Crypto stupid question thread -- ask ANYTHING related to crypto, no matter how stupid you think it is. What is buy wall...

Thanks.
And why this is good? It is like the codes that are in dollars that dont allow to falsify money?
Everytime that there is more bitcoins (by mining?), that data stick to other blocks and convert those btc in real money?

I want to start buying and selling coins. I understand that i need a "wallet". what is the best wallet and what should i do next to start buying ETH or bitcoin?

Sounds risky; only invest what you can afford. If you trade goes to shit, how you're going to pay the hospital? LOL.

>Continuation to my question, I see the trading vol sometimes goes up and sometimes goes down. Why is it so?
Because sometimes whales "pump and dump", meaning a whale is a person with 1000 BTC, they buy the coins (to pump it), other people see that it's pumping so high so they buy it too, they the whale dumps all the coins thus crashing the price ... then people get awry of trading that coin so the trading vol. goes down. You want to trade coins that has a trading vol. of 1000 BTC or more so it can't be pumped and dumped by whales.

>Also, how do coinmarketcap knows the trading volume goes down? Do they calculate it based on the coin supply vs the holdings of investor?
I believe coinmarketcap gets their data from exchanges like POLONIEX and BITTREX, so they can see the trading vol.

There are two ways:

1) Private keys - search for the backup function from your wallet and get its private key. It should look like a long garbage numbers and alphabet. Write it on a piece of paper and keep it safe and DON"T let anyone see or use it, else your wallet is someone else's.

2) Pass phrase - This is similar to Private Keys, only that it is in english words like "hello laptop books dumb speaker...". BUT this phrase can only be generated within the wallet you are using AND restored using the same wallet. Unlike Private Keys which can be used to restore in any kind of wallet.

Correct me if I'm wrong. The way I backup mine is

1) take a piece of paper
2) get the private keys/pass phrase
3) write it down each and every character - or you could just put it in Word and print it (I'm paranoid of Microsoft botnet spying on me, it's why I jot it down)
4) reconfirm it by using Diff Text tool online (it's safe no worries)
5) also note down which wallet I'm using atm, cuz I might wanna download and use the same wallet to restore it in the future if my laptop got stolen or anything
6) keep the paper somewhere safe

>How do I backup my ether/btc?
Buy a hardware wallet like nano ledger s. Youtube it.

>What do you mean by "coin is actually useful for doing something" What can a digital coin do other than inspire trading?
For example, ETH is about "smart contracts", XMR is good for privacy, STEEM is about earing money from social media related stuff, XRP is tech for banks (but we know XRP is a kike scam), GNT is about distributed computing, BTC is a storage of value etc, DASH is normie friendly for spending crypto etc.

When a coin does something unique, there is a future in it so it isn't a shit coin.

If you're using myetherwallet, back up the json file. If you're using exodus, there's a back up button on the left. It depends on the service/program you're using.

often whales (investors with large amounts of holdings) will place large buy/sell orders in order to affect the speculative price upwards or downwards. Sometimes these walls are real and when they are hit the price will swing in the opposite direction of the wall as the market is flooded with supply/supply is dried up. More often than not they are fake - when the price gets too close to the wall, the wall will vanish leaving the price to moon or crash in the direction of the wall.

I want to turn my 1 BTC into 10 BTC

Can Bancor make it x10?

Why would Bancor go up?

Also,

Treat mobile app wallet (Coinomi, Xapo, Electrum, Jaxx etc) as your daily wallet you put in your pocket. DO NOT keep your stash of coins inside. This is called "hot storage". Google the meaning.

Put your stash in a cold storage, such as your wallet stored in your laptop which you can get its private key/pass phrase to backup.

>And why this is good? It is like the codes that are in dollars that dont allow to falsify money?

Why is BTC worth $2.2k USD per coin? Because the people (market) agreed that that's the price. Also BTC is useful because you can cash out from BTC to fiat (your local currency).

For example, Western Money Gram makes BILLIONS a year by sending money from one country to another, usually a Mexicans or Indians sending money home back to their family. Instead of paying money gram $30 to send $500 home, they can send BTC back home and it only cost $2 in mining fees.

And yes, no flasifying money.

>Everytime that there is more bitcoins (by mining?), that data stick to other blocks and convert those btc in real money?

Yes, because keeping the ledger cost electricity, and electricity cost money, the program rewards the miner (the computers that keep the book record) some bitcoins every 10 minutes or so.