How Do I Get Started in Cryptocurrency? Jumpstart Guide

in #bitcoin4 years ago

Getting Started with Bitcoin and Cryptocurrency

This is a guide that I have created for complete newbies to cryptocurrency. Show this guide to your friends and familiy who may be interested in getting involved in the market. This guide is mainly created for those living in the United States but has some general information that can likely apply to anyone. It's overall just a quick read that should give you a basic understanding of crypto and how to get started. I will continue to post more guides with more advanced things depending on feedback.

What is Cryptocurrency? Why is everyone talking about it?

Cryptocurrencies are digital assets similar to gold or silver. The first and most popular of these is Bitcoin. Bitcoin was created to decentralize financial transactions. There are many other cryptocurrencies but the market is largely based around Bitcoin. The explosive growth of the market has made alot of early investors alot of money and attracted many new ones as well.

Bitcoin is the currency with the largest market cap and is available to exchange with nearly any other currency. The down side to Bitcoin is that it's tranaction fees and speed can sometimes make transactions more difficult than they should be. Bitcoin is a good place to start in cryptocurrencies and then look into other options.

If Bitcoin is gold to the cryptocurrency markets, Litecoin is silver. Although there are many differences between Litecoin and Bitcoin the main ones are that it's cheaper and faster to send transactions. Litecoin however is not as widely traded as Bitcoin although it is typically a better alternative.

Ethereum is another leader in the cryptocurrency market that serves as a digital asset but also as a platform for decentralized applications. This is what separates Ethereum from an asset like Bitcoin or Litecoin its ability to essentially decentralize the internet in the way Bitcoin is looking to decentralize money.

How do I buy cryptocurrency and what do I do with it?

In order to buy cryptocurrencies you first need to get your cash (USD) into the market. For people based in the United States the two best options for this are Coinbase and Gemini. Both of these sites will require you to verify your identity and bank account in order to put money into the market or withdraw funds out. Coinbase is generally the easiest to use for people new to crypto. As you grow and learn more you may want to explore other options and Gemini is also a great choice. Once you have your money into the market you can do alot of things with it. You can invest in a new startup project in hopes of future returns on your investment. You can use your coins to conduct your own financial transactions. Or you can simply hold them. The choice is up to you.

This is one of my first official Steemit posts so I'd appreciate some feedback. I hope to add to this guide over time with more information. Add some ideas of other things that you would like to see here as well.

Share this guide with someone.

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Can you put your US dollars directly into GDAX, or do you have to start with Coinbase?

Yes, you can put money directly into GDAX via bank wire or bank transfer. I believe GDAX still requires you to sign up for Coinbase.

Thank you. I have been telling newbies to start with Coinbase, and then immediately add GDAX to avoid the fees. Wanted to make sure that is correct.

Dear taxkellerman,
Nice work. Educate the uneducated so they can benefit as well.
Yours truly,
Gandalf The White!

Thanks for the feedback I appreciate it.

You are welcome my friend!

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