My Simple Crytocurrency Starter Guide

in #bitcoin7 years ago (edited)

What is Cryptocurrency (Bitcoin, Ethereum, Litecoin, and many, many other)?

Here is a simple info-graphic video from 2011(Then Bitcoin was just $1, if you invested a $100 you would be a millionaire today).

Vice News Documentary on Bitcoin & Mining


Blockchain 101 : (it's pretty simple)
a great overview of the underlying technology
Tim Ferris Pod-cast – http://tim.blog/2017/06/04/nick-szabo/

Where / How do you Buy Cryprocurrency?

Coin Base: https://www.coinbase.com/
Gemini:https://gemini.com/
Others: Kraken, Craigslist, Local Bitcoin, etc

How do you Store Cryptocurrency?

  • Exchange where you bought it, but this is Risky! (If the exchange goes down, so do your cryotos)
  • In a Paper or Digital Wallet, but Understand the Basics: A Public Key is used for Deposits & Privet Key is used for Withdrawals, DO NOT SHARE YOUR PRIVATE KEY!
  • Bitcoin Paper Wallet:https://www.bitaddress.org/
  • Ethereum & ERC20 Token Digital Wallet:https://www.myetherwallet.com/
  • Ideally store both on a Hardware Wallet, I use the Leger Nano S https://www.ledgerwallet.com/r/9c78

How do I know When it is a Good Time to Buy or Sell Cryptocurrency?

How do I Spend Cryptocurrency?

How do I Trade Currency?

Open a trading account:

Have a Plan

  • When to Buy, only you can decide
  • When & How to Sell, Ideally have multiple exchanges, when volume picks up some exchanges can go offline, and that another reason to use a harware wallet, such as the Leger Nano S https://www.ledgerwallet.com/r/9c78
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thank you for sharing valuable information.