Can someone give me the quick n dirty about cryptocurrency and

>>2035779
People believe in it and give it value. Simple. Same as normal money.

>>2035833
do most people here "mine" the coins though or do you just pay for coins and wait for their values to increase/decrease and sell?

>>2035846
no one here mines

>>2035779

its a major revolution beginning in the financial industry. "e-cash" which is not directly controlled by any party and decentralized over the internet has been "prophesized" for a longer time than you might think. The way it works is a group of computers timestamp sets of updates in a single ongoing history. Using nifty tricks mostly utilizing cryptography and other algorithms, the computers "stay in consensus" on a single ongoing history of updates. You could call these "consensus networks" and the first obvious application they can provide is a currency system. These networks are kind of amazing because they enable "unstoppable" applications, unlike a server which is centralized and can be simply shut down. Bitcoin was the first, many coins came after which were just copies of bitcoins codebase but just rebranded to represent something else or modified to provide new use cases.

>>2035870
do only particular wallets hold certain coins?
how do I buy coins? what's the app that I see around here that shows multiple coins and their prices?

>>2035870
also do most people have the "lite" wallets or the full wallets? what does trade volume mean?

>>2036027
>do only particular wallets hold certain coins?
A "wallet" is a program that communicates with other programs according to a specific protocol. The wallet doesn't actually hold any coins, but it gives you a human-friendly interface for interacting with the underlying protocol. Coins are held in addresses.
Before you ask, no, you can't keep dogecoin in a bitcoin address, because they exist on different blockchains.

>>2036031
Most people use lite wallets because full wallets require over 100 GB of hard drive space.

>what does trade volume mean?
Literally a measure of the volume traded. In the stock market it's usually measured in shares, but in crypto it's measured in equivalent BTC value. If a coin has a 24h volume of 10 BTC, that means 10 BTC worth of that coin has changed hands in the last 24 hours.

>>2036044
so when people send currency to other people, the total amount is held in one address? because you say one coin has a 24h volume of 10. also where's the best place to convert money to crypto?

>>2036089

coinbase.com

requires bank account. can buy btc, eth, and now ltc from here using your shekels. can take up to a week for a bank transfer, but is faster by credit/debit as i understand it. the price at which you buy in is locked until the transaction is concluded for better or worse.

localbitcoins is an alternative if you literally do not have a bank account.


as far as your first question goes, i do not entirely understand. do you not understand how a transaction works, how we know the 24h volume of a coin, or both?

>>2036247
I guess I don't understand the technicality of it.
when you buy/sell coins, how does government tax work? when do they come in?

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>>2035779
https://www.amazon.com/Sovereign-Individual-Mastering-Transition-Information/dp/0684832720

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Noob question, please be realistic: how easy is it to get the money you invested and earned back into USD?

Do you just use a site like coinbase to sell? How long does it take to completely sell your crypto money, and do higher amounts take longer? Are there fees when selling?

>>2036316
You're selling on an exchange. So you can sell it as quickly as people are looking to buy it. It could be sold instantly. Sold after 2 minutes and technically if no one was buying you could wait days. Chances are your shit will get sold very quickly if you're selling at a competitive price