Pre-requisites: Secure your computer before proceeding! Read the Anonymous Security Handbook
April 2018 update:
Lots of crypto news, links below, will keep this update brief and provide a quick breakdown for first time users
Quick breakdown for Crypto newbies:
1. Create an account with Coinbase (this is my referral link – meaning that once you sign up and spend at least £100 on bitcoin, both yourself and I will receive £10 worth of Bitcoin for free! Once signed up you will also get a referral link so you can then share and promote with your network of friends. Please note that to use Coinbase they will need to verify your ID so will ask for proof of ID and address. You will also need to add a payment method, ie a bank account or credit card in order to purchase your crypto, as well as withdraw it should you wish to sell, currently they are not compatible with Nationwide bank.
You can now purchase Bitcoin, Bitcoin Cash, Ethereum or Litecoin and keep it in your coinbase account. You automatically get a wallet for each above currency when signing up, so if you buy some ETH you will then see that in your ETH wallet and can then choose to transfer that to another wallet if you like, or keep it in coinbase. I always recommend purchasing a physical offline wallet such as the Ledger Nano S (more on that below)
2. If you would like to convert either your BTC or ETH into another crypto currency, you will need to now transfer it out of Coinbase and into another exchange, for first time users we will begin with Binance which is a great exchange and very easy to use.
Once signed up (no ID verification needed), you will need to go to the funds section in the top right, this will display a list of all the currencies that Binance supports, clicking on the “deposit” button to the right of the listed currency takes you to your wallet address for that currency, so you will need to use this address to receive funds into it.
Once funds are received in Binance, lets say its ETH you have transferred, you can now click on the Exchange button towards the top left of the page, click on ETH in the top right above the price of the currencies, you can now click on any currency and at the bottom middle part of the page you will see your buying options pop up, if for example you selected ADA (Cardano) you could now click on 100% and this will show you how much ADA you will get in return for exchanging 100% of the ETH held in your wallet, or you could select 25%, 50%, 75% or specify exactly how much you wish to exchange.
Thats it for the beginners guide, I would say the most important thing is to ensure you have an offline storage device ready before you begin investing as ultimately you do not want to store any funds online in exchanges as they can be hacked.
Recent Crypto News and coin updates:
Check out PoWH3D, click on the car below
From their site ”
Every trade, buy or sell, has a 10% flat transaction fee applied. Instead of this going to the exchange,
the fee is split between all currently held tokens!
10% of all volume this cryptocurrency ever experiences, is set aside for you the token holders, as ethereum rewards that you can instantly withdraw whenever you’d like.
Completely decentralized, Humans can’t shut it down.”
I have tried this and so far the return is better than any mining contract that currently exists.
Feb 2018 update:
Download and install the Revolut app to buy crypto currency commission free! Also exchange fiat currencies commission free…more info on the two vids below:
Jan 2018 update: Latest CPU security breach, read here: https://www.percona.com/blog/2018/01/04/meltdown-spectre-cpu-security-vulnerabilities/
Most people seem to think they have missed the boat if just joining the Crypto party – however there are a number of emerging technologies and currencies that one can invest in and ensure good returns in the future. You can buy currency outright, you can mine it, you can pay someone else to mine it for you, then there’s cloud mining and also spread-betting
First thing you need to do is sign up and purchase some currency which can be done at a number of places, a common and well established place is Coinbase (use this link to receive $10 of free Bitcoin once you purchase $100 worth) – They will require ID to sign up but this is pretty standard as its one of the bigger operators out there, as will be described below it is best practice once you have purchased anything in coinbase, to transfer it somewhere else.
In November the IRS requested information from coinbase customers and some info was released, article here.
GDAX is related to Coinbase and has lower fees, do your research before signing up
Within an exchange you can purchase Bitcoin, Ethereum and other currencies, if say you want to buy some Ripple and it was not available in the exchange you have just purchased some other currency from – you could for example purchase some Ethereum or Litecoin, and then transfer that to another exchange and then transfer that to Ripple.
Exchanges / Wallets:
Cryptopia is a very interesting exchange as it also contains a market place which is a sort of crypto-ebay!
ShapeShift is an exchange that allows you to transfer currency without any account setup!
Any exchange you sign up to be it Coinbase, GDAX, Binance, Bitfinex, Cryptonator etc will all allow you to use a wallet for each currency within that exchange, however this is not recommended as the exchange could get hacked and your wallet emptied, therefore you could store small amounts in various online wallets however the best way to store your currencies is offline in a cold storage device.
The Ledger Nano S – these products work great and ensure you can keep a number of currencies fully encrypted in an offline device that only you can access.
At the time of writing these devices are fast going out of stock, it is not recommended however to purchase one via eBay, they can be purchased direct from the manufacturer although the price has now increased from €65 to €94 and is pre order only.
Currencies / Tech:
A brief list of a few popular currencies to research, check each one out, look at the team who is behind the product, where have they come from? What other projects have they worked on? Have they been successful? What does the new product do? Who has it been endorsed by? Who has invested in the product?
Theses are all the questions you want to ask before investing in a currency. Some sound really interesting with great potential, there are currencies geared towards the online gaming and gambling community, others that offer super fast bank transaction speeds, others that interact with A.I. – understanding what each one does is key as mentioned this isn’t just currency but technology you are investing in. The ones that interest myself are listed below (no order):
Bitcoin – BTC
Ethereum – ETH
Litecoin – LTC
Ripple – XRP
Tron – TRX
Cardano – ADA
Bytecoin – BCN
Naga – NGC
Stellar – XLM
Verge – XVG
Quantstamp – QSP
Bitshares – BTS
Golem – GNT
This basically means you are investing in someone else’s technology to mine currency for you, as you are investing in their business they provide you with a rate of hashing power according to the investment you put it, which then provides you with regular payouts from what you have mined during your contract with them,
Check out Genesis Mining and use this code – 9K5qZG – to sign up and get a 3% discount! At time of writing it seems that most contracts are now sold out and only Monero is available to sign up to, don’t sleep on it, this will sell out soon.
Also popular is Hashflare which allows you to purchase hashing power by sending them BTC as payment and offers generous returns. It is also possible to purchase hashing power by credit card and a range of contracts are available, again do the research before signing up.
Just go into the wallet section, hit add, then add in each currency, how many you bought and at what price, it will then list the current value of each of your currencies in one view, handy!
This was a great show to attend and if your interested in new start ups this is the kind of event you want to be at, its clear to see at such events that Cryptocurrency and Blockchain technology has only just scratched the surface of what is yet to come – with vendors from all sectors of industry including; Real Estate, Medical, Automobile, Art, AI & VR, TV & Film, Social Media platforms and more. One particular stand out sector for me is the gaming industry, already a huge one, the potential when integrated with Blockchain technology is massive to say the least.
Some vendors at the show which looked very interesting to me are listed below:
GPU price rises and low stock – http://www.tomshardware.com/news/ethereum-effect-graphics-card-prices,34928.html
If you happened to purchase some Verge (XVG) and want to use the Electrum offline wallet please watch this guide which is very handy, it basically advises on using the wallet via the Tor browser for it to get a network connection in order to sync the wallet