So I couldn't mine any coins back in 2011 because I was 9 and still relying on a 500MHz Windows XP laptop. But oh well.
What I do know about Bitcoin:
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It's witchcraft and hard to understand (if I could get an ELI5 explanation that would be great!)
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It's like stocks but highly more volatile.
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It can be used to make purchases.
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Multiple currencies exist.
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You used to be able to mine the coins but now you have to use brokerage services to trade them.
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There are public keys and private keys; public keys would be what you use to transmit Bitcoin, private keys would be what you use to store them.
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The price fluctuates all the time.
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High risk, high gain.
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NEVER INVEST MORE THAN YOU'RE WILLING TO LOSE.
What I don't know about it
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How everything works.
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How to read and predict the market.
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What physical wallet is best for me, and if it's worth the investment.
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What the hell blockchain are and all that.
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The advantages and disadvantages of each currency.
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How I can use the coins beyond just having stashes of money.
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Where the resources are and all that.
I received $100 for graduation, split it 50/50 into BTC and BCH. I'm willing to lose that $100. Know that BTC is on a slow and steady rise, BCH is relatively stagnant. I use Coinbase but know that I need to put it in a physical wallet because in Coinbase I don't own the keys. Don't know which wallet is best for me, or if it's worth the investment. Don't know the outlook of either coin, and how I can use my money.
I look forward to being enlightened, and thank anyone for any wisdom and advice.
[link] [comments]
source https://www.reddit.com/r/btc/comments/j309ym/new_to_crypto_just_bought_my_first_coins_and_need/
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