Explain Crypto To COMPLETE Beginners: My Guide!!

Explain Crypto To COMPLETE Beginners: My Guide!!

June 8, 2021

Coin Bureau

Cryptocurrency 101

Put simply, cryptocurrencies are like regular currencies except they’re entirely digital. Each individual cryptocurrency coin is fundamentally just a collection of numbers and letters.

This sounds complicated, but it’s actually not far off from what we see with currencies today. Bills have serial numbers, and bank accounts have account numbers.

Cryptocurrencies are basically like serial numbers without the physical bill, and cryptocurrency wallets are like bank account numbers without your name attached to them.

Instead of the bank or government keeping track of your wallet balance, this is done by computers that connect to a cryptocurrency network to process transactions and earn cryptocurrency for doing so.

Questions About Bitcoin, Dogecoin, Ethereum etc.

Broadly speaking there are two types of cryptocurrencies: coins and tokens. Cryptocurrency coins belong to cryptocurrency networks that were built from the ground up.

Because cryptocurrency networks are so hard to make from scratch, only a few dozen cryptocurrencies are actually coins. The rest are cryptocurrency tokens.

The most important thing to remember about cryptocurrency tokens is that a lot of them are nothing more than scams. This is primarily because cryptocurrency tokens are so easy to create.

Cryptocurrency Safety And Criminal Use Concerns

For starters, not all cryptocurrencies are created equal. Some cryptocurrencies are built to prioritize speed over security, and usually the consequences of that play out quite quickly.

When it comes to the criminal activities, it is true that ransom demands made by hackers often involve some kind of cryptocurrency. However, these cryptocurrencies always get swapped to privacy coins.

Explaining Cryptocurrency Price And Value

Bitcoin has value because its BTC coin has an economic profile to gold. It has a maximum supply and only a small amount of BTC is created each day, and that amount is cut in half every 4 years.

Cryptocurrencies like Ethereum’s ETH have value because they are required to pay for the transaction fees associated with minting and moving tokens as well as using decentralized applications.

“Okay, Which Cryptocurrencies Should I Buy?”

Before you answer that question, you must remember to emphasize that nothing you tell them is financial or investment advice.

Which cryptocurrencies you decide to invest in boils down to your timeline and risk tolerance. Make sure not to mix up market cap with price potential, and always do your own research.

TIMESTAMPS

0:00 Intro
2:11 Cryptocurrency 101
6:08 Questions About Bitcoin, Dogecoin, Ethereum, etc.
9:15 Cryptocurrency Safety & Criminal Use Concerns
13:15 Explaining Cryptocurrency Price & Value
17:38 “Which Cryptocurrencies Should I Buy?”
21:32 Conclusion

Original: https://youtu.be/VYWc9dFqROI

Disclaimer

The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.

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Central Bank Digital Currencies Explained: https://youtu.be/_ErRWQWPs8Q
Best Cryptocurrency Hardware Wallets: https://youtu.be/_t3Brlb0qzQ
Fiat Ponzi Scheme: https://youtu.be/L_f6R0DHNH0
How To Research Cryptocurrency: https://youtu.be/HCLWDGYnAzk
Bitcoin Bad For The Environment?: https://youtu.be/DidAwxWaDKI

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