In simple terms, Whenever we do a transaction with Bitcoin, there's also a small transaction fee, it could for example cost you a dollar in Bitcoin to carry out the transaction.
The fee ( gas fee ) goes back into the network for some miner to claim.
The miners support the Bitcoin blockchain. When all 21 million BTC is mined, the miners will keep mining to support the network and be paid from the transaction fee. While 18 million or so BTC has been mined, we won't live to see the day the last BTC is mined.
If the BTC network is congested, the gas fee will increase and it's been to unacceptable prices before. Bitcoin can take up to 3 hours to move from A to B, but in my personal experience it's much faster than that. Been awhile but maybe I saw 10 minute transactions.
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Ethereum is a Blockchain. It's Native coin is the Ether. But we say Ethereum anyway.
The Ethereum Blockchain is more advanced than the Bitcoin, as it's actually programmable. Most cryptocurrencies are made and run on the Ethereum blockchain.
A coin is a native currency, while any cryptocurrency build on a blockchain is called a token.
The nature of Blockchain is the truth manifest. If someone were to post bullshit on the blockchain, then it would remain true, that the shit put on there was added on such and such date and that part of it would be true. Because it does that on it's own we're able to store and track value on the blockchain, simply because it's the truth.
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Solana is like Ethereum. It's own network where people can make programmable tokens to function however they like.
Everything done on Ethereum or Solana, or any blockchain that's like Ethereum also has gas fees and that fee is paid with the native coin. So, if you're going to use the Ethereum blockchain and swap some tokens, or move tokens, or move Ether or use a smart contract, or stake or claim or whatever we do, there will be a gas fee. Solana has been competitive with Ethereum, as are any and every Blockchain that calls itself a dual layer solution for Ethereum.
Cryptocurrencies are listed by whoever has the largest market cap
Dominance: BTC 53.3% ETH 13.7%
53.3% of the entire market is Bitcoin, making it bigger than everything in the crypto space combined. THis of course changes every day. BTC is the flag ship. The household name. The big brand. Even though it's the least advanced cryptocurrency in the world.
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Tether and USDC are both stable coins. They are both pegged to the USD. USDC is better in my opinion though they do the same thing. I tend to get stable coins when I want to stop holding something. The fact we see the 2 largest stable coins in the world within the top 10, is a sign of the times. When the market starts moving upward, the stable coins won't make the top 10 easy.
Top 9 is Dogecoin the only Meme coin in the top 10 which makes it the world largest Meme coin.
Dogecoin is a clone of BTC. It was made as a joke, then shit got real and it flipped the script. It does have it's own blockchain and mining network, and it's not finite, so it will be inflationary when it discovers it's true value at some point.
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Pepe came out in 2023 and trolled it's way all the way to top 30.
Why did this even happen ? Because.... These days people like to invest in things they enjoy.
Sometimes a Meme Coin does have a other utilities to it. Shiba Inu has utility, as we can stake it to earn some passive income. It also has it's own swapping platform.
The above is a video of a Bitcoin Maximalist, pro BTC... Losing his shit over Shiba Inu crushing it 2 years ago. He did not mention any of Shiba's utilities and knew nothing of the project. He just lost his shit over it. Shiba Inu as I'm writing this is the 18th largest cryptocurrency in the world and has nothing much to prove. Shiba Inu did flip Dogecoin too at one point.
When Shiba Inu first came out, I saw it, and I'm pretty sure I mentioned it in the trading group, but I did not buy it at launch, and if I did, I would've been a multi billionaire. At the time I was doing 15-20k trades.
So Meme coins.... Like anything there will be a lot of poo flinging. I mentioned in the other post DogsWifHats, and it blew the fuck up this year from it's launch and I was quite angry about it myself. I looked into why this happened and it turned out there is a community of people who post pictures of dogs with hats, so someone made a meme coin about it with the worst website ever, and now it's a top 53 token.
The only time to ever buy a Meme coin is usually when it first comes out, then you'll want to sell the fucker sooner than later cause it will pull back.
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Look at that all time low last December. For every 100% is the entire capital investment okay. So if someone bought this at launch, and never sold the top and rode the pullback. That would be 950 times your capital. However if sold at it's all time high... Well we're seeing over a 3000x here man. That is literally turning $1 into 3,000. Or if we go back to the $200 model, a 3,000 would yield 600 grand.
Most meme coins are rug pulls, so for this reason it's better not to invest in them at early stages, but if you do, invest as much as you'd be willing to lose because the higher the risk the higher the reward, and it's best not to take high risks.
So yeah, Ethereum or Solana. If it crashes don't sell it. But you do want to sell it or at least swap it for stable coins when the market starts pulling back after a good run.
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Cryptocurrency is not money. It's decentralized so no government owns it. One can put a large sum of money into stable coins, then fuck off to another country, get set up, then liquidate.
At that point if your home nation accuses you of money laundering you can show them that all of the money they are looking for was spent at a local exchange, and that you have no money they are looking for.
Tax laws regarding cryptocurrency varies from nation to nation. In the US crypto kinda sucks, as Biden claimed cryptocurrency is money and they want to start taxing people for holding assets now. Cashing out a large sum of crypto will have you liable for income tax across the board. That's fine. If a business accepts crypto, they are liable to pay taxes on the estimated value of the transaction.
Blockchain technology is trackable to the point if your crypto was stolen you can prove it's yours because of the trail each transaction leaves behind. It will go all the way to your on ramp. While we see and hear a lot of scams in crypto, it's not a good idea to even try to off ramp stollen crypto, because if the thief wallet is being followed they'll get caught.
