Explain Crypto to me please lmao. I don't understand the hype

[KudaXD]

Sup,

So I've seen many people using crypto (i've had experiences with bad people using crypto to do bad stuff) but I don't understand all the hype. If the world ends up using crypto as the main source of money I'm gonna jump in off MT Everest. It seems super complicated and you can lose out on so much money so whats the point??

Explain this to me don't try to get me to invest or do crpyto with you or something cuz i'm not fully trustworthy of that system

 

[solo]

• A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
• Experts believe that blockchain and related technology will disrupt many industries, including finance and law.
• The advantages of cryptocurrencies include cheaper and faster money transfers and decentralized systems that do not collapse at a single point of failure.
• The disadvantages of cryptocurrencies include their price volatility, high energy consumption for mining activities, and use in criminal activities.

No other authority, no other individual can ever claim or even touch your money without your permission (or you compromising yourself)

 

[KudaXD]

• A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralized structure allows them to exist outside the control of governments and central authorities.
• Experts believe that blockchain and related technology will disrupt many industries, including finance and law.
• The advantages of cryptocurrencies include cheaper and faster money transfers and decentralized systems that do not collapse at a single point of failure.
• The disadvantages of cryptocurrencies include their price volatility, high energy consumption for mining activities, and use in criminal activities.

No other authority, no other individual can ever claim or even touch your money without your permission (or you compromising yourself)

Use in criminal activity I already knew about lol. Crypto does need some security tbh.

 

[solo]

Use in criminal activity I already knew about lol. Crypto does need some security tbh.

Crypto has insane security by default if you stick to things like bitcoin or ethereum (the original blue chips)

Although other chains have numerous security flaws such as the fairly recent Matic Hack that resulted in a loss of nearly $800K, but that seems like nothing compared to the more recent Wormhole Exploit that resulted in 120,000 Wrapped Ether being stolen (~$340M at the time) Unsure if it was returned but my memory cannot seem to recall.

This does make crypto a very dangerous playground, but as in most investments there is risk and you have to make sure you are able to withstand those risks and the consequences that come with it.

 

[KudaXD]

Crypto has insane security by default if you stick to things like bitcoin or ethereum (the original blue chips)

Although other chains have numerous security flaws such as the fairly recent Matic Hack that resulted in a loss of nearly $800K, but that seems like nothing compared to the more recent Wormhole Exploit that resulted in 120,000 Wrapped Ether being stolen (~$360M) Unsure if it was returned but my memory cannot seem to recall.

This does make crypto a very dangerous playground, but as in most investments there is risk and you have to make sure you are able to withstand those risks and the consequences that come with it.

Well I've heard that crypto is untraceable and stuff

 

[solo]

Well I've heard that crypto is untraceable and stuff

Not all, certain cryptocurrencies though such as Monero do allow for that and soon Litecoin will as well

 

[KudaXD]

Not all, certain cryptocurrencies though such as Monero do allow for that and soon Litecoin will as well

Ah awesome. I might start doing bitcoin. Where do you think I should start?

 

[solo]

Ah awesome. I might start doing bitcoin. Where do you think I should start?

Bitcoin is the perfect place to start, always double-check addresses, amounts and more when doing transactions.

If you're new, I'd recommend sticking to a CEX for a bit before you understand a fairly good portion of how cryptocurrencies work.

Never share your seed phrase, ever. It is only to be used by you when opening / encrypting your wallet. NO WEBSITES SHOULD EVER NEED IT.

 

[KudaXD]

Bitcoin is the perfect place to start, always double-check addresses, amounts and more when doing transactions.

If you're new, I'd recommend sticking to a CEX for a bit before you understand a fairly good portion of how cryptocurrencies work.

Never share your seed phrase, ever. It is only to be used by you when opening / encrypting your wallet. NO WEBSITES SHOULD EVER NEED IT.

Alright

 

[Xeify]

All of what they've said & crypto is very volatile. It's also currently down, and I wouldn't recommend investing now as the market is still going down.

 

[Happy]

you should dm me your private key : D

 

[Xeify]

Cryptocurrency isn't doing really good at the moment it's going down each day.

If you are considering at mining cryptocurrency it wouldn’t be worth mining unless you have found a stable coin which has good predictions for the future.

Thus, being said it's not a good time to invest or buy crypto coins at the moment.

If you have no idea what the Red and Green scale means on coins, basically in short terms green is positive and red is negative,
if you see red within the next 3 prediction days for the coin you are wanting to buy or mine yourself it won't be worth it as you will just be wasting valuable time.

Hope this helps

Agreed, currently the market & everything is down especially buying now would a horrible idea. Generally, speaking crypto isn't very good right now. It was essentially one big spike, and now appears to be falling as does the rest of the market.