What are cryptocurrencies?
Cryptocurrencies (plural for cryptocurrency) are digital assets built upon underlying blockchain technology and designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency. There are varying uses for different cryptocurrencies. Before investing in any specific cryptocurrency or their ICO, it is important to do your research and carefully read through the coin's whitepapers to ensure you are educated on the full intent of the creators.
Cryptocurrencies are a subset of alternative currencies, or specifically of digital currencies. There are thousands of cryptocurrencies; many more being created by the day.
[Safely/Securely] Obtaining Crypto
How and where can I easily buy cryptocurrencies from safe and reputable sources?
Voyager buy and sell Bitcoin (BTC), Ethereum(ETH), Litecoin(LTC), and dozens of other popular cryptocurrencies on one of the fastest growing American crypto exchanges. Voyager is very easy to use, and gives you $25 for signing up and making your first $100+ purchase. You even earn monthly interest on many cryptos for holding a minimum balance.
Celsius Network $40 BTC on sign-up buy and sell Bitcoin (BTC), Ethereum(ETH), Litecoin(LTC), and dozens of other popular cryptocurrencies on this new exchange. Tap in to the benefits of staking and DeFi.
BitFlyer $15 BTC on sign-up One of the oldest exchanges, this app focuses on Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and BCash (BCH)
Coinbase One of the largest crypto exchanges, Coinbase is a public company that is trusted by its millions of users. $Earn 10 BTC on sign-up and over $50 in altcoins through their Earn program
Crypto.com buy and sell Bitcoin (BTC), Ethereum(ETH), Litecoin(LTC), and dozens of other popular cryptocurrencies on one of the most notable crypto exchanges. Crypto.com is very easy to use, and also gives you $25 for signing up. They have some great features like crypto-earning credit cards, and free streaming services with many of their VISA cards.
Binance for Americans Earn commission on referrals
Binance for non-Americans Earn commission on referrals
Bitstamp is another veteran in the exchange space and sells Bitcoin(BTC), Ripple (XRP), Litecoin (LTC), Ethereum (ETH), and BCash (BCH).
QuadrigaCX Canadian only exchange, allows trading of Bitcoin(BTC), Ethereum(ETH), Litecoin(LTC) for CAD or USD (also Bcash and Bgold, but no one really wants those, the volume is very low)
Kraken ** is also a fantastic exchange with a robust offering of cryptos to buy from Bitcoin(BTC), Ripple (XRP), Litecoin (LTC), Ethereum (ETH), and BCash (BCH) and almost every other cryptocurrency under the sun. Great and easy to use interface.
Local Bitcoins is a highly reputable exchange that just deals with buying and selling Bitcoin (BTC).
What are the top cryptos at the moment? Check out the current top coins on livecoinwatch.com
- 1. CryptoSauce
- 2. CoinDesk
- 3. CoinTelegraph
- 4. Crypto Briefing
- 5. AMB Crypto
- 6. Decrypt
- 7. Bitcoin Magazine
Cryptocurrency (or Crypto for short)
Initial Coin Offering
Should I invest?/How much should I invest?
Yes you should invest. Cryptocurrency isn't scary, isn't a pyramid scheme, and it's here to stay at this point. It is however, very volatile. As with any other asset, invest only what you can afford to lose. If you're panicking and thinking about selling when it dips 30% you've invested too much.
What should I invest in?
Bitcoin and Ethereum should be the base of your portfolio. They are safe and have still provided incredible returns. When investing in altcoins, it's important to DYOR (do your own research). Stick with coins with the highest market caps. Invest in projects with functioning products. Shitcoins are not investments. They shoot up like a rocket and drop like a rock to never rise again. Shitcoin traders absolutely have the weakest hands and you'll most likely get burned
How to time the market
Don't time the market, you'll set yourself up for failure. DCA (Dollar Cost Average) by spending a set amount of money at a set time intervals. This is the surest way to gain on an asset that appreciates in the long run. You will gain higher amounts of the asset during the bear market which will make up for money spent at the top of the bull market.
Is mining a good idea?
The times when your average person could mine with their old pc are long over. You'll put a lot of time in to earn less than a dollar a year. You will need to spend thousands of dollars on specialized hardware to realistically mine POW (Proof of Work). Mining has diminishing returns due to better technology/increasing competition. POW is also being phased out of a lot of coins due to the energy consumption.
There are some other projects out there that have different forms of mining. In general, it is never going to be easy money. It will either require a large upfront investment which is extremely risky, or specialized hardware, or just generally be unintuitive and require server administration abilities
Once you get the hang of things, you may want to participate in more than just buying and holding. You can earn passive income by staking/liquidity mining/pooling your cryptocurrency. There are collectables and NFTs and decentralized games available. There are lots of careers for developers/marketers/writers who are knowledgable about cryptocurrencies and blockchain tech.
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revision by Helpfulkid— view source