I just turned 40 today and want to be part in BTC Community (Beginner)

[Dmitri Pavarov]

It's my 40th birthday today and I am completely new to crypto since my country of origin is less progressive.

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

I'm so sorry for my English and if the thought is very confusing, please anyone can rephrase my question freely if you know what i mean.


NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

[1714897393]

1714897393

[1714897393]

1714897393

[1714897393]

1714897393

[1714897393]

1714897393

[Red-Apple]

It's my 40th birthday today

happy birthday!

I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

your knowledge is a bit off!
XRP/XLM are centralized shitcoins used for pump and dumping.
Steemit website i used for social media. Steem token itself is only an altcoin for pump and dumping.
ETH is supposed to be used for smart contracts but it is only used for scamming people through fund raising also known as ICO, IEO, STO,...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

that would have been true only if altcoins were ever used for any payment over the past 10 years. but that is not true,

a better comparison is BTC=fiat, altcoins=penny stocks

[Ashong Salonga]

If you started here years ago, it will be very helpful. Thus, joining in cryptoworld today would be hard due to the inconsistency of the price of all coins. Aside from that, other coins are falling too.

[Astvile]

First is happy bday and godbles you.
Now why there are many coins out there? Like how businesses works in real life. Companies behind this coins  are there to try and provide services using their coins in their own unique specific ways and for them to profit from it.
Gold  = bitcoin and fiat = bitcoin, altcoins is just like what others say it is just a penny worth compared to bitcoin.

[Dmitri Pavarov]

It's my 40th birthday today

happy birthday!

I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

your knowledge is a bit off!
XRP/XLM are centralized shitcoins used for pump and dumping.
Steemit website i used for social media. Steem token itself is only an altcoin for pump and dumping.
ETH is supposed to be used for smart contracts but it is only used for scamming people through fund raising also known as ICO, IEO, STO,...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

that would have been true only if altcoins were ever used for any payment over the past 10 years. but that is not true,

a better comparison is BTC=fiat, altcoins=penny stocks

Sorry so being innocent into this space. Anyway thanks for clearing the idea i had known, now it's being corrected. I highly appreciate your reply. But if BTC is fiat i have seen and experience that btc is very slow in transactions and using xrp is quite instant with less fees. When it comes to 1:1 value (eg. gold and government money) isn't it very efficient if BTC would be the new Gold and fiats would be xrp or any altcoins that has instant transactions.

[o_e_l_e_o]

I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there?

Mostly because anyone can launch a new coin or token. It doesn't take any money to do so, and in a lot of cases, it take very little technical knowledge as well. There are even people who will sell you a pre-made contract for your own coin. Just because they exist, doesn't mean they are worth your or anybody else's time or money, though.

There are a very small handful of coins which have both a functioning product, and some useful feature which bitcoin doesn't. Ethereum for smart contracts, for example, or the more private Monero. The coins you have mentioned certainly get shilled a lot, but if you actually scratch beneath the surface, there is very little to them. XRP is centralized and controlled by the banks, for example. Steem is a completely useless platform for any real discussion, and is dominated by a small number of users who buy and sell votes to keep themselves on top. ADA does not actually have a working product and is essentially vaporware. You will find people shilling all these coins and worse if you look for them, though.

In among the altcoins you might find one or two which actually have a future and a real world use case, but the vast majority will disappear with time. During the big bull run at the end of 2017, there was a new coin being shilled every day as the next big thing, and newbies poured money in to all of them. Today, every single one of them is down ~99% from its peak. And so for all newbies, my advice is always this: Stick to bitcoin. In time, you may want to take a gamble on some altcoin, but the vast majority of your time should be spent buying/trading/learning about bitcoin.

[Dmitri Pavarov]

If you started here years ago, it will be very helpful. Thus, joining in cryptoworld today would be hard due to the inconsistency of the price of all coins. Aside from that, other coins are falling too.

Like i said im in a country with less progress, in my region, wars can occur at anytime. We never had the taste of new tech and these recent years i'm working as a production employee 12hrs/day. So there is less time to study, now that im really struggling so much I am seeking new ways to achieved financial freedom that's where i found out btc and altcoins. So yeah im a lil bit old now but the btc community is still fighting for the cause (for whatever reason; it may be regulations for example) so i can still ride this opportunity tho.

[fiulpro]

Well I think that it would not work if we consider Altcoins as Fiat and bitcoins as gold , since , bitcoins is something that is more to be used as a currency because of the lightning network plus , the community popularity .
Fiats aren't that popular and there are 1000's of them therefore we cannot even establish a system where we can see the conversion of Fiat into one another .
I think it's more of a thing that only main altcoins can be taken as a currency.

[Dmitri Pavarov]

I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there?

Mostly because anyone can launch a new coin or token. It doesn't take any money to do so, and in a lot of cases, it take very little technical knowledge as well. There are even people who will sell you a pre-made contract for your own coin. Just because they exist, doesn't mean they are worth your or anybody else's time or money, though.

There are a very small handful of coins which have both a functioning product, and some useful feature which bitcoin doesn't. Ethereum for smart contracts, for example, or the more private Monero. The coins you have mentioned certainly get shilled a lot, but if you actually scratch beneath the surface, there is very little to them. XRP is centralized and controlled by the banks, for example. Steem is a completely useless platform for any real discussion, and is dominated by a small number of users who buy and sell votes to keep themselves on top. ADA does not actually have a working product and is essentially vaporware. You will find people shilling all these coins and worse if you look for them, though.

In among the altcoins you might find one or two which actually have a future and a real world use case, but the vast majority will disappear with time. During the big bull run at the end of 2017, there was a new coin being shilled every day as the next big thing, and newbies poured money in to all of them. Today, every single one of them is down ~99% from its peak. And so for all newbies, my advice is always this: Stick to bitcoin. In time, you may want to take a gamble on some altcoin, but the vast majority of your time should be spent buying/trading/learning about bitcoin.

I find you're reply very soothing. I, personally don't really do the buy and sell thing because first of all i do not have knowledge on trading and i really can't afford to lose any small amount from my small salary right now. I'm looking for the fiat system to change, which is (i think) the root of all slavery as i realize this when i studied bitcoin and what was really the intended purpose for it. Well, in this bitcoin one thing is for sure, if you do not work hard you wont earn more unlike fiat you need to print more and induce debt so you can earn through interest, what a shame it even exist. Enslaving the poor.

[Red-Apple]

...snip...
Sorry so being innocent into this space. Anyway thanks for clearing the idea i had known, now it's being corrected. I highly appreciate your reply. But if BTC is fiat i have seen and experience that btc is very slow in transactions and using xrp is quite instant with less fees. When it comes to 1:1 value (eg. gold and government money) isn't it very efficient if BTC would be the new Gold and fiats would be xrp or any altcoins that has instant transactions.

i don't know what your fascination with XRP is really. it sounds very odd to me. if you like centralized things then you should use PayPal instead. it is a lot faster than ripple, and it is so much safer. not to mention that value of it is fixed.

as for being "fast", bitcoin is fast while being decentralized. it is even faster than credit cards, paypal,.... it takes seconds for your transaction to reach the entire network and it takes (on average) 10 minutes for it to become irreversible. in comparison with CC it takes minutes to reach the other person and it takes 6 months to become irreversible.

as for altcoins, many of those that have so called "faster" transactions are lacking security. to test it, go deposit one of them to an exchange and see how many confirmation they wait for before they credit your account!

[Mandoy]

There are not just plenty but thousands of altcoins out there and aside from that there are also thousands of shitcoins (coins with no value) out there. Well in the digital space, in the world of cryptocurrency bitcoin is already considered a digital gold but speaking of altcoins as fiat is not a good comparison. If we look at the nature of fiat, fiat has stable value in its own except in terms of its equivalent exchange to dollars. Altcoins are very volatile and very moody in terms of value while fiat only losses its value when theres economic collapse but altcoins just come and go. Altcoins is thriving the world of survival of the fittest unlike fiat even if its value is very low it can still thrive. So comparing fiat with altcoins is not a good thing to do.

[Sithara007]

I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

Well... first of all congrats for entering the world of cryptocurrency. And now let's talk about a few dos and don'ts. You are right when you say that we have too many cryptocurrencies out there in the market. A conservative estimate is around 10,000 different coins and tokens, and out of them only around 2,000 to 2,500 are being actively traded.

And you are also right when you say that some of these altcoins have their own specific niche. For example, Monero (XMR) is being used for payments that needs to be 100% anonymous, and TRX is being used in global digital content entertainment system. But all that said, 99% of the altcoins are either copycats and have no practical usage. They are better known as "shitcoins". If you want to be wise with your investments, then you need to identify these shitcoins and stay away from them like plague.

[chaoscoinz]

It's my 40th birthday today and I am completely new to crypto since my country of origin is less progressive.

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

I'm so sorry for my English and if the thought is very confusing, please anyone can rephrase my question freely if you know what i mean.


NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

Disclaimer: I am not a lawyer or financial adviser. I'm here to post my personal opinion. If seeking a lawyer or financial advice, please contact your local professional/specialist for these services.

  Happy birthday, I have a present for you, I will share with  you a few gems. There happens to be no age limit or restriction for learning about the Blockchain infrastructure and crypto currency, you're already one step ahead of billions of people by taking the initiative to educate oneself about the latest in financial and accounting tech innovations.
   Getting in early as an adopter is key. You already missed a few trips to the moon, but that's ok, the crypto economy is still in its infancy, so theres still time to speculate, trade and invest.
   Welcome to the community, remember to always practice your Due Diligence!

[CryptoBry]

It's my 40th birthday today and I am completely new to crypto since my country of origin is less progressive.

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

I'm so sorry for my English and if the thought is very confusing, please anyone can rephrase my question freely if you know what i mean.


NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

The idea of printing more and more money is one of the reason why we have Bitcoin which has a limited supply making it the opposite of inflationary which is one characteristic of the fiat money. Now, I think, the jest of your post here is why do we have so many other cryptocurrencies competing with Bitcoin and why not remove the competition so that maybe Bitcoin can go as high as we wanted it to be. right? I actually ask that same question before because I now see that we are getting to be a very overcrowded industry and many platforms are just killing each other and many crypto leaders are turning into anti-Bitcoin themselves. Aside from many cryptos have different uses and targeted niche markets, we could not get away competition from this industry no matter we wish otherwise. Besides, these altcoins once traded maybe converted to Bitcoin so there can also be a mutual relationship in here. On the other hand, please don't feel that you are already aging as 40 is the new 20, as they say. I am actually older than you but you know what getting involved with Bitcoin and cryptocurrency can refresh your mind and make you feel younger...because here in crypto we are always riding a big roller-coaster as if in a carnival. And that can be a small secret to the fountain of youth!

[Dmitri Pavarov]

i don't know what your fascination with XRP is really. it sounds very odd to me. if you like centralized things then you should use PayPal instead. it is a lot faster than ripple, and it is so much safer. not to mention that value of it is fixed.

I did not buy any xrp's. I tested what's fast and not and i'm just impressed how fast xrp was. For me, as the noise surrounds me, Bitcoin has the real security and trust will be it's interest for major adoption. That's why i'm gonna accumulate more if it dips.

Disclaimer: I am not a lawyer or financial adviser. I'm here to post my personal opinion. If seeking a lawyer or financial advice, please contact your local professional/specialist for these services.

  Happy birthday, I have a present for you, I will share with  you a few gems. There happens to be no age limit or restriction for learning about the Blockchain infrastructure and crypto currency, you're already one step ahead of billions of people by taking the initiative to educate oneself about the latest in financial and accounting tech innovations.
   Getting in early as an adopter is key. You already missed a few trips to the moon, but that's ok, the crypto economy is still in its infancy, so theres still time to speculate, trade and invest.
   Welcome to the community, remember to always practice your Due Diligence!

Thank you! I will take advice.


For everyone that participated... Thank you! Appreciate all your thoughts and advice. Just found this site from youtube channel of The Crypto Lark.

[The Sceptical Chymist]

Weird, I was just under 40 when I got involved in crypto and hey, I never felt I was too old to be getting interested in a new tech thing.  I always have had the impression that most members of bitcointalk are in their 20’s (if not younger) and that anyone in their 30’s or older is going to be considered over the hill, but it isn’t true.  You are never too old to try new things.

The only regret I have, and it isn’t a very big one, is that I didn’t actually buy bitcoin well before I did because I had been aware of its existence about a year and a half before I finally pulled the trigger on it.  And op, given that bitcoin has sunk a lot since its all time high and even its last peak of $10k, now might be a great time to get in. 

Don’t take that as financial advice, just enthusiasm on the part of a member who thinks bitcoin is presently undervalued.  There is always the possibility that it could drop even further but I don’t think it will.  Best of luck in your future endeavors, bro.

[Ailmand]

Happy Birthday and welcome to cryptocurrency. I admire how you educated your self and the idea and knowledge you have acquired about crypto as a newbie. Well, not most newbies would even dare about learning basic stuff and would just jump off on "how to earn in crypto." Well, the reason why there are over thousands of cryptocurrencies out there is that, as you have mentioned each cpin has their purpose and function, developers create different coins for deifferent and sepcific purpose. And of course some are just created for profit, only few altcoins existing today has their final product and has real function and use case. That is why as an investor it is your responsibility to dig into the project before investing.

[owengtam09]

Happy Birthday and welcome to the crypto world, anyways, we are the ones who just make competition between bitcoin and fiat I think, but for me, they are already good as it is, bitcoin is the mother of all coins and altcoins are relying on bitcoin (in my opinion).
There is also no age requiring here in the crypto world. I think BITCOIN is equals to fiat not GOLD.

[ufaiz50]

Many newcomers in the world of cryptocurrency, so familiarize yourself and hope you can succeed in this world. It's true that altcoin has a use or concept that they created, as a form of development of blockchain technology. I do not see the competition between cryptocurrency, bitcoin and altcoin have their respective portions and communities. Now market dominance is due to halving, so most users follow market conditions where they can make a profit.

[pundit]

Just 40, do not feel aged my friend, you are still young. I am 41 but not old person. Now coming to BTC and altcoins.Its true that only few altcoins have real use, currently there is no altcoin competing BTC. BTC is still the king of crypto space but there are many new projects with new concept and their tokens are sure to exist in crypto market. It is also true and only few of those projects get successful. I think the best will survive and worst will be thrown out of the market.

[Shasha80]

Do not ever feel old because of learning technology, it has nothing to do with age. Bitcoin was created as a currency, so
bitcoin is predicted in the future to replace fiat. For altcoin it cannot replace fiat, because of altcoins only penny stocks.
And bitcoin is more suitable to replace fiat because it is very dominant compared to other cryptocurrency. From the start,
bitcoin has a limited supply to prevent inflation, in contrast to printing money or fiat money the amount is not limited which
can cause inflation. Therefore for the future bitcoin is very suitable to replace fiat.

[qiwoman2]

Wishing you a great Birthday first of all and it's nice that older people are entering this space. Well, I am much older and will be 54 years old in January so I will be most probably one of the oldest people on this forum as most as Millennials and younger. I hope you have a prosperous journey with Bitcoin and its peripherals and this forum is the right place to get both an educated and informed overall view on the subject of Bitcoin and the Blockchain. There is a lot of scopes to cover and a lot of promise for the future. Where it all will bring us no one knows, but it's about enjoying the journey as opposed to just the destination. I hope your journey will be a pleasant one a mine wa smuch more difficult to navitate and I have experienced a lot of blunders, but I won't give up though. I think there is huge potential here for everyone to benefit from.

[Edraket31]

First of all, happy birthday and welcome aboard, you are still too young to explore things and feel free to share your knowledge here. Anyway, good luck to your journey in cryoto industry. There are lots of thread that can help you out.

Always remember, Bitcoin cannot make you rich,it is just a tool, it is still in your hands how are you going to make money with the use of it.

[bounceback]

Before I say happy birthday, actually we can't say bitcoin is gold and altcoin is fiat money because we know that bitcoin and other altcoins are digital currencies that can't be seen in the real world but we know that fiat and gold currencies are something the important thing that we can use in the real world for buying and selling, maybe that's why my personal opinion.

[BrewMaster]

since you are new to this world then my advice would be to stay away from altcoins for now. just stick to bitcoin, learn how it works, which wallet suites you best, how to secure your coins, learn the basic concepts such as private keys/cold storage/blockchain/confirmation,... you'll have a lot to learn and it is mandatory to know these things. (you can start from bitcoin.org)
this way you can start the right way and then you can make up your own decision whether to even touch altcoins or not.

[noormcs5]

It's my 40th birthday today and I am completely new to crypto since my country of origin is less progressive.

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

I'm so sorry for my English and if the thought is very confusing, please anyone can rephrase my question freely if you know what i mean.


NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

Gold should not be comparable to bitcoin or fiat becasue Gold is not a currency while Bitcoin /Fiat and altcoins are currency. You can buy things with bitcoins and few altcoins but not with Gold.
Since you are 40, which is not a big age though, why you have come here ? To earn the bitcoins or only to get the understanding of the eco system of the digital currency ?

[doomistake]

It's my 40th birthday today and I am completely new to crypto since my country of origin is less progressive.

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

I'm so sorry for my English and if the thought is very confusing, please anyone can rephrase my question freely if you know what i mean.


NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

This is my opinion about your post, I don't know if I got it correctly but correct me instead if I do not.

Gold = BTC and FIAT = Altcoin is already possible, sell your gold and you'll have your fiat, that you would invest into bitcoin and other cryptocurrency as well, and vice versa, easy as that.

If you started here years ago, it will be very helpful.

There is nothing wrong on joining the cryptocurrency world in whatever timeline you want to, OP is just 40 years old, he is still young to build his own empire and focus on making profits in cryptocurrency.

Thus, joining in cryptoworld today would be hard due to the inconsistency of the price of all coins. Aside from that, other coins are falling too.
 

Well, that is nothing new to the market, since then, we are experiencing fluctuations too, bear market and bullish market, the inconsistency that you were saying is because of their nature (volatility), there is nothing to be scared of. The more bigger we get (market), the more we are going to notice how scary it is on surviving on this world.

[o_e_l_e_o]

I, personally don't really do the buy and sell thing because first of all i do not have knowledge on trading and i really can't afford to lose any small amount from my small salary right now.

In which case, you might want to have a look at dollar cost averaging. Essentially, you commit to buying x amount of bitcoin every week/fortnight/month, regardless of the price, so you get a much more averaged buy in price over time rather than trying to time the market. Even if it's just 10 bucks (or your local equivalent), everyone has to start somewhere.

I'm looking for the fiat system to change, which is (i think) the root of all slavery as i realize this when i studied bitcoin and what was really the intended purpose for it.

Well then, you are in the right place. Unfortunately there are a lot of people on this forum who don't care about the reason behind bitcoin, and are only here to chase some altcoin pump-and-dump or get paid for spamming. But there are also many of us who are here because we believe in bitcoin, in its technology, and in its future, and understand why fiat is a sinking ship.

And you are also right when you say that some of these altcoins have their own specific niche.

I've got to comment on the fact that you think Tron isn't a shitcoin. It has a plagiarized whitepaper, plagiarized code, no use case, and its founder and CEO (how does a "decentralized" coin have a CEO?) has been accused of money laundering. You would do well to avoid it.

-snip-

This is the right track to take, OP. As I said in my previous post, stick to bitcoin. Learn all you can about it and how to use it safely and securely before even thinking about other coins.

[ChrisPop]

First of all congratulations and happy birthday! Glad to have you here and you might have made your biggest gift to yourself. Getting into a crypto focused community is exactly what you need to grasp the intricacies of this space quickly and of course get your questions answered. Just be careful with how much money you risk if you are going to invest. Bitcoin is a brilliant masterpiece and could get really huge, but there are many factors and variables in this game that could rip your apart so better be careful than sorry.

You can make an analogy of Bitcoin & altcoins with Gold and Fiat currencies as most altcoins are garbage just like fiat currencies are garbage. But other than that most altcoins aren't backed by anything just by poor promises. Now as an advice from me to you: it doesn't matter if you invest or not, but knowledge is a powerful thing especially if cryptocurrencies are bound to become the next payment method for our society.

[aysg76]

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

The simplest answer to this question is that it is possible for anyone to create coin so for personal gains everyone creating coin. Not everyone thinks for community as a whole, so they creating their own coins jeopardizing the price and repo of bitcoin.

[Distinctin]

It's my 40th birthday today and I am completely new to crypto since my country of origin is less progressive.

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

I'm so sorry for my English and if the thought is very confusing, please anyone can rephrase my question freely if you know what i mean.


NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

Gold should not be comparable to bitcoin or fiat becasue Gold is not a currency while Bitcoin /Fiat and altcoins are currency. You can buy things with bitcoins and few altcoins but not with Gold.
Since you are 40, which is not a big age though, why you have come here ? To earn the bitcoins or only to get the understanding of the eco system of the digital currency ?

I believe it wasn't just to learn about crypto but it for sure because they want to earn something from here just like what the others did. Of his age, it is pretty easy for him to learn actually and adopt the system. It is good thing that he ever realize it cause the continues growth of Bitcoin seems to be not be ignore but has to take the advantage of it.  Thus, we need to be practical anymore, that's the best thing we do now.

[dimastegar]

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

Basically, all FIATs in the world are backed up with gold values. While the price of Bitcoin is backed up by trading activities every second, minute, hour, day and so on. The price of Bitcoin can be expensive because it is difficult for us to mine, or own Bitcoin. Except by buying it.

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

It's not quite right if we say Altcoins as FIAT. Because if Bitcoin is gold, then Altcoin can we say as silver and bronze. Altcoin comes as a complement to crypto currencies with more diverse utilities.

[Artemis3]

It's my 40th birthday today and I am completely new to crypto since my country of origin is less progressive.

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

I'm so sorry for my English and if the thought is very confusing, please anyone can rephrase my question freely if you know what i mean.


NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

You have to read a lot, but at least you found the right place. I'll give you a hint: stick to Bitcoin and don't mess with anything else, if you decide to buy some bitcoins, make sure you get familiar with everything before investing a large sum, play with very small amounts, learn to make a wallet, an offline cold wallet, etc. Its been discussed plenty in this forum.

Also, don't pay too much attention to the price, after you buy, just sit and wait a few years, you will see how it will slowly keep gaining, because Bitcoin is deflationary (limited quantity), while the fiat coins people measure it with, are inflationary (unlimited quantity).

Keep reading, and enjoy. Remember, many people will have different opinions, and not all are correct and some may even mislead you, even here.

Try to not use the metals analogy, it is inaccurate. There is simply nothing like Bitcoin, once you learn its key features, you will understand why the market gives it such a high value.

[Genemind]

40 isn't too late for you to enter crypto world. My father is still doing investing and trading at 50. As for me, as a beginner, it would be better for you to focus on Bitcoin regardless of the competition. Yes, we can compare it with gold but there are still differences especially when it comes to volatility, risks and profit. If you would want to focus on trading, try to get rid of new altcoins with non-visible potential.

[dimonstration]

NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

Will be happy to teach my older fiends about cryptocurrencies but they tend to decline it since they think they are old enough to learn this risky investment, so I just like to say Congratulations for taking this wise move in adopting future currencies that can help in many transactions and will definitely be useful in next generations. We can't term yet gold and fiat into real money or investments we have now since many still not accepts or knows it, but as soon many appreciates it fiat can be replaceable if many governments adopts accepting bitcoin or altcoins in their merchants.

[Ucy]

Fiat currency as defined by Wikipedia
https://en.m.wikipedia.org/wiki/Fiat_money

Fiat money is a currency without intrinsic value that has been established as money , often by government regulation. Fiat money does not have use value , and has value only because a government maintains its value, or because parties engaging in exchange agree on its value

Is that what you want for altcoins? Currencies without intrinsic value? Lol. There are altcoins that kind of qualify as fiat currencies though.

Bitcoin don't really have strong competitors in my opinion. It is more decentralized and is the real cryptocurrency

[SummerBliss]

You must have joined here a long time ago because at this time the market is not good or say it is disturbed as prices are fluctuating highly but still it is said its never late in this market. So you are welcomed. But your knowledge is not accurate as to you said altcoins = Fiat which is not true as they are volatile but fiat has stable value and can be exchanged for any item.Moreover there is competition among altcoin not between btc as it is king of cryptos and dominates the market.It has potential to rise above lower levels as it is trading at $8500 starting from $3-$4k last year and help boost the price of other coins.

[buwaytress]

If there's one piece of advice you follow, it's that you take your time to do your own research and make your own conclusions. Start at the beginning: Bitcoin and the whitepaper, work your way to understanding that and that alone, and then you might want to explore other crypto.

And then, form your own opinions and make your decisions. Don't rush into anything. Don't let price bother you. It could boom tomorrow, next year, never. Entering at a good time is less important than entering at a good frame of understanding.

[Dmitri Pavarov]

Weird, I was just under 40 when I got involved in crypto and hey, I never felt I was too old to be getting interested in a new tech thing.  I always have had the impression that most members of bitcointalk are in their 20’s (if not younger) and that anyone in their 30’s or older is going to be considered over the hill, but it isn’t true.  You are never too old to try new things.

Yes! You motivate me for that. Thanks!

Happy Birthday and welcome to cryptocurrency. I admire how you educated your self and the idea and knowledge you have acquired about crypto as a newbie. Well, not most newbies would even dare about learning basic stuff and would just jump off on "how to earn in crypto." Well, the reason why there are over thousands of cryptocurrencies out there is that, as you have mentioned each cpin has their purpose and function, developers create different coins for deifferent and sepcific purpose. And of course some are just created for profit, only few altcoins existing today has their final product and has real function and use case. That is why as an investor it is your responsibility to dig into the project before investing.

I am looking at some nice projects too, like: $ADA, $XLM or $XRP and $ETH these are for the pump and dump game and i'm staking 50% of my paycheck to $BTC all the way. BTW, any thoughts on this coin $DGB? Their historial data (in price movement) looks promising. I haven't dig in to this tho.

Wishing you a great Birthday first of all and it's nice that older people are entering this space. Well, I am much older and will be 54 years old in January so I will be most probably one of the oldest people on this forum as most as Millennials and younger. I hope you have a prosperous journey with Bitcoin and its peripherals and this forum is the right place to get both an educated and informed overall view on the subject of Bitcoin and the Blockchain. There is a lot of scopes to cover and a lot of promise for the future. Where it all will bring us no one knows, but it's about enjoying the journey as opposed to just the destination. I hope your journey will be a pleasant one a mine wa smuch more difficult to navitate and I have experienced a lot of blunders, but I won't give up though. I think there is huge potential here for everyone to benefit from.

Glad to know you. I commend you for not stopping to learn and still excited at the future.

Before I say happy birthday, actually we can't say bitcoin is gold and altcoin is fiat money because we know that bitcoin and other altcoins are digital currencies that can't be seen in the real world but we know that fiat and gold currencies are something the important thing that we can use in the real world for buying and selling, maybe that's why my personal opinion.

You had the same opinion as the majority was.

since you are new to this world then my advice would be to stay away from altcoins for now. just stick to bitcoin, learn how it works, which wallet suites you best, how to secure your coins, learn the basic concepts such as private keys/cold storage/blockchain/confirmation,... you'll have a lot to learn and it is mandatory to know these things. (you can start from bitcoin.org)
this way you can start the right way and then you can make up your own decision whether to even touch altcoins or not.

Since you mention wallets, i don't have PC and only relying on smartphone, which one would you suggest? P.S. Non-custodial preferred.

Gold should not be comparable to bitcoin or fiat becasue Gold is not a currency while Bitcoin /Fiat and altcoins are currency. You can buy things with bitcoins and few altcoins but not with Gold.
Since you are 40, which is not a big age though, why you have come here ? To earn the bitcoins or only to get the understanding of the eco system of the digital currency ?

I want to earn from alts and want to stack more BTC as i am against banks. You know they are just earning from debt, TBH.

This is my opinion about your post, I don't know if I got it correctly but correct me instead if I do not.

Gold = BTC and FIAT = Altcoin is already possible, sell your gold and you'll have your fiat, that you would invest into bitcoin and other cryptocurrency as well, and vice versa, easy as that.

Yes you've got it!

I'm looking for the fiat system to change, which is (i think) the root of all slavery as i realize this when i studied bitcoin and what was really the intended purpose for it.

Well then, you are in the right place. Unfortunately there are a lot of people on this forum who don't care about the reason behind bitcoin, and are only here to chase some altcoin pump-and-dump or get paid for spamming. But there are also many of us who are here because we believe in bitcoin, in its technology, and in its future, and understand why fiat is a sinking ship.

Honestly I have read subtopics in this site and majority talking about gains sounded like you said that they would never care for the sole purpose of BTC. As if "whatever this world might take me i'll just ride with it, then spend, party, gettting laid, repeat".

I want to see in my lifetime... fiat will be abolished!

First of all congratulations and happy birthday! Glad to have you here and you might have made your biggest gift to yourself. Getting into a crypto focused community is exactly what you need to grasp the intricacies of this space quickly and of course get your questions answered. Just be careful with how much money you risk if you are going to invest. Bitcoin is a brilliant masterpiece and could get really huge, but there are many factors and variables in this game that could rip your apart so better be careful than sorry.

You can make an analogy of Bitcoin & altcoins with Gold and Fiat currencies as most altcoins are garbage just like fiat currencies are garbage. But other than that most altcoins aren't backed by anything just by poor promises. Now as an advice from me to you: it doesn't matter if you invest or not, but knowledge is a powerful thing especially if cryptocurrencies are bound to become the next payment method for our society.

1st para: Thank you! 2nd para: Well said!

It's my 40th birthday today and I am completely new to crypto since my country of origin is less progressive.

Anyway, I equipped my knowledge 1st before entering into something, most specially with money. I knew the basics on how the system of blockchain works and how the consensus is achieved and how the miners or stakers are rewarded. I have only one concern or doubt tho'(i guess) that why there are plenty of coins out there? I know you'll answer they have different usage like xrp/xlm for easy payment methods, steem for social media websites, eth/ada for smart contracts, etc...

If you look at current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and other crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins be the FIAT...

I'm so sorry for my English and if the thought is very confusing, please anyone can rephrase my question freely if you know what i mean.


NEW to crypto and aging as well but very excited for innovation one specially an innovation to recreate the financial system (or fully ditch fiat), i hate the idea of printing money.

You have to read a lot, but at least you found the right place. I'll give you a hint: stick to Bitcoin and don't mess with anything else, if you decide to buy some bitcoins, make sure you get familiar with everything before investing a large sum, play with very small amounts, learn to make a wallet, an offline cold wallet, etc. Its been discussed plenty in this forum.

Also, don't pay too much attention to the price, after you buy, just sit and wait a few years, you will see how it will slowly keep gaining, because Bitcoin is deflationary (limited quantity), while the fiat coins people measure it with, are inflationary (unlimited quantity).

Keep reading, and enjoy. Remember, many people will have different opinions, and not all are correct and some may even mislead you, even here.

Try to not use the metals analogy, it is inaccurate. There is simply nothing like Bitcoin, once you learn its key features, you will understand why the market gives it such a high value.

All the facts genuinely stated, Thank you very much sir!

Welcome to our community. Good luck to you!

Thanks.

If there's one piece of advice you follow, it's that you take your time to do your own research and make your own conclusions. Start at the beginning: Bitcoin and the whitepaper, work your way to understanding that and that alone, and then you might want to explore other crypto.

And then, form your own opinions and make your decisions. Don't rush into anything. Don't let price bother you. It could boom tomorrow, next year, never. Entering at a good time is less important than entering at a good frame of understanding.

Surely, i'll take this advice. Thanks.

[Lmaooo]

Welcome to the bitcoin and cryptocurrency community.
You are never too old to join as cryptocurrency is for everybody whether young or old.
Some people are saying cryptocurrency is for the young and revolutionaries but it is for everybody.

[pilot1970]

Your questions are very interesting, Gold = BTC? My answer is obviously no, they have somewhat similar market behaviors, because gold is scarce, the cost to extract it is high and that is why its price is high, something similar happens with Bitcoin, even its impact can be greater, because the issuance is Finite and defined of only 21 million bitcoins.

FIAT = Altcoin? It is a possibility for the future, because although they are not exactly the same, because FIAT is centralized and most Altcoins are decentralized, in their practical use they can be complemented in a good way.

The power of BTC is in strong demand and is something that has been achieved to some extent, there is still a long way to go.

[akirasendo17]

there should be a solidarity between nation to be able to push through and take a big step forward, with the current situations countries are so careful making a move, first they should accept digital currency then we move slowly , to our common goal this things cannot be done in one night

[Dabs]

One of the safest ways to get more bitcoins (and altcoins) is to DCA into it. That means Dollar Cost Averaging and is a method to buy some asset regularly, such as weekly or monthly. Your fiat money may not be called dollars but the concept is the same and well understood.

This depends on your own situation and if you have extra fiat set aside to buy a lump sum, that may also be something you want to do, however many will advice to break up your purchase into several buy orders spaced out over several weeks or months.

Pick an amount to buy. Pick a fixed date interval, such as every 2 weeks or every month. On that particular date, buy the amount whatever BTC you can get with it.

Don't try to time the market, just put a buy order, it doesn't even have to be a market buy, but that doesn't hurt as well since at least you know what you're getting.

Finally, whatever exchange you get it from, withdraw to your own wallet. Remember, not your keys, not your coins. Do not leave them on the exchange.

I've only used Bitcoin Core and Electrum for desktops and mobile (android) devices, so those are good wallets that are highly recommended.

[skarais]

One of the safest ways to get more bitcoins (and altcoins) is to DCA into it. That means Dollar Cost Averaging and is a method to buy some asset regularly, such as weekly or monthly. Your fiat money may not be called dollars but the concept is the same and well understood.

This depends on your own situation and if you have extra fiat set aside to buy a lump sum, that may also be something you want to do, however many will advice to break up your purchase into several buy orders spaced out over several weeks or months.

Pick an amount to buy. Pick a fixed date interval, such as every 2 weeks or every month. On that particular date, buy the amount whatever BTC you can get with it.

Don't try to time the market, just put a buy order, it doesn't even have to be a market buy, but that doesn't hurt as well since at least you know what you're getting.

Finally, whatever exchange you get it from, withdraw to your own wallet. Remember, not your keys, not your coins. Do not leave them on the exchange.

I've only used Bitcoin Core and Electrum for desktops and mobile (android) devices, so those are good wallets that are highly recommended.

It seems like this is the right suggestion so far. Not only is it useful for OP, but I also get its benefits. Previously I also traded in a number of exchanges and I also keep it there. But after what you get from your advice, it seems like storing assets on the exchange is very risky.

+3
You deserve merit from me, but sorry, now my sMerit is empty.

[pawanjain]

Its good to see people of all age are joining this growing community. I have met people of different age groups talking about crypto in this community.
The community has grown larger everyday with new minds bringing forward positive aspects of crypto as a whole.

According to me there are two reasons why there are so many altcoins in the current market.
1. People are identifying different use cases and developing a coin to solve that problem hence leading to so many coins.
2. Scammers are creating new coins just so that they can scam others and take away their money.

[pixie85]

40 is not a lot. I know many people close to that age who are involved. In fact, I know less people below 20 who are into it than people over 30.
Welcome to the forum and I hope you will not get discouraged by FUD and the bears and continue your crypto journey. Good luck and remember to keep your coins safe and avoid scams.

[Kambal2000]

Its good to see people of all age are joining this growing community. I have met people of different age groups talking about crypto in this community.
The community has grown larger everyday with new minds bringing forward positive aspects of crypto as a whole.

According to me there are two reasons why there are so many altcoins in the current market.
1. People are identifying different use cases and developing a coin to solve that problem hence leading to so many coins.
2. Scammers are creating new coins just so that they can scam others and take away their money.

Even teenager is actually joining here, I joined here when I was 17 also my friends are here, so this forum really a great help opportunity to everyone, as there is no age requirement, everyone is welcome to join here, everyone is here for us to unite with one purpose and to help each other adopt crypto.

[Baby Dragon]

Its good to see people of all age are joining this growing community. I have met people of different age groups talking about crypto in this community.
The community has grown larger everyday with new minds bringing forward positive aspects of crypto as a whole.

According to me there are two reasons why there are so many altcoins in the current market.
1. People are identifying different use cases and developing a coin to solve that problem hence leading to so many coins.
2. Scammers are creating new coins just so that they can scam others and take away their money.

Even teenager is actually joining here, I joined here when I was 17 also my friends are here, so this forum really a great help opportunity to everyone, as there is no age requirement, everyone is welcome to join here, everyone is here for us to unite with one purpose and to help each other adopt crypto.

It is one of the best part on this forum, you can express yourself and share your own experience that might help other people. Actually, your age doesn't really matter as long as you wanted to learn something new and your open for any new experiences because what only matter is that you didn't scam or deceive others just like any other people. As long as you have good intentions then you're welcome. We don't have to underestimate someone because of their age or gender, if they just wanted to explore things then let them. Well its true that some altcoins were made to deceive us, the victims were usually newbies like you because they think that some of  you doesn't have enough understanding and for that reason they will think of some ways to take advantage on you so you need to be very cautious.

[mazdafunsun]

You have the same ideas and excitment about the same things that all or almost all newbies had - the possibility of alternative financial system where people are in charge not the banks and governments who print the money.
unfortunately i have to say that this enthusiasm  dies down when you research and study the fundementals of regulation in financial world. It begins to fade when people understand the huge hurdles.

[xiboothrezi]

If you look at the current system with gold and fiat, can the crypto space be the same? Gold=BTC and FIAT=Altcoin?

My point is to remove the competition from BTC and another crypto in finding the one who dominates all, why not BTC be the Gold and Altcoins by the FIAT...

of course it can't be equated like that.  in the real world, gold and fiat have different characteristics.  gold is formed naturally, it takes hard work and is mined to get it, natural resources that cannot be renewed, are limited in number, rare.  whereas fiat is a human creation, can be produced continuously.  bitcoin and altcoin have the same character, encrypted, only have different chain types.  analogous, bitcoin is the same as the dollar, while altcoin is another currency such as the yen, pound sterling, euro, etc.  Btc and fiat compete?  not really, bitcoin and altcoin have their own unique niches.  Market capacity is also based on investor interest.

[romero121]

Gold being the btc and altcoins being the fiat is impossible at the moment. At the moment as an alternate to fiat bitcoin is used, which means people are getting transformed from the usage of cards and wallets to cryptocurrency if they aren't accessible with fiat. In this case if there is some congestion in the network in getting confirmation and on other factors instead of bitcoin other altcoins were preferred.

For Op, age is not at all an important thing when it comes to technology adoption. You're free to be a part of the community, and the same is being followed here as well. No one restricts with the age criteria, you learn, you earn and you help others to make use of the technology.

[xvacator]

My father says life begins at 40. The change will be there, but you can still learn any new things including for learning bitcoin.

I don't think altcoin can have the same position with bitcoin because of altcoin still behind bitcoin. We know that altcoin prices hard to compete with bitcoin and bitcoin still dominating the market. But there is a chance for bitcoin to be gold for the cryptocurrency, and altcoin will be fiat, and I think we already see that is happening now. Bitcoin still is the first coin in the cryptocurrency, and with the altcoin, it works together to change people's life.

[imstillthebest]

My father says life begins at 40. The change will be there, but you can still learn any new things including for learning bitcoin.

your father is right because that is what the popular qoute said but i still didnt know why whats behind the age of 40 however there is no age restriction in bitcoin and in crypto . any people in any age can participate on it but of course as soon as its allowed on your place .

I don't think altcoin can have the same position with bitcoin because of altcoin still behind bitcoin. We know that altcoin prices hard to compete with bitcoin and bitcoin still dominating the market. But there is a chance for bitcoin to be gold for the cryptocurrency, and altcoin will be fiat, and I think we already see that is happening now. Bitcoin still is the first coin in the cryptocurrency, and with the altcoin, it works together to change people's life.

alts and btc are both good . both are life changer  . both have advantage and disadvantage so i dont feel comfortable when someone compare them if what type of cryptos are better  . 

@op . grats and welcome here  . welcome to the wonderful and colorful world of bitcoin and bitcointalk .

[bitbunnny]

What to say, better late than never. 
Actually, it's never too late to join Bitcoin community. Just make sure that you collect all necessary information and knowledge before you get into action. Don't rush with decisions and don't copy everything you see that others are doing, try to find your own way.

[GideonGono]

It is good to us because you can share your knowledge even you have a digital gap which is the gap of technology from the age of young and the other generation.

You can research what you want to know and also sharing it to us to have more idea from bitcoin and also for the future purposes.