“Bitcoin enables certain uses that are very unique. I think it offers possibilities that no other currency allows. For example the ability to spend a coin that only occurs when two separate parties agree to spend the coin; with a third party that couldn’t run away with the coin itself.” – Pieter Wui (66 points, 14 comments)
Get your Crypto groove on! A Quick Start Guide for Blockchain and Cryptocurrency Newbies
Initial Fiat Conversion Create an Online Exchange account. Preferably an Exchange in your country or State that allows the transfer of Fiat into your account wallet and allows Exchange trading in at least the two major Cryptos – Bitcoin and Ethereum. If no local Exchanges are available, try Coinbase, Kracken, Bithstamp or Coinmama, but be prepared to wait as much as 4 -12 weeks for registration processing. Access to multiple Cyrptocurrencies Create another Online Exchange account with one or more of the top Exchanges that offers most of the cryptocurrencies like Binance, Bittrex, Coinbase, Poloniex, Huobi and GDAX. Some of these examples do not offer initial Fiat Conversion but are known to list many of the hundreds of actively traded Cryptos. Get and Stay Updated Develop a plan to increase your awareness as well as to increase your investing or trading ability. Begin by reading the first whitepaper for Blockchain. https://bitcoin.org/bitcoin.pdf. Stay current about the state of Blockchain Technology and new and existing Companies in this space as well as existing and upcoming Initial Coin Offerings, (ICO’s). Here is a list of sources to use;
YouTube, Google Search and Individual Project or Company websites that you are researching
Telegram, Reddit, BitcoinTalk, Twitter, Stemmit, Linked-In, Blockchain and Cryptocurrency Conferences and Meetups
Utilize sites like Coindesk, Cointelegraph, CoinMarketCap, ICO Drops, Icorating, etc
Find out who are the top 20 Blockchain and Cryptocurrency Influencers and leaders in the field and subscribe to their updates on social media Select your personal Wallet Begin with MyEtherWallet and/or Metamask which you create on your PC or Desktop. Create also a Mobile Wallet using Jaxx, Mycelium, Exodus or other option. Large and significant amounts of funds should be transferred to a Hardware Wallet like Trezor or Ledger
Select your personal Wallet Begin with MyEtherWallet and/or Metamask which you create on your PC or Desktop. Create also a Mobile Wallet using Jaxx, Mycelium, Exodus or other option. Large and significant amounts of funds should be transferred to a Hardware Wallet like Trezor or Ledger Dos and Don’ts
After you have created your personal storage Wallet, practice moving tiny amounts between wallets or on and off an Exchange to get comfortable and avoid mistakes.
Do not store or keep significant amounts of Crypto funds in any online Exchange wallet
DO NOT SHARE YOUR PRIVATE KEYS!
DO NOT STORE YOUR PRIVATE KEYS IN A FILE ON YOUR COMPUTER OR CELLPHONE Invest in a Hardware Wallet like Trezor or Ledger Nano to store your private keys as soon as possible. Some people prefer paper wallets and store them in fire resistant storage, safe deposit boxes and other centralized security options.
Use hardware Wallets for your bulk funds.
In cases where small amounts are stored in ‘Hot Wallets’ on your computer or cellphone, use different Crypto addresses for participating in ICO’s than those used for storage of your funds.
Learn ‘How to Run MyEtherWallet Offline and Locally – There a some excellent YouTube videos demonstrating this in detail
Be on the lookout for fake websites. When visiting any website to open an account or make a transaction or even subscribe for a service, always doublecheck that you are visiting the correct website
Keep an eye out for scammers, fake Social Media accounts, fake Admins on Telegram and other Crypto Forums. Remember that 99.9% of the time NO ONE or Company is really giving away free Crypto
Pay attention in the news for reported cases of Domain Name Server Hijacking or hacked Exchanges
Always Do you Own Research, DYOR - Look for solid projects with experienced Teams and Advisors, a working product or prototype, good Token Metrics, a well-defined Roadmap and community awareness in Social Media
Do not be influenced by market noise or Fear Uncertainty and Doubt, FUD Do not follow any and everyone with a YouTube channel and producing countless Crypto and ICO reviews. There are some solid sources that produce valuable and useful content that should be utilized. Again, remember to always DYOR
Keep it Simple. Stay away from sophisticated trading platforms, derivative and leveraged trading on platforms like IQ Option, eToro, Plus500 and similar brokers with higher than average fees and account restrictions
Do not invest in off-chain stocks of traditional companies trading on one of the exchanges; NASDAQ, NYSE, or OTC that recently acquired or added some asset with the words ‘Blockchain’ or ‘Mining’ in its name and think you’re in the game
Mycelium wallet is one of the oldest wallets in the digital currency world. Launched back in 2008, the wallet has made a name for itself in the ever competitive cryptocurrency industry thanks to ... MyCelium Wallet Review. Let’s start this MyCelium wallet review from the beginning and talk about the inception of the wallet. Inception. Probably one of the company’s most ambitious projects - the MyCelium Bitcoin wallet - was conceived to create an all-around functional, yet easy to use Bitcoin wallet. Mycelium Wallet Review: The Default Cryptocurrency Wallet? Mycelium Bitcoin Wallet is “The Default Bitcoin Wallet”. It is sleek, simple to use, and doesn’t sacrifice features in its pursuit of simplicity. Launched by Mycelium in 2013, it quickly won mobile app of the year by blockchain.info in 2014, and hasn’t looked back since. It ... MyCelium Bitcoin Wallet: Review & Beginners Guide. Steve Walters on May 7, 2019. The MyCelium wallet is one of the oldest and most popular Bitcoin wallets available. It was first released in 2013 as an Android app and was later ported to iOS as well. Interestingly, the team behind MyCelium formed in 2008, before Bitcoin had been created and released. At that time they were a group of hardware ... MyCelium Wallet Review. MyCelium was formed by a group of hardware engineers in 2008. The team was motivated to work with blockchain by the emergence and popularity of Bitcoin over the following years.. MyCelium offers the MyCelium Bitcoin wallet, which provides an accessible option for smartphone users.The app looks to make Bitcoin use frictionless, functional, and help bridge the gap to fiat ... Is MyCelium wallet safe? Is it the question that comes in your mind. In that case, we have prepared this Mycelium Review for you to answer that question which is one of the most asked questions that Bitcoin users may think of before using this wallet.In this article, we will have a quick review of the basic features of the MyCelium wallet that may help users to narrow down their search for the ...
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