Crypto

***Disclaimer: Nothing here should be regarded as a final word or say on something! Double check everything with your own research! Be wary of everyone in the crypto world! Yes, even BananoTime! Everyone! including grandma! There’s a lot of ways to lose crypto really fast and you shouldn’t have anyone to blame but yourself. I’ve(Sock) been so mad in the past about ways I’ve lost crypto, but in hindsight, it does always come down to the individual. Most of these “Hacks” you hear about are not hacks, but things like phishing scams people fell for.

Brand new and not sure where to begin? We’ll give it a shot explaining some stuff. Nothing here should be taken as financial/legal/serious advice. Also, double check any claims we make, or really anyone makes about crypto. Even be leery of your “best friend that’s done well with crypto.” Do your own research and make your own decisions!

What is Crypto?

Cryptocurrencies are like any other currency. It can be used in exchange for goods/services but doesn’t always have to be. It can be exchanged with other currencies as well, given as a gift, and/or burned, to name a few options.

Why Crypto?

That’s a tough question and many different people have many different answers. Some see it as the future, some like that it’s decentralized, some just see it as a way to make money. For any reason, crypto is gaining popularity and it might be worth learning about, even if you have no intentions of obtaining any.

Why does Crypto have value?

Why does an American dollar have value? Or the Euro? They’re not backed by anything tangible. Just the belief that they’re worth something and people kind of agree on it. The reason prices and such fluctuate is because people disagree on what things should cost. Same goes with cryptocurrency. If you were willing to get the crypto for whatever you needed to do to get it, other people probably are too. The price of a crypto is like a running precedent of what people are willing to trade for it.

A Concise Overview of Crypto

Please note that cryptos are all unique! This is an attempt at explaining the general concept with some of the most common cryptocurrency traits.

Wallet

Wallets:

For this guide, we’ll start with Wallets. Wallets–much like the ones you’re used to–store your currency. Wallets often come with a Seed and/or Mnemonic phrase, both of which are little bits of unique data that usually grant access to the wallet. Like unrestricted access. Make sure to keep either or both in a safe place that no one but you knows. If someone else finds your Seed/phrase they can access your wallet. Which usually means transferring your hard earned crypto out of your wallet and into theirs 🙁 Once a Seed/Phrase in compromised, the wallet is forever unsecured to use.

Transactions:

The next thing you’ll probably want to learn about is Transactions. These occur any time you move crypto from one wallet to another. Some cryptos allow extra data to be included with the transaction, like a note, or it could be said that’s how NFTs work. We cover NFTs on a separate page. Addresses are just little strings of data that tell the crypto where to go. Hence the name. It’s usually safe to share an address. An address only gives enough information to send crypto to it, not take away. It’s the Seed/Phrase/Passwords that you need to keep safe. Those are ways of accessing your wallet. Believe it or not though, you can get spammed by someone sending lots of small transactions to your address. That would be the main reason to not want to share your address too much.

Exchanges are where crypto is traded. Either for Fiat(“normal money”) or for other crypto. Not the best idea to leave any coins in the exchange. “Not your wallet, not your coins.” You might not understand that now, but it means to not keep crypto anywhere but your wallet. If you don’t leave it in your wallet, you should assume the coins can disappear on you! Always triple check decimal places and prices!

It all works on the Blockchain. The blockchain is a history of transactions. So when you send or receive crypto, the transaction is written to the blockchain. The blockchain is made up of Nodes usually. These nodes all talk to each other and make sure that their version of the blockchain matches with the rest of the nodes. This is how crypto stays secure. If someone tries tampering with the blockchain through a node, the other nodes will likely recognize that the node is incorrect and the general consensus of what the blockchain should look like is accepted.

On many, if not most cryptos, there is a Gas Fee. How crypto is moved, is basically done by Miners. Miners are volunteered computers that calculate the work needed to move the crypto. Basically they make the transaction possible by doing the math for it. They get a small fee for doing this. That fee is known as the Gas Fee.

Guide will be made better in the future. Don’t accept any of this as fact. As listed above, do your own research! Hopefully this helps some though!

Good Mantras:

Always important to double check addresses! If you send to the wrong place, you’re probably not ever seeing it again.

Not your wallet, Not your coins!

Triple check numbers when using a crypto exchange(link)

Where to start?

Meme coins are a great place to start. They offer low to no entry cost. That means you don’t need to buy any to get started and learning. There’s also the option to buy some if you decide you want to invest in a meme-coin, but that’s a decision that’s entirely up to you and hopefully done with plenty of personal research. Some meme coins with friendly communities include: Banano, Ananos, and Managos. Each one is most popular on their discord.