Getting Started With Cryptocurrencies – Episode 4 – Learning Cryptocurrency with Energi


Now, let’s be concrete now. We’ve covered quite profound topics and concepts so far. So it might take a bit to absorb and process all this information but that’s totally normal. So in this episode, we’re going to learn some things that you will need in order to move freely and enjoy the crypto space or the “Cryptoverse”, as some might call it. Now, we’re mainly going to cover some important terminology, words and concepts that you hear everywhere and in a very illustrative way. So here is what we’re going to tackle. 1. Getting familiar with the space. 2. Evaluating projects we like. 3. When you feel you are ready, execution — how to buy cryptos. That’s the conventional part. [music] So you familiarize yourself with the space by learning what tools we crypto investors use and what online sites we visit. And that will give you a good overlook of the whole field. Let me share my screen with you. Okay, so here we have what is probably the most visited website for crypto investors called Coinmarketcap.com. Because it lists pretty much all cryptocurrencies in existence and it provides helpful information such as
the price of the coins in real time. Now, there are many crypto projects. And by the way, coins can also be called tokens. So not all these projects are crypto currencies, however. Many are just apps that use blockchain technology. So to look for a specific coin, you can use
the search bar. And if you’re looking for Energi, make sure you type it correctly with an “I” at the end and not a “Y”. So all right, we already know Bitcoin. A funny fact for you; do you want to know who owns one percent of all Bitcoins in existence? If you have seen the movie The Social Network, you might know the Winklevoss brothers who sued Facebook claiming to have the original Facebook idea and were awarded 65 million for that. Now, moving on, here we have Ethereum. This was initially conceived by Vitalik Buterin in 2013 and it is a smart contract platform. So let’s unpack that for a second because this is a very important thing to understand and it does have a misleading name. And the first thing people think of when they hear a smart contract is legal documents that think for themselves, which misses the point. Think of smart contract as software that executes a set of instructions once something triggers it. So a vending machine is a commonly used example of a smart contract. So if a user puts in money and if a user types in the right code, then the user gets a mag and that’s sort of a smart contract. But it’s centralized and opaque. When you put in the coin, you trust the vending machine and think it will not cheat you but you have no way to know it previously from the outside. And this is when blockchain based smart contracts
come in. The code is open sourced making it a trustless system that anyone can look at in advance. Now, let’s apply that to the digital world. To watch an online movie, for example, in which you make the payment and you automatically receive a password to watch it. Your payment being the trigger and the password delivery to you being the instruction the smart contract has programmed to do. So using blockchain smart contracts to do this process, it would allow artists who have rights in the movie see how many payments the movie is generating. Not only that, but the smart contract could also automatically pay their share for every view. And infinite more complex things than that. Now, the amazing thing about smart contracts is that it allows any developer to create their own applications known as Dapps. Decentralized Apps. So think of a smart contract platform just as Apple building the hardware and operating system that allows developers to build applications on top. So smart contracts do the same in a decentralized way where programmers can build their own Dapps. Now, smart contracts is what Energi targets. And by the way, who invented the term smart contract years before Vitalik Buterin started Ethereum? Nick Szabo. Yes, the alleged person behind the nickname Satoshi Nakamoto. Now, our world is filled with automated processes that will likely move to a blockchain smart contract at some point. They could replace the entire bureaucracy, things that require almost no human interaction. Now okay, moving on. Next, we find Ripple coin. Some call it the cryptocurrency of the bank. And there is quite a lot of controversy behind it, however. Then there’s Bitcoin Cash, a split in the Bitcoin community led by Roger Ver, aka the “Bitcoin Jesus”, early investor in Bitcoin. Now, here is Cardano, another smart contract platform led by Charles Hoskinson, former co-founder of the Ethereum. Stellar by Jed McCaleb, former CTO of Ripple. NEO and they call it the Chinese Ethereum. EOS, another smart contract platform. IOTA, the cryptocurrency of the Internet of Things. For the day where you will order the food directly from your fridge. Your fridge will directly pay a drone that will bring it to your door. Now, next is Dash. It also had a lot of controversy at first where a disproportionate amount of coins were generated by a few. Some say the developers tricked the code to take advantage of it. The scandal is known as the Dash Instamine. However, Dash gave their explanation on why it happened. The reality however, is that Dash Cryptocurrency brought many amazing improvements. Now, next is Monero. And the list goes on. The less popular ones we call them Alt Coins. Alternative Coins. Now, what do these columns tell us? Well, here we can see the price of the coins in real time. This is the market cap, which means the total value of all the coins at this moment. This gives you an idea of the size of the project. Now, here we have the price per one coin at the moment of this recording. Remember that this price changes or fluctuates every minute. The prices you will see are often displayed in US dollars. Now, this is an important note. Select your currency here. Now, the volume is the amount worth of coins traded in the last 24 hours. The amount of coins in circulation. The coins that have been mined for the moment. Now, here is the percentage change in the coin’s price in the last 24 hours. So if you had a $1,000 invested, you would be at around $23 profit. And here is a seven days chart of the price. Now, let’s take a look at Ethereum price action, for example. Here, you can see the price per Ether like in the previous page. $1,254 at the moment. So, let’s look at the chart. To make things simpler, you can turn off this indicator by clicking here. Okay, notice what the price was worth first in 2015? It was around a dollar. If you had bought some coins at that time, now you’d be sitting on a big profit, a bit like the Bitcoin pizza story. That’s huge and it definitely doesn’t happen to every project. But that’s the potential when a cryptocurrency has significant innovation and fundamental reasons to exist. Now, in case you didn’t know, a bull market is when the asset is going up. And when it’s going down, it’s called a bear market. Now, always keep this in mind. When the price of the coins go down, you haven’t lost your coins, okay? You have the exact same amount of coins. They’re just lower in price. So if today the price is down and you believe in the project, don’t sell your coins. Another important point; cryptocurrencies are divisible, meaning that you can buy a tiny fraction of it. Sometimes people tell me, “Oh, I can’t afford a Bitcoin at this price!” But you don’t need to have one Bitcoin, for instance. You can have 0.0001 Bitcoin. You can think of it like cents. You don’t need to have a full dollar if you can have cents, and they’re cheaper. Now, let’s look at the chart for the last three months. So this is the price. You can see what the price was at any point in time. Many sold their coins around here. It is important to not react emotionally and that is the hardest thing when it comes to investing. They got scared to see the price going down, left the market and they missed out on the bigger picture. Now, a common question, when is it the right moment to buy? Is it today? Tomorrow? Well, if you believe in a project long-term, it might not matter that much. If you’re very hesitant, do what’s called dollar cost averaging. Buy a bit today, a bit more in a week and so on. [music] All right, now that you have learned all these concepts, you’re ready to jump into the next layer. This is the moment where you really start developing your knowledge base. And I am going to show you how. So if we come back to Coinmarketcap.com and you start diving into the crypto projects, you will learn so much. Start from the top and Google it. Read about it. Watch videos about it until you really understand what it is. Then move on to the next one and do the same thing over and over again with as many as you want. You will see that many cryptocurrencies are family related and they share the same gene. So this is actually more true than you might imagine. Do you want to know how most cryptocurrencies are made? Well, when a group of developers want to create a new cryptocurrency, often, what they do is they take an already time-tested cryptocurrency, like a Bitcoin or any other one for that matter and they copy their technicological DNA, which is their code and they start working on a sort of clone and modify it until they can achieve their desired differences. So some cryptocurrencies can be designed for different purposes. These processes of developing new cryptocurrencies are called Forks. To say they’re family related might not be a bad example after all. Visiting their official website is a really good starting point. However, looking for other independent source is a wise thing to do, like checking video reviews. Yes, you’ll probably come across many crypto youtubers. You will learn a lot with their videos so follow them. Some popular channels that come to my mind are; Ivan on Tech. He currently hosts a daily show called Good Morning Crypto, where he covers the latest crypto news. Ian Balina, an ICO investor. He evaluates crypto projects that have not yet come out to the market. You have Boxmining by Michael. He also regularly discusses the latest trending topics in the space. Andreas Antonopoulos channel. He’s a very respected public speaker. He is known for delivering electric talks that combine economics, psychology, technology and game theory. But I warn you, the more you learn the more questions you have. So where to get more answers? There are different platforms where discussionshappen, but most of the crypto communities join on Telegram or Discord. If you have a question, that’s the place to go. To access it, what you can do is you can go to the project that you are interested in. Let’s do it with Energi Cryptocurrency. So you enter their official website, which is www.energi.world and find the social media links. Here is Twitter, Facebook, YouTube. Okay, Discord is the icon here. Create an account and there, you’re in. Here. Feel free to submit your questions. Many passionate blockchain investors will be glad to help you. Don’t be ashamed to sound like a newbie, there is nothing wrong with that. We’ve all been there. So let’s ask something. Hey, I’m new in the cryptocurrency world and I wanted to know how Energi is different from Bitcoin. Could someone please help me out? And that is how you start to get truly involved. Always be respectful, however. We are here to help each other and share ideas. If you want to go one step further, you can go to real blockchain meetups, which are very common in every major city. They’re normally free and open to anyone. There you’ll be surrounded by blockchain enthusiasts to which you can listen and even talk with them. In coinmarketcal.com, you can see the upcoming events. With these sources I just shared with you, there is no limit on how much you can learn. [music] All right now, how do we buy cryptocurrencies? So buying cryptos is so easy. With my videos, you can literally do it in minutes. In Episode 8, I show you exactly how and I share some pro tips. But let’s now have a quick overview. So the most common ways to buy cryptos are; with online exchanges with ATMs or even getting directly in touch with sellers. All right, let’s talk about online exchanges. So you can think of them like an online shop that allows you to buy or sell cryptocurrencies 24/7. It’s a marketplace where buyers and sellers trade their coins. You can often use different payment methods besides wire transfers like credit cards, and I’ll show you how it’s done. So if we go back to CoinMarketCap and you want to buy Ethereum, it’s very easy to know where. Simply go to the Markets tab. Here, we have a list of exchanges where you can buy it. If you click on them, you will land directly in the exchange. So let’s click on Coinbase, a popular online exchange. I already deposited some money. Again, I’ll explain in detail how on Episode 8. All I do is I go to the Buy and Sell tab. If we click on Buy, we now have Bitcoin. If I change my mind and I want to go back to dollars, I do the same thing, but instead of clicking on Buy, I click on Sell. Okay, now ATM is a more manual process. First, what you do is look at where your nearest ATM is from your location. And we’ll share the link to this map in Episode 8. Once you have it located, all you have to do is go. So should we go together? All right, let’s go. One thing that amazes me about cryptocurrencies is how unadopted and yet so incredibly developed in terms of infrastructure they are. I cannot even imagine how exciting this will be in a few years when more people will join the revolution. Many of us in the field, we feel we have a duty in terms of spreading out this thing. There are many ways to get cryptocurrencies besides exchanges and ATMs. If you have a business, you can accept them as payment. Okay, so here’s our friend. Now ATMs, they usually allow you to not only buy, but also to sell. So withdraw into cash. Sometimes, the manager of the ATM is around and you can request his help if you prefer to talk to a real person. So to buy, essentially, what we do is we deposit our cash, select the coin you want, click on Buy and then send it to our wallet. Wait, wait, we haven’t even created our wallets yet! So we will cover this in the next upcoming episode. So I’ll see you there then. [music]

28 thoughts on “Getting Started With Cryptocurrencies – Episode 4 – Learning Cryptocurrency with Energi”

  1. Great explanation of smart contracts and Altcoins, But I think these videos recorded back in Dec or Jan when Ethereum price 1250 $ because now Ethereum price is 220$ but anyway verygood informative video.

  2. I have done all the actions.Here are my social media links:

    -Facebook:https://www.facebook.com/saboor.khan.33
    -Twitter:https://twitter.com/saboorahmedkha1

    Here is my Energi public address:

    EWqisfHdckpbaeoJnEWyBmYUqaGSyZNAJB

  3. This crash course is really awesome. In this session . I learned about smart contract with live example of vending machine . Dapps, coin forks, most important thing where amd how to buy crypto currencies. Really thankful to u

  4. Smart contract is a truly unique technology. I think over the next few years we will see the phased introduction of this technology into business and real life!

  5. I learned how to buy /sell crypto currencies via atm or exchanges. Not only that vending machine example, smart contract and source code explanation was great. Love u energi team.

  6. Energi demonstrates amazing progress in the development of technology and in price. I'm glad that I have some coins) Thank you for useful and interesting video!

Leave a Reply

Your email address will not be published. Required fields are marked *