My Simple Crytocurrency Starter Guide
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)
Tim Ferris Pod-cast – http://tim.blog/2017/06/04/nick-szabo/
Where / How do you Buy Cryprocurrency?
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?
Follow “Experts” on YouTube, here is my current list (no particular order, just find someone who resonates with you:
Cliff High :
IVAN on Tech:https://www.youtube.com/channel/UCrYmtJBtLdtm2ov84ulV-yg
Crypto Blood: https://www.youtube.com/channel/UC1QFCL4wEDaAdfXQxDMgr7Q
Follow Cryptocurrency News
How do I Spend Cryptocurrency?
- Buy Gift Cards for major retailers and restaurants:https://www.gyft.com/bitcoin/
- At Progressive Companies like Overstock.com, Virgin American, here is a longer list: http://www.zerohedge.com/news/2017-05-28/who-accepts-bitcoins-payment-list-companies-stores-shops
- Crypto Debit Card, yep just use them as regular debit cards
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