Anyone who has been keeping up with current affairs recently has most likely been hearing more and more about cryptocurrencies. These digital coins range from well established digital currencies like Bitcoin to those which seem a bit more far fetched such as the infamous dogecoin. Cryptocurrencies are currently experiencing a boom in their value. This has been spurred on by an increased public awareness of the technology.
As the ever more connected internet and community forums that discuss it, big names in the professional tech sector speak publicly about currencies such as Bitcoin and Ethereum. But cryptocurrencies are no longer just the tech sector's purview. Argentina has declared Bitcoin legal tender; the first country to do so. We need to catch up on what this buzz is all about.
A Quick Look at Crypto and Blockchain Technology
To understand how cryptocurrencies work, you need to have a good grasp on the idea of blockchain technology. Let's say someone wants to buy something using Bitcoin. The transaction is recorded as a complex maths problem. Miners, people who have access to the blockchain, compete to solve the problem. Once the problem is solved, all computers (nodes) across the blockchain certify it.
This process is called 'mining bitcoin'. The miner who solves the maths problem receives a bitcoin reward. Such rewards may be worth thousands of dollars, making cryptocurrency mining a very lucrative endeavour. However, it takes incredibly powerful computers; it's not something your average gaming laptop could handle. More on that in a bit, though.
In the most basic terms, blockchain is a type of database that stores it's information differently to a regular database. Information is stored in 'Blocks' that are added to the 'Chain' in chronological order once they are filled with data. This means that any user of the blockchain network will be able to see the full history of the chain in the order that it happened.
So far, blockchain tech has mainly been used as a way to store transaction history of various cryptocurrencies, such as Bitcoin. Because of this, anyone can see Bitcoin transactions. That makes cryptocurrency a lot less anonymous than it was originally thought to be. Even so - or perhaps thanks to it, Bitcoin, Ethereum, and other popular cryptocurrencies are seeing a huge rise in demand from business investors in the financial industry. Small-time individual investors are also getting involved with trading and learning how to use the digital currencies.
Proof of Stake or Proof of Work?
As alluded to above, mining cryptocurrency is intensive work. Solving those maths equations demands a lot of computing power. You might think of this process in terms of actual mining; the physical work of bringing to light precious metals and stones. When a miner solves an equation, they trigger the release of new coins onto the blockchain. Where do the coins come from?
We'll start at the genesis block. As its name implies, it is the first block of data; it starts the blockchain. Satoshi Nakamoto, the mysterious Bitcoin blockchain creator, initiated the process by coding the set number of bitcoins that could ever be available on the chain.
Let's say you want to invest in Bitcoin. Your transaction request generates a hash; a short digital signature. Miners hunt for such abbreviated chunks of data that signal a new transaction is about to take place. They swing into action, putting their computer banks to work to solve the generated equation. Once it's solved, the transaction is recorded into a block of code.
Remember how, in maths class, your exams always specified that you had to show your work to get full credit for your answer? Some cryptocurrency miners have to do the same thing. In cryptocurrency terms, it's called proof of work. Miners must reveal their work - how they solved the equation so other people on the network can verify it. This Proof of Work (PoW) is a consensus algorithm; everyone must agree that the work is legitimate.
Proof of Stake (PoS) is also based on consensus but it works differently. PoS blockchains demand that their miners stake their own cryptocurrency - their stake. The more stake a miner has, the better chance of mining. PoS blockchains' integrity relies on its stakeholders. As everyone has a stake in the work, they have the incentive to maintain the network.
Considering the vast energy expenditure PoW demands, this standard of proof is not sustainable. Our climate and environmental concerns make the case for switching to a PoS standard. But is is right to demand that miners put their own stake into the enterprise? Questions such as these are covered in the best cryptocurrency courses Sydney.
So you need some idea of where you can start your training in the use of cryptocurrency. Superprof has travelled from far-flung Perth to all the big east coast cities to find the best cryptocurrency courses Australia. In this article, wee talk about some of the courses that are available for you to study in Sydney, Australia.
Cryptocurrency Courses Sydney: Universities and Schools
Despite the PoS versus PoW debate, digital currencies are on the rise in popularity. A new wave of big businesses are beginning to accept Bitcoin as payment. And let's not forget Argentina; their government declared Bitcoin actual legal tender. For all of that, it can still be difficult to find a course or program to study that focuses solely on cryptocurrencies. Still, you have options for both online and in-person courses.
University of Technology Sydney (UTS)
UTS is a well established school of technology based in Ultimo, Sydney. Unfortunately, like the cryptocurrency courses available at universities in Melbourne, there is no specific degree or paid university course that will allow you to learn all about crypto in Sydney. But there are a few good programs for those looking to understand the basics of blockchain and cryptocurrency. Anyone planning to learn more about blockchain uses in their line of work. These include:
Cryptocurrencies Open Learning Course - This is a self paced course offered by UTS which is completely free. Within this course you will learn all about what cryptocurrencies are, their value compared to other investments, and how to get involved with trading them. You will be taught by academic and industry experts, a great place to start learning all you need to know.
Get Ready For Blockchain Open Learning Course: Another self paced course offered by UTS will allow you to learn all about the blockchain technology behind Bitcoin and other cryptocurrencies. It will teach you about how blockchain can be used beyond crypto and what problems it will help solve, for free!
BA of Medical Science and BA of Laws - There are many aspects of medical science that require a strong legal understanding. Within this course you have the choice to major in 'Future Technologies', which will teach you about emerging technologies like AI and blockchain, and how they impact the legal industry.
BA of Forensic Science and BA of Laws - Similarly, in this course you will learn about Blockchain and other technologies that will affect the future of legal practice. Forensic science uses scientific principles to assist in legal cases, including electronic forensics of bank transfers and financial information; Making it important to understand how blockchain can present financial transactions.
Sydney Community College
This community college based in Rozelle, Sydney, is another option for individuals looking to start an investment portfolio in the world of cryptocurrency. Much like the cryptocurrency courses in Brisbane, this school offers a short course as an introduction to cryptocurrency. The class runs for just a few weeks. But they are filled with everything you need to know to understand the basics of crypto and and how to begin trading with it.
Some of the key concepts covered in this short course include:
- What is cryptocurrency, it's properties, and how to use it.
- Looking at the main digital currencies: Bitcoin, Ethereum, Litecoin.
- What are crypto wallets, their characteristics, and are they safe?
- Learning about blockchain, and distributed ledger technology
- How blockchain relates to crypto, and what other uses it may have in the future
- A brief look at investing and trading cryptocurrencies
All of this will leave you with a good grasp of the key concepts of crypto and how to use it effectively. These courses provide you with a good foundation in cryptocurrencies, allowing you to try your hand at trading and investing. Or, if you're of a mind to, you can build upon the knowledge you gain from these classes.
University of Sydney (USYD)
Despite not offering a full course of study on cryptocurrencies and blockchain, the University of Sydney does have a unit of study for their students to undertake which can provide some knowledge on trading and investing with crypto.
This unit is called Cryptocurrency Markets and Investments, and is available to students at the financial business school of the University of Sydney. You can also approach USYD as an individual to take this unit on it's own for your own personal interest, or potentially to complete this unit as part of a course of study you are undertaking with another university.
Online Crypto Courses
If you live in a regional area of NSW, or do not want to commit to an in class course of study; There are also a number of options for learning about cryptocurrency remotely. Here are a few online institutes that offer training courses in cryptocurrency and blockchain technology:
- The Knowledge Academy - Bitcoin and Cryptocurrency Course offered online with an instructor or as a self paced course
- The Knowledge Academy and other remote courses are also available in the rest of Australia!
- Columbia Business School - Blockchain in Business: Beyond the Hype is a remote learning course lasting 2 months
- Intellipaat - Blockchain Training Course is offered featuring 32 hours of instructor lead content, as well as 32 hours of self paced learning
There are many other remote training courses that can teach you about digital currency and the tech that makes it work. Be sure to do your research before committing to an online course to ensure that it is good value for money and will provide you with the information you want to learn.
Discover More About Cryptocurrency With a Private Tutor
If you do not want to undertake a course of study at a school or university, or if you have completed an introductory course into cryptocurrency and blockchain and wish to further your knowledge; You also have the option of learning with a private tutor who has industry based experience.
There are many ways that you can find a reliable tutor who can help you with your studies, some of these include:
- Schools and Universities - Teachers will often offer their services as a tutor in their spare time
- Online - Community forums and social media pages may hold advertisements for tutors
- Superprof - Here at Superprof we offer a wide range of tutors to students in Australia
You can hop onto the Superprof website to discover professional private tutors for many different academic and leisure based subjects. Cryptocurrency is no different. Superprof can help you to find a tutor who is experienced in this industry and who can further your existing knowledge on the subject. Learning with a private tutor is flexible and easy, especially with Superprof. From Adelaide to Darwin and Brisbane to Perth, Superprof cryptocurrency tutors allow you to get quality training and education at a pace that suits you.
How about picking up cryptocurrency skills while you socialise? If you already have a rough idea about blockchain and cryptocurrency, you can join an online crypto community. These savvy individuals stay atop of all the latest developments and they don't mind sharing their knowledge. Indeed, most are excited to bring new converts into the fold.
You don't have to limit your engagements to the online communities, either. Just about every city in Australia has at least one social group that meets every so often to discuss new ideas face to face. Meetup is a good way to find such a group. Otherwise, you could check your local events boards, community centres and even the library. Even your supermarket's bulletin board may bear a flier announcing an upcoming meet.
While you're searching, keep your eyes open for any announcements of cryptocurrency and blockchain workshops. The website Eventbrite routinely advertises such crypto and blockchain events. Currently, the firm Blockchain Smart Solutions has announced a series of blockchain and crypto workshops to be held across Australia at the end of October this year.
Whether you are interested in such a workshop or you'd rather take a crypto course at a school or university, now is the perfect time to get involved with cryptocurrency and blockchain. Or you may prefer learning about decentralised ledgers and mining with a private tutor, As long as you are well informed of the risks you are taking when trading digital currency, your possiblities are endless. You only need to decide on a course that suits your style of learning and make your start.
Crypto Courses Sydney: Conclusion
Trading in digital and crypto currencies is a volatile market that holds many risks. Unlike the cash you and I spend, which is issued by our country's central bank, crypto-coins' value is tied to how many investors there are. Cryptocurrencies are decentralised, meaning they are not linked with any government body, financial institute, or central bank.
This allows more freedom to trade of these encrypted currencies. It also means that whoever you deal in cryptocurrency with is pre-qualified - their coin is just a legitimate as yours. And they can't be counterfeited, either. On the downside, though, cryptocurrencies' value does not have the support given to currencies like the Australian dollar. The blockchain will not receive a bailout if the crypto market crashes.
With this in mind, it is important to know the risks of trading in Bitcoin and other cryptocurrencies before you dive in head first. You might consider investing hard currency into digital coin. Many do so to build or diversify their investment portfolio. If that sounds like a fine idea, you had best first learn all about crypto. At the very least, you need to know how to minimise the risks of trading cryptocurrencies. You should also gain the knowledge required to safely work in the industry.
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