Starting Crypto
Starting Crypto Currency with Bidex
Life itself has always been centered on risks and decision making. Today, there are so many way to get rich. From a smartphone you can sell anything to anyone. So if you have one and youre poor, obviously youre doing something wrong. Robert Kiyosaki, author of Rich Dad, Poor Dad.
I’m not that crypto-god, but I wouldnt let this opportunity pass you all by. The little I have gotten to understand in crypto and profits I have made over the some couple of months will be made available to all those interested in understanding crypto currency. Whether using it as a legal tender for businesses, investing or trading with them fully, here's a little write-up that would enlighten and guide you.
What's Crypto Currency?
It's a decentralized currency that belongs to nobody. Thus it's not bond to any government to control and or regulate. You can read extensively about it on Wikipedia.com
Types of Crypto Currencies
There are more 200 crypto currencies AKA altcoins. The first of them and most commonly known is the Bitcoin, others are Ethereum, Lisk, Steem, Dentacoin, Neo, Ripple, Ark, First coin, Dogecoin, Vertcoin, etc. Their values varies and can be monitored on a site Coinmarketcap
How to buy and keep altcoins.
Just as you keep money in your wallets, altcoins are also stored in digital online wallets. Wallets varies with a lot of factors such as transaction charges, type of altcoin it stores, platforms etc.
Transaction charges: when you send coins out from your wallet, charges are imposed on the transaction. These charges determines the speed of transactions confirmation. On every altcoin transaction, several confirmations must be completed before the recipient fully gets their coins. If we have too many transactions on the net, the speed of transactions confirmation is based on the transaction charges. If the wallet uses high transaction fee or if the transaction fee is remotely set to 'high priority', the transactions confirmation would be placed on high priority in the pool so it can be done quickly.
Type of altcoin stored: basically we have 2 categories of wallets, the ones that store only a particular coin (eg paxful, luno, steemit, etc) and those that support multiple altcoins (eg coinomi, jaxx, coinbase etc).
Platforms: what I mean here is some wallets have both mobile and online platforms while others have only online platforms.
Purchasing your first coin.
Some coins are easy to purchase while others might come with a little difficult. I would walk you through purchasing the most popular of them, the bitcoin. The easy one.
- You need a wallet. I would be using the blockchain.info wallet. You go to blockchain.info on the internet and create an account. PLEASE follow all instructions and read to understand all the information you would be coming across. IF YOU LOSE YOUR ID, YOU WOULD LOSE ALL YOUR COIN. So keep them save using all means, from writing on paper to snapping etc.
- Since you would be receiving, click “receive” to see your wallet ID which is a long bunch of numbers and letters. You copy it and send to the seller, who will use it to credit your wallet.
- If you are sending you open your wallet, click “send” then paste the recipient's wallet address the required box. Please CONFIRM that address from your transaction matches that of the recipient before you finally proceed because no CANCELLATION of transaction once the process has begun. As earlier said, some wallets might allow you to change or decide the transaction fees depending on the transaction urgency, which alters the priority level and thus the speed of transactions confirmation.
And that's it. You now have your first altcoin (bitcoin) wallet. Would be teaching you later how to do certain calculations on crypto and how to invest or buy other altcoins and subsequently, certain ways to make money from crypto. So get your wallets ready and if you have any problems or question on creating a wallet, just read the document again, it is all spelt out here. But if not, send a mail to me @ [email protected]