Happy 2018! If you are like most of the world you are spectating on the Crypto Currency market. While the mass media focuses on Bitcoin and its price there is much more to this space and plenty of money to be made. With this guide I will explain how to get started in the crypto market and hopefully make some money!
What is the Blockchain?
This is a term you will hear more and more in 2018, it is the groundwork that all of these crypto currencies are built on. According to Investopedia: “A blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. Constantly growing as ‘completed’ blocks (the most recent transactions) are recorded and added to it in chronological order, it allows market participants to keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) gets a copy of the blockchain, which is downloaded automatically.”
Basically it is a ledger of chronological information that can never be altered, it has many uses with only the very basic as a transaction ledger like with Bitcoin.
How to Get Started:
The easiest way to purchase into the Crypto Currrency market is to download the Coinbase App or use coinbase.com. This is an effortless process to purchase into Bitcoin, Etherium or Litecoin. Bitcoin Cash is also available but is absolute garbage, I would not recommend that route. To invest in the “Alt-Coins” like Ripple or other coins often mentioned in the news, I recommend opening a Binance.com account. Once you have that account is when the fun begins!
To fund Binance;
purchase etherium in Coinbase (account page, small arrow in top right hand corner)
send the etherium to Binance. Go to funds, deposit, select etherium and type the address into coinbase.
This process takes about 15 to 20 min so do not panic if it is not instant.
Once funded you can trade ETH into any of the other coins.
Over the next few weeks I will start breaking down certain coins and giving recommendations based on my research. I will always disclose if I own a certain coin I am talking about.