Bitcoin and CryptoCurrency Comprehensive Guide for Beginners

h-taffe (25)in #bitcoin • 6 years ago (edited)

CryptoCurrency Comprehensive Guide for Beginners.
This guide is a comprehensive guide to help those who are new to Bitcoin and cryptocurrency; and would like to learn more and how to get started investing in Bitcoin and altcoin. This guide objective is to help you the beginner get started and set you on the right path, so you can continue to learn more, while developing a basic understanding of cryptocurrency. This is not a means to get rich quick guide. However, it can be a means to create long lasting wealth and advanced one-self to financial freedom. The rules of the game are simply this, research research, HODL, and if it's too good to be true, then most often it is not true and it's a scam. This asset class is new, and while promising, there will be scammers.

What is Bitcoin and CryptoCurrency?

Bitcoin and cryptocurrency is the new digital currency build on Blockchain technology, but before you even start investing your hard earn cash into cryptocurrency, you should understand the basic of Bitcoin, cryptocurrency, and the origin. You should not invest in Bitcoin until you understand what it is and how it was started, this is a must. This asset class is new, we are at ground zero, well not really, Bitcoin around for ten years now, however, the concept is still new and it's still in an infancy stage. This is the start of a new currency, which will be around forever, or as long as we are still communicating via computer and smartphone.

There is a detail explanatory writing that explains Bitcoin from inception to present, it will explain all you need to understand Bitcoin. The article is written by Vijay Boyapati, this is the link to the article,The Bullish Case for Bitcoin

What is Bitcoin explained (Video)?

How does Bitcoin work(Video) ?

What is Blockchain?

Blockchain is the technology that gave birth to Bitcoin, the mother of all coins. Without blockchain, there would be no bitcoin. I know you are still confused, don’t worry, it took me a while to get the full understanding and I’m still learning. I will present a link to a YouTube Video that better explain Blockchain.

Blockchain Explained (Video).

For a more comprehensive explanation, checkout, All you need to know about blockchain, explained simply

How to safeguard and store your Bitcoin and Altcoin?

Safety is the number one most important thing when securing your money; If you are careless and too complacent with security, then someone somewhere will take advantage and take your coins. Responsibility of your money is in your hands, not the banks, government, or anyone else. There are many ways to safeguard your funds and things you shouldn't and should do to keep your funds safe. Four basic rules you should follow to limit your exposure and risk of becoming a victim; Don’t publicize on the internet how much money you have in your portfolio, you will only attract hackers and make yourself a target, don’t keep a significant amount of funds on exchanges, dont keep all your funds in one wallet, and last, but not least, invest in a cold storage. Two popular and widely used cold storage to safeguard your fund are Ledger Nono S and Trezor; Trezor can be purchase on Amazon.

Types of Cryptocurrency Wallet

Top 5 Crypto Wallet

For a more clear explanation of the top five crypto wallet, see video below. While these are the top crypto wallet, please do your research to find the wallet that is best for your financial security needs. Types of Wallet explain and Top 5 crypto wallet .

How to protect your Bitcoin from Hacker and other?

Hackers are one of the smartest people on the planet and if you are careless and not follow the basic to safeguard your cryptocurrency, they will clean-out your account; they won’t even leave a dollar. You must take security serious and don’t be careless, one mistake all your bitcoin gone and there nothing anyone can do to get them back. There are many guides online that can teach you to protect your Bitcoins from hacker, spend some time to read them. You can start with this one, “ Ten Hacker-Proof Steps to Secure Your Crypto Assets

Where to buy Bitcoin and other Altcoin?

There are many exchange you can purchase Bitcoin and other Altcoin, however, I would stick with the big players. Below are the top four you can purchase Bitcoin and Altcoins.

Bank Alternative and ways to save and spend your cryptoCryptocurrency is a new asset class, which can hinder the unsavvy or slow entry to market. There is a new saying, “my money is in my brain”, wherever you travel, your money is with you, all of it. If you go to prison, your money is with you, if you leave the country, your money is with you. This new idea maybe new to you, but in this digital age, your money is just a password or two away encrypted in your brain. There are few companies other than the above, which offers many perks and services other than the purchasing of cryptocurrencies; Some of these companies offers services such as loans against your crypto, automatic investments, portfolio management, and credit card services.

Where to start researching Altcoin?There are more than 1600 cryptocurrency on the market, some of them are scams, some project might not come to fruition for the next 5+ years, and you have some that will change the world in ways that we can’t even begin to imagine. To start your research, I recommend that you start with CoinPuff, Coins.live, and CoinMarketCap; from these two website, you can review each coin stats, link to their website, read their whitepaper and other information, which will allow you to make an informed decision.