Pre-requisites: Secure your computer before proceeding! Read the Anonymous Security Handbook
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 isnt just currency but technology you are investing in.
Bitcoin, Ethereum, Litecoin, Ripple, Tron, Cardano, Bytecoin, IOTA, Stellar, Verge, Naga, EOS
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.
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