I am very new in the cryptocurrency scene and just bought my first amount about a month ago. I am still struggling to gain clarity on a lot of it. I am still a little confused on how these forks are possible and who puts these into motion.
My largest holding is currently in litecoin. This is because it seems much more practical as a currency at this point... It is faster and cheaper to make transactions with litecoin than with bitcoin. Today I transferred some bitcoin and it cost me over $2! When I transfer litecoin its usually around 1 cent. I am also somewhat bought into the idea that the correct valuation for litecoin would be about a 4th of bitcoin since there are 4x as many litecoin coins as bitcoin coins.
A problem/question I have about cryptocurrency is the extreme anxiety I get whenever I make a transaction or transfer my funds. It is my understanding that if you put the wrong address in when tranfering funds, it is gone forever... Is this true? This seems like a big disadvantage it has and I hope if its true, people are working to find it.
I look forward to learning more about cryptocurrency and will be looking into mining as well. I am very excited about this technology and community and will be spreading the word about it too!
Thank you for reading :)