Post
Topic
Board Beginners & Help
Merits 2 from 2 users
Re: For all Newbies Useful Information before entering cryptocurrencies.
by
witcher_sense
on 24/11/2021, 05:43:49 UTC
⭐ Merited by lovesmayfamilis (1) ,JayJuanGee (1)
Bitcoin
Bitcoin (BTC) is a decentralized digital currency.
Bitcoin first started trading from around $0.0008 to $0.08 per coin.

Bitcoin is not only a decentralized digital currency but also it is a protocol for transferring value. Strictly, speaking, there are no any "coins" that are moving inside the blockchain, what is moving there are ownerships over particular UTXOs (unspent transaction outputs). It can be thought of as a transfer of rights for property.

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Altcoin's

Altcoins are coins created after bitcoin by integrating extra feature’s.
No and no, you get it all wrong. Altcoins may be adding some features bitcoin doesn't have or rather doesn't need to have BUT altcoins DO NOT have features Bitcoin has (for example, fixed supply and decentralization) so altcoins' features are not "extra", they are different at best.

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How to get in cryptocurrency?

Crypto exchange’s are the best way to get in cryptocurrencies.
Always try with small amount until you learn, if all goes well then enter full amount you want to invest.

Centralized exchanges are arguably the worst way to get into cryptocurrency, especially if they require users to undergo KYC procedures. The best way, in my view, is to ask your knowledgeable friend to explain to you how it works, also ask him to send you some coin to try it out.