John Teaches Us About Bitcoin! | Try Harder #63

Try Harder: John Teaches Us About Bitcoin! | Try Harder #63

LETS GET RICH. Not really. Well, maybe.

Binge Mode

More Try Harder

See All Try Harder Videos

Other Videos You'll Like

Comments (2)

  • EnderFal FIRST Member Star(s) Indication of membership status - One star is a FIRST member, two stars is Double Gold

    2 weeks ago

    Not all cryptos are equal but John is right that there are a lot of other options out there. Some focus on bank to bank transfers such as the mentioned Ripple (xrp). Others focus on smart contracts and escrow type service such as Ethereum. Others focus on privacy such as Monero and zcash. And others focus on being a day to day use with merchant acceptance coin with minimal fee and rapid transactions such as Dash and Pivx( which also have privacy functions as well). 


    Bitcoin was originally written up as day to day use coin but as it stands now the code can't write all the transactions in every block encoded by the miners. As such you can't get your transactions locked in unless you pay a high percentage of your transfer to the miners. This has caused some forks ( code splits) where some people have opted to confirm blocks that no longer match the existing code creating new coins such as Bitcoin cash, Bitcoin gold etc etc, that are at least for now better able to handle the transaction volumes.


    In the end if you do invest in any option you don't have to buy a whole coin. You can buy a millionth of a Bitcoin, or other coin, if the fees don't eat it all ( it would). Don't invest if you can't afford to lose. This is standard for any investing. This next one of important. DON'T KEEP YOUR COINS ON AN EXCHANGE. Send your Fiat money your Bitcoin, Litecoin, whatever to an exchange, buy what you want, and then send them to a wallet you fully control.


    Most of the major mature coins out there have never been hacked. Many of the websites that do the trading have been hacked. Trust the coins NOT the exchanges, these are by far the weakest part of the cyrptocurrenncy economy.

    • honkysachmo FIRST Member Star(s) Indication of membership status - One star is a FIRST member, two stars is Double Gold Noah

      2 weeks ago

      By nature of the block-chain it can't be "hacked" but a service providing escrow obviously can, yeah.