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Bitcoin is very different! But this is a good question, I do not think most people understand the basics, but its always great to ask questions and learn! Bitcoin is the first use of whats called "the blockchain" it is also a currency, but not all crypto assets are currencies! I think these illustrated guides written in basic English will help you A TON. They will explain everything from an entry level so its easy to understand. =)
https://www.upfolio.com/ultimate-bitcoin-guide
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Hi, pretty new here but I am in ETH like many of you. Still trying to learn everything about it, and I think that this is a resource that many of you will find useful. The recent rocketing price has really brought a ton of attention, its always good to know exactly what you are investing in.
https://www.upfolio.com/ultimate-ethereum-guide
Anyone have a link to a detailed roadmap for ETH 2018? I think this going to be a huge year for the platform. Would love to see what they have planned in detail.
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When you are talking about potential, it may be helpful to clarify if you mean the short term or the long term.
In either instance, I would suggest doing some basic fundamental analysis. Who is the team, what is the problem, what is the technology, are there other teams working to solve a similar problem. Etc. This is an incredibly important step that many people do not take.
This is a good resource to get started because it will explain the top 100 or so coins in simple English. I use it because I can sort by category too. I have been really getting into platform and social coins recently.
https://www.upfolio.com/100-coins-explained |
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There are so many new terms with Cryptocurrency. Its hard to keep up, here is a list of terms that constantly being updated. I always check here if I see a new word being used that I have not heard before. Most recently Vitalik created the word "DAICOs" if you have not heard about that its worth checking out.
https://www.upfolio.com/glossary |
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The true answer here is nobody knows for certain, and it's always best to "do your own research"... or "DYOR"
When I am trying to determine if I will be investing in a new coin I try to learn as much about it as possible. I start with this list of the top 100 or so coins (keeps growing) that have very simple explanations. If I am interested in the problem they are solving, I dive deeper into the coin.
Its great too because you can search by category. Lately, I have been most interested in social and platform tokens.
https://www.upfolio.com/100-coins-explained |
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Here is a resource that I reference often to quickly learn about coins. Its an overview of the top 100 or so coins and new ones are being added.
I am sure you will find it useful. https://www.upfolio.com/100-coins-explained
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Welcome to the community! I am new too, but there seems to be a lot of passionate people here interested in helping each other. Its a great "home base" to start from each day.
When I first got started it felt like there was too much information, and I eventually realized I had to learn one thing at a time. Its important to really get a good understanding of the basics. I think the best place to start is to understand WHY the blockchain technology was created, and then learn about its first application: Bitcoin.
I have a few great resources for newcomers.
This company has fantastic guides that are written in plain English with great illustrations: www.upfolio.com
This is a good app for tracking different coins: www.blockfolio.com
Here is a good site for industry-wide news: www.coindesk.com
I would suggest sticking to learning the basics before trying to follow the news.
There are lots of good youtube channels once you have a basic understanding. Andrea Antonopoulos will help build your bigger understanding of the purpose and long-term future: www.youtube.com/channel/UCJWCJCWOxBYSi5DhCieLOLQ
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Hello James,
I think there are a lot of opinions here. I can give you 2 facts that will help you make a decision. - Bitcoin has a limited supply, there will only ever be 21 million coins... so if lots of people want them, they become very valuable. When the US government needs more Dollars, they will print more... by printing more, they decrease the individual value of each dollar, this produces "inflation". What would happen if they couldn't print more dollars? Instead of being an "inflationary" currency the US Dollar would be "deflationary" which means that rather than each dollar losing its value over time... each dollar would increase in value over time. This is how Bitcoin is designed, to be deflationary by having a very limited supply, and since there is a limited supply it is very likely to continue to have increasing value over time.
- Alternative coins have become popular as well. These are similar to Bitcoin but have different uses. The interesting part for your question is that in order to buy these "alt coins" many of them require that you use Bitcoin to trade them. This is called a trading pair. Bitcoin is the most popular trading pair which makes it an entry point for many investors looking to buy into other coins in the market. This utility helps keep the market liquid and active, worth noting that it may not always be this way in the future.
Continue to do your research so you can ask increasingly better questions. I hope that was helpful!
If you want a more detailed rundown on what makes Bitcoin so popular and valuable this guide can be helpful.
https://www.upfolio.com/ultimate-bitcoin-guide
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