Are you confused if you allow cryptocurrencies in your community? Are you confused how this world works?
Do you feel safe or insecure about inserting or banning the crypto community in your community? I will give you tips on how to do both sides peacefully. I want to help you how to do one of the two options without accidentally destroying some part of your community.
I tried to simplify this guide as much as I could. So I hope you understand everything that is written here.
|#||Cryptocurrency Private Wallet||Cryptocurrency Exchange||Currency|
|Where is it stored||Blockchain||Blockchain||Central Bank|
|Decentralized||Yes. All your money data is decentralized on a gigantic synchronized network of independent computers.||Yes. But all your money depends solely on a central server of a exchange.||No. All your money depends solely on a central server of a government bank.|
|Where are you free to transfer this money to?||Anywhere inside the blockchain. You just need to be connected to the blockchain to use your money.||Anywhere inside the blockchain. But you may be limited by the exchange's rules.||To any bank that is authorized to transfer your money, and that you have permission from the bank or government to transfer this money.|
|How to create an account||Download any wallet app, generate your private wallet, save the secret code. You are free to use your wallet anywhere.||You need to have government permission. Your documents must be valid. You need to validate your documents with the new exchange you want to register. You need to wait a few days or weeks for the exchanges to validate your details and verify that you are allowed to open a exchange account. If you are trying to use a credit card, you will need to wait days or months for your credit card to be activated.||You need to have government permission. Your documents must be valid. You need to validate your documents with the new bank you want to register. You need to wait a few days or weeks for the bank to validate your details and verify that you are allowed to open a bank account. If you are trying to use a credit card, you will need to wait days or months for your credit card to be activated.|
|If an economic crisis occurs, what happens to your money?||Nothing||You run the risk of your exchange blocking your money balance to prevent you from attempting any capital flight.||You run the risk of your bank blocking your money balance to prevent you from attempting any capital flight.|
|Is there a chance of a system failure?||Yes. The failure will be solely responsible for the blockchain algorithm you choose to use. Use good quality blockchains, avoid unknown blockchains or blockchains with bad feedback.||Yes. Failure will be solely the responsibility of the exchange you are using. Use good quality exchanges, avoid unknown exchanges or exchanges with bad feedback.||Yes. Failure will be solely the responsibility of the bank you are using. Use good quality banks, avoid unknown banks or banks with bad feedback.|
|Who can interfere in your financial life?||You only.||You and the exchange you are using.||You and the bank you are using.|
|Can you use third-party financial apps?||Yes. You are completely free to use any app as long as you are not blacklisted. Be careful and don't use unknown apps that steal your money.||Only applications authorized by the exchange. Be careful and don't use unknown apps that steal your money.||Only applications authorized by your bank. Be careful and don't use unknown apps that steal your money.|
|Are you free to develop any application?||Yes.||No.||No.|
|Can this app be stopped and removed from the market?||If your application is working inside the Web3, it is almost impossible for it to be removed.||Yes.||Yes.|
|If I lose my password or secret key?||You are the only person responsible for your secret key. No one will be able to recover this secret key for you. So be extremely careful and don't miss it.||Contact the exchange or use the "forgot my password".||Contact the bank or use the "forgot my password".|
|How is the password or private key generated?||An random encryption code or big collection of random words.||You choose.||You choose.|
|Is it possible to change the password or private key?||No.||Yes.||Yes.|
|Do you have an identification code to receive money?||Yes.||Yes.||Yes.|
|Transaction Speed.||It depends on the amount of miners and nodes available to validate your transactions inside the blockchain.||Instant only between accounts of the same exchange.||It depends on the banking service you are using.|
|Can your balance be modified without your permission?||No.||Yes.||Yes.|
|Can currency be generated infinitely?||It depends on whether your cryptocurrency or token has this functionality. Research the cryptocurrency you are using. Cryptocurrencies like bitcoin do not have this problem.||We cannot know this information as it depends exclusively on the company. Company can easily falsify the number of cryptocurrencies in the reserve. The best way to find out valid information is by consulting the cryptocurrency reserve inside the company's private wallet.||Yes.|
|Are there restrictions on trade between users?||No.||Yes.||Yes.|
|Normally the coin service is maintained by whom?||All people participating in the network.||Exchange company.||Bank company and the government.|
|Is public all data on the circulation of money?||Yes.||No.||No.|
Conclusion: Private Wallets for cryptocurrencies are much safer than banking services and exchange services.
|Where the virtual item is purchased.||Cryptocurrency Blockchain||Steam Market|
|Can your purchases be banned or blocked?||Only by the company responsible for NFTs Market. If your NFT is in a free market, this is impossible.||Yes.|
|How can I get stolen by scammers?||Running fake apps known as phishing.||Running fake apps known as phishing.|
|This virtual item is sold using which currency?||Any cryptocurrency supported by the NFTs market that you are using.||Coins available on the Steam Market.|
|Can the money from the sale of your virtual item be freely used by you?||Yes.||Not. Only products inside the Steam Market or purchase of games on Steam.|
|Are you free to sell anything?||No. Only what the NFT store allows. But normally you are free to create any product to sell.||No. Only what the Steam store allows.|
|What can these virtual items be?||Anything.||Anything.|
|Who regulates the market?||The company or the algorithm of the NFT market inside the blockchain.||Steam.|
|What happens if the company goes bankrupt?||Your items remain inside the blockchain. If this NFT store is decentralized, it can continue to function normally by any other user who wants to reuse the company's script.||You lose everything.|
|Can this market be a scammer?||No. This information is only valid for reputable NFT stores. Be careful! Don't keep clicking on random NFT sites! All NFT sites are apps, and among trusted apps can be malicious apps!||No.|
Conclusion: Both the two things are practically almost the same. NFT is just a name for virtual internet items inside a blockchain.
Feel free to modify the text. If you put credits, I will be very happy. ^~^
Please understand that this server is not designed to work with NFTs, and posting from unknown NFT websites can result in cryptocurrency theft and I do not want this community to get into this kind of problem.
Blockchain smart contracts are like applications. And unknown apps can have issues or malicious code. Thank you for understanding.
Feel free to modify the text. If you put credits, I will be very happy. ^~^
ATTENTION! DO NOT BUY NFTs FROM UNKNOWN SOURCES THAT ARE NOT PUBLISHED IN OFFICIAL SOURCES POSTED BY ME!
All information about official NFTs will be officially published by official users! Any other alternative way of contacting could be a scammer attempt for a malicious smart contract to steal your crypto wallet!
You are only permitted to share NFTs sold by YOU from these following websites.
Any attempt to sell stolen art will result in an instant ban!