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Ask me anything on Crypto investing/trading/education. Bitcoin, Blockchain, ICOs, altcoins, Ethereum, astounding returns and all other things that you may have heard about cryptocurrencies will be explained.

Aziz Zainuddin
Nov 8, 2017

I'm a cryptocurrency investor and enthusiast with a passion in evangelizing Crypto adoption and usage. I'm the Founder and Chief Editor of Master the Crypto (https://masterthecrypto.com/), a knowledge hub with the purpose of simplifying crypto/blockchain concepts and investments, riding on my finance background. I'm also a contributor Forbes Middle East and Futurism in the space.

With the technical complexities of the Cryptocurrency industry a major hurdle to the masses, MTC aims to bridge the gap by featuring articles that are broken down and easy-to-understand for many. From comprehensive guides in Crypto investing to a general overview of key technical concepts, MTC provides a wide range of content for those interested in familiarizing themselves with Cryptos.

MTC also offers supplementary learning tools to better educate our readers, through offering a free fundamental analysis checklist in the form of an eBook. A free 3-part video series has also been launched, covering the basics of Crypto investing that includes an overview of Blockchain technology, the importance of fundamental investment analysis of different Coins, as well as an introduction to technical analysis - or the study of price charts and movements - specifically geared towards the Crypto market.

https://masterthecrypto.com/

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What is a Bitcoin wallet and which is the safest to use in your opinion?

Nov 9, 9:08AM EST0

What do you think of HYIP websites that use crypto-currencies?

Nov 9, 8:58AM EST0

How is bitcoin purchase?

Nov 9, 6:05AM EST0

Where did bitcoin originate from

Nov 9, 5:40AM EST0

How work the cryptocurrency?

Nov 9, 4:37AM EST0

What is a public key?

Nov 8, 11:01AM EST0

A public key is needed to encrypt the information/data to secure it, while the private keys - which are only known to the owner - are used to decrypt the information/data. Bitcoin uses public-key cryptography to authenticate and secure transactions in its network

Nov 8, 8:33PM EST0

Where are the best websites to use for changing fiat like USD and EUR to digital currencies like Bitcoin, Ethereum, Litecoin, and Steem?

Nov 8, 3:16AM EST0

You have to use a domestic exchange to convert your fiat to cryptocurrencies. You have to open an account in a fiat-accepting exchange to buy cryptocurrencies, and you have to verify your identity. If you live in the USA, the popular exchanges include GDAX, Gemini, Kraken.

Nov 8, 5:02AM EST0

What happens if I lose my Bitcoins somehow?

Nov 7, 8:20PM EST0

If you store in an exchange, you can only lose your funds if the exchange closes down. Losing your login credentials could be remedied by directly cointacting the exchange support team.

If you lost your private keys (or UTP files) of your personal wallets, then you'll lose your coins if you dont have a backup. Its always important to have backup of your private keys.

Nov 7, 10:48PM EST0

How can I trade Bitcoin without an exchange?

Nov 7, 3:31PM EST0

You can try a P2P exchange where you interact directly with a seller. These platforms include LocalBitcoins.com

Nov 7, 10:40PM EST0

How is the value of a cryptocurrency determined and where can I see it?

Nov 7, 3:05PM EST0

In general the value of cryptos is derived from:

1) Resources expanded to create every Bitcoin, through the acquisition of specialized computer hardware and lost of elctrical energy in exchabge for Bitcoin itself

2) Utility as a store of value (due to it's deflationary traits) and a medium of exchange (currency that is widely accepted and has more advantage than fiat money)

3) Demand: Ever-expanding traction and adoption by the masses due to its cost-effectiveness and decentralization will lead to greater demand for the coin, thus enhancing its value

All these factors are manifested in the price charts of the cryptos, which is open for anyone to see..

Nov 7, 10:39PM EST0

Who controls the Bitcoin network?

Nov 7, 12:53PM EST0

No single person controls Bitcoin. Thats the beauty of it. Bitcoin is decentralized, meaning that participants within the network has power and control. This includes:

- Miners: Those who use specialized computer hardware to secure the network

- Users: Those who use Bitcoin as digital currency

Nov 7, 10:33PM EST0

How about day trading crypto?

Nov 7, 11:33AM EST0

Many people engage in it, and the extrem volatility of the crypto market makes day trading an extremely  attractive idea. However, you need to be well-versed in fundamental and technical analysis, and possess a feel of the crypto markets.

Nov 7, 9:58PM EST0

Why does the Bitcoin price change so much from month to month?

Nov 7, 8:34AM EST0

The extreme volatility in Bitcoin (and other Cryptos) is attributed to the following:

- Infancy of the tech: New tech is suceptible to wild fluctuations due to a lack of a wide base of participants. 

- Perceived value: The complexities of what Bitcoin/Crypto is directly affects the perceived value it holds, and its polarization has a great effect on the volatility

- Immature infrastructure: Exchanges are the entry point for most people, and there is a sever shortage of good exchanges for many countries to utilize to get a hold of cryptos. Add that to the fact that regulations further creates impediment for exchanges.

Last edited @ Nov 7, 10:34PM EST.
Nov 7, 9:56PM EST0

Who invented Bitcoin and why?

Nov 7, 8:30AM EST0

A person or collective by the moniker Satoshi Nakamoto; no one knows who he is and his Bitcoins are still untouched. I would say he's a beyond us and probably from another dimension, since the creation of Bitcoin is truly revolutionary. Why he created it? Because governments and big banks have a tendency to screw us all, and the core of their power lies in the absolute control in the money supply of the country. And after the financial crisi, Satoshi (as with everyone) had enough and wanted to create a decentralized currency where the power of managing and controlling the money supply was given to the massess instead of govts/bankers. 

Nov 7, 9:49PM EST0

Would you say that Bitcoin is fully virtual and immaterial?

Nov 7, 8:27AM EST0

Bitcoin is virtual yes, but not immaterial in a sense that its inconsequential. If you mean that it isn't backed by any real assets, then technically you're right, but the better question would be if value (for any assets) is wholly dependant on it having a phyisical attribute. i would argue not, as eventhough Bitcoin isn't backed by any real assets, but its value is derived from:

1) Resources expanded to create every Bitcoin, through the acquisition of specialized computer hardware and lost of elctrical energy in exchabge for Bitcoin itself

2) Utility as a store of value (due to it's deflationary traits) and a medium of exchange (currency that is widely accepted and has more advantage than fiat money)

3) Demand: Ever-expanding traction and adoption by the masses due to its cost-effectiveness and decentralization will elad to greater demand for the coin, thus enhancing its value

Last edited @ Nov 7, 10:36PM EST.
Nov 7, 9:42PM EST0

Do I see other people using this tech/company in 3 years?

Nov 6, 9:33PM EST0

Undoubtedly. The creation of Bitcoin brought a revolutionary technology called the Blockchain, which is set to disrupt raditional systems and networks. New applications will be built using the Blockchain which would bring higher efficiency, lower costs and empower many. The industry is already flourishing with tons of new innovations and a rush of brilliant minds to explore the use-cases and possibilities of Blockchain. It's only a matter of time before businessess start leveraging Blockchain.

Nov 7, 1:20AM EST0

How do Bitcoin transactions work?

Nov 6, 6:32PM EST0

If you're sending a Bitcoin to your friend, that transaction will be propogated to thousands of computers that are installed with Bitcoin's protocol software (these computers are called nodes). Some of these nodes are miners, who buy really expensive computer hardware to solve mathematical problems using lots of electricity. Your transactions -together with hundreds of other transactions - are bundled into a "block' where miners race to find a mathemetical solution to secure the block. Think of it as a competition of miners trying to solve a sudoku puzzle. On average, a miner would succeed to secure a block every 10 minutes, and he will be entitled to Bitcoin rewards for being the first to find the solution. This secured block will be propogated to all nodes accross the world and everyone will agree that this block is correct (consensu) and it will be added into the blockchain. At your end, your transaction is confirmed since it is stored in the blockchain.

Nov 7, 1:17AM EST0

Why should I trust in Bitcoin?

Nov 6, 5:42PM EST0

Because for the first time in human history, you don't have to trust in anyone to transfer and receive money. The objective of Bitcoin is to decentralize the traditional powers that control the money supply, and giving the power to the massess; you can participate in the Bitcoin network using your computer right now. You don't have to trust anyone to send your money, as Bitcoin's protocol is based on mathematical algorithms to ensure that the transactions are secure. No trusting in banks, governments, or any third parties. That's why it's a trustless system.

Nov 7, 12:56AM EST0

What are the pros and cons of Bitcoin?

Nov 6, 4:34PM EST0

Pros: 

- Empowerment to the massess as Bitcoin is decentralized; the massess control the money

- Transactions costs is much lower and waiting times are faster than traditional banks, especially for overseas transfers

- Big banks and governments cannot fully control Bitcoin

- Ability to generate high investment returns as Bitcoin is deflationary; it has a fixed, limited supply which will push prices upwards with greater demand

- Its underlying technology, Blockchain, is set to revolutionize traditional systems

Cons:

- Highly complex and technical to comprehend; intimidating for beginners to start using

- Very volatile; Bitcoin's wild price swings can be a turn-off for many risk-averse individuals or those wanting to use BCT as a medium of exchange

- Increaseing fees due to scalability issues

Nov 7, 12:53AM EST0

How can I make money with Bitcoin?

Nov 6, 2:54PM EST0

You can buy it from exchanges and just hold in for the long-term. Bitcoin is adeflationary currency, meaning that its value WILL increease over time since Bitcoin's supply is fixed at 21 million coins. With more demand for bitcoin due to greater traction and adoption, prices must increase.

Nov 7, 12:47AM EST0

Who is in charge of Bitcoin?

Nov 6, 12:37PM EST0

No one, thats the beauty of it. USD is centralized, as the Fed controls the money supply (as well as banks). But Bitcoin is decentralized, meaning anyone can download Bitcoin's software and run a full server and participate in the network. You can participate in the network by being a miner (that expands electricity and hardware equipment in return for Bitcoin rewards) or a validator (validates and propogates transactions). Decentralisation empowers the massess (us) the power to control, manage, contribute the money supply. 

Nov 6, 11:41PM EST0

How can I accept Bitcoin payments to my store?

Nov 6, 11:33AM EST0

It dpeends on the geographic location of your store. There are a few services that offer merchant solutions for businessess to accept Bitcoin payments. Bitpay is one of the more popular solutions, assuming you're located in the usa. Here's a list that you may find useful: https://www.bitcoin.com/merchant-solutions

Nov 6, 11:37PM EST0

Can I make money mining Bitcoin & how does this work?

Nov 6, 9:54AM EST0

I highly doubt so. Solo mining isn't profitable now, due to the existence of centralized mining "factories" that houses hundreds and even thousands of specialized mining hardware to mine Bitcoin. That's why the difficulty rate of mining Bitcoin keeps getting higher, therefore rendering solo mining unprofitable. Alternatively, you can join a cloud mining network where you do not have to own mining hardware/equipment, where you will be rewarded according to your computing resources.In mining, you need specialized hardware equipments and lots of electricity. I'd recommend mining other altcoins rather than Bitcoin.

Nov 6, 11:31PM EST0
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