WTH is crypto?

thenotsoesoteric

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Its not too bad you just get the app Coinbase and link your bank account. Coinbase allows you to buy store and sell you cryptocurrency.

Its basically information encrypted in block chain blah blah blah. I dont really get the technical jargon. If you use Coinbase its relatively simple.

I watched some videos on youtube that help explain it but im still a novice big time.
 

BH

Tha Dank Hoarder
here’s a great rule/tip, if something sounds to good to be true it prolly is, i can see if u invested before everyone else did it would be profitable or selling non taxed wanted things. Besides that good luck knowing or having a honest person tell ya what they truly thought was this gem to get you soo much profit, if that was so true vs trying to get more people than why wouldn’t they just invest more or some big boys see this from their money advisor’s. It’s just like stock market, there’s a reason why the rich get richer and it’s def a connections business vs knowing how it works.



 

Skunky Dunk Farms

Cannabinoid Receptor
Its not too bad you just get the app Coinbase and link your bank account. Coinbase allows you to buy store and sell you cryptocurrency.

Its basically information encrypted in block chain blah blah blah. I dont really get the technical jargon. If you use Coinbase its relatively simple.

I watched some videos on youtube that help explain it but im still a novice big time.
Do ya know if there are other options besides bank account? Like using prepaid debit cards etc?
I just wanna buy beans from over yonder.
 
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thenotsoesoteric

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Do ya know if there are other options besides bank account? Like using prepaid debit cards etc?
I just wanna buy beans from over yonder.
No, you have to use a bank account unfortunately. I just started a throw away checking acct at an online bank that way nothings is connected to my main bank.

Its kind of a pain and I'm naturally distrusting of link my bank account with venmo, cashapp or coinbase but its kinda the way things are headed.

If you start a checking acct at like Axos bank online you can just deposit however much you wanted to use to buy cryptocurrency. Then link that online bank to coinbase and you can then order cryptocurrency without using your main bank account.
 

Kanzeon

In Bloom
Do ya know if there are other options besides bank account? Like using prepaid debit cards etc?
I just wanna buy beans from over yonder.

There are plenty of Bitcoin ATM's where you can buy BTC with cash or a prepaid card. You'll just have to set up a wallet first which is easy with one of many apps.

People generally don't understand the revolutionary potential of crypto and are far too quick to fall for bullshit hit-pieces from people whose hordes of wealth are threatened by the potential of crypto. It literally threatens the whole world's existing financial system, which is generally based on the aristocracy extracting wealth and labor from the working class to the maximum extent via inflation, wage theft, strike-breaking, keeping the minimum wage low, and other violence.

At its core, Bitcoin is a ledger of purchases and sales. That ledger is run and supported by computers all over the world in real time, which means that no one computer or user can alter the ledger without a genuine transaction. That's what people mean when they say that Bitcoin is unhackable.

A bitcoin wallet is essentially the same thing as a bank account, but with no fees and no arbitrary bank bullshit. A person can send and withdraw funds from one just like a bank account- but faster, with more privacy and for free. Yes, if you get scammed out of it then it's gone, but that's not really different than cash.

What people need to realize is that crypto can and should replace banks. It highlights the areas where banks gouge and surveil their customers (atm fees, transaction fees, overdraft fees, transaction maximums/ and limits, etc), and highlights the ways that banks are organizations of bloodthirsty parasites that don't offer anything to society besides currency manipulation, inflation, and real estate hoarding.

Essentially, banks by their nature take us further away from an inherently more fair barter system to a system that is predicated on them being able to profit from it before anything else. Again, crypto combats that in principle. Bank accounts exist to spy on people and to steal their money in authorized ways, not as any kind of "service." They run constant media campaigns to try to distract us from that for a reason.

Crypto (BTC specifically) was specifically invented to fight that after the 2008 financial crisis. Now crypto is an umbrella term for a multitude of different coins/tokens with different use cases. Ethereum is roughly like Bitcoin with different capabilities. Monero is great for privacy. Stellar and Ripple are great for fast, inexpensive worldwide transactions. IOTA, Tezos, and a bunch more have their uses.



But beyond that, crypto can give people the ability to be free from needing to use fiat currency for certain things or even lift them out of poverty. It also gives them the ability to hold their money in a place where it can't be seized by a corrupt government or suddenly lose all value overnight (anyone buying things in Reichmarks these days?) when the government that issued that currency falls from power.

Ever heard of UBI (Universal Basic Income)? Yeah, we don't need banks or politicians to do that. We just need coders and businesses that will agree to take whatever currency that ends up being in, a crypto exchange that will swap it for USD, and people that need money.
 
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