Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Sukii on September 25, 2024, 09:20:18 AM
-
Now I know alot of us here already know about crypto currency
But I really wanted to enlighten beginners about it
I'm new to crypto currency and so far this is what I've learnt
CRYPTOCURRENCY is a virtual or digital currency that works on block chain technology
It can be used as a medium of of exchange online to make payment for certain goods and services
Although as a beginner at first I thought it was same as other online payment methods like PayPal
But they are very much different
Cryptocurrency is decentralised and free from any third party interference that means it is not controlled by any government or association and this is one of the reasons why transaction with Cryptocurrency always goes through except in some cases
It uses cryptography for protection
there are different types of crypto currency which include bitcoin,altcoin etc and over the years the worth of Cryptocurrency has increased exponentially
-
You are getting it wrong because cryptocurrency is vague and majority of them are centralized. What you are talking about is bitcoin and not cryptocurrency because it is bitcoin that was created by Satoshi and made it decentralized so that you don't beed a third party to help you carry out your transactions. . I think a newbie like you needs to read and learn more instead of coming to teach people what you don't have the proper knowledge on. Read and improve yourself is the important thing you need to do so that you can grow in knowledge and in rank.
-
Thank you very much I will do just that I was making some research about crypto so I wanted to share what I have learnt so far well it seems as though my source was wrong I will endeavour to learn more before posting again on the platform
Thanks once again for the correction I really appreciate it
-
Now I know alot of us here already know about crypto currency
But I really wanted to enlighten beginners about it
I'm new to crypto currency and so far this is what I've learnt
It’s nice that you have learned something new since you came to the forum - if you keep up like this you should be able to learn more and then contribute well to discussions.
As you can see this forum is way more welcoming when it comes to newbies than Bitcointalk, just make sure to verify your information before you pass them off to others so you won’t end up spreading misinformation concerning a topic - it’s best you create topic that asks questions instead of one that teaches as you still don’t know where to get information from.
Cryptocurrency is decentralised and free from any third party interference that means it is not controlled by any government or association and this is one of the reasons why transaction with Cryptocurrency always goes through except in some cases
I guess this was pointed out in the post above.
-
Thank you very much for the advice and for acknowledging me at first I felt bad and was about to take down the post but your comment was what I needed
I will do as you have said thanks once again
-
It’s nice that you have learned something new since you came to the forum - if you keep up like this you should be able to learn more and then contribute well to discussions.
As you can see this forum is way more welcoming when it comes to newbies than Bitcointalk, just make sure to verify your information before you pass them off to others so you won’t end up spreading misinformation concerning a topic - it’s best you create topic that asks questions instead of one that teaches as you still don’t know where to get information from.
I liked the fact he seems willing to learn new things even as a beginner, but I don't really support the idea of sharing that with the community. He should just asked questions instead, rather than trying to explain to those that might have not acquire the amount of information that he has gathered so far. I just imagine if he had actually created similar thread on the other forum with such a fresh account, It wouldn't have been a funny experience to tell.
Now I know alot of us here already know about crypto currency
~snip
OP, here is a quick suggestion. How about you make good use of YouTube videos and get good online materials that teaches the basics of cryptocurrency. I assume you know how to make good use of your search engine, so doing this will not be difficult. In other for you to survive and catch up in this space, you need to know certain things, which means the quality of information you gather matters.
-
Like you have been told, there are so many cyptocurrencies, of which so many of them are centralized and cannot even be used as money. What you are trying to explain in your post is BTC, it is decentralized, censorship resistant, permisisonless, etc; it was also created by Satoshi, who is anonymous until this day. Stay active in the forum and read posts of more experienced users, it will help to build up yours.
-
Now I know alot of us here already know about crypto currency
But I really wanted to enlighten beginners about it
I'm new to crypto currency and so far this is what I've learnt
If you are new to cryptocurrency then i don’t think you should be trying to teach beginners about anything right now, you should rather focus on learning than teaching beginners what you have learned. There is a whole lot to learn about cryptocurrency soo my advice for you is to not lose focus and keep learning and forget about teaching for now.
CRYPTOCURRENCY is a virtual or digital currency that works on block chain technology
It can be used as a medium of of exchange online to make payment for certain goods and services it was introduced in the year 2013 by Satoshi Nakamoto
Although as a beginner at first I thought it was same as other online payment methods like PayPal
But they are very much different
Cryptocurrency is decentralised and free from any third party interference that means it is not controlled by any government or association and this is one of the reasons why transaction with Cryptocurrency always goes through except in some cases
It uses cryptography for protection
there are different types of crypto currency which include bitcoin,altcoin etc and over the years the worth of Cryptocurrency has increased exponentially
I am not trying to criticize you but all these things are something any beginner can find with a single google search. You have just merely defined what bitcoin is and not cryptocurrency and i don’t see anything teachable that anyone can’t find online. When you improve your knowledge you should be able to find topics more interesting to teach.
-
I just imagine if he had actually created similar thread on the other forum with such a fresh account, It wouldn't have been a funny experience to tell.
He is the type that’s not thick skinned he would have quit the forum immediately due to the high amount of savage he would have received from that thread. That’s why I said, this forum is a lot more welcoming to newbies than the other one (Bitcointalk).
Lots of newbies with potential never got to show what they have because of the way they were received when they newly got to the forum some even got banned from their first post.
-
-
Cryptocurrency is decentralised and free from any third party interference that means it is not controlled by any government or association and this is one of the reasons why transaction with Cryptocurrency always goes through except in some cases
I guess this was pointed out in the post above.
I want cryptocurrency because it is a decentralized system and not controlled by the government, everyone has the right to use cryptocurrency and that means this cryptocurrency is a digital asset that is freely owned by anyone. In accordance with the point you tagged above, if cryptocurrency is preferred by me, it is because it is not controlled by anyone.
But sometimes there is cryptocurrency that is centralized and controlled by one institution and I have just heard of that ,but is it true?
-
But sometimes there is cryptocurrency that is centralized and controlled by one institution and I have just heard of that ,but is it true?
there are some cryptocurrencies that are managed by private companies there are centralized exchanges that launch their own coins for example with binance a famous centralized exchanges has their own coin: BNB and used in their exchange
there is also a stablecoin that is UDST issued by Tether a private company so yes it is true
-
I want cryptocurrency because it is a decentralized system and not controlled by the government, everyone has the right to use cryptocurrency and that means this cryptocurrency is a digital asset that is freely owned by anyone. In accordance with the point you tagged above, if cryptocurrency is preferred by me, it is because it is not controlled by anyone.
But sometimes there is cryptocurrency that is centralized and controlled by one institution and I have just heard of that ,but is it true?
Just as the reply above had said, some cryptocurrencies are centralized (private owned and managed), while others are decentralized (i.e they are managed by the entire community members). If you seek to have a decentralized cryptocurrency, then there are so many that you can probably check for online and purchase them in various exchanges. But you've to understand that in as much as these decentralized cryptocurrency is not controlled, some of them don't really offer complete anonymity, in the sense that transactions are visible, and can even be traced down to you when you make use of a centralized exchange.
You should probably do your own research, so you can easily make decisions. But i believe you know that these digital assets are not free.
-
But sometimes there is cryptocurrency that is centralized and controlled by one institution and I have just heard of that ,but is it true?
there are some cryptocurrencies that are managed by private companies there are centralized exchanges that launch their own coins for example with binance a famous centralized exchanges has their own coin: BNB and used in their exchange
I just found out, I think this BNB is not a centered coin. If the BNB who has it binance I already know, but if the matter of BNB is a centralized coin, I just found out. Will later if the BNB coin is centered at any time at up and down the price by Binance?
there is also a stablecoin that is UDST issued by Tether a private company so yes it is true
USDT tether is owned by a private company, do you know what the name of the company is?
I want cryptocurrency because it is a decentralized system and not controlled by the government, everyone has the right to use cryptocurrency and that means this cryptocurrency is a digital asset that is freely owned by anyone. In accordance with the point you tagged above, if cryptocurrency is preferred by me, it is because it is not controlled by anyone.
But sometimes there is cryptocurrency that is centralized and controlled by one institution and I have just heard of that ,but is it true?
-
You should probably do your own research, so you can easily make decisions. But i believe you know that these digital assets are not free.
My burden if I am discussing it because it is true that as you say is this Cryptocurrency Digital Asset is not free, so I also practice can not immediately send and receive coins. So, I keep asking here with all the members for every step of learning cryptocurrency.
-
CRYPTOCURRENCY is a virtual or digital currency that works on block chain technology
It can be used as a medium of of exchange online to make payment for certain goods and services it was introduced in the year 2013 by Satoshi Nakamoto
Good one; you are learning in good way, but I think I will need to correct you in some aspects.
It was in 2009 that Satoshi Nakamoto invented Bitcoin, which is the beginning of cryptocurrency. Make sure you read from a reliable source because Bitcoin, is not a virtual currency but a digital currency that was created to give us financial freedom.
Cryptocurrency is decentralised and free from any third party interference that means it is not controlled by any government or association and this is one of the reasons why transaction with Cryptocurrency always goes through except in some cases
It uses cryptography for protection
Cryptocurrency is not completely decentralized, but there are coins that decentralized like Bitcoin, eg Monero.
Altcoins are centralized.
-
Digital currencies like Bitcoin are known as cryptocurrency, or "crypto." They are utilized as investment opportunities or as an alternate form of payment. The cryptographic methods that enable people to experience cryptocurrency safely without a central authority are what give them their name.
-
OP, you have learnt some good things about crypto currencies from the posts of the forum members who posted on your this thread. In simple terms Bitcoin is the top notch cryptocurrency that made a way for other crypto currencies. It's the first cryptocurrency and it's fully decentralized.
The person or group of people often known as Satoshi Nakamoto who created Bitcoin have left it for community and it works pretty well without his presence. If you want to learn more about cryptocurrencies and Bitcoin then I suggest you to read posts at this forum and also at Bitcointalk.
-
The cryptographic methods that enable people to experience cryptocurrency safely without a central authority are what give them their name.
It is not every cryptocurrency that functions without a central authority in control, i.e. stablecoins like usdt are cryptocurrencies, but they have central authorities in control, this authority issues it and they also have to power to seize it, even when you store it in your own wallet. BTC does not have any central authority or third party controlling it, but there are coins that do have.
-
A cryptocurrency is a designated string of data that represents a unit of currency. Blockchains are peer-to-peer networks that monitor and manage cryptocurrency transactions such as buying, selling, and transferring, as well as acting as secure transaction ledgers. Cryptocurrencies can function as a money and an accounting system by leveraging encryption software.
-
I just imagine if he had actually created similar thread on the other forum with such a fresh account, It wouldn't have been a funny experience to tell.
Lots of newbies with potential never got to show what they have because of the way they were received when they newly got to the forum some even got banned from their first post.
to be fair some of the beginners i see do post some useless stuff and the other forum is far stricter about the kind of content one posts i also notice that it is a lot harder in the bitcoin forum to gain merits compared to this forum which is why some people might have biases with those higher merit points so the beginners with not much merits might not be as noticed nor valued as much
anyway i do enjoy high quality posts but this strict rule may prevent a lot of beginners from posting and engaging with other members i am sure op can learn more about crypto and this forum later on
-
CRYPTOCURRENCY is a virtual or digital currency that works on block chain technology
It can be used as a medium of of exchange online to make payment for certain goods and services it was introduced in the year 2013 by Satoshi Nakamoto
It was not introduced in 2013, as other members have also corrected the mistake, but you still did not edit the post, so I suggest you to correct the date in your post as well.
Your explanation is a good one, I use the word digital currency to explain crypto to a full newbie who has no idea about it. I never explained blockchain technology like what it is just give them a small idea of what it can be in the real world, like explaining it to them using real-world examples makes things for them easier.
-
......it was introduced in the year 2013 by Satoshi Nakamoto
It was not introduced in 2013, as other members have also corrected the mistake, but you still did not edit the post, so I suggest you to correct the date in your post as well.
I see OP is active in the forum and he also comments in some threads, but not active enough in this thread. Hmm.
Yes, maybe this source can be used as one of the sources to write it, at least paraphrase it so it can be understood better and become another story.
https://money.usnews.com/investing/articles/the-history-of-bitcoin
But indeed, the enthusiasm of beginners in learning Bitcoin and cryptocurrency in general must be done in several stages, and getting to know Bitcoin in general is part of the early stages. Yes, at least if there is a discussion like this, it can be a trigger for anyone to learn more about crypto.
-
-snip-
But indeed, the enthusiasm of beginners in learning Bitcoin and cryptocurrency in general must be done in several stages, and getting to know Bitcoin in general is part of the early stages. Yes, at least if there is a discussion like this, it can be a trigger for anyone to learn more about crypto.
And those beginners should know how Bitcoin originated and how cryptocurrencies work.
Because many beginners only know, bitcoin is a coin that has no function other than just for speculation.
With some good education and understanding, beginners will understand.
In this forum, there is also a lot of information about crypto and various experiences about experiences in crypto.
And for other knowledge that can be seen from various sources, it is unlimited and can even be easily obtained today.
-
I see OP is active in the forum and he also comments in some threads, but not active enough in this thread. Hmm.
Yes, maybe this source can be used as one of the sources to write it, at least paraphrase it so it can be understood better and become another story.
https://money.usnews.com/investing/articles/the-history-of-bitcoin
But indeed, the enthusiasm of beginners in learning Bitcoin and cryptocurrency in general must be done in several stages, and getting to know Bitcoin in general is part of the early stages. Yes, at least if there is a discussion like this, it can be a trigger for anyone to learn more about crypto.
You are right topics like this can be used to share my knowledge about BTC and your knowledge as well, and thus readers can learn things about crypto or BTC that they did not know before. For example, recently I came to know that USDT's owner, Tether, has full control over USDT, meaning even if you have kept USDT in some noncustodial wallet, they can seize them and you can't move the funds anywhere. Till now they have seized 1.8 billion dollars (this money was being used for money laundering or was scammed by others).
Now I also understand that why hackers don't want to steal money in USDT, like there are past hack stories in which they prefer to steal in some other currency but rarely in USDT. This proves that we learn all the time, even if we think we have passed the stages of learning, but no we learn till we die.
-
You are right topics like this can be used to share my knowledge about BTC and your knowledge as well, and thus readers can learn things about crypto or BTC that they did not know before. For example, recently I came to know that USDT's owner, Tether, has full control over USDT, meaning even if you have kept USDT in some noncustodial wallet, they can seize them and you can't move the funds anywhere. Till now they have seized 1.8 billion dollars (this money was being used for money laundering or was scammed by others).
Now I also understand that why hackers don't want to steal money in USDT, like there are past hack stories in which they prefer to steal in some other currency but rarely in USDT. This proves that we learn all the time, even if we think we have passed the stages of learning, but no we learn till we die.
Yes sharing knowledge about Bitcoin and cryptocurrencies is valuable. It helps readers learn about new aspects of digital currencies. Your information about Tether control over USDT is very revealing showing potential dangers of centralized power. Fact is that Tether has taken control of $1.8 billion in illegal or stolen funds highlights importance of understanding each cryptocurrency unique features.
Hackers preferring other currencies over USDT also shows that each digital asset has its own characteristics. This conversation demonstrates that learning is lifelong process proving that there is always more to learn even for those with experience.
-
-snip-
But indeed, the enthusiasm of beginners in learning Bitcoin and cryptocurrency in general must be done in several stages, and getting to know Bitcoin in general is part of the early stages. Yes, at least if there is a discussion like this, it can be a trigger for anyone to learn more about crypto.
And those beginners should know how Bitcoin originated and how cryptocurrencies work.
Because many beginners only know, bitcoin is a coin that has no function other than just for speculation.
With some good education and understanding, beginners will understand.
In this forum, there is also a lot of information about crypto and various experiences about experiences in crypto.
And for other knowledge that can be seen from various sources, it is unlimited and can even be easily obtained today.
In my opinion, it's quite good to know that but I think it's not necessary when you're here in crypto just to only make investment. For me, it is not a waste of time because Bitcoin also has a very good story. Knowing why the price has reached this yield is very surprising and may change your perspective on crypto. But if you don't have enough time for that, just focus on how to make your investments safe.
-
Yes sharing knowledge about Bitcoin and cryptocurrencies is valuable. It helps readers learn about new aspects of digital currencies. Your information about Tether control over USDT is very revealing showing potential dangers of centralized power. Fact is that Tether has taken control of $1.8 billion in illegal or stolen funds highlights importance of understanding each cryptocurrency unique features.
Hackers preferring other currencies over USDT also shows that each digital asset has its own characteristics. This conversation demonstrates that learning is lifelong process proving that there is always more to learn even for those with experience.
Yes they seized that much money and there is nothing wrong in here IMO because they are helping government to catch spammers and recovering these funds back to the victims is also building entrust among them and this is a positive side although this information is so under rated as It was not discussed a lot by other members as well.
Yes we learn in our whole life, we won't call ourselves the experts because we are also in the learning phase we just learn more than other or less then others but learning is essential for the overall better overview of market and how things work. I hope to learn more new things like this.
-
The cryptographic methods that enable people to experience cryptocurrency safely without a central authority are what give them their name.
It is not every cryptocurrency that functions without a central authority in control, i.e. stablecoins like usdt are cryptocurrencies, but they have central authorities in control, this authority issues it and they also have to power to seize it, even when you store it in your own wallet. BTC does not have any central authority or third party controlling it, but there are coins that do have.
At first I was thinking there was no need for the Op to create such thread because beginners can hit the internet to get more information on cryptocurrency. But seen this dimension of the discussion making the thread interesting. Many people don't know that there are some cryptocurrencies that do not have non Custodial wallets and such as "KCS = Kucoin, BGB, BNB " etc. And using or investing in those cryptocurrencies are at the owners' risk because they can fold at anytime since they have Centralised control system. And we have seen them in my country. OKX just left the country and you have an investment with them and you were not aware of their exit in the country then you coins are gone. Though they gave notice to all the users in the country but if you were not aware before deadline expired you coins are gone.
-
......it was introduced in the year 2013 by Satoshi Nakamoto
It was not introduced in 2013, as other members have also corrected the mistake, but you still did not edit the post, so I suggest you to correct the date in your post as well.
I see OP is active in the forum and he also comments in some threads, but not active enough in this thread. Hmm.
Yes, maybe this source can be used as one of the sources to write it, at least paraphrase it so it can be understood better and become another story.
https://money.usnews.com/investing/articles/the-history-of-bitcoin
But indeed, the enthusiasm of beginners in learning Bitcoin and cryptocurrency in general must be done in several stages, and getting to know Bitcoin in general is part of the early stages. Yes, at least if there is a discussion like this, it can be a trigger for anyone to learn more about crypto.
I am actually active on this thread
I read every single comment as I'm also growing my understanding on Crypto and I really do appreciate every comment
Let's just say I was a bit ashamed of myself after creating such a thread
-
I am actually active on this thread
I read every single comment as I'm also growing my understanding on Crypto and I really do appreciate every comment
Let's just say I was a bit ashamed of myself after creating such a thread
If you are active and read the posts, then you can edit your post and correct the mistake that several members warned you about - Satoshi did not "invent" Bitcoin in 2013 - it is correct to say that he published a white paper in 2008, and that in the beginning of 2009 Bitcoin actually came to life when Satoshi mined what we now call the Genesis block.
Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
-
I am actually active on this thread
I read every single comment as I'm also growing my understanding on Crypto and I really do appreciate every comment
Let's just say I was a bit ashamed of myself after creating such a thread
If you are active and read the posts, then you can edit your post and correct the mistake that several members warned you about - Satoshi did not "invent" Bitcoin in 2013 - it is correct to say that he published a white paper in 2008, and that in the beginning of 2009 Bitcoin actually came to life when Satoshi mined what we now call the Genesis block.
Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
Alright then I will do just that
Thanks once again for being accommodating
After joining Bitcoin talk I found out that I actually can't post something like this there the backlash will be crazy
-
~snip~
After joining Bitcoin talk I found out that I actually can't post something like this there the backlash will be crazy
Maybe for the reason that many think that beginners should not teach others about something in which they are actually beginners. Although no one will and cannot forbid you to write anything that makes sense and is placed in the appropriate board.
Somehow it seems to me that maybe you are taking things a little too seriously that should be much more relaxed - forums are places for discussions, but just like in real life there are good and less good people. You have to learn to deal with criticism, well-intentioned advice and possible punishments if you do something against the rules of the forum.
-
I am actually active on this thread
I read every single comment as I'm also growing my understanding on Crypto and I really do appreciate every comment
Let's just say I was a bit ashamed of myself after creating such a thread
Sukii you don't have to be ashamed of this topic you did nothing so wrong, I am wondering why you even said that it's just the date and you accept the mistake just correct it and be bold you don't have to feel ashamed, I was not trying to demotivate you, because creating topics at first does not mean you must have all the necessary information, sometimes we make mistakes and we learn more than the mistake we make in a topic.
I have been bashed by senior members on BTT many times but I always learned from them, never took their words to my heart, and felt them, because in learning I believe we must ignore such emotions. I hope you won't mind my words.
-
......it was introduced in the year 2013 by Satoshi Nakamoto
It was not introduced in 2013, as other members have also corrected the mistake, but you still did not edit the post, so I suggest you to correct the date in your post as well.
I see OP is active in the forum and he also comments in some threads, but not active enough in this thread. Hmm.
Yes, maybe this source can be used as one of the sources to write it, at least paraphrase it so it can be understood better and become another story.
https://money.usnews.com/investing/articles/the-history-of-bitcoin
But indeed, the enthusiasm of beginners in learning Bitcoin and cryptocurrency in general must be done in several stages, and getting to know Bitcoin in general is part of the early stages. Yes, at least if there is a discussion like this, it can be a trigger for anyone to learn more about crypto.
I am actually active on this thread
I read every single comment as I'm also growing my understanding on Crypto and I really do appreciate every comment
Let's just say I was a bit ashamed of myself after creating such a thread
That an interesting news to hear good for you . That just how things go anything you don’t know on this forum just ask and before you realize different type of answers and opinions and you will learn a lot from different people. No need to be ashamed we are all one in this forum so no shame in asking a question. Assuming you didn’t ask about this how will you get the information you gotten about cryptocurrency so that just it we all are still learning . Keep the good work coming try and take good look at every aspect you don’t know about and ask and you will be replied to and probably you might even end up been rewarded
-
That an interesting news to hear good for you . That just how things go anything you don’t know on this forum just ask and before you realize different type of answers and opinions and you will learn a lot from different people. No need to be ashamed we are all one in this forum so no shame in asking a question. Assuming you didn’t ask about this how will you get the information you gotten about cryptocurrency so that just it we all are still learning . Keep the good work coming try and take good look at every aspect you don’t know about and ask and you will be replied to and probably you might even end up been rewarded
Thanks for cheering him up, as I did not read other's replies but I assume all of them must have mentioned the same corrections and some might have bashed him. Which can be so disturbing sometimes that we don't even want to post. Creating topics for obvious things comes into shite posts IMO so the information that OP shared is also an obvious thing but no new thing or fact has been shared but he shared the wrong information.
So if members corrected him and shared their opinions on an obvious thing which don't require any further discussion or ideas, then op should have it in mind that he is going to receive such replies,
-
Digital currencies like Bitcoin are known as cryptocurrency, or "crypto." They are utilized as investment opportunities or as an alternate form of payment. The cryptographic methods that enable people to experience cryptocurrency safely without a central authority are what give them their name.
It also depends on how you use it... if you use a centralized wallet or maybe an exchanger wallet that requires KYC, then the point you mentioned will be invalid... so basically cryptocurrency does have that function, but the way to use it must also avoid centralized parties.
Well, at least this privacy function is not owned by FIAT.
-
Cryptocurrencies are digital assets that rely on an encrypted network to perform, verify, and record transactions completely independently of a country government. Blockchain the underlying technology that powers crypto is seen as a disruptive technology. Even crypto are digital assets that have no physical form. Cryptocurrencies exist and operate on a public ledger called the blockchain, which records all crypto transactions.
While everyone is optimistic cryptocurrencies may one day be accepted as a form of money, most see crypto as an alternative asset that can appreciate in value. So people rush to invest here especially because of the profit gains. Moreover, some people buy cryptocurrency as a way to indirectly invest in its underlying blockchain.
-
That's great you did learn about crypto. but I would suggest you that you should also learn about what is blockchain and how it's works. this is fast step of cryptocurrency. Don't see cryptocurrency as just a single coin. it's a broad section. By just a coin you can define cryptocurrency there are a lot of section you need to explore also.
you may get astonished by learning how advanced they were when they created the Bitcoin. Satoshi Nakamkto is still a anonymous person. just think about it 16 years before he was able to create this thing and still anonymous.
-
Digital currencies like Bitcoin are known as cryptocurrency, or "crypto." They are utilized as investment opportunities or as an alternate form of payment. The cryptographic methods that enable people to experience cryptocurrency safely without a central authority are what give them their name.
It also depends on how you use it... if you use a centralized wallet or maybe an exchanger wallet that requires KYC, then the point you mentioned will be invalid... so basically cryptocurrency does have that function, but the way to use it must also avoid centralized parties.
Well, at least this privacy function is not owned by FIAT.
As for alternative form of payment yes, but mostly, we uses 3rd party to convert our crypto->FIAT before we can used it. Unlike the traditional p2p that we really wanted, but so far, there's not that much online merchants that directly accepting crypto as payment. But if there is, there is a payment processor in between.
And as you pointed out, if we really wants privacy, there are many ways as well.
We also not recommended putting a lot of our crypto in centralized exchanges as there are chances that we might lost everything with them. That's why it's better to put it in a wallet that we have total control.
-
We also not recommended putting a lot of our crypto in centralized exchanges as there are chances that we might lost everything with them. That's why it's better to put it in a wallet that we have total control.
Fully controlled wallets are indeed good and recommended, but the thing that needs to be mastered before actually using a fully controlled wallet is to learn how to secure the seed or phrase or private key, nowadays hackers are very clever and always developing... so that makes us have to stay alert to all kinds of hacking attempts...
Weak security on our devices or networks will certainly be a serious threat so that storing all assets in a wallet that we control ourselves cannot be the safest option...
Maybe the advice I can give is, diversify asset storage, such as creating many wallets, including exchange wallets is okay, as long as you don't store all assets in one place.
-
I am actually active on this thread
I read every single comment as I'm also growing my understanding on Crypto and I really do appreciate every comment
Let's just say I was a bit ashamed of myself after creating such a thread
Op, don't feel ashamed, take this as part of learning; we all go through these stages, and to me, you won't learn if there are no corrections like this. I appreciate your efforts to conduct research on the topic because it is something that comes to your mind that you believe others will benefit from, it shows your willingness to learn.
Cryptocurrency that you make research on, there are many things to learn about it. When you are doing your research and you run into any problems, come to the forum and ask. No one will stop you from asking questions, but make sure they are helpful, and I promise you will get better.
-
There are many definitions of Crypto on Google but I only think that in my opinion Crypto is a digital currency whose changes always bear fruit. I am sure that many people have their own understanding of crypto and of course it is different.
What I like about crypto is that the changes are always unpredictable so when I wait for coins to be bought I have to be patient and sometimes the next day the coins immediately go up quickly. I have never tried buying crypto coins with large funds and no more than 20 dollars, that was also yesterday when I tried it because I was curious about the profits from crypto trading.
-
Many newbies do not have the foundational knowledge to distinguish between Bitcoin and altcoins. This may be very risky as poor knowledge of cryptocurrencies can lead one to invest in the wrong coin thinking they are all thesame but they are not. Cryptocurrencies are different in terms of their use cases, transaction speed, technology and many more. Newbies should understand the differences between these coins before making investment decisions.
Newbies should try to learn more before teaching others. Half-baked information like this can be misleading to those seeking for investment advice from this forum.
-
Many newbies do not have the foundational knowledge to distinguish between Bitcoin and altcoins. This may be very risky as poor knowledge of cryptocurrencies can lead one to invest in the wrong coin thinking they are all thesame but they are not. Cryptocurrencies are different in terms of their use cases, transaction speed, technology and many more. Newbies should understand the differences between these coins before making investment decisions.
There are two major types,
1. proof of work (PoW)
2. Proof of Stake (PoS)
The coins run based on PoW can be considered as decentralised but there are other factors involved in determining the decentralisation level but on the overview pos coins are less decentralised since it's controlled by small group of validators whereas pow based on the miners authentication and verification.
-
Cryptocurrency is not completely decentralized, but there are coins that decentralized like Bitcoin, eg Monero.
Altcoins are centralized.
Yes, that's true, cryptocurrencies aren't decentralized but only Bitcoin, Monero, and a few other coins are decentralized. Most of the Altcoins do have centralized structure and thus can't be considered as decentralized.
-
Many newbies do not have the foundational knowledge to distinguish between Bitcoin and altcoins. This may be very risky as poor knowledge of cryptocurrencies can lead one to invest in the wrong coin thinking they are all thesame but they are not. Cryptocurrencies are different in terms of their use cases, transaction speed, technology and many more. Newbies should understand the differences between these coins before making investment decisions.
There are two major types,
1. proof of work (PoW)
2. Proof of Stake (PoS)
The coins run based on PoW can be considered as decentralised but there are other factors involved in determining the decentralisation level but on the overview pos coins are less decentralised since it's controlled by small group of validators whereas pow based on the miners authentication and verification.
Thanks for this simple explanation. It is very neccessary for newcomers entering the crypto space to understand what PoW and PoS means. When they educate themselves about these differences, they can make better investment decisions that align with their values, investment goals and risks tolerance.
-
Many newbies do not have the foundational knowledge to distinguish between Bitcoin and altcoins. This may be very risky as poor knowledge of cryptocurrencies can lead one to invest in the wrong coin thinking they are all thesame but they are not. Cryptocurrencies are different in terms of their use cases, transaction speed, technology and many more. Newbies should understand the differences between these coins before making investment decisions.
There are two major types,
1. proof of work (PoW)
2. Proof of Stake (PoS)
The coins run based on PoW can be considered as decentralised but there are other factors involved in determining the decentralisation level but on the overview pos coins are less decentralised since it's controlled by small group of validators whereas pow based on the miners authentication and verification.
But in practice, not all PoW coins can be considered as decentralized. For example, BSV have insane hardware requirement to run full node[2] and ability to confiscate steal coin[2].
[1] https://web.archive.org/web/20240709092849/https://docs.bsvblockchain.org/network-topology/nodes/sv-node/system-requirements (https://web.archive.org/web/20240709092849/https://docs.bsvblockchain.org/network-topology/nodes/sv-node/system-requirements)
[2] https://blog.bitmex.com/bitcoin-sv-hardfork-significant-security-risks/ (https://blog.bitmex.com/bitcoin-sv-hardfork-significant-security-risks/)
-
It actually depends on what kind of definition you are in need of . For example one of the simplest definition is crypto currencies are simply digital currencies that make use of cryptography to create secure transactions. Sometimes instead of making use of the term " cryptography " I'll likely make use of the phrase "Layered technology" which I literally use to refer to the Blockchain.
Of course if you really want to go deeper you will find out that there is definitely more to it than this. Anyways is it just me or does anyone here recognise the fact that most knowledgeable members here can make these definitions without needing to Google or something?
-
My fellow members has gave different definitions, meaning and their understanding on cryptocurrency. But in my understanding Cryptocurrency is decentralized, meaning it's not owned or controlled by any single entity, government, or central bank. It operates without intermediaries, utilizing cryptography for secure transactions, which are recorded on a public digital ledger called the blockchain. But before an individual should understand what cryptocurrency is all about, the person needs to aquire knowledge and understand the meaning of the *blockchain*.