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

#7

Hi Malik,

Check out this article for some info about cryptocurrency - Cryptocurrency Explained.
Cryptocurrency is related to Bitcoin. Bitcoin is one of the popular cryptocurrencies, others include - Litecoin, Ethereum, and Zcash. With Cryptocurrency, the transaction cost is really low, like if you’re transferring money from a digital wallet to a bank account the transaction cost is really low or nothing at all.

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#8

Cryptocurrency in simple terms is digital money built on blockchain technology. There are different categories of cryptocurrency. These include :

  1. Coins in Payment category: like Bitcoin and Litecoin
  2. Stable coins: like USDT, USDC, TUSD, PAX pegged to FIAT currencies.
  3. Privacy coins : like VEIL for untraceable and private transactions
  4. Utility coins: like WABI, used to solve real life issues
  5. Security tokens: like NEXO which gives equity shares of an established company.

There are other categories but that’s just to clarify you on how broad the term cryptocurrency entails.

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#9

Learning about cryptocurrency is not so difficult. Its the alternative of FIAT currency with lots of promises from future prospective. I suggest you to visit this blog before jumping directly into this market.

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#10

The most popular platform to get into cryptocurrency is coinbase but it is not available in all countries. If you want to get into crypto, you start with buying bitcoin or ether. I’m sure you googled your question already and were overwhelmed with the amount of info available so you decided to post here instead. I recommend this video to help you buy on coinbase https://www.youtube.com/watch?v=Ad8lptPvd4Q

#11

Nice Post, I saw this and decided to look into veil because I’m all about privacy, lol, and it kind of intrigued me. Like the double earning concept of staking and mining, the RING-CT protocols and lots more. And they seem not to have rested because I see they have a lab for research and experiments. Good one for them though.