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.

[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.