WHAT'S CRYPTO?

Bitcoin overview: https://cash.app/bitcoin

and https://www.abra.com/cryptocurrency/bitcoin/ 

Bitcoin for Dummies: https://www.youtube.com/watch?v=41JCpzvnn_0


There are many complex things one can adventure to understand about cryptocurrencies and the blockchain technology they run on. 

Do you need to know exactly how the web and email works? I don’t, and I don’t want to know! I simply use it. (That being said, the more you know the whys and hows of crypto, the better. Ivan On Tech has a great course on blockchain tech. The Bitcoin Standard is an excellent book, too.)

For cryptos, you should have at least a basic understanding as you would email.

Knowing 'why crypto' is important and will help you stay in the market long enough for you to hopefully have some big successes. Now are you more interested in learning WHAT crypto is? :-)




Now let’s take a moment to go a little further into the three key words: bitcoin, cryptocurrency and blockchain.


3 KEY WORDS TO UNDERSTAND:  CRYPTOCURRENCY, BITCOIN & BLOCKCHAIN


Cryptocurrency is digital money. It uses cryptography to ensure that transactions are secure. One of the most well-known examples is bitcoin.


So what is Bitcoin?


Nobody owns the Bitcoin network much like no one owns the technology behind email or the Internet. Email lets us send letters for free, anywhere in the world. Skype lets us make phone and video calls for free, anywhere in the world. Now there's bitcoin. Bitcoin lets you send money to anyone online, anywhere in the world for less than one cent per transaction! 


  1. Bitcoin is a community run system not controlled by any bank or government. There's no wall street banker getting rich by standing between you and the people you want to send and receive money from.


From a user perspective, Bitcoin is nothing more than a mobile app or computer program that provides a personal Bitcoin wallet and enables a user to send and receive bitcoins.

Behind the scenes, the Bitcoin network is sharing a massive public ledger called the "block chain". This ledger contains every transaction ever processed which enables a user's computer to verify the validity of each transaction. 


The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses therefore allowing all users to have full control over sending bitcoins. Thus, there is no fraud, no chargebacks and no identifying information that could be compromised resulting in identity theft. 


All over the world people are trading hundreds of thousands of dollars worth of bitcoin every day with no middle man and no credit card companies.


Bitcoin: Beyond The Bubble - Full Documentary (35 mins)

https://www.youtube.com/watch?v=LszOt51OjXU


  1. Cryptocurrency: a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.


Bitcoin is unique because it does not rely on government/bank created money. It cannot be created out of thin air, like our current fiat system. It is a scarce, digital asset. (Explained here.)


Each transaction is recorded on a digital record kept by many people across the world known as the “blockchain”. Because there are so many copies being simultaneously maintained, the banking data is very safe and virtually impossible to manipulate.


  1. Blockchain is technology for creating permanent, secure digital recordings that don’t rely on any single person or group. Blockchains can record any information, though the first example was created to record bitcoin transactions.


Imagine the blockchain as a book of records. Each page in that book, is a block, and can record anything. Blocks are created one after the other, chained to each other creating what we know as the blockchain.


Multiple blockchain records are maintained simultaneously by a large group of unrelated individuals and their computers, making it cloud storage on steroids. Updates are seen immediately and manipulation is extremely difficult/impossible. 


They are essentially public databases that everyone can access and read, but the data can only be updated by the data owners. Instead of the data residing on a single centralized server, the data is copied across thousands and thousands of computers worldwide.


(From https://bitcoin.org/en/faq#what-is-bitcoin)


Industries will change for the better by increasing efficiency and reducing (and even eliminating completely) rampant fraud. It is so much more than an alternate currency system.


Interesting TED Talk: UNDERSTAND HOW BLOCKCHAIN TECH IS CHANGING MONEY AND BUSINESS.





Some great videos to introduce you to the market:

(I watch on 1.5X speed to learn faster! Click the little round button on bottom right of video.)


A GREAT overall perspective on the market. Mark Moss compares the NASDAQ internet adoption in the early 90’s to today’s crypto market in a fast, digital age. I believe understanding this data is the key to gaining real wealth with crypto over the years.




9 Best Books For Crypto Beginners





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