What is Crypto?

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  What is crypto? Part 1 Cash Apps Vs. Wallets


Observation:

In simplest terms Crypto is a digital asset that, in many ways, is used in the same manor as a USD is used and transferred digitally today. If we stop there, knowing that most people do not really understand the intricacies of how the USD is digitally transferred from point a to point b. One could ascertain that they are really just different types of the same thing and this is all you need to know.  

Scope:

To help illustrate my observation, I will share the commonalities between how PayPal is used with the USD and how a Trust wallet is used with Bitcoin - with the main focus of the overview illustrating the commonalities between the two in regards to how they transfer funds.

I chose PayPal because of the wide spread familiarity with the app and a Trust wallet due to ease of use. This is with the understanding that there are several different cash transfer apps and wallets available. 

Quick Note: 

Most of the available cash apps and wallets offer referral bonuses which can be used to net some very nice rewards in both crypto and Fiat currencies. Currently PayPal and Trust Wallet are not offering any rewards. 

Body:

Here are two screens shots that I would like to share and yes, these are my actual balances. As you can see, I really need to buy some more Bitcoin Ha Ha. With that said,



As can be seen when looking at the two shots, one is a PayPal account with a balance of 10 USD and the other is a wallet with Bitcoin valued at about 8.56 USD or .00055935 Bitcoin (55935 Satoshi).  In case you did not know, Satoshi is the smallest unit of bitcoin, equivalent to 100 millionth of a bitcoin.  

Dollars and cents meet Bitcoin and satoshi. Both digital assets have a balance and both have a value to that balance. The only real difference here is that the Bitcoin value is based on a much different set of factors than the USD. I will discuss this in a subsequent blogs. 

Now lets look at some of the functionalities between the two Apps. Looking closely at the screen shot for the PayPal Dashboard you will find a send and a request button much like that on the Trust Wallet Dashboard's Send and receive buttons. Stepping back for a quick second I will admit these functions do not work exactly the same but the ideas and fundamentals are basically the same. Where as the send button is used to send money in both Apps. Conversely the request and receive buttons are intended to receive money. Very simple right? Please keep in mind that this is a very rudimentary overview and I will reiterate that they do function a bit differently but for this comparison lets not over complicate it. 


Conclusion:

So again, knowing that most of us do not know the intricacies of how digital assets are transferred using transfer apps like PayPal, we now know about the same amount about crypto currency as we do the fiat currency in regards to basic functionally of moving it around from point a to point b. 

Special Thanks:

Thank you to my girl friend for sending  the 10 USD to my PayPal  account so I would not look so poor.

Reactions:

Comments

  1. AndreaNovember 10, 2020 at 5:29 PM

    Thanks for the explanation!

    ReplyDelete
    Replies
    1. DreichcoinNovember 10, 2020 at 5:48 PM

      You are most welcome. Please check out my next post in about a week.

      Delete

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