The Beginner’s Guide to Crypto Currency: A basic but in depth guide to creating a crypto wallet and investing a small amount of money into buying crypto currency.
The Beginner’s Guide to Crypto Currency: A basic but in depth guide to creating a crypto wallet and investing a small amount of money into buying crypto currency.
Introduction
When I first heard about Bitcoin around 2011, I thought it was a joke. I never imagined that people would be willing to buy cryptocurrencies at the prices they do today. Since then many other cryptocurrencies have come out, with some going up in value by over 3000% in a very short period of time. While Bitcoin was the first cryptocurrency, there are now over 1000 different ones and more coming out every day. With all of the new cryptocurrencies coming out it can be very overwhelming when trying to decide which one is worth investing money into. This article will explain how you can start your own investment portfolio on cryptocurrencies without having to spend thousands on learning everything there is to know about this new technology.
The Beginner’s Guide to Crypto Currency: A basic but in depth guide to creating a crypto wallet and investing a small amount of money into buying crypto currency.
By Mark Fuge – November 8, 2019
In this guide I will be walking you through the steps to create your own Crypto Currency wallet and make your first investment.
What is Crypto Currency?
Crypto Currency is a digital form of currency that can be used to purchase goods, services or traded with other currencies. The most well known of these currencies is Bitcoin and it has been around since 2009. Since then there have been many more crypto currencies released each varying in their purpose.
Since there are so many different types of crypto currency I will only focus on Bitcoin within this guide as it is the most common and easiest to buy.
If you are interested in learning more about the different coins available I suggest visiting coinmarketcap.com to find out more information on them.
Cryptocurrencies are a new and exciting market that is growing fast. Although it is relatively new and some would say risky there is plenty of evidence to suggest that now is the time to invest. If you look at the prices of cryptocurrencies over the past 2 years, you will see a huge increase in value for many of them, especially Bitcoin which has risen from $10 per coin to $1100 in just two years! The price of bitcoins is volatile, so if you are interested in investing in crypto currencies then it is best to buy when the price is low.
In this guide I am going to show you how to create a crypto wallet and buy your first coins in less than 10 minutes. It really is that easy!
So before we start I just want to make sure that everything I’m about to show you can be trusted. I’ve done research myself about each website and app that will be mentioned here and shown to be safe and completely secure.
Let’s get started…
Crypto currency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions, to control the creation of additional units, and to verify the transfer of assets. The decentralized control of each cryptocurrency works through distributed ledger technology, typically a blockchain, that serves as a public financial transaction database.
Bitcoin, first released as open-source software in 2009, is considered the first decentralized cryptocurrency. Since then, over 4,000 altcoins (alternative variants of Bitcoin, or other cryptocurrencies) have been created.
Cryptocurrency tokens are generally based on the blockchain of the particular cryptocurrency that is designed for a specific use. Ethereum’s smart contracts use blockchain stored applications for contract negotiating and facilitation. The benefit of these contracts is that the blockchain provides a decentralized way to verify and enforce them.
The downside to cryptocurrencies is that by nature they are not regulated by any central authority like banks and governments which means that if you lose your crypto funds there is no entity that can help you get them back! This is why it’s so important to keep your crypto wallet safe so that your crypto funds cannot be stolen or lost by hackers. Due diligence must be practiced when choosing a wallet to ensure you do not fall victim to fraud or theft
This guide is for those of you who want to buy your first crypto currencies or invest a small amount of money into the crypto currency world. I will try to keep this guide as simple and nontechnical as possible. If you have any questions please feel free to message me!
What is a wallet?
A wallet is a place to store your crypto currencies. There are many different types of wallets out there, but I will be focusing on web wallets because they are the easiest type of wallet to use.
The most popular web wallets are:
Jaxx
Exodus
Coinbase (not recommended)
MyEtherWallet (not recommended)
Personally, I recommend either Jaxx or Exodus because they support both Bitcoin and Ether and are very user-friendly. Also Exodus is 100% free and Jaxx has a one time fee of $5.00 (you can also get Jaxx for free but you have to watch ads).
What is a Bitcoin wallet?
A bitcoin wallet is simply a place where you can store your bitcoins. You can keep it online, on your computer or even use paper wallets for offline storage. The most popular way to store bitcoins though is to use an online wallet. All the exchanges and websites will provide you with one of these wallets so that you can trade easily.
There are a lot of different wallets you can use but the most popular ones are Coinbase, Electrum and Blockchain.info. These are all free to use and there are no hidden fees when withdrawing your coins from them however transactions between wallets take a small fee of around 0.0005 BTC which is pretty standard in the market.
Once you sign up for an account in one of these wallets, you will need to verify your identity through documents such as passport, ID card or driving license before they allow you to buy bitcoins or deposit money into your wallet. This process normally only takes around 5 minutes and once approved you’ll have access to your very own Bitcoin wallet!