Explain Crypto To COMPLETE Beginners: Coin Bureau Guide!!
Unlocking the Crypto Universe: A Beginner's Guide
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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
⛓️ 🔗 Useful Links 🔗 ⛓️ ► Why Cash Is Trash: https://wtfhappenedin1971.com/ ► Dogecoin Explained: https://www.coinbureau.com/review/dogecoin-doge/ ► Circle USDC Website: https://www.circle.com/en/usdc ► Paxos PAX Gold Website: https://www.paxos.com/paxgold/ ► Bitcoin Use In Crime: https://www.forbes.com/sites/haileylennon/2021/01/19/the-false-narrative-of-bitcoins-role-in-illicit-activity/ ► Bitcoin Stock To Flow: https://www.lookintobitcoin.com/charts/stock-to-flow-model/ ► Cryptocurrency Lending And Borrowing Explained: https://www.coinbureau.com/review/aave-lend/ ► Visa USDC On Ethereum: https://www.theblockcrypto.com/post/99639/visa-now-settles-payments-in-usdc-stablecoin-ethereum 👨🏫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.
📜 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 #Bitcoin #crypto #guide #explain #blockchain #teach #noobsTL;DW
In the Coin Bureau video, Guy offers a comprehensive guide to understanding and discussing cryptocurrency concepts with beginners. They break down complex topics such as what cryptocurrencies are, how they function, and the differences between coins and tokens. Addressing safety concerns, they explain the decentralized nature of crypto networks and the importance of personal wallet security. Emphasizing the volatile nature of the market, the video provides insights into investment strategies, stressing the significance of risk assessment and market capitalization when selecting cryptocurrencies. Overall, the video underscores the role of education in fostering crypto adoption and equips viewers with practical tips for engaging in informed discussions about cryptocurrencies with friends and family.
Takeaways
Here are the key takeaways from the Coin Bureau video:
Understanding Cryptocurrency: Cryptocurrencies are digital currencies, each represented by a unique combination of numbers and letters. They are similar to regular currencies but entirely digital. Each individual cryptocurrency coin is fundamentally just a collection of numbers and letters.
Decentralization: Cryptocurrencies are decentralized, meaning they are not controlled by any central authority like a government or a bank. Instead, transactions and account balances are stored across all the computers connected to a cryptocurrency network and can be viewed by anyone using a blockchain explorer.
Types of Cryptocurrencies: There are two types of cryptocurrencies: coins and tokens. Coins belong to cryptocurrency networks that were built from the ground up, while tokens are easy to create and can often be created in a matter of minutes with little to no effort.
Safety and Security: The safety of a cryptocurrency depends on the context. Some cryptocurrencies prioritize speed over security. However, most cryptocurrencies that have been around for years are robustly battle-tested as a consequence of always being under attack by bad actors.
Investing in Cryptocurrencies: Investing in cryptocurrencies can be risky due to their volatility. It's recommended to only invest what you're willing to lose. The potential for growth in a cryptocurrency is often related to its market cap. The smaller the market cap, the more potential that cryptocurrency has to grow.
Value of Cryptocurrencies: Cryptocurrencies are valuable because of what they do. For example, Bitcoin has value because its BTC coin has an economic profile similar to gold. It has a maximum supply and only a small amount of BTC is created each day.
FAQ
Cryptocurrencies are like regular currencies except they're entirely digital. Each individual cryptocurrency coin is fundamentally just a collection of numbers and letters. This is not far off from what we see with currencies today, where almost every physical money bill on the planet has a unique serial number.
Broadly speaking, there are two types of cryptocurrencies: coins and tokens. Cryptocurrency coins belong to cryptocurrency networks that were built from the ground up. Cryptocurrency tokens are easy to make and can often be created in a matter of minutes with little to no effort.
Whether a cryptocurrency is safe or not ultimately depends on the context. Some cryptocurrencies are built to prioritize speed over security. Most cryptos that have been around for years are robustly battle tested as a consequence of always being under attack by bad actors.
The reason why the value of BTC, ETH and every other cryptocurrency fluctuates so much each day is because basically nobody knows what these technologies are actually worth. The prices of stocks and gold and even regular currencies fluctuate every day for the same reason, but cryptocurrencies are much more volatile because what they do is revolutionary.
Which cryptocurrencies you decide to invest in boils down to your timeline and risk tolerance. In terms of timeline, the cryptocurrency market seems to follow a four year cycle. When it comes to risk tolerance, logically the more risk you're willing to take, the greater reward you stand to gain.
