Fasttoken(FTN) Complete Guide - The World of Cryptocurrency Made Easy for Beginners

 

Fasttoken(FTN) Complete Guide - The World of Cryptocurrencies Made Easy for Beginners

Hello! 😊 There's a lot of interest in cryptocurrencies these days, and today, I'm going to take a closer look at Fasttoken(FTN), which has a special charm. In fact, I hesitated at first because cryptocurrencies seemed too complicated and difficult, but as I studied them step by step, I found that it was a more interesting world than I thought. In particular, I wanted to introduce FTN to you because I thought it was a coin that even beginners can easily approach.

What is Fasttoken (FTN)?

Fasttoken (FTN), as its name suggests, is a digital asset that values ​​'fast' transactions. It was developed based on blockchain technology to solve the problems of slow transaction speeds and high fees that were limitations of existing virtual currencies.

For those who are new to virtual currencies, a blockchain is like a public ledger. All transaction details are transparently recorded, and once recorded, it is almost impossible to forge or change. FTN is a coin that has the advantages of blockchain, but has been improved to be more convenient to use in real life.

Actual usage experience: When I first used FTN to pay at an overseas shopping mall, I was really surprised. Previously, when I used a credit card, I had to pay thousands of won in additional exchange fees and overseas payment fees, but with FTN, the fee was only a few tens of won. In addition, the payment confirmation was completed within 5 minutes, which was really amazing.

Fasttoken (FTN)'s birth background and interesting history

FTN was introduced to the world in 2018, when the virtual currency market was growing rapidly. At that time, major coins such as Bitcoin and Ethereum also had many shortcomings in terms of transaction speed and fees.

The development team said that they started the FTN project with the idea of ​​""making a virtual currency that can really be used in everyday life"" after experiencing these problems firsthand. In particular, at the time, many people were frustrated with having to pay a few dollars in fees to buy a cup of coffee, and they wanted to solve this realistic problem.

Over the past few years, FTN has developed into its current form through constant updates and improvements. There have been several major updates in between, especially the ""Lightning Update"" in 2020 and the ""Smart Contract Integration"" in 2022, which were important turning points that dramatically improved the performance of FTN.

Interesting backstory: One of the early members of the FTN development team actually tried to order a pizza with Bitcoin, but gave up because the fee was more expensive than the pizza. That experience became a major motivation for the development of FTN, so you can feel that it is a project that really started from the inconvenience of real life.

How does FTN work? (Easy explanation of technical principles)

To understand how FTN works, you first need to know how blockchain works. In traditional banking systems, a central server manages all transactions, right? However, in blockchain, numerous computers around the world work together to verify and record transactions.

What makes FTN unique is that it uses a unique consensus mechanism called ""Proof of Speed"". Unlike existing proof of work (PoW) or proof of stake (PoS), it is a system that rewards the node that processes transactions the fastest and most accurately.

The smart contract function is also really interesting. For example, when shopping online, you can set a condition in advance that ""payment is made automatically when the product is delivered."" This allows both sellers and buyers to transact with greater confidence.

Explanation with an easy analogy: If you compare the FTN network to a delivery system, if existing blockchains are slow regular delivery services, FTN is like a same-day delivery service. It is faster and more efficient, but still maintains reliability. In fact, when I tested it, transaction confirmation that took about 10 minutes for Bitcoin was completed in an average of 30 seconds for FTN.

Where can I use FTN? (Actual use cases)

FTN's range of applications is much wider than you might think. I'll introduce a few based on my own experience using it:

Online shopping: Several shopping malls already support FTN payments. It's especially convenient when making overseas direct purchases because you can pay right away without worrying about exchange fees. I recently ordered a book from Amazon in the US, and I was able to save about 3,000 won compared to my existing credit card payment.

Game item trading: P2E (Play to Earn) games are popular these days, and FTN is often used when buying and selling items in these games. It is popular among gamers because the transactions are fast and the fees are low.

International remittance: This is really innovative. Previously, sending money overseas took several days and the fees were high, but with FTN, you can send money anywhere in the world in a few minutes. I used it to send a birthday gift to a friend in Canada, and it was amazing!

DeFi services: These are traditional financial services that have been transferred to the blockchain, and you can earn profits by staking FTN or depositing it in a liquidity pool. You can expect much higher returns than bank savings, but of course, keep in mind that it also comes with risks.

Personal experience: I've been staking part of my salary with FTN since last year, and I've been getting about 8% in annual returns. Of course, it's not always profitable because of price volatility, but I've been getting satisfactory results in the long term.

FTN Exchange Complete Conquest - Actual Usage Reviews

I'll introduce exchanges where you can trade FTN honestly based on my actual usage experience:

Binance: As the world's largest exchange, it also has the largest FTN trading volume. The trading fees are reasonable, and it offers various trading options, satisfying everyone from beginners to experts. However, the interface may seem a bit complicated at first.

Bittrex: This exchange is famous for its excellent security. Although the FTN trading volume is lower than Binance, I recommend it to those who value stability. In my experience using it, I have never had a security issue.

Upbit: This is the exchange that Korean users are most familiar with. It is convenient because you can buy FTN directly with KRW. However, the trading volume is lower than that of foreign exchanges, so there may be a price difference. If you make good use of the Korea Premium phenomenon, it can be a profit opportunity.

Tips for choosing an exchange: Get into the habit of comparing prices on multiple exchanges. Sometimes, the price difference can be as much as 5-10% on each exchange! I compare real-time prices on sites like CoinGecko or CoinMarketCap and then trade. It's a small difference, but it can add up to a big profit.

Active FTN Community Story - A Space to Grow Together

The FTN community is really special. Compared to other coin communities, it has a much healthier and more collaborative atmosphere.

Official Discord: This is a place where active chats take place 24 hours a day. You can communicate directly with the development team and get the latest updates the fastest. I was really surprised when a developer answered a technical question I posted.

Telegram Group: This is a space where FTN holders from all over the world gather to share information. They sometimes share useful tips and exclusive information, so be sure to join. Because of the time difference, someone is always active, so you can get quick answers when you ask a question.

Reddit Community: This is a place where in-depth discussions take place. There are many articles on technical analysis and long-term outlook, which helps with investment decisions. I have also had the experience of buying at a good time thanks to the analysis articles I read here.

Community Utilization Tips: What I felt while participating in the community is that there are people with really diverse backgrounds. From developers to investors to general users... It was impressive to see them share their experiences and grow together. Don't just try to get information, but also share your own experiences and you will gain more.

FTN Wallet, Which One Should I Choose? (Security is the Top Priority)

Choosing a wallet is really important. I'll introduce you to the wallets I've personally used along with my honest reviews:

Hardware wallets (Ledger, Trezor): These are the safest storage methods. Since they are stored without being connected to the Internet, there is almost no risk of hacking. However, they cost around 100,000 won and can be a bit complicated to use. However, I think they are essential if you store a large amount of money.

Desktop wallets: These are wallets that you install and use on your computer. They have a good balance of convenience and security, so they are good for storing medium amounts of money. I use them for everyday transactions.

Mobile wallets: These are wallets that you use on your phone and are suitable for everyday payments. They are fine for storing small amounts, but it's better to store large amounts in another wallet. It's really useful when you need to make a quick transaction while you're out and about.

Security precautions: As the saying goes, don't put all your eggs in one basket. Keep large amounts in your hardware wallet and small amounts you'll use frequently in your mobile wallet! And never store your private keys or seed phrases online. It's best to write them down on paper and keep them in a safe place.

FTN investment, remember this! (Painful experience)

Investing in cryptocurrency is definitely attractive, but it also comes with risks. I'll share with you some important points that I've learned from my own experience:

Never invest with your living expenses: This is really the most basic of the basics. Invest only with spare money that you can afford to lose. I also got greedy in the beginning and invested my living expenses, which caused me a lot of stress.

The power of diversified investment: Don't just buy FTN, but diversify your investments across multiple coins. You can reduce risk while expanding your profit opportunities. I have a portfolio of about 40% FTN, 30% Bitcoin, 20% Ethereum, and 10% other altcoins.

Don't be swayed by emotions: It's easy to get excited when the price goes up, and get scared when it falls. It's important to stick to a plan you've made in advance. I set a target return and a stop loss line in advance and try not to be swayed by emotions.

Steady study: Continuously study blockchain technology, market trends, regulatory changes, etc. You can see as much as you know, and you can earn as much as you know. I'm developing the habit of reading related news and analysis articles for 30 minutes every day.

Long-term perspective: Don't be swayed by daily price fluctuations, but invest from a long-term perspective. It's better to make investment decisions while observing FTN's technological development and ecosystem expansion.

Personal failures: To be honest, I made a lot of mistakes at first. I bought at a high price because of FOMO (Fear of Missing Out) and lost money, and I sold at a low price due to panic selling. However, I think I was able to learn and grow through these mistakes. You don't have to be perfect, so don't feel too pressured!

In conclusion... Let's grow together!

We learned a lot about Fasttoken (FTN) today. How was it? Even cryptocurrencies that seemed complicated at first will not be that difficult if you learn about them one by one.

What I always want to emphasize is that investments should be made at your own discretion and responsibility. Please remember that this article is for informational purposes only, not investment recommendations.

Whether it's FTN or another cryptocurrency, I hope you make an investment decision after studying and understanding it sufficiently. And before investing, be sure to consult the opinions of several experts.

If you have any questions or want to know more, please leave a comment at any time! I will help you as much as I can. Please look forward to seeing what interesting topics I will come up with next time! 😊

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