[APPROVED] Update the "What is Crypto-Currency" pinned thread

I feel that this thread is currently very outdated.

What is Crypto-Currency?

First off, cryptmarketcap does not exist anymore and the new meta is coinmarketcap which can be found here:
Cryptocurrency Market Capitalizations | CoinMarketCap

Additionally, BTC-E was overtaken by the US Government and Cryptsy just redirects back to google (or at least it did for me) so I feel that it should be replaced by places like Binance and Bittrex.

These are only minor changes however I felt the need to suggest it because I wanted to see what other people feel about this thread being updated.

 

Not a huge amount of people understand crypto's so this thread might be confusing to them, essentially you just want more recent websites on that page instead of the outdated/compromised ones, support.

 

Here's what you do

• Copy paste the thread
• Edit the thread yourself to amend and add the specific changes
• Report the post at the top right
• Post the updated thread and ask the moderators to change it, showing what you have fixed and what is outdated

 

The thread itself has some really good information. I'm not the most educated on cryptocurrency but if you or anyone else wants to revise the thread like Tyler suggested, you're more than welcome to send me a copy of a thread and I'd be willing to credit you on the thread. Let me know!

 

I have rewritten this however I am open to anyone else's suggestions if they feel like anything else could be added/improved.

What is Cryptocurrency?

Cryptocurrency is a digital asset which can be sent online between person to person (P2P) and is completely decentralized. The most well-known, and the first crypto-currency, is called "Bitcoin". Other crypto-currencies exist as well, the most popular ones being Litecoin, Ethereum and DASH, however there are many more. Smaller cryptocurrencies tend to be more volatile and higher risk. For simplicity's sake, this guide focuses on Bitcoin, but all other cryptocurrencies are extremely similar.

The values of cryptos and their market caps can be found and compared:

Cryptocurrency Market Capitalizations | CoinMarketCap

Video: What is Bitcoin?



Bitcoin FAQ:

http://bitcoin.org/en/faq

Bitcoin and other cryptocurrencies have potential to revolutionize e-commerce, or fizzle into nothing. Right now, they are mostly used as highly volatile, speculative investments. Most people buy bitcoins because they expect the price to increase. Here are some good areas to track Bitcoin price and volumes across exchanges:

www.bitcoincharts.com
www.btckan.com/price

Exchanges

Cryptocurrencies are mostly bought and sold through exchanges. These are third party companies which allow users to trade with each other in real time. The major exchanges for Bitcoin (including pros and cons) are:

- www.bitstamp.com (Currently the most reliable exchange)
- www.binance.com (This exchange is great for BTC, LTC, NEO and other smaller cryptocurrencies, designed for trading)
- www.coinbase.com (Great exchange for newer users - Really simple)
- www.bittrex.com (Hosts a mixture of coins, ranging from the bigger coins such as BTC, ETH and LTC all the way down to smaller coins such as XEM, DCR and XVG)

Cashing In / Out

If you want to buy or sell bitcoins on an exchange, you will need to make a deposit. If you want to cash out, you deposit bitcoins. If you want to cash in, you need to deposit fiat (USD, EURO, etc). The most common way to cash into an exchange is bank transfer. Some exchanges also accept payment methods such as Credit Cards and PayPal however there is typically a larger fee for doing this. Alternatively, if you have RS Gold, many people on Sythe can offer BTC / LTC / other crypto for gold. This can be an easy way to get into cryptocurrency without the complexities of making a bank wire or even buying cryptocurrency for Credit Card and PayPal. Most exchanges would require identity verification if you plan on buying cryptocurrency through their platform.

Coinbase offers a referral service in which if you buy $100 worth of cryptocurrency the person who referred you as well as yourself both get $10 worth of Bitcoins for FREE! Referral links can only be found and/or advertised in a signature though.

Bitcoin/Crypto Wallets

If you want to receive bitcoins directly, you need a Bitcoin wallet. This should be done carefully. Bitcoin wallets are prime targets for hackers, since transactions are irreversible. If someone is able to hack your Bitcoin wallet, you will lose all your coins.

A Bitcoin wallet is used to send and receive bitcoins. You can send BTC to exchanges and other people from your wallet. Avoid using online wallet services, unless they are offered by extremely trustworthy sources. Many people who have set up these services have run away with the coins. If you want a wallet, create your own.

http://bitcoin.org/en/download

The bitcoin-qt wallet is one of the most popular and up to date wallets out there. The download will take a long time, since you are downloading the entire Blockchain (which is a record of every transaction in the history of Bitcoin!). Expect 6-7 hours to be fully synched up to the network. The wallet looks like this when it's up and running:



For more information on securing your wallet, read: Storing bitcoins - Bitcoin Wiki

Mining

So, where does this currency come from? How is a Bitcoin or Litecoin created? This is where mining comes in. Bitcoin is mined by running specific software which solves mathematical equations generated by the Bitcoin system. In the early days, mining was viable from any regular computer, however, today it has become highly specialized.

 

Just simply report that thread with this, looks really nice. A mod/admin can update it for you, I don't see anything missing.

 

I thought the report abuse thread button was mainly to report false advertisement and offences like that. I always use the suggestion forum if I feel change needs to be made.

 

As both hhn and tyler said, it can also be used when threads need to be updated/changed

 

HHN said to send him a copy of the thread however I'm awaiting his reply for now. If he doesn't respond back here in the next 2-3 days I will PM him.

 

ye i noticed it's very outdated too when customers ask me how to buy bitcoin or something that i can't even link it anymore

 

Support! Old websites are quite outdated

 

Think this is a great idea updating/revamping the pins, crypto is here to stay and is a great way for people to market trade, especially with the issues that PayPal can cause.

Support!

 

Wanted to say. In addition too the exchanges.

I added. "
pro.coinbase.com(Great exchange for newer users - Really simple)
>> Useful for RS Based Trading (Most users use this exchange), Pro.coinbase.com is low fee, in the cents area. Coinbase.com has high fees, in the dollar area. NOTE THE DIFFERENCE."

 

I am all for helping with @Hahanerd to update the thread.

@Management has a wonderful write-up thus far.

Would anyone else like to add to this?

 

Bump. Would anyone like to add to this?

 

Any updates on this? @Management

 

All my updates are posted here:

I think @Pageth suggested to add Coinbase Pro but other than that, I think thats about it.

 

Awesome, would love to hear the rest of the communities inputs on this. As well as some others that would like to chime in on this topic.

Maybe @Eazy E? He is very knowledgeable in this section as well.

 

Maybe mention ledger.com and trezor.com as examples for hardware wallets. Info should go under bitcoin/Crypto Wallet