Topic: Differences in Cryptocurrency, Bitcoin and Benefits in General (Read 167 times)

Investing in cryptocurrency can of course be quick and easy, but getting a return on investment is not always as easy as they try to present it to us. When we look at the chart, years later, everything is very clear. That's where you should have bought, and that's where you should have sold. But in reality, a huge number of investors just lose money and invest at a loss by buying too late or selling too early. Investing in cryptocurrencies is always a hard test for our psychological peace of mind, because some events that have a short-term effect on the price and cause a monstrous volatility, very quickly cause us to feel anxiety and panic.

That is why bitcoin is growing, because many combined works have been perfected, to this day bitcoin is the single most valuable in cryptocurrency.
I've read both, enough to broaden my horizons

Thank you very much for the reading material you provided, I've updated the post review!!!

Yes, though, my point is still it utilizes cryptography and an attempt to make a digital cash/currency. Just want to correct that one since based on my observation, many people do acknowledge bitcoin as the first and only revolutionary technology that attempt brings cryptocurrency available to the masses. While in fact, you know how it goes when you read the second link, whereas, Bitcoin is a combination of many works.

Feel free to update your thread with the links.

You posted a pretty good read, but the gist of my post, only talks about cryptocurrencies in a special sense, where they started to be widely known in 2009, the cryptocurrencies you mean are also not at the level of perfection. It's true, referring to the link you shared, but bitcoin is also the oldest coin today.

"The first known attempt to create cryptocurrency was eCash in the 1980s. David Chaum wrote the first whitepaper and founded a company called DigiCash which would eventually create eCash".

If I may, I'll edit and include the link you provided?
Thank you for your input

That is incorrect, Bitcoin's inception has been preceded by long years of research and innovation about the underlying technologies themselves. There is some advancement that combine cryptography and currency way long years before, some of them may not get directly launched, so it is only a proposal. Nevertheless, Bitcoin is not the first cryptocurrency that is launched.

A few resource about it is listed on https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/.

But to grasp the overall ideas this is a great read: Bitcoin's Academic Pedigree: The concept of cryptocurrencies is built from forgotten ideas in research literature.

We have seen this discussion a lot in various existing threads, but I want to make a little difference with the previous thread, so that it has a new meaning for the color Cryptocurrency and Bitcoin, even though it looks general what I say.
I'm sure there are many people on this forum who understand cryptocurrency and Bitcoin better than I do, but it never hurts to emphasize and make it easy for beginners to understand Cryptocurrency and Bitcoin.



1. Cryptocurrency

is a digital currency, which is used for virtual transactions, Cryptocurrency comes from two combined words, Cryptography which means secret code and Currency means money or it can also mean Cryptocurrency is a combination of coins that exist today. But to see its meaning and function more broadly, you can look it up on the internet, so that our insight is broader and deeper.



2. Bitcoin

Bitcoin itself is included in cryptocurrency, but still lives up to its name, besides that bitcoin also has the same function, as a digital currency that can be used for virtual transactions, bitcoin is more popular than other cryptocurrencies, There are several reasons that make bitcoin more dominant today.
Bitcoin has developed in other functions, not only limited to investment, for example buying goods using bitcoin, some products have implemented this for certain purchases, but it is not yet seen as common as purchases usually use fiat currency and only certain countries adopt bitcoin as currency legal money.

For beginners, these two things must really be understood, so that the dependence of understanding does not only rely on logic, so that we can put cryptocurrency and bitcoin in the same sense, but the difference is only in the value and interest of someone in using it.
Due to the many posts I see in the thread, very often people mistake and place Cryptocurrencies with Bitcoin.



3. Benefits of Crypto and Bitcoin

Talking about profit cannot be separated from financial income, where the two points I mentioned have their respective patterns in investing. Cryptocurrencies are generally quite broad for us to review, because they refer to the number of coins available, but there are some that are referred to as potential altcoins, maybe friends focus here, if you want to invest,
For now the author prefers bitcoin for investment, because bitcoin has developed quite widely, but if you like altcoins there is nothing wrong. This is just my personal opinion.

Advantages of Investing in Crypto at large,
The author deliberately does not review the four points, so that my friend gets used to finding out these four points, so that in the future you can understand more.

1. High Return
2. Universal
3. Fast and Easy
4. Transparent

While the risk is accepted

1. Fluctuation

Why is it called Fluctuation because overall prices can change so fast, a decrease in selling value can occur at any time with various problems that occur, so the risk to Crypto is quite volatile, for people who have been in crypto for a long time will understand very well.

Behind the advantages and risks posed by crypto, of course there are negative and positive values, but that does not mean it cannot be minimized, by understanding the types of investments, strategies and knowing the right time to enter the market. Thus, investments can be controlled at the stage of minimizing risk, this is also related to the understanding and knowledge of everyone who starts trying to enter the crypto market in general.
If the understanding that the author conveys is still lacking, maybe it can be added in the comments column?

Two other sources as reinforcement of reading material
1. https://www.investopedia.com/tech/were-there-cryptocurrencies-bitcoin/
2. https://queue.acm.org/detail.cfm?id=3136559