A pleb's guide to participation and attention economy, part IV: coins

By arinbasu | Arins blog | 6 Feb 2022

  • There are about 5000+ coins in circulation today and the list is likely to grow many times over, :-)
  • Most commonly used:
  • There are many other coins, and these are volatile coins, their prices fluctuate regularly, there are stable coins ("stablecoins"), that are different from these ones, 
  • Bottomline for plebs:
    • If you are starting out, I think it's a good idea to work with BTC, safer
    • Ethereum is great, and has a large ecosystem of app ("Dapps", which we will explore later, :-)), smart contracts, DAOs, NFTs, and the whole shebang of Web3, but for this is also quite complex with respect to gas fees
    • If you use cryptocurrency exchanges, then it is relatively inexpensive to "move" BTC, rather than ETH unless you know what you are doing
    • Many places allow for free ETH or coins, and you can convert them to dollars and cents, but do not be hasty; they are based on ETH and therefore, you need to accrue a fair amount of money before you can convert them to ETH and then withdraw
    • You can "hold" ETH or BTC, this is referred to as "HODL" (hold for dear life", :-) )
  • In the next episode, let's see how you can "make" some cryptocurrency without spending any dollar on your own, :-)

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