Crypto for DUMMIES
Well I just jumped into Cryptocurrency (pretty late in the game but there is always a second opportunity) and blockchain after talking w/ few of my friends. Here is my experience with digital currency and how to contribute/distribute cryptocurrencies. This blog is solely based on my experience and is not compliant with any legal digital exchange(s) 🙂
What is cryptocurrency: Designed as an exchange that uses crypto algorithm to secure its transactions. Bitcoin (BTC) was the 1st decentralized cryptocurrency developed and since then there has been a bunch of them in the market. It is a limited entry in a database.
In layman terms, Blockchain provider open decentralized database of every transaction involving money. In future it can be use to pay taxes, transfer money within seconds, and financial fraud will reduce as all the public transaction will be recorded on public ledger.
Every transaction which takes place on a network is a file that consists of the sender’s and recipient’s public keys and the amount of coins transferred. The transaction also needs to be signed off by the sender with their private key.
Cryptocurrency wallets- Wallets are software programs that store your public and private keys and interface with various blockchain so users can monitor their balance and do monetary transactions.
My favorite Cryptocurrency/Tokens:
Ether (ETH) : Ethereum is a decentralized platform for applications. With ethereum, servers are replaced by nodes run by people across the continent. A team developed CryptoKitties and people have started buying CryptoKitties on Ether blockchain. I feel there is more to come and price will reach north of $1000.
Ripple: XRP enables banks to settle cross-border payments in real time, with end-to-end transparency. XRP has jumped a lot with new link to some Japanese credit card companies. XRP has jumped roughly 28,000% in FY 2017. Expecting XRP to reach $5 by end of 2018 😀
There are smaller cryptocurrencies that might have a promising future return for investors. Promising altcoins includes Litecoin (LTC), Stellar (XLM), Cardano (ADA), TRON and IOTA.
How to start:
Coinbase: A user friendly interface to start buying/selling bitcoin, litecoin, ether and bitcoin cash. Other crypto and tokens are not yet supported on coinbase. You can buy thru your checking/savings account or credit card. Credit Card transaction usually takes around 2-3 hours for a purchase but there is transaction fees charged on it. Coinbase is a user friendly interface to get started.
Referral link: https://www.coinbase.com/join/5a1476a9876c4400d91018b3
If you want to save the transaction fee then you can use GDAX to transaction your crypto currency to other interface.
Gdax is a digital exchange coinbase interface- https://www.gdax.com/
Bitstamp: A good interface to buy Ripple (XRP). You can buy XRP using other cryptocurrency and USD. You can also wire transfer or use credit card to purchase XRP. While buying thru credit card make sure that the card is eligible for international transactions and that you are enrolled to the 3D Secure program.
Binance: One-stop services of digital assets. I like binance because of the fact that you can limit order or market order on binance which is not available on coinbase nor bitstamp- https://www.binance.com/?ref=11710066
There are few cryptocurrency trading bots available in the market which fully automate your currencies by trading robots running 24/7. I have not yet used crypto robo advisor.
There are few Cryptocurrency hardware wallet in market as well. These are basically hardware wallet for securing digital payments. Few hardware wallets- Ledger Nano S Cryptocurrency Hardware Wallet, KeepKey: the Simple Cryptocurrency Hardware Wallet
UNCLE SAM!! Don’t forget to pay taxed on virtual currency. More at https://www.irs.gov/pub/irs-drop/n-14-21.pdf
Future: Personally I like the fact that oBike from Singapore are launching oCoing tied to TRON (entertainment ecosystem) token. Bikers will be receiving the oCoins by riding the bike. I am also doing my homework on the use case of health incentives where swashbucklers can earn coins for hiking, biking, skiing and running. They can earn this new coin if they doing any health related activities and it can be integrated to corporate companies as well to generate rewards. Please contact me if you are a developer and interested in this use case 🙂
# Well Google is your friend 🙂
# Check the market cap and circulating supply: https://coinmarketcap.com
# Coin prediction: https://coincheckup.com/predictions
# Great forum for digital currency discussion: https://www.reddit.com
# Search the blockchain: https://live.blockcypher.com
# Crypto described in 4 words: https://techcrunch.com/2017/11/19/100-cryptocurrencies-described-in-4-words-or-less
# iPhone/Driod apps: HODL, Coincap, BTCNews, StickTwits
Gracias and lets watch the volatility of cryptocurrency market in 2018. Please navigate to contact us page and use any social media to get in touch with me to discuss this trending topic.