crypto currency

[mumof2]

Just wondering if anyone knows much about crypto currency, how does it work, is it really worth it...lr is it just a con...and where do you start if you do want to use...all research I see half says its great half says no....and I have no idea..so if anyone has it or knows about it..some info would be great.

[james.hendrickson]

btctony probably knows.

[mumof2]

btctony probably knows.

thanks have messaged him

[HundredK]

we have crypto and actively mine it. But we see it as nothing more than speculative fun at this point. A hobby, if you will. If you ask me, crypto currency itself is nowhere near ready for prime time. The thing I find most interesting that I think has huge potential is the blockchain tech itself. Crypto is way too volatile for now to be putting money into that you have any expectation of keeping.

[myrdale]

I'm probably going to butcher this, but let me give it a shot.

Cryptocurrencies are produced by "mining". Mining is the process of running a program on your computer that solves equations. If by chance you solve the equation you are awarded some amount of crytocurrency.

A cryptocurrency is a digital currency. It does not exist in a physical form. Also the crytocurrency does not exist on your computer it exist on something called the "block chain"

The block chain is a ledger which is shared across many computers around the world. When you buy a currency, the block chain is updated with that transaction.

There are tens of thousands of different types / brands of cryto. Bitcoin / Ether / Doge are a few of the most well know.

There will only ever be 21 million Bitcoin. 18 million have already been created, but since its diminishing returns, the last Bitcoin won't be mined for like 100 years. Other coins have varying limits or no limit at all.

To access your cryto, there are wallets. Hardware wallets and online wallets. A hardware wallet provides you with a private key to access your coins. I have a Ledger Nano X, but there are several others.

Again the coins do not exist in the wallet, they exist on the block chain. The wallet is just used to access them.

To buy and sale cryto, there are various exchanges. Coinbase and Robinhood are a couple of sites.

Bitcoin can be broken up into smaller units. Personally I own 0.0004 Bitcoin, $15 worth or so.

The government has caught onto crypto, and when you sale at a profit, you're going to have to pay taxes.

I have friend who has a coworker who's son has made like $21 million on Bitcoin, but he bought in early. At this point, I personally don't think Bitcoin is a get rich quick method.

I think it is a novel idea, its not a scam. Personally I don't think it has a long term future, because government. That said, had I put $1,000 into it when I first heard about OMG, so yeah.

There is also something new called NFT. This is like a certificate of authenticity for art. But they could also be sold for a video of an event, say a baseball player hitting a home run. But you don't have right to use that video or art, just a token saying you own it. I don't think its a scam either, but I really don't understand it enough, right now I think it is a gimmick, like buying a star.

[mumof2]

maybe I was thinking of bitcoin not crypto currency....because I know you can change that to real money...thanks

[HundredK]

maybe I was thinking of bitcoin not crypto currency....because I know you can change that to real money...thanks

Bitcoin is crypto currency. Think of crypto as a very very volatile stock market with little regulation. There are tons of different cyrptocurrencies out there - coins and tokens, all based on different blockchains, all working on their own projects. There are different ways you can earn crypto by mining (which you need good equipment and a tolerance for a high electric bill to do), or doing a new-ish thing called proof of stake (where you stake coins you already own and earn a return of sorts on them), or of course you could choose to put cold hard cash into it. Theoretically they can be converted to real money in most cases, but what the value might be when you want to convert it is anyone's guess. It's the wild west out there, heh.

[myrdale]

maybe I was thinking of bitcoin not crypto currency....because I know you can change that to real money...thanks

My personal advice is never put money into something you're completely clueless about. I don't expect people to be experts in their investments, but a layman's understanding of a topic is infinitely more valuable than just blind participation.

That said, at least you're asking questions to learn more. Just know Bitcoin is high risk, and I would not recommend that you invest your money in it. But then again, if you have $20 to burn like I did, buying some just for the experience isn't going to hurt either.

[LivingAlmostLarge]

I read that the people are investing in cryptocurrency by borrowing against other assets.

[mumof2]

well I don't think this is the way I want to go..seems to volatile for me...don't have enough "spare" money to mess with

[james.hendrickson]

I understand why half of the people say that cryptocurrency is "good" and the other half say the opposite. Those who are smart enough to understand this area, they respond positively.

I think that's part of the assessment Dominique. The trouble with the crypto space is that its a lot like the dot.com scene in 2001/2002, nobody really knows which companies or technologies are going to last through the next ten years.

[QuarterMillionMan]

I just bought 2 million Shiba Inus but if you do the math you might laugh (it's basically lunch money for the week, lol).

[james.hendrickson]

I just bought 2 million Shiba Inus but if you do the math you might laugh (it's basically lunch money for the week, lol).

Its been trending down since it launched - what's the rational for taking the position?

[QuarterMillionMan]

Elon Musk was live saying it could go to .01 cents so I bit the bait.

[CryptoSandra]

Just wondering if anyone knows much about crypto currency, how does it work, is it really worth it...lr is it just a con...and where do you start if you do want to use...all research I see half says its great half says no....and I have no idea..so if anyone has it or knows about it..some info would be great.

Hi, I'm just new here and finding my way around after James suggested I join. I have been trading crypto currency for the last 12 months and there are quite a few good things in the space. It continues to grow exponentially and I don't know all there is to know, but could help you if you want to get started.