Pardon my ignorance , what is crypto currency ?

[mr fun]

I understand it's a digital currency rather than hard , last week at a fuel stop I noticed a new ATM strictly for cripto. I just don't know exactly how it works , any help with a definition a moderate IQ could grasp would be appreciated

[JPEROG]

Its a currency that is in most cases a limited quantity i.e. Bitcoin. It levels buying power world wide, the values fluctuate radically with certain market inputs, and it can't be manipulated by the government as of yet. All predictions indicate that the next 12 months will provide a very strong crypto market and operating platform markets increases as well. You don't need big money to get involved and the upside potential is massive. Etherum is predicted to merge and might see a real spike. There are hundreds of options to invest in and it will become very mainstream over time as the public becomes more comfortable with it.

There are lots of explanation videos on youtube.

Joe

[Lake X Kid]

The Bitcoin cryptocurrency, was created as a digital medium (not physical coins and paper money) transfer of monetary exchanges through a computer network.

Bitcoin (one of several cryptocurrencies) has an elaborate computer networking consisting of many home computers doing math algorithms. This world-wide computer database, records all the financial transactions and creation of additional Bitcoins.

Basically, as I understand, it’s a mathematical formula helping to determine monetary supply and demand.

Bitcoin, and probably many other cryptocurrencies, was created to take away the control of the money supply by the world’s government Central Banks. It is a strategic plan to help alleviate inflation and exclude banks as the overlords. Human/society participation will determine if cryptocurreny survives (and which cryptocurrency will dominate the digital exchange).

[powerabout]

its dutch tulips in a digital form

[powerabout]

The Bitcoin cryptocurrency, was created as a digital medium (not physical coins and paper money) transfer of monetary exchanges through a computer network.

Bitcoin (one of several cryptocurrencies) has an elaborate computer networking consisting of many home computers doing math algorithms. This world-wide computer database, records all the financial transactions and creation of additional Bitcoins.

Basically, as I understand, it’s a mathematical formula helping to determine monetary supply and demand.

Bitcoin, and probably many other cryptocurrencies, was created to take away the control of the money supply by the world’s government Central Banks. It is a strategic plan to help alleviate inflation and exclude banks as the overlords. Human/society participation will determine if cryptocurreny survives (and which cryptocurrency will dominate the digital exchange).

So to alleviate inflation the value of a crypto has had a massive increase in price since it started, can you explain how thats not inflation?

[Lake X Kid]

One advantage of cryptocurrency is there is no counterfeit money, like hard currency, i.e. dollar bills.

Warning, however, digital hackers are among us. Our neighborhood banks lose money weekly, from digital transfers of money stolen by digital hackers.

Therefore, how secure are cryptocurrency;s code & system from, digital hackers doing the same as they do stealing from brick & molar banks and credit card companies.

[powerabout]

One advantage of cryptocurrency is there is no counterfeit money, like hard currency, i.e. dollar bills.

Warning, however, digital hackers are among us. Our neighborhood banks lose money weekly, from digital transfers of money stolen by digital hackers.

Therefore, how secure are cryptocurrency;s code & system from, digital hackers doing the same as they do stealing from brick & molar banks and credit card companies.

Sure but when a hacker gets money from a bank you dont lose but when your tokens are stolen in a crypto all you can do is cry or as recently shown a hacker made cryptos out of thin air same like counter-fit cash.

[Lake X Kid]

[/B]

So to alleviate inflation the value of a crypto has had a massive increase in price since it started, can you explain how thats not inflation?

There are different crypto currencies, and it is a given just like different countries, some will manage their money supply and distribution more appropriately than others.

The value price is a supply and demand ratio. Like gold when the demand exceeds the supply the price goes up. Some Cryptos will control and manage their system controls better than others.
Buyer beware!

I would watch large stake holders of each Crypto. This is a new monetary industry with limited government control. I would not be surprise if some large stake holders are in it for the short gain, and will sell their crypto when the value is high. They will treat it like a Wall Street transaction.

[powerabout]

How can you manage supply and demand, are you saying an organization has control over buying and selling?

For an economy to run and expand you need fractional reserve lending where money is created, thats where the gov comes into it. How can a crypto do that hence is why its not money.
Can you borrow it, can you get interest on it?

The scary part of cryptos is it has opened the eyes to the gov of a currency system where they will know where every single unit is every single second of the day.

We all have to lobby hard to keep paper currency, its control over the gov

[Lake X Kid]

Bitcoin creates more Bitcoins by their term Mining.

Bitcoin mining creates more Bitcoins and is done by computers in the block chain network of computers.

The role of miners (yours and/or your neighbor’s computer, and others in the network of computers) is to secure the network and to process every Bitcoin transaction.

Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).

For this service, miners are rewarded with newly-created Bitcoins and transaction fees.
This is how Bitcoin creates supply. Committing your computer to the computational process is how one can acquire Bitcoins.

I personally do not have any Bitcoins, so I have not looked into their method of Selling Bitcoins.

[powerabout]

Bitcoin creates more Bitcoins by their term Mining.

Bitcoin mining creates more Bitcoins and is done by computers in the block chain network of computers.

The role of miners (yours and/or your neighbor’s computer, and others in the network of computers) is to secure the network and to process every Bitcoin transaction.

Miners achieve this by solving a computational problem which allows them to chain together blocks of transactions (hence Bitcoin’s famous “blockchain”).

For this service, miners are rewarded with newly-created Bitcoins and transaction fees.
This is how Bitcoin creates supply. Committing your computer to the computational process is how one can acquire Bitcoins.

I personally do not have any Bitcoins, so I have not looked into their method of Selling Bitcoins.

So if you cant create bitcoins at the rate your economy expands it will create massive inflation or stop growth. Bitcoin as an example has a finite number, then what?
The problem with blockchain is, is it wont scale.
If you tried to go into a shop and buy something and it was a blockchain process, it would take like 20 minutes after the cashier entered your transaction for the cashier to confirm payment. That was several years ago when banks looked at it.

I dont know the problem cryptos have solved?

[Lake X Kid]

Scale could be a weak link, In Bitcoins case, to Scale Up is to add more more computers into the blockchain group. More computers do more transactions, hence more mining of more Bitcoin production. To meet the economy's expansion demands.

I see another problem with society's transition to the greater digital world. Bitcoin computers, electric cars, AC & heating, lighting (to name a few) run on electricity. The electric grid needs Scaling Up. A power shortage would disrupt Bitcoin computers from their transactions.

[powerabout]

Scale could be a weak link, In Bitcoins case, to Scale Up is to add more more computers into the blockchain group. More computers do more transactions, hence more mining of more Bitcoin production. To meet the economy's expansion demands.

I see another problem with society's transition to the greater digital world. Bitcoin computers, electric cars, AC & heating, lighting (to name a few) run on electricity. The electric grid needs Scaling Up. A power shortage would disrupt Bitcoin computers from their transactions.

With todays electricity prices it costs more in electricity to create a bitcoin that its value. Still have the issue that there is a finite number of them.

Everyone should start their own crypto that will solve bitcoins problem that was solving what problem?

[LakeFever]

mr fun block chain technology are lines of code with unique signatures much the same as a fingerprint that cannot be duplicated and have a finite amount allocated which insures these coins against inflation losses. Meme coins on the other hand have unlimited supply potential so much greater risk of inflation losses in those. Power about Inflation is caused by increased supply of currency diminishing each units value. Printing QE has greatly devalued the dollar, driving prices up. That’s inflation and precisely what hard assets can hedge but the value of hard assets is also influenced by market demand so gold is not sky rocketing this time due to crypto drawing most of the demand which is highly mobile and much easier to access and spend vs gold. Increased value of an asset such as Bitcoin hedges inflation by each coin taking on more value as inflation rises. This is the exact opposite of inflation. As for central bank fractional reserve currency being necessary for economic growth? That’s rich lol. This system like any other financial system is only as beneficial as the integrity of its operation and belief in its value. Fiat as anything else. When the central banks were stuffy boring places they were healthy institutions. When the cdo and bond printing schemes erupted? Well, 2007 was just the beginning.

As for the future? The Winklevoss twins are on the right path. So much time is poured into the internet and for almost all people the content provided doesn’t generate any income at all. The internet in its current state is an economic waste land time suck that has greatly devalued all nations wealth from lower production and being built on a model lacking any economic considerations into the structure of its entirety. The Winklevoss wish to create an entirely new internet built on blockchain so any content you publish and any participation of online activities will have value through blockchain. So for instance if you made a tweet that went viral? Your tweet being blockchain would be very valuable ( as it is for Twitter now not the publisher of the tweet ) so you would get paid a significant part of the value of your viral tweet. What’s awesome about this is no person or corporation needs to decide your cut or the value or censor it etc because the people who view it create the value through the clicks in the blockchain which is unique and cannot be modified. It’s really a brilliant way to bring value to content creators and improve the economy. Make a hit song and release it in this blockchain structure? No studio, apple, Spotify, etc to take the profits it goes directly to you and whatever cut the blockchain is set up for. Even better resales of content also will bring royalty cuts built into the blockchain in perpetuity. This is merely a couple examples of how their idea will monetize the internet in all forms based on the simplest of concepts; time is money.

Aside from broad awareness and implementation this is a system that every single user surely will appreciate and at some point in the future will displace the current tech to the curb in a massive tech shift. Think vhs to DVD etc. Read this to learn more
https://www.forbes.com/sites/michael...h=63cfb4101572



etherium is taking off because of the way it’s structured it’s much easier to purchase things with etherium than Bitcoin even though Bitcoin is the big dog etherium will probably surpass it at the point were users realize the inherent challenges with using Bitcoin as a currency instead of as an asset only where it shines.

[CUDA]

Elon Musk on ...

My friends son became a CPA like mom and as of 6 months ago has made 16 Million... that's all he does now!

https://youtu.be/x5RCfQyTDFI