Cryptocurrencies Guide

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.

Cryptocurrencies and NFTs are extremely serious things like your money and things you buy using your regular money. Using this technology without responsibility can result in loss of money for criminals who abuse people's innocence. So please. Avoid children in the crypto world. As with anything in life, you need to be mature enough to use this technology without risk of being harmed.

Cryptocurrency is an encrypted digital currency. This is the reason for the term cryptocurrency. (Crypto + Currency)
These currencies work within a Blockchain Network. These currencies have the same meaning as any currencies. The only difference between a cryptocurrency and fiat currency (Dolar, Euro, and more) is the system used to manage the currencies.

Every cryptocurrency has a blockchain for it to work. So each blockchain is a different project that has some modifications that differentiate one blockchain from another blockchain.
Once you understand that each blockchain is something totally different, you understand that you cannot generalize that all cryptocurrencies are bad. What you're really saying is that a certain blockchain is bad.
Yes, exists bad blockchains. A great example was the critical fail that destroyed the value of the Terra Luna cryptocurrency that the name is Terra Classic now.
For this reason, it is extremely important that you research a blockchain before using it. Know blockchain security carefully. Remember that all blockchains are open source. So it's extremely easy to find developer reviews about blockchains.
Each blockchain also has its own gas pricing policy. Gas is a fee paid to miners and full nodes to confirm a transaction of some action you have done on the blockchain. If you don't like high fees. Please COMPLETELY AVOID the Ethereum network.
If you want a suggestion of trusted blockchains. This is my top 6.
  1. Bitcoin
  2. Smart Chain
  3. Litecoin
  4. Dogecoin
  5. Polygon
  6. Ethereum

Tokens are cryptocurrencies inside the network of another cryptocurrency. Yes, I know this is confusing, but I'll make it simple for you.
Imagine that blockchain is a country. This country is Smart Chain. Inside this fictitious country we have the currency called BNB. This is the official cryptocurrency of the Smart Chain network.
Now imagine that the token is a currency used inside a state or province of the country. These currencies are controlled by states responsible for issuing this token. This currency has a completely different policy from the country's currency. You can exchange the currency of the country with the currency of this state to buy products inside this state.
Tokens is basically that. Currencies created by companies that are often used especially for online service projects on the internet. You can also find tokens from companies linked to fiat currencies. The name of these tokens are Stablecoins. (Example: USDT is a USD Token used on Binance.)
Now if a token is really good, if a token is a scam, or if the token is bad, it is your responsibility to research the token project before buy the token. Tokens are applications inside a blockchain, so be extremely careful with tokens! You can find malicious apps created by hackers to steal all your tokens and NFTs from your crypto wallet!

Dapp is the name "Decentralized Application". In the same way that tokens are applications. Dapps are also apps. The difference is that Dapp is an extremely more complex application. Dapps are websites or desktop applications or mobile applications developed within the blockchain.
If these apps are 100% developed inside the blockchain, it is completely impossible to remove this app from the internet. Because if you have the source code of the application's actions connected on blockchain, just migrate the files to another domain or host the files yourself on your computer to use it.
That's the motive these apps are decentralized. The Dapps work exclusively inside the blockchain and cannot be removed from there once installed inside the blockchain.

NFTs are just virtual items on the internet running inside a blockchain. The records of these virtual items stay inside the blockchain. So NFTs can be images, internet domains, game items like Steam market items, and even more things.
If you think NFTs are stock market. Sorry to tell you, but you were completely misled. NFTs are just virtual items being sold on the internet. Usually using tokens or the main blockchain cryptocurrency. REMEMBER that NFTs are also applications like Tokens and Dapps. Don't forget my warnings about malicious apps inside the blockchain!

NO! Don't do this unless you know reputable sources where your users can buy NFTs. Remember that NFTs are applications like Tokens and Dapps. If you understand my explanation about malicious apps, all this applies to NFTs!
If you still want to add NFTs to your community, only allow trading the official NFTs created by you. Do not place NFTs created by third parties inside your community! Any problem that happens to NFTs inside your community could result in a giant meltdown that could destroy your internet reputation! It is for this reason that exists websites specialized in selling NFTs to help especially in solving this type of problem. The biggest example is the famous OpenSea.

The level of volatility of a currency is completely described in the size of the exchange trade between currencies. All currencies in the world are always experiencing volatility at all times, without exception.
If you want a less volatile cryptocurrency, look for a cryptocurrency that is being used more for payments rather than a cryptocurrency that is heavily used as a stock market.

Cryptocurrency mining is basically mathematical algorithms designed to find the hash code of a transaction to add it to the blockchain. Once the miner adds the transaction, miner is rewarded with cryptocurrencies from the transaction fee.
After mining is performed, all other nodes around the world perform validation to confirm the existence of that transaction. Each blockchain has a different number of confirmations to keep the sync system safe. The reason for these differences varies from each different blockchain validation project.
It is the mining users that keep a blockchain network alive and functioning in a decentralized way. Without mining, a blockchain becomes impossible to exist.

Avoid storing your cryptocurrencies on exchanges. Cryptocurrency Exchanges work similarly to a bank. Create a private wallet, EXTREMELY SECURELY store the private key of your private wallet in a VERY SAFE PLACE. Keep your private wallet key on a sheet of paper where only you can see the key. Avoid storing your private key in the internet cloud.
Avoid keeping all your private wallet on the smart phone you carry around every day. Also avoid storing on your computer where there is usually a higher probability of having a virus.
Use devices that are not connected to a phone chip. Use an operating system with the best possible permission system when installing apps. (iPhone is a good choise.) Use apps that let you turn your phone into a transaction remote. (Trust Wallet or Coinbase Wallet)
Use this device as a wallet only. Avoid installing random apps on this device.

# 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.

# NFT Steam Market
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!

https://opensea.io/

Did you like the content? You can help me with tiny donations. If you are looking for a private wallet, my recommendations are Trust Wallet or Coinbase Wallet. Would you like cryptocurrency exchange recommendations? You can use my referral codes to get some bonuses. Earn a trade fee bonus on Binance or receive a cashback on your first purchase of over $100 on Coinbase for new users..
Looking for a secure NFT store? My recommendation is OpenSea.

I've been reflecting on why people are confused about the word NFT. Unfortunately, this word is very toxic and has grabbed the idea of being a image useless. For this reason people are confused and creates a strong stereotype.
I also noticed that this word is abused a lot on Twitter with misleading advertisements. For this reason I see that we need to stop centralizing the word NFT. Decentralization of words is something that helps a lot in breaking stereotypes.
We need to use words to describe the use of NFT instead of saying the word "NFT". This greatly simplifies the person to really understand what you are really talking about. Avoid using this word as much as possible.
Instead of saying "NFT Domain" I'm just to say "domain". Instead of saying "NFT Avatar", I'll just say "Avatar". Instead of saying "NFT Coupon", just say "coupon". This kind of vocabulary makes the person understand better what you really mean and will help us to hide better from the scammer bots on the Twitter.