ALL ABOUT CRYPTOCURRENCY AND COINS.

 

Do you remember that moment when crypto started making sense to you? In my case, it was when I realized that there was so much more to cryptocurrency than just bitcoin. Literally thousands of other coins, tokens, and decentralized applications with their use cases and characteristics are out there. Now, I remember that when I first tried to explain all of this to my friends and family, it was just ridiculous. So one of the reasons I decided to make this channel was because mass education is key.

Adoption of cryptocurrency, but the start of that crypto learning curve can be steep for the fiat sheep. Concepts like blockchain mining and staking are hard to understand and even harder to explain in simple terms. As I'm sure many of you can attest, this is a problem when you're trying to help your friends, family, and significant other understand where all your money is going and why. So, that's why today I'm going to tell you how to explain complex crypto concepts in a way they will understand, and even how to answer the questions and

 I'll probably be asked first there's a disclosure you'll need to pay attention to see, I'm going to talk your ear off right now but none of it will be financially advisory, because that would be whack I'd much rather give you the knowledge that you lack to find your way out of the wage slave trap if you've never met the bureau before my name is guy, I'm the crypto oracle I drop the highest quality crypto knowledge on this channel to squash the fud and the moonboy hype news reviews coins tokens tutorials tools and more

It all comes jam-packed with entertainment, so you won't get bored. If you want in the fight with me, subscribe to the channel and don't forget to ping the notification bell that shows up on the right. If you look down, you will see that there are a bunch of timestamps, timecodes in the video timeline, which you can use to skip around. Remember, watching all the way through is gonna help this content get found. Well, that's my introduction. Stick now. Let me tell you how you can help others make crypto click. If my personal experience is anything to

Go by the first question you probably get when you start talking about cryptocurrencies with friends and family is what the hell is cryptocurrency well here's how i answer that question 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 here's what i mean by that almost every physical money bill on the planet has a unique serial number. This serial number corresponds to information like when the bill was printed, where it was printed, and so on. In theory, there is a record of all money bills that have ever been printed and where they are made with a central bank, who will share this information with smaller banks and the government. If you have a debit card or credit card, you'll know that you have an account number on there as well. You also have a password or PIN number that you use to access the money in that

 Your bank branch knows your account number and your name because you had to give the bank your name in order to be able to open an account. That information is also available to the central bank and the government. Now let's say you have a 20 note with the serial number ABC, and your bank account number is one two three. When you deposit that note into your bank account, your bank branch, the central bank, and the government will see and confirm that the 20 note ABC has been transferred to bank account number one two three. This is exactly how cryptocurrencies work every individual cryptocurrency coin is like the serial number you see on a physical bill just without the physical bill just like regular bills almost every cryptocurrency can be divided into smaller pieces in the case of bitcoin each btc can be divided into 100 million pieces called satoshi's which are like cents to a dollar a cryptocurrency wallet address is like a bank account except that there's no physical card that goes along with it it's just an account number

Because you don't have to give any personal information to get a cryptocurrency wallet, this means your identity is not attached to your crypto wallet like a bank account is. Most importantly, any cryptocurrency you hold in your personal wallet is held directly by you, not custodied by a bank like regular money in a bank account. It means that nobody shuts down your cryptocurrency wallet or block your transactions. Because you have all control over that account at all times, now the trade-off here is that if you lose access to your cryptocurrency wallet or forget to write down the recovery phrase you get when you make one. Well, you'll lose your cryptocurrency forever. Instead of banks and the government keeping track of everyone's bills and the bank account balances, these records are stored across all the computers connected to a cryptocurrency network. These transactions and account balances are public and can be viewed by anyone using something called a blockchain explorer. Because computers can earn cryptocurrency for processing

Transactions on a cryptocurrency network. This makes more computers want to join the network, thereby securing it, and at the same time, processing these transactions and earning this digital money. That makes cryptocurrency networks more secure because there is no single point of failure. This is called decentralization, and exactly the opposite of the centralized setups of governments and banks. Now, in case you don't put two and two together, that means the digital currencies banks are creating around the world are not cryptocurrencies. They're creating aseriously dystopian payment network be sure to tell them that the coin bureau has a video about that on their youtube channel and it's in the top right here once you've blown their minds with that analogy you'll probably get questions about bitcoin and dogecoin and any other cryptocurrencies they've heard about here's what i would say while you've probably heard of bitcoin and dogecoin there are actually thousands of cryptocurrencies just like there are hundreds of different regular currencies us dollars euros chinese un and so on

Perhaps the wildest thing of all is that every cryptocurrency tends to be different from the other, and not all are designed to be actually used as everyday transactions of a currency. There are two types of cryptocurrencies: coins and tokens. Now, cryptocurrencies' coins are the property of a cryptocurrency network that was designed from the ground up, and by ground up, I mean that somebody spent a lot of time and a lot of money putting the code together that was necessary to create a safe and reliable cryptocurrency network. Cryptocurrency coins are done for the purpose of a cryptocurrency network, cryptocurrencies are issued to computers.  For example, BTC is a cryptocurrency coin since such a vast network was engineered exclusively for the purpose of thereof. Computers that process transactions for the Bitcoin network are rewarded with BTC. One reason only a few dozen cryptocurrency are coins is that creating a cryptocurrency networks from scratch is so hard to do.  The rest all are cryptocurrency tokens. Are easily made, and can ofThe ones that you keep hearing about, NFTs, are actually cryptocurrency tokens that are like digital certificates of ownership. NFTs are actually just the tip of the iceberg. For example, there is a company called Circle that issues a cryptocurrency/token called USDC. USDC is actually fully backed by real US dollars.

 Circle has one US dollar in the bank. You can create USDC by giving them your dollars and redeem your dollars with USDC. Another company called Paxos issues a cryptocurrency token called Pax G. Each Pax G token is backed by one troy ounce of gold kept in a vault here in London, and you can redeem Pax G tokens for real physical gold or US dollars. The best part is that both Circle and Paxos are fully regulated in the United States and regularly audited to make sure they have the appropriate number of reserves on hand backing their tokens how's that for security now speaking of security 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 all a scammer needs to do is create a token set up a fancy website pay for a few ads on social media pay a few news outlets to feature their coin and they can get rich off crypto noobs overnight naturally the next question your cryptocurious compatriots are likely to. So, that's kind of like the question "is croak a timeless classic?" Are cryptocurrencies safe after all? I heard they're used by scammers and criminals, and I keep reading about all of these cryptocurrency hacks. Well, this is usually my response to these sorts of questions and comments—whether a cryptocurrency is safe or not ultimately depends on the context. For starters, not all cryptocurrencies are created equal. Some are designed to prioritize speed over security, and usually, the consequences of that play out quite quickly, just not too luckily for us no doubt that there will always be hackers looking to crack cryptocurrency networks so they can trick them into creating new coins or tokens out of thin air to sell for a fancy profit now this might sound scary but it's no different in principle to what happens to banks and corporations on a daily basis when hackers succeed the affected company usually beefs up its cyber security with the same going for cryptocurrencies this means that most cryptos that have been around for years are robustly battle tested as a consequence of

Always under attack by bad actors, in case you're not convinced, well, how about this: as I mentioned earlier, some cryptocurrency networks consist of computers spread around the world, constantly double-checking transaction histories and account balances? If you wanted to corrupt a cryptocurrency network, you would have to hack more than half of all the computers connected to the network at the same time to do it—something that's impossible if you've got obviously a cryptocurrency network like Bitcoin.

That has millions of computers spread around the world. That said, some cryptocurrency networks have fewer computers processing transactions and are, therefore, more vulnerable to attack; the same rule applies to centralized cryptocurrency services like cryptocurrency exchanges, which is where most crypto hacks have happened. These are much easier and more lucrative to exploit than an individual cryptocurrency wallet, which is insanely secure—that's why you should always keep your crypto on your own personal wallet.

We want to hold our crypto off the exchange whenever possible, and only keep it on there when you're actually trading or cashing out. And when it comes to self-custody, nothing beats a hardware wallet. I have a list of the best on the market, which you can watch by hitting the link at the top right. When it comes to criminal activities, it's true that ransom demands made by hackers very often involve some kind of cryptocurrency. While the cryptocurrency must contain at ransom demands made by these hackers is often Bitcoin, they almost always exchange that upon reception for a privacy-oriented cryptocurrency like Monero.

Transact as quickly as they can This is because bitcoin and most other cryptos have publicly viewable transactions and wallet balances  This makes bitcoin transactions very easy to trace by authorities — even more than regular currencies. So it makes no sense for criminals to actively use and hold a currency that's so easily tracked Cryptocurrencies like monero are completely private, and even the u.s government can't crack its encryption, which is seriously impressive if you think about it In sum, then, the overwhelming majority of

Cryptocurrencies are not in themselves a criminal act; rather, only a very few are actively used by criminals. The actual danger in and around the use of crypto is the danger of investing. Cryptocurrencies are very volatile. This means their value can rise or fall 50% in a single day. Investing too much in them can be very dangerous, particularly if you overshoot your luck with something called leverage trading, which, for all intents and purposes, is just borrowing money. That's correct. You should only invest what you're willing to lose.

Welcome to the fluid credit economy where, in pounds and dollars alike, what you criticize is what everybody wants more, of course not suggesting that what you charge at the end of the day is anything but exactly what you're owed in good old sterling and those United States dollars—a penny less and not a penny more not financial advice of course assuming it hasn't been asked already the next question that will land in your lap will be along the lines of why are cryptocurrencies so volatile what gives them any value to begin with here's my counter what gives the money in your wallet or in your bank any value now once upon a time it was backed by gold but that changed and since then all state issued currencies around the world have been losing value this is because the only thing that backs dollars and euros

The flaw of course is trust, specifically, the trust mankind used to have in the source of all fiat currencies, the various governments, and central banks that have issued those currencies over the centuries and that trust has been eroding for decades. Not only that, but governments have been actively printing and manipulating their currencies to just benefit themselves and the corporations that fund them, at the expense of the average person, this has caused record levels of inflation that incentivize spending over saving, which led to over-consumption, and caused the sort of environmental catastrophes they claim to want to stop. You can direct them to my video on the big fiat ponzi if they want more context anyway after that rant i typically continue to address the real question cryptocurrencies are valuable because of what they do obviously this value changes depending on which cryptocurrency we are talking about bitcoin does have value because its btc coin has an economic profile similar to gold it does have a maximum supply and only a small amount of btc are created each day and that amount gets cut in half every four years assuming thatsame over time this would lead to a doubling of bitcoin's price every four years however demand for bitcoin has increased over time as we realize how weak regular currencies can be and this awareness has been enhanced by the current pandemic as basic economics dictate when something has a limited supply but the demand for it continues to increase prices inevitably rise many investors also see bitcoin as a safe place to park your capital outside of the current financial system including me one important thing to note

Most other cryptocurrencies are very dependent on what bitcoin does because their prices are very correlated. That is the case, although some cryptos, like Ethereum, have insane value because of the utility provided. The Ethereum network is used to create those cryptocurrency tokens I spoke about above and to create decentralized applications and websites that cannot be censored or shut down, including all transactions related to the creation and movement of tokens and interaction with these applications require ether to pay for gas fees this means the demand for eth rises as the ethereum network gains adoption and ethereum has seen some serious adoption visa is testing payments on the ethereum network using that usdc token i mentioned earlier and the european central bank even issued a bond on the ethereum blockchain now 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 cryptocurrency networks make it possible to lend; save and borrow without an identity, credit score or bank, they make it possible to do business directly with other people without a middleman taking a cut meaning service giants like uber and tech giants like facebook could become obsolete they make it possible for communities to pool their funds together.