Community post
CryptoCurrency.....Say What?!
cryp·to·cur·ren·cy
ˈkriptōˌkərənsē/
noun
noun: cryptocurrency; plural noun: cryptocurrencies; noun: crypto-currency; plural noun: crypto-currencies
a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"
So let me get this straight its a unit of money in which there is no one keeping track of i t and can't just take it i.e. the government?! My initial thoughts on it gave me this reaction....
Well I have to learn more about this! So how do I get into cryptocurrency? What do I need to do? Let me find some websites and learn a little. Okay (reading up on how bitcoin works in highly technical terms) this makes about as much sense to me as this:
Ok so someone told me to blog, lets blog!
Alright so I'll put out some good content, read up on whats popular, how hard can this be?! Oh i need to get into some chat rooms on Discord. Alright lets do that.... Okay! These guys are talking about cryptocurrency lets see what I can learn from being a fly on t he wall on voice chat...
After awhile I made this face...
And so I asked some questions, mostly I was ignored by the more knowledgeable members and was given some advice in what sounded like Swahili. Google translate couldn't keep up!
Can someone give me some good resources to check out before I end up like this guy? I need to learn the difference in steem, steem dollars, bitcoin, the whole shabang! I love this community and hope to see lots of new people in it!
Replies (3)
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Take a look at my post here to get a foothold on the subject.
After that, ask some specific questions.
As for the difference between Steem, Steem Power, and SBD, it can be explained like this:
Steem = A token with a varying market value that can be used to purchase other currencies or to "Power Up"
Steem Power = Tokens in a sort of investment that give you influence in the Steemit community
SBD = Steem Based Dollar = A token intended to have a value as near the US Dollar as possible. (an aside the SBD has a tradeable value floating between 2 USD, because of this some think that we should just get Steem and abolish the SBD altogether)
Start here. A very basic understanding of how asymmetric crypto works is an absolutely essential piece of the foundation to understanding how cryptocurrencies work. Without it, the rest simply won't sit right, because you will have to take that the network can't allow an unauthorized party to spend funds on blind faith.
If you want to follow me, I've decided to start a weekly Q&A session where I stat collecting questions that went unanswered elsewhere in a post on Friday, and publish the answers (and more, tying it all together into a bigger picture) in a subsequent post the following Monday. Look for it this friday.