constantly changing in cryptocurrencies and the tax regime that governs them, always do your research and ask a certified public accountant for details that concern you.
The Future of Cryptocurrencies
The more I get involved with cryptocurrencies, the more I believe they are something much bigger from what it seems.
It is not just “gambling”, nor is it just for quick profits. It is a whole technological revolution.
Banks are looking to get into blockchain, big companies are starting to accept crypto, and projects like Ethereum or Solana they make entire ecosystems with smart contracts, NFTs or decentralized applications, even games that you get paid to play.
However, if you're interested in the investment part, I'm not saying you should put all your money there.
But follow the evolution of cryptocurrencies and learn how they work 100%.
Because cryptocurrencies are here to stay.
My Personal Opinion
Cryptocurrencies are a new form of money and have many positive and negative points.
It is important to always do your own research before deciding whether or not to invest in cryptocurrencies.
As we said above, cryptos are a technological revolution that requires a lot of reading. That's exactly why I suggest you don't miss any updates from bitsounisproject.com and follow me on YouTube or at X (formerly Twitter), to stay constantly informed.
If you liked this article, I would love to hear your opinion in the comments.
Disclaimer:
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