BTC – Coin Tutor https://cointutor.org Crypto News and Discussion: Bitcoin and More! Tue, 15 Jun 2021 07:40:20 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.3 https://cointutor.org/wp-content/uploads/2021/04/icon.jpg BTC – Coin Tutor https://cointutor.org 32 32 A Fundamental Way of Understanding the Value of Cryptocurrency & Blockchain https://cointutor.org/a-fundamental-way-of-understanding-the-value-of-cryptocurrency-blockchain https://cointutor.org/a-fundamental-way-of-understanding-the-value-of-cryptocurrency-blockchain#respond Tue, 15 Jun 2021 07:36:53 +0000 https://cointutor.org/?p=10560 The fundamental concept of money is lost on most people, as most people unconsciously accept the fact that they can spend a dollar on something and it just works, and inflation happens but they don’t really quite get it, they can invest in a stock and it magically goes up or down, and so on.

So this is the real problem actually. Crypto/Bitcoin is not confusing at all if you understand that money is simply social recordkeeping as to how much work you did vs how much the world owes you for it.

We use numbers to count stuff and relate that to our work. We don’t need anything except for numbers; we don’t need gold, we don’t need coins, we don’t need a physical “backing” for the money. A “dollar” or a “bitcoin” just symbolizes which recordkeeping system we’re using.

We just need to socially keep track of the transaction that relates work that you did at some point (or work that you will do) to the goods or services you are buying. Otherwise, we have to barter for everything.

In society, we equally accept digital dollars (verified by a large payment system ie. Banks, VISA, etc.) and physical dollars because people from these parties are manually tracking the whole thing along with the digital records.

We trust the complex recordkeeping system which is the intercommunication between the US government, banks, and private payment networks. They all talk to each other and keep the books straight.

Money is record keeping/accounting for the work you’ve done. Blockchain is a reliable, digital (often monetary) record-keeping system.

Bitcoins are part of a record-keeping system that requires no single party to trust the records to. The system is self-regulating by a clever method of programming. You essentially can’t trick the system into thinking you have more money than you really do, which is the fundamental requirement for money.

Some confusion may come from the fact that Bitcoins can’t enter the physical world as paper money or coins. That is because this would require one trusted party to manufacture and count the coins, and there is no single trusted party that can do this – the whole network itself is the trusted party, and there’s no way to “manually enter” a physical transaction onto the blockchain.

I think it is important to understand the main utility of blockchain, which is reliable bookkeeping. Often, when blockchain is being explained, it is a technical explanation, which leaves many people confused as to how it can be used to make payments.

Broken down simply, blockchain is nothing more than a clever system of programming that creates a reliable way to store information. It can be used as a payment system simply because of how trustworthy the records are.

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]]> https://cointutor.org/a-fundamental-way-of-understanding-the-value-of-cryptocurrency-blockchain/feed 0 Beginner Crypto Lesson 01 – Getting Started In Cryptocurrency https://cointutor.org/step-one-getting-started-in-cryptocurrency https://cointutor.org/step-one-getting-started-in-cryptocurrency#respond Sat, 17 Apr 2021 14:43:36 +0000 http://cointutor.org/?p=522 Here we go! The Tutorials Begin.

The Beginner Lessons Series is designed to get you from knowing nothing to buying crypto and making informed choices to keep your investments safe.

So . . . .

Your mom heard about BTC, you told your co-worker about what you were doing and they want in. You support them getting involved but find explaining everything from scratch exhausting?

Send them a link to Coin Tutor and we will take care of it.

Away We Go!

Lesson 1 – Welcome Newbies, Glad to Have You – The Adventure Begins!

Let’s start at the beginning – Step one, you need a way to buy crypto.

You need to create an account at an Exchange.  This will let you buy crypto from the bank of your choice. (“Exchange” Cash for Crypto)

Exchanges will list multiple coins that you can purchase. The main coins like BitCoin (BTC), Etheruem (ETH), LiteCoin (LTC), Ripple (XRP), etc. will be on almost every exchange.

More esoteric coins or less mainstream coins will only be available on other exchanges. I will get into that later, but for now, here’s what the average person needs to get started:

  • Register for and set up a BlockFi account, this will be important later because of Interest Rates: Sign Up Here.
  • Also, get on the mailing list for a Voyager Account – it pays higher interest rates but there is a waiting list.
  • And then get on the waiting list for the BlockFi Credit Card, there is a waiting list so get in line,
    • I will show you how to earn an interest rate on the coins you own later, so for now – Register Here

There are a lot of other exchanges around the world that may be country-dependent. I will address this in future postings. Not in the US? Please leave a comment below, I look forward to hearing from non-American cryptonauts!

I purposely don’t mention Coinbase or Binance because of the strategy I am going to layout concerning interest rates. But of course, the choice is yours!

Once you have your BlockFi / Voyager accounts registered go through the instructions to get verified and connect your bank account.  Now you have an account, and a way to buy crypto!

Next lesson – depositing cash, buying your first coins, and getting a secure wallet that is not on an exchange.

Lesson 02 is now Available!

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