Never stop learning, this is the best principle in life and I would like to share it especially to the newbie who were confused with bitcoin or cryptocurrency. Yes, I admit that I am one also confused when I was new in cryptocurrency but learning is possible by hanging around with the forum. The questions is what are the things that you should keep and learn? Here are some of my experiences that I like to share with you.
Of course, it is difficult to disagree with your overall premise, to never stop learning, and likely most people would likely agree with such overall idea - even though surely some people get more stuck in their ways than others and will admit to such - whether built upon solid foundations or more whimsical foundations.
I also agree with many of the ideas that you present in your overall post, even though I believe that there is a lot of problems with any theoretical presentation that fails or refuses to distinguish bitcoin from the concept of cryptocurrency, and surely both of the concepts are related; however, I have found that people who do not adequately figure out ways to distinguish the two concepts and to present their ideas in terms of such distinguishings are likely going to be engaging in fuzzy thinking and fuzzy presentations.
I am not even proclaiming that I necessarily need to agree with where you draw the lines or how you come out on the various questions that would be presented through better distinguishings between bitcoin and "crypto".
Basic things I learn and kept for myself about cryptocurrency!
1. I learn that cryptocurrency is not all about financial gain instead it is a way to financial freedom without the existence of third party service needed nor someone that will meddle or interfere when you make crypto specifically bitcoin transactions.
I largely agree with this point... again.. an ability to figure out and maybe to articulate more clearly how bitcoin might differ from other cryptos might be helpful in honing in a bit better in regards to some potential learning points and why they are learning points (including areas in which more learning might be possible).
2. The best way to keep crypto is through offline wallet especially if it involve high amount of crypto stored in the wallet. Hardware wallet are the most common offline wallet used to store crypto like bitcoin and are away from getting hacked online which is rampant nowadays with most likely victims are being phished out with the important wallet details exposed or disclosed in a fake site.
Surely, ways to hold or use your bitcoin remains an evolving process in the space, and as you identified, some kinds of storage or use are more security vulnerable than others. I do not proclaim to be very technically smart in this area, so my experimentation (and therefore likely ongoing learning) continues quite a bit in these areas, too.. including sometimes considering balancing my own time and how much time that I can spend to try different services (including third-party services) and/or wallets, including safeguarding backups or the various ways that backups might differ from one service to another and/or whether using some services puts risk on privacy or security, too..
3. Cryptocurrency is the best reserve asset that could beat inflation rate like gold investment. Sooner or later if crypto will be adapted to the community where most central banks are now making their own cryptocurrency. It just mean that cryptocurrency is a great deal towards digital currency.
Seems to me that ONLY bitcoin has such a claim to being better than gold, even though there are likely a lot of cryptos that are sucking off the security teet of bitcoin in order to continue to exist... and surely several other cryptos are likely to appreciate better than various fiats in the short term.. and maybe even gold.. but I don't see any of them, besides bitcoin, actually being able to really serve as sound money.. at least relative to bitcoin...
Sure, your opinion and conclusions may differ in terms of these kinds of assessments.. but still seems good NOT to get too fuzzy in your thinking in terms of how you consider the various cryptos to be carrying out these kinds of features relative to bitcoin... beyond mere talking-points.
4. There are many cryptocurrency introduced in the market but all of it are called altcoins. Bitcoin is the primary coin of these altcoins so it might be good to consider having bitcoin rather than the altcoins. However, altcoins can do good as well like bitcoin. Just know what are the good altcoins around that could benefit you in the applications of your daily life activities.
Fair point, here... Again, each of us are likely to come to varying balances of these kinds of matters in terms of how much we might play around with a variety of altcoins (shitcoins) whether for learning or possible short term utility whether that is to attempt to earn more bitcoins or to use them for payments or privacy or some other possible features... considering various trade offs that might come from either holding them or using them, too.
5. The best way to transfer money to another country is through cryptocurrency. It will receive directly to the recipient's wallet if being send correctly. Digital wallet are also being made for easy way access keeping it secured. There are many to chose from and I can even ask here in the forum of the best wallets to chose and the members to recommend.
Largely agree here too.. and of course, there is likely some learning through use of such features, including what kinds of coins might be available on both ends of the transaction.. including any risks or ease of getting in and out of such coins on each end. Surely there are going to be varying experiences in this regard, and I would not proclaim to be very knowledgeable on this point in terms of personal experiences and even my experimentations in this direction.
6. Anonymous is a big key to a better and secure way of doing transactions. There are many bad people anywhere and getting anonymous will not help them noticing the amount and transactions you made. Doing transactions in cryptocurrency will not involve getting identity to the public like in those banks that you need to do KYC. KYC is dangerous to you because it might be use by others not the right way. As much as possible avoid getting into KYC (Know Your Customer). There are few exchanges and wallet appears to be asking for KYC and there are some that are not so chose well the best that suit you the best.
Surely an evolving topic.. and as you seem to be suggesting, sometimes we might not even realize the tradeoffs that we are making when we do agree to varying kinds of KYC in regards to some or all of our coins. Surely, bitcoin and even other cryptos provide options in this direction... which are evolving as well as varying ways in which analytical tools are used by governments or private institutions and including changes in recommended better practices to achieve various personal goals, whether short term or longer term.
7. Cryptocurrency can change the world of transaction into digital form.
It already has.. and more is likely on the way.. as you have identified.
This can get us real quick time doing transaction online without the hassle queueing to transact business. If this will be implemented then pretty sure that crowd will be minimize and that will make transactions more reliable, fast and easy.
Sure.. I will agree that some advantages can happen through this.. and surely, not all positives.. but also an evolving area with likely tradeoffs, depending on what each of us might be attempting to achieve.
8. Gambling could be done online using cryptocurrency.
Of course, already being done and evolving too.
There are e-casino already everywhere even here in my place. Gamblers are happy for it to avoid getting a lot of spectators like in those traditional casino having the chips that is visible in the table and spectators will even ask a little for when you win. This can help getting into privacy and gamblers can gamble into the best experience they wanted to with cryptocurrency. There was a news O remember a guy winning huge in the casino that was shot dead while going home getting rob probably one of the spectators that has observe the guy winning lot of money.
Advantages and disadvantages to physicality.. .for sure..
9. One of the best gifts that could be given for the upcoming christmas and new year due to the current state of pandemic is financial asset through bitcoin or the altcoins. This we can help minimized the spread of covid19 virus at the same time able to provide smile in the face of the one receiving the gift.
Sure I would say that bitcoin is a possible gift, and I would avoid giving anyone a shitcoin unless there is some particular reason that someone might already know about such shitcoin or something like that... but giving bitcoin could at least be an introduction to the concept.. even if some family members or acquaintances may or may not be receptive to such a gift.. so it may or may not be practical in all cases.
10. The forum is the best forum to learn more about cryptocurrency. Hanging here around with other members with other users will help you to learn more and that you can also freely ask here without paying anyone. Just avoid newbie accounts that do PM and offer something. Remember that if it is too good to be true then avoid it as much as possible. Do not take the scammers bait. Remember also to check the trust ratings of the account for there are higher ranks being tag with Default trust members so being cautious is always the best thing to do.
There are many things to be share and learn especially here in the forum so do not hesitate to learn new things around. We do not know that one of these days that the things you are learning will come handy in the future. Hopefully newcomers can reflect or get some idea of my post.
Thank You!
I agree that there are a lot of resources on this forum, and I largely agree with your above comment. Surely, forum members, whether newbies or longer timer forum members can attempt to figure out ways in which the forum can help them to help themselves by reading the ideas of other forum members and interacting.. and surely forum members are going to have different ways of learning in terms of how much they participate or how much they are able to engage in critical thinking - which surely can be helpful to learning whether it is learning from the experiences and information of others or engaging in their own experiences and sometimes choosing the extent to which they want to share such information on this forum or some other forum..
