• WindyRebel@lemmy.world
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    13 hours ago

    I honestly don’t understand how to “do” crypto. Here’s my brain’s interpretation and questions. You will probably see why I, and many others, don’t use it or dabble in it:

    It’s got to be mined to obtain (power hog and time)

    You can buy it but it is traded like stock which may inflate it to be more expensive to obtain

    Who really owns or has responsibility over what you purchase when it comes to the cryptocurrency?

    Where is it “stored” (locally, on a cloud somewhere)?

    What coin type do you choose and how do you know it’s safe?

    Do you just make your own coin and use a program that does everything needed to package it as “money”?

    How does someone verify that you actually have the money behind the coin(s)?