Cryptocurrency for Noobs Pt.2
This is Part. 2# of the Beginners Guide to Cryptocurrency #
In the first part we touch on the basic, yet vital, information needed to begin investing, purchasing and trading cryptocurrency. In this part we will look at a few more vital pieces of info.
First , a Few Common Rules for Trading.
-Never put all your eggs in one basket. Your capital should be broken into smaller lots for multiple positions at different price levels.
-Do not invest your life savings or money that may change your life drastically in the event of a loss. This rule is important mainly due to the existing level of uncertainty that still exists within the Bitcoin market.
-Take full advantage of available technology in order to gain maximum profit
-Understanding the market is a continuous process and requires a lot of time, concentration and effort. It is very crucial to do research and be up to date with current trends.
-Know when to cash in. It is important to stay focused, unemotional and professional.
-Traders should keep in mind that losing, just as much as winning, is an integral part of trading. It is the cumulative gains that count.
"A cryptocurrency is a digital currency that is created and managed through the use of advanced encryption techniques known as cryptography."
If you’re not sure what cryptography is, we’ll cover that in the next section.
Cryptocurrencies have been created to serve as more than just a medium of exchange from person A to person B.
Ethereum, for example, is a full Turing-complete blockchain that functions as an open platform where decentralized applications and contacts can be implemented.
Ethereum is the platform and Ether is the cryptographic token which fuels the Ethereum network by allowing clients of the platform to pay for the machines executing the requested operations.
Cryptocurrencies just like Ether, have a unique network in which their specific currency was created to incentivize.
More Info And Resources
Coinmarketcap – The go-to site for keeping up with percentage moves, market caps, volume studies, and much more.
Coinigy – My preferred crypto trading software. By connecting to your exchange (Poloniex, Bittrex, etc) via API you can trade directly through Coinigy’s platform which uses Tradingview charts for full access to technical studies and custom indicators.
TradingView – Currently the best platform for tracking and charting cryptocurrencies across all major exchanges.
CoinCap – iPhone/Android app for tracking crypto movers and keeping track of your own portfolio of coins.
Changelly – An extremely convenient way to exchange out of one cryptocurrency to another without ever needing to create an account or deposit money on an exchange.
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