Hey guys, welcome to my thread on what I do in crypto.
I created this thread based on the fact that many people want to be in crypto but have little knowledge, no idea or have been or are being scammed by self-acclaimed gurus.

I'm not calling myself a guru but I've been in the space for a decent bit so I'm here to offer my thoughts and experiences.

Though we'll start from the basics.

In case you'd like to hear about my picks this bear, some of them are ;

MX coin of the mexc platform.
Boba3L a BOBA ETF.
FITFI3S a FITFI ETF.

Would discuss on why I'm invested in them after the tutorial.

All this info can be found on my telegram group. Dm if needed. I give no financial advice.

In case you don't know what a cryptocurrency is, "A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend."

source - https://www.investopedia.com/terms/c/cryptocurrency.asp

So a cryptocurrency is basically digital money secured by cryptography or code to such an extent that each transaction is stored on a coded ledger called a blockchain.

Basically once a secure digital asset like cryptocurrencies exist, they need to be stored in a way where each transaction is safe from being changed from its original state, this is ensured by the blockchain(an online ledger of transactions) that records and spreads all the information around all computer nodes running the blockchain.

These node operators who run the network can fall under several categories based on the type of work they do to secure the network.

These are mostly of two types or a variation of them.

Which are ;

Proof of work participants are called miners, they offer up their computational power to mine(create and maintain blocks for the Blockchain) the crypto. These miners gain crypto each time they succeed in mining a new block before anyone else.

"The proof of stake was created as an alternative to the proof of work (PoW) concept, to tackle inherent issues in the latter.

Currently, only altcoins use the proof of stake concept.

When a transaction is initiated, the transaction data is fitted into a block with a maximum capacity of 1 megabyte, and then duplicated across multiple computers or nodes on the network.

The nodes are the administrative body of the blockchain and verify the legitimacy of the transactions in each block."

-source https://www.investopedia.com/terms/p/proof-stake-pos.asp

Both methods of confirming transactions on the blockchain are known as "consensus mechanisms". As a regular trader/investor of cryptocurrency you do not need to run the whole network for rewards as most cryptocurrencies require specialized equipment to mine. Most users opt to stake or act as delegators who do not need to run a computer node but stake their crypto for rewards

For more on that ;
https://ethereum.org/en/developers/docs/consensus-mechanisms/

https://www.investopedia.com/terms/c/consensus-mechanism-cryptocurrency.asp

Now we've learnt what cryptocurrencies are, why they're secure and the technologies behind them. You can do further reading on the provided links.

Since cryptocurrencies provide a greater security than the traditional banking system they allow individuals to act autonomously and anonymously with their money.

This creates new financial markets and use-cases that cryptocurrencies can perform

Examples of these are :

DeFi(Decentralized Finance)

NFT's(Non-Fungible Tokens)

Gaming(Play-to-earn)

Gambling

Storage(IPFS technology)

Smart Contract Protocols (Ethereum, Cardano, Tron, etc)

Seemless and affordable means to transfer money with less fees than traditional banking.

Ownership and authenticity of digital assets as NFTs(unlike regular cryptocurrencies which users identity are hidden and only transactional history may be found), NFTs provide proof of authenticity of artworks and other digital items which can't be replicated and can always be proven.

Granting financial access to the unbanked, most nations individuals have mobile phones but no bank accounts, either to avoid fees or the lack of know-how, access to mobile phones with internet access instantly grants the individual all the banking sector has to offer without ever needing to step in a bank as long as he/she can offer value through peer-to-peer systems.

and more..

Note that a blockchain hosts whatever cryptocurrency that was created in it's network and can also host other cryptos who are not created under itself but pegged to the network.

Most of you will be familiar in the coming days/weeks on how to send cryptocurrencies safely but before that be aware that cryptocurrencies fall under whatever blockchain/network that hosts them and sending crypto to the wrong address/network essentially means that crypto is lost forever.

Cryptocurrency networks will list in the following formats ;

ERC20(For Ethereum)

BEP20(For Binance Smart Chain)

TRC20(For the Tron Blockchain)

CSC20(For the Coinex SmartChain)

etc

On the use-cases of cryptocurrencies(Take note as this is what gives some value over others).

Source : - Coingecko.com

In case you don't know what a smart contract crypto is it's basically one with its own blockchain and which often use its own coin to pay for transactions. Examples are ;

Binance smart chain which uses $BNB to pay for fees on its BEP20 network(blockchain)

Tron uses $TRX on its TRC20 chain, so on and so forth.

As cryptocurrencies overall are a volatile(unstable) market, there is need for a stable digital asset in cryptocurrency that can be used to purchase or sell in the market so as to keep track of the value of one's investment.

These are called Stablecoins.

They are used to purchase other cryptocurrencies and their values as their name implies is stable and fixed to a dollar.

They are backed by either physical dollars, other cryptocurrencies or assets which have stable value

Other brief uses:

Stablecoins are useful for investors who want to keep their assets in the crypto space.

Switching from crypto to fiat currency can be expensive and time consuming.

Stablecoins give investors the best of both worlds — a stable asset within the crypto space with an advantageous transactional speed.

https://www.benzinga.com/money/best-stablecoins-and-4-types-of-stablecoins/

A little more on smart contract cryptos.


This is the reason cryptocurrencies have an automated ecosystem to begin with as they are programs that execute provided exact conditions are met without the need for a human to verify or cross-check the applications it's being run on.

Though the blockchain is a secure ledger it needs to run on a protocol, that is where smart contracts come in to give specific instructions as to how the network should respond once a parameter is met.

This allows decentralized applications to be created under smart contract cryptos that work seemlessly like the lending protocol of Aave which is automated and rewards lenders crypto for providing liquidity(money) to the platform.

A smart contract cryptocurrency is regarded highly in the crypto world as they allow unique properties when developers build dApps(decentralized apps) or coins under them.

All cryptocurrencies are either built on their own native blockchain or a blockchain chosen for it to be built on( like Ethereum is a cryptocurrency that runs its own blockchain) but not all blockchains have their own smart contracts( Bitcoin has its own blockchain but no smart contract capability whereas Ethereum has both)

Smart contract cryptocurrencies encourage adoption of their smart contracts by being fast, cheap and secure.

Sometimes one of the three factors has to be given up to enhance the rest.

For example Ethereum became very expensive to use(fees for its use became too high) because the network could not handle congestion and did not want to give up on security(specifically its decentralized nature since over 51% of the network has to agree on a transaction).

Meanwhile Binance used Ethereums code to create a smart contract crypto(Binance Smart Chain) while giving up on decentralization so more transactions could be processed.

Features like these attract investors and developers to build under the network(remember that smart contract crypto's are programmable).

More to come tomorrow.

If you picked FITFI3S congratulations on your 2.5x, though I'll sell at $3. Then buy back lower to sell again.

Sorry for the delay, I've been busy. Would resume when I'm less busy.

Following

Waiting for your next post

RickSanchez:
If you picked FITFI3S congratulations on your 2.5x, though I'll sell at $3. Then buy back lower to sell again.

Sorry for the delay, I've been busy. Would resume when I'm less busy.

Bro what gem are we buying on mexc this time? I missed your fitfi and bobs calls, please.

I think that in cryptocurrency people to invest =) To get a good return and to increase their financial possibilities. I have been investing in crypto arbitrage lately. There are those who write that cat scam, but this is a lie, as I have no problem withdrawing funds and I do not have any problems with it.

ryptocurrencies offer investment opportunities since their value can increase over time. Many people view cryptocurrencies as a hedge against inflation and a way to diversify their investment portfolio. entrepreneur william wang's work in promoting crypto literacy is essential for building a better future. By educating people about the potential of blockchain technology, we can unlock its many benefits and create a more prosperous world.

Buy low sell high

Bitcoin, the first decentralized digital currency, has revolutionized the world of finance and garnered significant attention since its inception in 2009. Created by an anonymous person or group known as Satoshi Nakamoto, Bitcoin operates on a peer-to-peer network without the need for intermediaries such as banks or governments. At its core, Bitcoin is based on a technology called blockchain, which serves as a public ledger for all transactions. It utilizes cryptographic principles to ensure security and transparency, making it resistant to fraud and tampering. Bitcoin transactions are verified by network participants known as miners, who maintain the integrity of the blockchain. One of the key features of Bitcoin is its limited supply. Bitcoin forums Enter here for more information, There will only ever be 21 million bitcoins in existence, which adds scarcity and value to the cryptocurrency. Bitcoin can be acquired through various means, including mining, purchasing on cryptocurrency exchanges, or accepting it as payment for goods and services. Bitcoin has gained popularity as a store of value and a speculative investment. Its price has experienced significant volatility, attracting both seasoned traders and newcomers to the cryptocurrency space. Bitcoin's decentralized nature and potential for anonymity have also made it appealing for individuals seeking financial sovereignty and privacy. Beyond its role as a digital currency, Bitcoin has inspired the development of numerous other cryptocurrencies, often referred to as altcoins. These cryptocurrencies utilize similar technologies and principles, but with their own unique features and use cases.