I read one post on the internet that the alpha channel was a fancy way of saying opacity of the RBG channels so I reduced the opacity of the image in paint and the below happened.
Do not listen to whoever said that. There is a red channel, a green channel, and a blue channel in a 24-bit image. Each channel contains 8 bits, which equals 256 levels of strength in each channel. That is an RGB image. When you have a 4th channel, it is called an RGBA image, where A stands for "alpha", and it is another, separate, 8-bit channel of 256 levels of grey, called the alpha channel. It has nothing to do with the R, G, or B channels.
Your image looks less shiny now because you darkened the whole thing. That doesn't reduce the specularity, but it does reduce the colour blowout caused by the specularity. I used that in some of the Witcher placeables by adding grey in the toolset via the tint map as a quick and dirty solution.
You can make some parts shiny, some parts dull by simply painting darker areas on the alpha channel to make them less shiny, or painting lighter areas on it to make them shinier.