Just starting out with investing in the cryptoeconomy? @beachbuminvestor is here to help. Let's start by understanding what we are investing in.
In this video, we identify the 3 major categories of cryptocurrency.
Stay stoked Frothers,
Fish
The Idiot's Guide to Investing in Bitcoin & Cryptocurrency - Volume 1. Categories
Just starting out with investing in the cryptoeconomy? @beachbuminvestor is here to help. Let's start by understanding what we are investing in.
What's up man? I'm super new to actually getting involved with crypto despite hearing about it for years. I joined Steem because I liked the concept of being able to earn for content and interacting on the platform. Which category does this platform fall under and in your opinion, how does it differentiate from the rest in the crypto world?
A writer!!! Maybe you can help me too? I have no formal training but I love writing!
To answer your question. STEEM/SBD could fall into category 2 (Currency) as it is spent between Steemians. But I see STEEM in particular as an asset. Think of it as having shares in Facebook........only much much better!!
Great question mate. Upvoted & Followed for more.
Fish
Awe I see, so Steem is more of a currency that can be spent within the community itself strictly? In the U.S., Bitcoin is becoming more tolerated as I see some retail stores accepting payment from Bitcoin. However, I was just always confused on how to exchange it into your native currency such as USD here in the states. But I'm assuming as you mentioned, the fees are probably outrageous to do. Ultimately, these crypto/alternate currencies can be used to build wealth, it's an investment, much more significant than merely income. I guess that means you can still invest in whatever you want if you had the means, i.e. property, car, business etc. granted that the supplier would accept payment through crypto? BTW, there are a lot of free resources from accredited universities that offer formal training. I just started a couple myself online and it's pretty awesome!
wow!!! what a find. Very very impressed with your knowledge.
I am a self-educator. I have dropped out of university (college) in economics, business, law, and politics. I believe in "education for education's sake" but I don't believe (for me) the best way to acquire knowledge is through traditional avenues of education.
My Mum always said when I was a kid I was different to my brother and sister. She would tell us "The stove is hot... don't touch that". Whilst my bro and sis would listen, I would test the theory plunging my hand onto the hot stove...... often more than once just to be sure. I guess I just learn better by doing, failing, and learning from those mistakes.
STEEM is what I consider the "stock" in steemit.com. SBD seems to be the currency of choice amongst the steemit community (competition prizes, etc). I must admit that I am not maximizing my curation rewards. There are some really good articles written by Steemians about the rewards program. If you hit the "search" icon (top right) you can find plenty of helpful articles.
Yes, this is investing. Many people talk about the "dot com bubble" and make no mistake, this is history repeating. Many people will loose everything. But just like the dot com bubble this era of technological advancement will bring us the next Apple, Microsoft, and Google.
Blockchain tech is amazing! If you research and diversify you will more than likely be part of the "blockchain billionaire era". This tech will make some of the creators (and early investors) ridiculously wealthy. But as FOMO and panic selling empty the pockets of the uneducated, we will also see some short-term societal pain as we complete this inevitable transition.
Speak soon legend. Awesome first chat. I hope you'll jump on my live YouTube sessions (coming soon). I really need people with your level of intelligence to make the conversation interesting.
Fish
what do you think about ether?
In regards to your childhood, my dumbass touched the stove too lol. I always had so many questions and I had to know for myself. I just question everything, even when I have the answer. Surely, you can relate if you're dealing with crypto or "hidden" solutions :)
I enjoy Steem's idea of crypto for curation exchange. You say you're not maximizing on your returns, how long have you been a part of the community? I literally just got active with it a few days ago.
The dot com bubble lol. The latest and greatest innovation always does end up becoming too large to ignore and eventually busts onto the scene integrated into virtually every aspect of life. The block chain fits that description and am grateful to be somewhat on the up and up. Despite, this being my first ACTUAL investment into a crypto platform.
;)
Nice video followed.
Thanks, @sarahjay. Nice to meet you and followed right back. Thank you for the kind words.
I only started YouTube 1 week ago. My ChainCoin video is blowing up!!
Speak soon,
Fish
Because im still so new to bittrex, im gonna hold off buying till i learn more about it. Its so tricky to understand. No rush at all but im pimped for a tutorial.
Man, my computer guy had some huge family issues. I have purchased a masternode for ChainCoin and can't even run the thing yet, lol. That Bittrex training video I will get organized today if possible. I'm slowly figuring out Youtube.
You should make a video about masternodes too. Im pretty interested in that as well. For your youtube videos, i would recommend getting some better audio and camera equipment. It would really bring some life to your Channel and attract new subscribers. Thanks again for everything Fish. Cheers mate.
Thanks for the advice Nick. With the run up I have had with Chaincoin I just might do that. I'm just waiting on my computer guy to advise me on the bet setup. You'll have to deal with the amateur production until then lol. Bet the advice will be well researched. There is a lot of talk about Litecoin..... I would hold on to that. Also EXCL (2,500 to get a node). You chose well and bought on a dip, that means you should be running into profit soon..... If you are not already. This recovery has a lot of steam behind it. I think we will get past $U.S93b before we see any significant profit taking.
And I'll definitely do a bit more on Maaternodes but essentially you are now the PayPal of that particular currency when you own a full one. PIVX is really cool because it allows you to earn money by "staking". You can buy just a small amount f coins and theoretically build your way up to a node just from the staking process.