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What are the basics I should know before getting into crypto?

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What are the basics I should know before getting into crypto? Also, I'm European if that matters.

Don't buy bitcoin, buy litecoin

That's all you need to know at this point
>Intro to Bitcoin:
>intro to Blockchain
>youtube channels for information about cryptocurrencies
>market news
>market information
its a scam.

buy real estate, stocks, bonds, precious metals
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Thanks a lot, man.
>its a scam.
What do you mean exactly? I did read about how people create coins on their own to scam people, but how do so many people make a profit from it on /biz/ then?

Have a look at this video

It's unlikely that crypto will replace the US Dollar in the near-future. I'd recommend primarily targeting the ones that have actual value propositions and aren't just clones of Bitcoin or Litecoin and have no advantages. Do as much research as you can before investing in cryptocurrencies, so always check out the websites, read through the white papers, and go through the subreddits. Looking up "reddit + insert coin" can give you a lot of information and updates on a coin's performance. I wouldn't say it's all a scam, but you need to be conscience of which coins to invest in and which to avoid. You shouldn't put all your money in crypto and also check out stocks, bonds, real estate, and precious metals though.
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no one on /biz/ is making profit they're just too autistic to admit it.
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Imagine if I went down to the beach and collected a bunch of pebbles. I convince a local community that my pebbles will be the currency of the future. It will be worth a LOT in the future because people will want to use my limited supply of pebbles to buy more and more goods and services. However I can let my pebbles go now for a low price! At first, people are buying my pebbles for a few measly cents, but as word spreads and more and more people want to buy my pebbles; its price rises exponentially. People keep buying expect their small investments to multiply 2000 percent, and eventually one of my pebbles is worth more than gold.

At this point, a lot of people have made a lot of money by buying pebbles at a lower price than they're selling it onwards to someone willing to pay more for them. Some people paid just a few nickles for it and now some other latecomers are willing to pay hundreds! If you bought a bulk of pebbles, that obviously results in easy profits! However, my pebbles still don't actually DO anything.

Eventually, two things happen; more and more people start realizing that they're holding a bunch of worthless pebbles, and less and less people are willing to buy pebbles for their now exorbitant price. The prices start crashing down as people panic and try to offload their pebbles to anyone who will take them.

Of course, meanwhile, I made sure to keep a few hundred pebbles for myself, and when the prices are jacked up really high, I offload them for a LOT of money. Welcome to the shitcoin game.
>worthless pebbles
How would you address that for currencies whose premise is not merely based on transactions like Bitcoin, but on smart applications of the Blockchain, so for instance, Ripple, which wants to not replace the dollar, but rather facilitate international money transfer, or Golem, which wants to build a supercomputing network on the Blockchain?
Don't buy high sell low, number 1 ultimate advice. And I'd recommend holding off investing just yet until bitcoin finishes crashing. Look to buy in towards the very end of July.
i just bought yesterday fuuucccckkkk
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I will sell my boipussy to you for one bitcoin
You won't be able to do shit around July 22 tho...
what do you mean?
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Don't be a faggot number 1 advice

"Buy low sell hiiighh derp"- This is a load of grade A horseshit faggotry. Why? It's not actionable. In order to succeed with this advice you have to have an understanding of the underlying fundamentals of an asset to KNOW what is low and what is high. If you don't know what is high or what is low you're going to be standing around like a fucking idiot, trying to buy when it's lower than it was before and trying to sell when it's higher than before. If you don't know what you're doing you're going to sell too soon, or buy after a dip and get fucked as it drops further, maybe forever and just get fucked.

Pay attention to the underlying value, acceptance and adoption of these currencies. Learn enough about the basic structures to understand all the parties at play and their particular motivations. Understand political tensions. If you do all this, you'll be able to immediately understand the significance of new developments and be able to adapt your assessment immediately, informing your decision to buy or sell. I'm still skeptical that you'll necessarily have the resources to make it day trading on a rapid basis, but I do think it'll provide information as to whether it's time to enter or exit a currency.

If you care at all about Bitcoin, for instance, you should be intimately following developments with the release and testing of Segwit2x. There's a very tight tolerance time-wise, but if candidate release and adoption go according to plan you'll have a smooth increase in transaction capacity that'll allow for roughly 340% increase in more transactions and an eventual mooning. If Segwit2x ISN'T smoothly implemented you'll see a complete and utter chaos like nothing. Follow THAT shit like it's gold and tread accordingly.
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