Can someone educate me on Bitcoin, and cryptocurrency in general?

[Anonymous No.3345745]

What is it, how does it work, why is it better, how do I invest, should I invest, etc. The full rundown would be nice.

[Anonymous No.3345753]

I-is he asking for a.. quick rundown?

[Anonymous No.3345756]

>>3345745

Don't buy bitcoin it's gonna crash

[Anonymous No.3345761]

>>3345745
sure what do you want to know

[Anonymous No.3345763]

>>3345753
Or long rundown

[Anonymous No.3345765]

google
youtube

[Anonymous No.3345775]

I would tell you to fuck off, but then I remember ppl like that actually make me a lot of money.

[Anonymous No.3345778]

>>3345745
Google it yourself you fucking faggot, we dont need you

[Anonymous No.3345784]

>>3345761
Idk, I see alot about it in memes, but I really have no idea what it is. Maybe explain that, and then if it's worth buying any sort of crypto-currency.

[Anonymous No.3345788]

>>3345745
L u R k M o A r F a G

[Anonymous No.3345800]

>>3345784

Dude you did enough work to google the image you uploaded. Go do your own research. Anything we tell you in this thread is going to be shit. But buy ARK

[Anonymous No.3345809]

>>3345745

Step 1: Accumulate.
Step 2: HODL.

This is all you'll ever need to know.

But you'll fuck it up somehow.

I guarantee it.

[Anonymous No.3345829]

:( so much for helpful advice here

[$4CHN:CJmBgiRXBZrMBBsw8tYUzHcE(...) No.3345850]

>>3345829
Kill yourself faggot.

[Anonymous No.3345854]

Buy BCH and hodl

[Anonymous No.3345877]

I've been on this board for a day and all I can tell you is if you have OMG you're a retard but then also a genius and you're rich but you might be broke

[Anonymous No.3345890]

>>3345745
Bitcoin was the first cryptocurrency. A cryptocurrency isn't just "digital money" or "online money" like Paypal. A cryptocurrency is decentralized: no one group or company controls it completely. There's no one who can arbitrarily print more, lock people's accounts, or control who you can send it to. You can send it around without tying yourself to accounts tied to your legal name. Once a transaction is sent, it's irreversible, so you don't have to worry about people taking back money after paying you for something. (Credit card payments and bank transfers can be reversed months later!)

Bitcoin specifically has a maximum supply of 21 million. Its minting schedule is fixed in stone. It's a deflationary currency, which is something some people really have a hard-on for specifically.

You can use an exchange/broker like coinbase.com to exchange dollars for bitcoins or vice versa.

[Anonymous No.3345903]

>>3345745
Bitcoin is a tiny bit of a coin, like a penny. By investing money in the bits of coins, you gain money over time as the pennies add up.

Cryptocurrency is the money that was never used when people die. I.E. "from the crypt. That money has its own massive economy (think about it, there are more dead people than their are living, so thats a lot of money just not being utilized in the market).

By investing into the cryptocurrency, you gain value once the person in the cyrpto finally decays fully and that money goes back into the market.

[Anonymous No.3345908]

>>3345745
The Bogdanoffs are devil whales. They control the entire market. You probably heard the saying: "The market can stay irrational longer than you can stay solvent." But it really is: "The market can stay superrational longer than you can stay solvent". Bogdanoffs use Bitcoin to fund their nanobot laboratories.

Bitcoin is created by having 4chan count to 5. The first person to solve a successful chain mines some Bitcoin. You use Bitcoin to buy drugs, to numb you when the market crashes and keep your dick hard when you fucking hookers in your Lambo.

It is better than fiat, because it is basically a Ponzi scheme. There are only 21 million Lanyard Lizards in existence, so the price keeps going up. This makes the normies take note and they give you more money than your bitcoin was worth 1 year ago.

You invest by refreshing /biz/ and doing everything opposite /biz/ says.

You should definitely invest. All your life savings is best, because when you 700x a 1000$ investment you will be posting pink wojaks complaining you did not dare to invest more.

You should learn Chinese and elliptic curve cryptography. Technical Analysis already comes naturally to most people: As long as you can draw straight lines you are golden.

[redpill drop No.3345928]

>>3345890
The bitcoin is valued like 4x more per USD than it was in March. Why the crazy fluctuations like that?

[Anonymous No.3345936]

>>3345829
Then fucking google it you sperg. If you just do everything that biz tells you then you will end up a broke dumbass instead of just a dumbass.

[Anonymous No.3345951]

It is air being sold to you by scammers.

Even a few of the coins, like 3-4 of them, are way overpriced for the real value they have. The price is dictated by fools looking for other fools to sell.

that is all you need to know.

[Anonymous No.3345987]

i havent even read the white paper yet but here goes:
https://bitcoin.org/bitcoin.pdf
and if you want to understand the technical side:
https://www.youtube.com/watch?v=_160oMzblY8

[Anonymous No.3345989]

>>3345908
this post is more accurate than you think, OP
3 months of lurking /biz/ comes to that post

[Anonymous No.3345991]

>>3345928
Just to confuse people and shake out weak hands. Real Bitcoin price is already 10k, but whales are accumulating by keeping the price low and variant.

[Anonymous No.3345999]

>>3345908
Honestly this is a great post

[Anonymous No.3346043]

>>3345908
>As long as you can draw straight lines you are golden.
what if you draw golden spirals

[Anonymous No.3346060]

>>3345890
>coinbase
is there any broker you guys use that doesnt suck blood?

[Anonymous No.3346062]

>>3345928
There's no hard answers for volatility, but there's some things that we can point at that most likely had some influence.

* Ethereum, an altcoin (that supports arbitrary smart contracts) has gotten really popular lately because of companies launching ICOs (... that's its own subject) on it. As Ethereum has gone up and gotten media attention, so has Bitcoin. Bitcoin and altcoins generally share a lot of attention and move together frequently.

* Bitcoin's transaction rate has been steadily going up, and it's been running into limits lately. All Bitcoin transactions have to be simultaneously processed by everyone on the network, so there's a load limit built into the code to avoid overburdening anyone. Some efficiency improvements have recently come out ("Segwit") and huge improvements are on the way ("lightning network") which are causing some excitement.

* A group of people forked Bitcoin to create Bitcoin Cash (BCH). They were against efficiency improvements because they thought they overcomplicated Bitcoin, and just wanted to raise the transaction (block size) limit instead. (Gregory Maxwell, a Bitcoin Core developer, referred to this as trying to strengthen a bridge by removing the "Load limit" signs from it.) Unlike most altcoins, they actually forked from Bitcoin while keeping all transaction balances, so everyone that had 1 bitcoin on August 1 had after the fork 1 bitcoin and 1 bitcoin cash. A lot of the market was interested to see if BCH would be worth anything and bought more BTC in the time leading up to the fork. This helped send BTC's price upward, but it seemed to keep the momentum even after the fork.

[Anonymous No.3346081]

>>3346060
GDAX. They're run by Coinbase, but they're a proper exchange rather than a broker like Coinbase's main product. Basically GDAX has a more complicated UI and doesn't let you lock into a price before you have money deposited, but they have much smaller fees.

[redpill drop No.3346095]

>>3346081
how about the standard bitcoin wallet?

[Anonymous No.3346096]

>>3345928
Real value of btc should be like at least 100k. It can't get there overnight but it sure is trying.

[Anonymous No.3346107]

>>3346081
thanks

[Anonymous No.3346112]

>>3345809
drugs are tempting

[Anonymous No.3346119]

>>3346095
You can use the standard bitcoin wallet to hold bitcoins once you have them, but in order to pay dollars to get bitcoins, you have to go through an exchange like GDAX or Coinbase first. The bitcoin wallet software that you run on your computer doesn't interact with dollars (or dollars in bank accounts, etc) at all.

[Anonymous No.3346121]

>>3346095
>how about the standard bitcoin wallet?
is it easy to trade between normal money and various cryptos with that?

[Anonymous No.3346169]

>>3345928
hype, because of hype. people buy it because they think some government will suddenly back but thats never gonna happen

[Anonymous No.3346180]

Re: bitcoin wallet software to use on your own computer

You can use the standard Bitcoin Core wallet, but it takes a lot of disk space (145+ gigabytes!) and a long time to sync up that data. If you want something that doesn't require you to sync up that much data, use Electrum.

>>3346121
If you want to get into other cryptocurrencies besides what GDAX/Coinbase supports, then you should buy Bitcoin (or Ethereum or Litecoin, doesn't really matter) and then transfer it to an exchange that lets you trade between different cryptocurrencies. Kraken and Bittrex are good choices for exchanging different cryptocurrencies. They're not as easy to trade dollars for cryptocurrencies; just use GDAX/Coinbase for getting your dollars into some crypto.

[Anonymous No.3346211]

>>3346180
cool thanks

[Anonymous No.3346230]

>>3345745
idk lmao i just keep buying it and i just keep making money

[Anonymous No.3346288]

Quick rundown

>Buy Bitbean

[Anonymous No.3346295]

>>3345745

It's a ponzi scheme. There is nothing else to it.

Can you make money on Ponzi schemes? Of course. You don't even need to be smart about it, unless you're looking to get rich quick.

Nothing, and listen to me now, nothing will replace fiat in our lifetime. It will take hundreds of years before something else comes along, so don't buy (get it?) into the 'future of currency shit'. What I mean by that is don't buy into it as some moral thing, get into cyrpto as a way to make money; like everyone else.

It's not even worth explaining, sorry but I'm too drunk to even type this short reply. My point, without trying to repeat myself is...

>crypto is a massive ponzi which will NOT replace any fundamental currency within our lifetime
>it is a solid way of making money if you want to avoid tax and working (as of now)
>the idea is solid (in theory) but be reasonable with yourself, you have to know it's about making money right now, not about changing the world which seems to get most people interested.

I'm not even that well off, I have 46.xxxx BTC in total, I'll wait till 1BTC is worth 10k$ then I'll cash out and live the rest of my life (4 years probably) on cocaine and hookers.

>also i'm drunk af.. but you didn't need to know that.

[Anonymous No.3346299]

>>3345908
>As long as you can draw straight lines you are golden.
My meme triangles and quadruple tops say otherwise

[Anonymous No.3346321]

>>3345745
Take the elliptic curve E = V(y^2 - x^3 - 7).

Fiber it over the field F_p where p=2^256 - 2^32 - 2^9 -2^8 - 2^7 - 2^6 - 2^4 - 2 .

Pick a base point B= [55066263022277343669578718895168534326250603453777594175500187360389116729240:
32670510020758816978083085130507043184471273380659243275938904335757337482424] of E(F_p).


B has order q = 2^256 - 432420386565659656852420866394968145599 (i.e. prime q s.t. q*B=[0:1]).


A private key is a number k from 1 to q. The corresponding public key is k*B.

A bitcoin address is a hash of the public key. Transactions are conducted via the address and verified by signing with the corresponding private key.

[Anonymous No.3346405]

>>3346321
ahh yes, of course

[Anonymous No.3346670]

>>3346405
Its trivial really. Only a brainlet wouldn't understand.

[Anonymous No.3346725]

So is Coinbase/GDAX the "best" exchange? What does /biz/ think about Kraken?

[Anonymous No.3346776]

>>3346725
Huh, I actually never thought about whether I could deposit USD into Kraken directly, since I'd been using Coinbase/GDAX long before I used Kraken.

Looks like Kraken charges a flat $5 fee for all USD transfers though. Coinbase/GDAX doesn't.

[Anonymous No.3347884]

>>3346725
no

[Anonymous No.3347895]

>>3345809
Fuck. Thats a very rare pepe.

[Anonymous No.3347896]

They are coins you can buy from a coin vending machine at Chuck E. Cheeses that are really valuable. Right now, one costs over $4400.

[Anonymous No.3347995]

Quick rundown on the guys who founded it?

[Anonymous No.3348079]

>>3347995
>Hours after Wired published their allegations, Wright's home in Gordon, New South Wales and an associated business premise in Ryde, Sydney were raided by the Australian Federal Police.[47][48][49][50] According to the AFP, the raid was part of an Australian Tax Office investigation

Wow nvm, they would kill him if they ever found him

[Anonymous No.3348118]

Cryptocurrency is the only way forward for humanity without it automation will make 90% of the population unemployed.

[Anonymous No.3348172]

Rule 1: espers on yobit
Rule 2: post pink wojaks when your espers go down
Rule 3: post smug frogs when you espers go up
Rule 4: buy a Lamborghini as soon as you have enough money to afford it. The real skill is cashing in the precise penny that will get you a Lamborghini (taking into account fees)

[Anonymous No.3348550]

>>3345903
This deserves at least one (you).