Topic: Are you doomed if you are not tech savvy? - page 3. (Read 3055 times)
I believe it's much harder to understand 100% how things work with Crypto-Currency if you are not a Developer/Programmer. You can understand the basic, especially by practing on daily life when using it and when reading about some currently issues in Crypto-Currencies and principally Bitcoin. Anyway, you don't need to understand everything to start using it, it's like fiat, most people don't know how that works, but they are using it.
The answer to that is 'no', IMO. One can use bitcoin and not understand the technicals, just like one can drive a car just fine without being a mechanic. You really don't need to know much at all to use bitcoin, and it's fairly easy once you get the hang of it. Myself, I'm not 'tech savvy' and I function just fine in life and in the bitcoin world. So far. But I have a great deal of respect for those who truly understand what goes into bitcoin. This is far beyond my ken.
It's actually not that hard. I can't code or anything, and I admit that sometimes I say things that are wrong, but the basics of it and everything you need to know you can pick up easily.
If you're just really confused, you could try Coindesk's explanation, which I found very helpful. If you want it all in one place and you can pick up new information pretty quickly, you could also try the technical explanation.
All you need to do is get around some basic terms like mining (verifying transactions/proving that they happened - anyone can do it and new Bitcoin is introduced as it's given to them as a reward), hashrate (computing power dedicated to mining) and the blockchain (a public ledger containing all Bitcoin transactions ever made). You'll get it in a week or so at most.
If you're just really confused, you could try Coindesk's explanation, which I found very helpful. If you want it all in one place and you can pick up new information pretty quickly, you could also try the technical explanation.
All you need to do is get around some basic terms like mining (verifying transactions/proving that they happened - anyone can do it and new Bitcoin is introduced as it's given to them as a reward), hashrate (computing power dedicated to mining) and the blockchain (a public ledger containing all Bitcoin transactions ever made). You'll get it in a week or so at most.
Not an IT and not an expert yet I somehow understand the concept of cryptocurrencies and that is why I'm sticking with Bitcoin only.
What you need to know is to check the hash rate behind every coin before investing, there are some altcoins being mined for years and when suddenly their price increases 1000% obviously there is something wrong with that picture and doesn't take an expert to realize they're being pumped.
Note that even experts missed things and even currently Bitcoin isn't perfect and might be some exploits and bugs to be found.
In trading you need to know the markets and that's more about experience than knowledge.
What you need to know is to check the hash rate behind every coin before investing, there are some altcoins being mined for years and when suddenly their price increases 1000% obviously there is something wrong with that picture and doesn't take an expert to realize they're being pumped.
Note that even experts missed things and even currently Bitcoin isn't perfect and might be some exploits and bugs to be found.
In trading you need to know the markets and that's more about experience than knowledge.
I am relatively new to this whole crypto thing. I'm still strugling to understand a shitload of info, terms and generally the way this industry works. Are majority of you guys here of IT background?
Is it possible to fully educate yourself and understand crypto technology if you are not dev/programmer?
Is it possible to fully educate yourself and understand crypto technology if you are not dev/programmer?
I'm an IT graduate but I'm not that expert with everything. I just recently know bitcoin and everything about crypto currency because it is not being taught in college. I believe that not all the people here are into Information Technology and since there is internet where can you search everything out about crypto's, don't give up. You just need time to study and adopt this industry.
Is there a thread on this forum that attempts to explain some basic stuff, I cant find any.
If you mean as a beginner, you can go here at Beginners & Help I am relatively new to this whole crypto thing. I'm still strugling to understand a shitload of info, terms and generally the way this industry works. Are majority of you guys here of IT background?
Is it possible to fully educate yourself and understand crypto technology if you are not dev/programmer?
If you want to truly understand bitcoin then probably yeah, but in order to more or less know what is behind bitcoin you only need to read a little bit, for example I don’t fully understand how an automobile works but I can use one responsibly, I have some understanding about how it works but I cannot build one myself and that is fine. Is it possible to fully educate yourself and understand crypto technology if you are not dev/programmer?
Thx for the replies guys.
The cryptoworld seems so overwhelming to me. Everything is happening so fast.
Is there a thread on this forum that attempts to explain some basic stuff, I cant find any.
The cryptoworld seems so overwhelming to me. Everything is happening so fast.
Is there a thread on this forum that attempts to explain some basic stuff, I cant find any.
Even people working in IT industry is not aware of bitcoin which is simply astonishing.
I am the only one at my job (IT company) that owns any crypto.
People only knew about it because of ransomware virus. I've been telling them to invest for over a year but no one listened to me...
If you have a basic understanding of computers there is a ton of information for free.
Learn how basic blockchain technology works.
There are two popular methods of mining- PoW and PoS (Proof of Work/ Stake)
(There is also Proof of Capacity and probably some others but those are the two most popular right now.)
I thought this article was pretty good explaining them:
https://blockgeeks.com/guides/proof-of-work-vs-proof-of-stake/
There are some really smart people on these forums. I've learned way more about crypto in the last year since I joined than I would have otherwise.
Don't pay attention to the spammers and people shilling worthless coins and you can definitely learn something here.
All users here are not from the IT background. Every user has basic understanding regarding Internet and system related activities. To learn more about crypts we need more time as well our own efforts is much required. Even people working in IT industry is not aware of bitcoin which is simply astonishing.
I am relatively new to this whole crypto thing. I'm still strugling to understand a shitload of info, terms and generally the way this industry works. Are majority of you guys here of IT background?
Is it possible to fully educate yourself and understand crypto technology if you are not dev/programmer?
Is it possible to fully educate yourself and understand crypto technology if you are not dev/programmer?
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