New to the cryptocurrency scene and wondering how other coins compare to bitcoin?
A digital form of gold. It allows you to store your wealth in a medium that is unaffected by inflation, governments and banks. Price driven by supply and demand.
A digital form of silver. You can’t go around buying things with gold bars. A “lighter” version of bitcoin, litecoin is easier to spend and transact with. Price driven by supply and demand.
A digital form of oil. (?) The Ethereum network is a global supercomputer that anyone can access. It differs to traditional systems in the fact that is publicly owned, and therefore decentralised. No party controls this network, so no one can “cheat”. Ether is the fuel that runs this network. Price is driven by the utility of this global supercomputer (similar to how the price of oil comes from its ability to power global infrastructure).
The Ethereum analogy is admittedly the weakest. Though this is a sufficient, non-technical explanation.
A lot of content circulating is too technical. Written by computer scientists – for computer scientists. Having this kind of documentation is of course very important. But it makes it prohibitly hard for the average person to get involved, a barrier that is delaying mainstream adoption. This video is a basic overview. What it lacks in comprehensiveness, it makes up for in accessibility. As with any analogy, there are imperfections. This video should be viewed of as a gateway into this field, not as an academic journal.
There has been a huge influx of investors who do not have the slightest sense of the product they are buying, blindly following the price of bitcoin in the attempt to make a quick buck. This is worrying. In order to make informed decisions, an investor must have a basic understanding of the underlying asset.
Cryptocurrency has become a uniquely craze driven speculative tool. No other commodities have this problem. Real estate, water, energy. Buying into these commodities without an understanding of the underlying utility is unheard of. Why should it be the same for cryptocurrencies?
Coinbase sells these three cryptocurrencies. This exposure makes them the most questioned, hence this video was made. Coinbase then ruined this plan by adding Bitcoin Cash, mid-production. Video on Bitcoin Cash vs Bitcoin coming soon.
Buy bitcoin, ethereum and litecoin from Coinbase. Coinbase will give you free bitcoin for using this link:
The only way to keep your bitcoin safe is with a hardware wallet: https://www.ledgerwallet.com/r/b0c2
“Mysterious and known only by a few people.”
“One of the UK’s two financial districts, Canary Wharf hosts the world headquarters of numerous major banks, professional services firms, and media organisations.”
This is not investment advice.