Locked

Hello I am Francesco, a Certified Bitcoin Professional and I am passionate about Blockchain Technology and Cryptocurrencies. Ask me anything!

Francesco Galati
Nov 11, 2017

Have you heard about blockchain? Bitcoin? Ethereum Cryptos?

Are you going crazy because there is so much stuff that you don't understand?

You have doubts regarding the possible political/economical/social implications?

Do you just want to invest a couple hundreds and you don't know how to?

Feel free to ask me anything about these subjects and I will be more than glad to help you! 

Check my LinkedIn profile to see who I am: https://www.linkedin.com/in/francesco-galati-992081130/

Comments are locked

Conversation (56)

In three easy steps and under a minute you could be hosting your own AMA. Join our passionate community of AMA hosts and schedule your own AMA today.

Let's get started!

how can i get my block chain private key ?

Nov 14, 3:11PM EST0

Can you recommend me a good book about this topic?

Nov 12, 11:32AM EST0

https://www.amazon.com/Age-Cryptocurrency-Bitcoin-Challenging-Economic-ebook/dp/B00L73JQ18/ref=sr_1_1?ie=UTF8&qid=1510598471&sr=8-1&keywords=the+age+of+cryptocurrencies

https://www.amazon.com/Blockchain-Revolution-Technology-Changing-Business-ebook/dp/B011IUSQ9C/ref=sr_1_5?s=digital-text&ie=UTF8&qid=1510598488&sr=1-5&keywords=blockchain

https://www.amazon.com/Blockchain-Blueprint-Economy-Melanie-Swan-ebook/dp/B00SNS9JLW/ref=sr_1_1?s=digital-text&ie=UTF8&qid=1510598503&sr=1-1&keywords=blockchain+swan

Nov 13, 1:41PM EST0

Whats your suggestion? Should I hold Bitcoin to make some extra money or let it go? You are the expert. You know when the value goes up or down. Any suggestions?

Nov 11, 7:57PM EST0

Up to your. Depends on what is your objective.

If you believe in the technology you should hold. It has the potential to rise much higer than the current value!

Nov 11, 8:30PM EST0

how do i know when to sell my coins ?

Nov 11, 7:30PM EST0

You never know precisely. Trading is a difficult game.

Set your objectives so you know when to sell!

Nov 11, 8:30PM EST0

Hey guys thanks a lot for your questions, I really appreciate them.

If you work in this field I would love to connect with you on LinkedIn; please refer to this AMA in the invitation letter.

Furthermore, for anyone interested and getting to know blockchain for the first time, please take a look at this post in my blog, containing a useful list of resources for first timers: 

https://steemit.com/blockchain/@criptoblog/list-of-useful-blockchain-resources-for-first-timers

Nov 11, 2:24PM EST0

Would you say that Bitcoin is fully virtual and immaterial?

Nov 9, 9:22AM EST1

Only 3% of the worlds' money is physical, the other 97% is created on computers.

Just like the money inside credit cards, bitcoin is fully virtual and immaterial!

Nov 11, 2:23PM EST0

How do you become a "certified" bitcoin professional?

Nov 9, 7:14AM EST1

To get a certificate you must pass an online exam at: https://cryptoconsortium.org/

In order to do so, you need to possess extensive knowledge on blockchain technology and the way cryptocurrencies work.

Nov 11, 2:22PM EST0

How can I make money with Bitcoin?

Nov 9, 5:54AM EST1

You can hold in the long term, hoping that the value will grow or you can trade, selling when it goes up and buying when it goes down. It all comes down to your risk/reward ratio. 

Nov 11, 2:21PM EST0

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

Nov 9, 5:22AM EST1

A bitcoin wallet allows you to store your cryptos, just like a normal wallet.

The best wallets are the ones where you own your private key!

I highly advice you to buy a hardware wallet (most famous are Ledger Nano/Trzor). 

Nov 11, 2:19PM EST0

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

Nov 8, 11:18AM EST1

This article maps the ecosystem that is currently working with blockchain technology:

https://techcrunch.com/2017/10/16/mapping-the-blockchain-project-ecosystem/

A lot of projects are being developed as we speak and most of the cryptocurrencies projects will be only operational in a couple of years so YES! you will definitely see other people using this tech in the future. 

Nov 11, 2:19PM EST0

How can I trade Bitcoin without an exchange?

Nov 8, 10:50AM EST1

You can sell bitcoin to a physical person who might be interested in getting some and they can pay you with paypal/bank transfer or even cash. Furthermore, you could buy goods with them.

Nov 11, 2:16PM EST0

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

Nov 8, 5:43AM EST1

You can take a look at all the cryptos on: https://coinmarketcap.com/

There is more than 1000 of them. They're value is determined by demand and supply, which mostly reflects the potential value of the project and current speculation based on news.

Nov 11, 2:16PM EST0

How about day trading crypto?

Nov 8, 3:34AM EST1

Trading is always risky. However, given the volatility of the currency there are good possibilities to make good returns.

Bear in mind, only invest what you're willing to lose; the high volatility could easily make you lose a lot as well!

Nov 11, 2:17PM EST0

Worst part about using cryptocurrencies?

Nov 8, 1:20AM EST1

They're really volatile and they're heavily affected by news and speculations.

Furthermore, they're not widely accepted so it might be hard to live only using them. But this is slowly changing, this is only the beginning!

Nov 11, 2:15PM EST0

Who is in charge of Bitcoin?

Nov 7, 8:42PM EST0

This is the cool thing about it!

It relies on a technology called blockchain.

This technology is completely decentralized and distributed; nobody controls the network, as every computer participating is a node and thus part of it. 

However, due to the profitability of the currency, during the last years we have witnessed a centralization of mining power in the hand of a few companies, which kind of goes against the initial reason for why bitcoin was created. Nonetheless, "nobody" controls the network and decisions are taken by consensus among the members of the community (developers, miners).

Nov 11, 2:14PM EST0

Why should I trust in Bitcoin?

Nov 7, 3:45PM EST1

The power of bitcoin is its acceptance and its community.

As long as people will accept bitcoin for payments then yes, you can trust it. However, this implies a fundamental trust in the technology behind and in the thoughts that it can revolutionize the way money works nowadays!

Nov 11, 2:21PM EST0

How do I know when it's best to invest?

Nov 7, 3:20PM EST1

The best answer is right now! Cryptocurrencies are just starting to become known to the mainstream. Only 3% of the population if familiar with them, the potential is huge. 

I have friends asking me whether they had to invest when a bitcoin was 800€, then it went up so they thought it was too late. Same thing at 2000€, 3000€, 4000€ and 6000€. 

You should see it as a long-term investment, and should not be looking for easy gains. The only advice I can give you is don't but at an all time high!

Nov 11, 2:14PM EST0

What are the pros and cons of Bitcoin?

Nov 7, 11:29AM EST1

Pro: decentralized, increases in value, doesn't have physical boundaries, not subject to regulations, deflationary

Cons: not subject to regulations, if you lose your private key you lost money, not accepted everywhere yet (but soon will), really volatile

Last edited @ Nov 11, 2:12PM EST.
Nov 11, 2:11PM EST0

Who controls the Bitcoin network?

Nov 7, 12:49AM EST1

This is the cool thing about it!

It relies on a technology called blockchain.

This technology is completely decentralized and distributed; nobody controls the network, as every computer participating is a node and thus part of it. 

However, due to the profitability of the currency, during the last years we have witnessed a centralization of mining power in the hand of a few companies, which kind of goes against the initial reason for why bitcoin was created. Nonetheless, "nobody" controls the network and decisions are taken by consensus among the members of the community. 

Nov 11, 2:09PM EST0

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

Nov 6, 2:55PM EST0

Unfortunately now it is too late.

You can only make money if you have a huge amount of computational power!

In 2008-2012 you could have done so, but now it is too late. 

Nov 11, 2:07PM EST0

If I wanted a quick start into cryptocurrencies, where would I look? 

Grande Fra!

Nov 6, 12:43PM EST1

I recently published a post in my blog with some useful resources for first timers --> https://steemit.com/blockchain/@criptoblog/list-of-useful-blockchain-resources-for-first-timers

However, feel free to send me a message if you have any question. We can chat about it or have a skype call!

Thanks a lot for the support Dan, I hope you're doing all right bro!

Nov 11, 2:06PM EST1

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

Nov 6, 11:35AM EST1

If you want to register on an exchange one of the best  is Bittrex.

If you already have your digital wallet than you can directly pay with your card at Litebit.nl

Nov 11, 2:05PM EST0

Who invented Bitcoin and why?

Nov 6, 9:58AM EST1

Bitcoin was first developed in a whitepaper by Satoshi Nakamoto. 

Nobody knows who he is. But most people believe he is not a single person but rather a group! The project mostly sparks from the cyberpunk movement, a "radical" group of inviduals who wanted to free our financial system from banks and intermediaries. This was the initial objective of bitcoin: being a peer-to-peer payment system based on a consensus mechanism, that does not require the need for third parties.

It is really interesting, take a look at the whitepaper:

https://bitcoin.org/bitcoin.pdf

Nov 11, 2:04PM EST0

How do Bitcoin transactions work?

Nov 6, 8:49AM EST1

The transactions are verified and approved by miners through complex algorithms.

If A sends money to B, The transaction goes then into a "waiting room" with all the transactions conducted since the last block was mined; Miners conduct a race in order to solve the algorithm as fast as possible and get a reward (fixed as 12.5 bitcoin for every block). Once they verified the block, they attach it in the blockchain and the transactions in the block are therefore executed.

A graphical explanation is probably clearer.

I advice you to take a look at this post, that provides many explanatory videos for everyone getting close to the blockchain for the first time:

https://steemit.com/blockchain/@criptoblog/list-of-useful-blockchain-resources-for-first-timers 

Nov 11, 2:02PM EST0

What happens if I lose my Bitcoins somehow?

Nov 6, 8:21AM EST1

What do you mean by losing your bitcoins?

The worst case scenario is that you forget your private key; in that case I'm sorry but you won't be able to recover them.

If, on the other hand, you have your private key, you will always able to access your digital wallet and therefore recover your cryptos.

Nov 11, 1:59PM EST0

When is it best to sell a cryptocurrency?

Nov 6, 7:39AM EST1

This is a really vague question. If you believe in the technology you should never sell it, but rather wait until the worlds' money will be replaced with cryptos and you can use them accordingly. If you're a speculator you should probably try to sell after a big rise; however, there is no proven science as to where to sell, it mostly depends on your objectives. 

Nov 11, 1:57PM EST0

How can I accept Bitcoin payments to my store?

Nov 6, 6:26AM EST1

Since cryptos are not fully regulated you have to go through third parties.

A website that I know of is https://bitpay.com/. I advice you to take a look at it!

Nov 11, 1:56PM EST0

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

Nov 6, 4:14AM EST1

The bitcoin, as of now at least, has to be treated as if it were a stock: its price follows the laws of the market and it is therefore driven by supply and demand. The more people buying the more it goes up. Furthermore, it is heavily affected by network improvements, news (countries banning it or accepting it) and every information that affects the diffusion or development of it. 

Nov 11, 1:55PM EST0

What is a public key?

Nov 5, 8:08PM EST1

Cryptocurrencies (as the name hints) are based on cryptography

In particular, they use so-called asymmetric cryptography; each users is given a pair of keys: public and private

-public key: imagine it as your e-mail address, you share your public key as the address where people can send you cryptocurrencies. 

-private key: imagine it as your password, it is a uniquely identifying string; don't even share it with anyone otherwise they will have access to your funds

Nov 11, 1:54PM EST0
About #CryptoAMA

Welcome to #CryptoAMA, an AMA Event channel for everything crypto, blockchain, ICOs, and other fintech projects related to cryptocurrencies.

The #CryptoAMA channel (http://www.CryptoAMA.com) is owned and operated by AMAfeed, LLC.