What's Cryptocurreny, and How do I get started to it?

#1

Hi,

I don’t have any knowledge about Crypto, can someone tell me more?

Is it related to bitcoin? Are people making money with it?

Thanks in advance.:blush:

#2

Hi Malik! This article explains the basics better than I can:

To answer your other questions: yes, Bitcoin is the most popular cryptocurrency, and the first. There’s also Ethereum, which I’m bullish on. :slight_smile: People were making money on cryptocurrency, but these days we’re in a bear market, and there’s not as much to be made (that isn’t to say you can’t – it’s just harder). Not to mention, crypto “mining” (the process by which new coins are minted) has become impractical for the vast majority of people. This is just from what I’ve seen – I’m no expert.

There’s a whole world of decentralization around cryptocurrency, and there’s the general world of cryptography (encrypting, authenticating, and anonymizing secret messages, essentially) to be discovered. I don’t know a ton about cryptocurrency specifically, but I’ve been studying general cryptography on and off for the past 10 years, so I’m happy to answer any questions around that. Beyond that, I’d ask @piratebeachbum. :grin: Please correct me if any of this is wrong, Pirate!

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#3

Thanks Austin!

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#4

Keep it simple Buy a little Bitcoin. Learn about it. Don’t get sucked into trying to invest in every coin out there. 99% of them are worthless. Here is a series of interviews from some very smart Bitcoiners with facts and tips you can learn from. Whatever you do take it slow! Trust but verify!

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#5

A lot of people automatically dismiss e-currency as a lost cause because of all the companies that failed since the 1990’s. I hope it’s obvious it was only the centrally controlled nature of those systems that doomed them. I think this is the first time we’re trying a decentralized, non-trust-based system. http://p2pfoundation.ning.com/forum/topics/bitcoin-open-source?commentId=2003008%3AComment%3A9493