What is crypto currency

[Lucius]

~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.

[Faisal2202]

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.

[Bhigdaddyjr]

......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

[Faisal2202]

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,

[bayu7adi]

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.

[albon]

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.

[JISAN]

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.

[Jating]

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.

[bayu7adi]

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.

[Yamzakid]

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.

[erus]

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.

[KingsDen]

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.

[Findingnemo]

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.

[SamReomo]

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.

[KingsDen]

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.