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Everything You Need To Know About Cryptocurrencies In 2018 by Otutuama: 3:21am On Oct 26, 2018 |
There’s now over 1300 cryptocurrencies on coinmarketcap.com, and dozens of exchanges, and many layers of technologies to understand. The crypto world can be quite overwhelming for newcomers, and it takes plenty of time and research to understand how to get started, and to avoid costly mistakes. I’ll attempt to breakdown the basics and the major things every investor should know, including what crypto wallets are and how to use them, how to trade, where to trade, what to look for in good projects, and general advice that I’ve personally learned from investing in this space since the beginning of the year. Getting started with cryptocurrencies ? Here’s the topics I’ll cover in this article: Wallets Wallets are like bank accounts for your tokens. I’ll go over all the major types of wallets and how to use them. Exchanges How to send money to get started on popular exchanges. Trading How to start trading, and things you should understand about the crypto markets. Managing your portfolio Apps to help you get a better understanding of your gains & losses, and how to watch tokens and prices. Security & safety Tips on maximizing security for your holdings, best practices, and how to avoid phishing scams, etc. Common mistakes Costly mistakes you should avoid. General tips & advice Advice that I’ve found helpful from my own experiences, from trading, to research, etc. Resources Useful resources to learn more about the disruptive technology behind cryptocurrencies, keep up with crypto news, communities to engage in, and more. Wallets Wallets are like your crypto bank accounts, and different wallets store different tokens. To trade any crypto currency, you first need a wallet for to store them, ie: Bitcoin needs to be kept in a Bitcoin wallet. Wallets are exactly like they sound, they’re like a crypto bank account. How to get a wallet The easiest way is to sign up to an exchange that allows you to buy, trade, or sell cryptocurrencies, they allow you to generate a wallet for every token that they trade, even if you don’t own any. Coinbase for example, gives you a wallet for Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Crypto Wallets don’t actually hold anything, unlike a physical one. An important thing to understand is that wallets are simply a secure “window” into the blockchain so you can view your records and transactions. Think of it like Gmail, where your wallet is your Gmail login and password, but you’re not actually storing the emails yourself, you’re simply accessing it. Your tokens and transactions are saved on a blockchain, which is distributed across a vast network. So it’s always there, no matter if you lose your wallet. You just won’t be able to access or do anything with the tokens without your wallet. How to send and receive tokens between wallets Every Wallet has its own unique address, so if you trade on 3 different exchanges, you will have a different Wallet and address for each exchange, for each token. Think of them as a different website address or URL. Wallet addresses are currently a very long string of characters, called a hash. Click this link below to see the complete article.... https://enterschools.com/how-to-get-started-with-cryptocurrencies/
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Re: Everything You Need To Know About Cryptocurrencies In 2018 by Otutuama: 3:23am On Oct 26, 2018 |
Cyptocurrencies is the future |
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