01. What do the amps in an EsC do? Whats the difference between a 10amp & 60amp esc apart from the amperage ofcourse
The ESC's amp rating determines the amount of amps that can be run through the ESC without it overheating and damaging itself. The actual amount of amps that will be drawn depends on the motor kV rating, prop size and pitch, and battery voltage and C rating. The ESC's amp rating needs to be higher than the amps that the motor will draw. If your motor is drawing 23 amps, for example, you might want about a 30 amp ESC. If you were to use a 40 or 50 amp ESC, it would run cooler, but it would also be bigger, heavier, and more expensive. So with ESC's, it is usually a case of, "enough, but not too much". Still, if you had a 40 amp ESC laying around and your motor only drew 15 amps, you would be fine to use the 40 amp ESC.
02. If an esc sends 5volts to the reciever & a reciever is what distributes power to all the electronics. Does this mean that if im using a 7.4 volt, the remaining 2.4 volts is Getting dumped/wasted?
This depends on whether the ESC's BEC is switching or linear. If it is linear, then yes. The additional power is wasted as heat. If it is a switching BEC, then no. The way a switching BEC works is, basically, it turns on and off rapidly to produce an "average" voltage that is lower than the input voltage. So, for example, if you wanted 6v output and you had 12v input, the switching BEC would turn itself on 50% of the time and off 50% of the time (but very, very rapidly--like, hundreds or thousands of times a second) to produce an average voltage of 6v. There is a little bit more to the circuit, but at a high level, that's a good basic description of how it works.
