This video is a beginner's guide on how to invest in cryptocurrency in 2023, explaining what crypto is, how it works, and the concept of blockchain.
This video by
Brian Jung was published on Jul 16, 2023. Video length: 25:00.
This YouTube video titled "How to Invest in Crypto in 2023 - Full Beginner’s Guide" is a beginner's guide to investing in cryptocurrency.
The video explains what cryptocurrency is and how it works, using examples of payment processors like Venmo and Cash App. It discusses the concept of decentralization and peer-to-peer transactions, secured by cryptography and recorded on a blockchain. The video also explains the role of miners in the cryptocurrency network and the transparency of the blockchain ledger.
The video aims to provide a comprehensive understanding of cryptocurrency and guide viewers on how to invest in it.
The video is a beginner's guide on how to invest in cryptocurrency in 2023.
The video explains what crypto is, how it works, and the concept of blockchain.
The video will guide viewers through the process of investing in Bitcoin.
Viewers can also learn how to get up to $400 worth of crypto for free.
The video asks viewers to watch till the end and drop a like if they find value.
Crypto is a decentralized system that allows for peer-to-peer transactions.
Transactions are secured by cryptography and recorded on a blockchain.
A blockchain is like a digital ledger that records transactions for a particular cryptocurrency.
The public and transparent nature of blockchain technology is the heart of cryptocurrencies like Bitcoin.
Bitcoin mining has become a whole industry of its own, with mining farms using specialized hardware to mine Bitcoin at a larger scale.
How to Invest in Crypto in 2023 - Full Beginner’s Guide - YouTube Section 1: Introduction The video is a beginner's guide on how to invest in cryptocurrency in 2023. The video explains what crypto is, how it works, and the concept of blockchain. The video will guide viewers through the process of investing in Bitcoin. Viewers can also learn how to get up to $400 worth of crypto for free. The video asks viewers to watch till the end and drop a like if they find value. Section 2: What is Crypto and How it Works Crypto is a decentralized system that allows for peer-to-peer transactions. Transactions are secured by cryptography and recorded on a blockchain. Payment processors like Venmo act as intermediaries in transactions. In cryptocurrency, transactions are checked and recorded by a network of computers. Money moves directly from one digital wallet to another without the need for a company or bank. Section 3: Understanding Blockchain A blockchain is like a digital ledger that records transactions for a particular cryptocurrency. Each transaction is listed with details such as sender's address, receiver's address, and amount. A blockchain is made up of blocks, with each block containing multiple transactions. Once a block is filled, a new block is created and linked to the previous one, forming a chain of blocks. The blockchain within crypto is kept public and transparent for everyone to see. How to Invest in Crypto in 2023 - Full Beginner’s Guide - YouTube Section 4: The Philosophy of Cryptocurrencies The public and transparent nature of blockchain technology is the heart of cryptocurrencies like Bitcoin. The philosophy behind cryptocurrencies is to create a decentralized and open financial system. Blockchain technology allows for trustless transactions without the need for intermediaries. Cryptocurrencies aim to empower individuals and provide financial freedom. The transparency of the blockchain ensures accountability and prevents fraud. What is Crypto and Blockchain? Crypto is a decentralized transparent system that removes intermediaries and opens up financial transactions for verification by anyone. Crypto is a transformative technology that has the potential to redefine how we perceive and interact with financial systems. Crypto allows for a more open and decentralized financial world. Investing in crypto means participating in the larger vision of a more open and decentralized financial world. Crypto can address issues such as inflation and poverty caused by centralized financial systems. How Blockchain Works Once a transaction is recorded onto the blockchain, it cannot be changed or erased. Blockchain achieves security through complex mathematical processes and the consensus of many computers (nodes) in the network. Bitcoin miners act as auditors or bookkeepers in the blockchain world. Miners validate transactions by solving complex mathematical problems and ensuring the validity of the transaction. Miners are rewarded with Bitcoin for their auditing work, and this is how new Bitcoin enters circulation. The Mining Process In the early days of Bitcoin, mining was simpler and could be done with a regular computer. As more people started mining, the difficulty of mining increased dramatically. The difficulty increase is intentional and regulates the rate at which new blocks are added to the blockchain. The more computational power dedicated to mining, the more complex the problem becomes. This leads to a slower supply of Bitcoin and potential higher fluctuations in its value. The Impact of Mining on Bitcoin Mining makes the Bitcoin system transparent, secure, and self-sustaining. Every transaction is recorded on a public ledger, making it transparent. Transactions are checked and verified, ensuring security. The reward system incentivizes people to continue mining, making it self-sustaining. The mining process also creates new Bitcoin and enters it into circulation. Bitcoin Mining Bitcoin mining has become a whole industry of its own, with mining farms using specialized hardware to mine Bitcoin at a larger scale. Mining farms are filled with hundreds or thousands of ASICs working together to mine Bitcoin. These farms are located in places like Iceland or Antarctica because the mining process generates a lot of heat and needs to be cooled down. Bitcoin mining is the process of validating transactions and adding them to the blockchain. Mining requires a significant amount of computational power and electricity. Bitcoin as Digital Gold Bitcoin has been called the new digital gold due to its potential to appreciate in value over time. Bitcoin's value has historically gone up significantly since its release. Bitcoin's value is currently down by over 50% from its previous all-time high in November 2021. Bitcoin tends to follow a cycle with periods of rapid growth (bull market) followed by periods of correction or declines (bear market). Bitcoin has already seen some resurgence in value in 2023, indicating the possibility of a new bull market. Buying and Holding Bitcoin The strategy of buying and holding Bitcoin involves purchasing it through a trusted cryptocurrency exchange platform and keeping it in a digital wallet. This approach is based on the belief that Bitcoin's value will increase over time. Investing in Bitcoin carries risk, as its price can be volatile and fluctuate rapidly. Invest only what you can afford to lose and conduct thorough research before investing. Bitcoin can be bought and held on platforms like Coinbase, which offers a secure and user-friendly experience. Earning Crypto with Coinbase Coinbase is a cryptocurrency exchange platform that offers a special offer for newcomers. By signing up through a referral link, users can receive up to $200 in rewards. Coinbase also offers additional benefits for taking advantage of their app's features, such as staking crypto and earning rewards. Users can earn crypto by taking easy courses to learn about how crypto works. Coinbase provides a digital wallet to store and manage cryptocurrencies. Investing in Crypto in 2023 The speaker started investing in cryptocurrency with a couple hundred dollars. They would buy and sell crypto on Coinbase, transferring funds back and forth. Their account balance grew to $258,000 during the peak of the bull market. They experienced a dip in their portfolio during the bear market, but have since recovered. The speaker believes that anyone can profit from investing in crypto. Earning Interest with Coinbase Coinbase allows users to earn additional interest on their investments. Staking is a way to earn interest by allowing your crypto to sit on the exchange. The speaker has earned $1,400 from staking Cosmos and $608 from staking Ethereum. Staking periods and interest rates vary depending on the cryptocurrency. Earning interest is not possible with stocks, making crypto a unique investment opportunity. Buying Crypto with Coinbase Instead of buying crypto directly on the Coinbase app, the speaker recommends using Coinbase One. Coinbase One offers zero trading fees for a monthly subscription fee. Advanced trade is a more professional version of Coinbase for experienced traders. Linking a bank account allows for easy purchasing of crypto. Users can also send and receive crypto to and from other wallet addresses. Benefits of Sending Crypto Sending crypto to others allows for easy transactions and payments. It is similar to using Venmo, Cash App, or Zelle to send money. Sending crypto to another wallet address can be a way to store funds securely. Users can also send crypto to themselves in another wallet for added security. This feature provides flexibility and control over one's crypto assets. Section 1: Importance of Security in Crypto Investing Using a secure exchange like Coinbase is recommended for keeping your crypto safe. Using two-factor authentication with a physical device like a UB key adds an extra layer of security. Cold storage wallets, like Ledger or Trezor, are highly recommended for storing larger amounts of crypto securely. Investing in a cold storage wallet can save you money in the long run by fortifying your security. Using an authenticator app instead of SMS-based two-factor authentication is also a more secure option. Section 2: Tips for Successful Crypto Investing Be patient and realize that bull markets tend to come every three to four years. Having a time frame of at least five years can lead to more success in the market. Timing the market is difficult, so it's better to buy early and hold for the long term. Stick to a strategy and avoid making emotional decisions based on fear or greed. Invest in safer, higher market cap assets like Bitcoin and Ethereum rather than riskier meme coins. Smaller tokens that rely solely on hype are bound to end badly, so focus on high market cap tokens for long-term investment.
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How to Invest in Crypto in 2023 - Full Beginner’s Guide - YouTube