Crytpocurrency Lesson #1: How To Get Started [Beginner Trading 101]

Things I've learned along the way, so you don't have to.

Welcome to my first post on my new venture into Cryptocurrency! If you are looking for expert advice on what to buy, when to buy it, up to date news on the latest ico's and current market trends that will make you millions, YOU HAVE COME TO THE WRONG PLACE. I am no expert on the subject and would probably lose all of your money if you were to listen to me, so definitely don't do that. Instead, sit back, relax and follow along as I take you into my journey to the unknown, the world of digital currency for the first time. Something I know very little about, but will as time goes on. No mentor, no bias, with no instruction on what to do or how to do it, just learning the hard way, by myself. This should be entertaining.

Crytpocurrency Lesson #1: How To Get Started.

You just heard about CryptoCurrency and want to start investing, now what? Well, get ready to put on your big boy pants because this one gets complicated!

I like to consider myself a relatively smart guy on occasion, but had to take a few days off work to really figure this one out and half way understand it. If anyone says this stuff is easy to understand at first, they are either lying or just that much more smarter than I am (probably the ladder). Any event, here are are a few things that Iv'e learned so far. A few things to know to get you started.

Transferring your USD Into Digital Currency.

The two key coins to know are called Bitcoin and Etherium, which are currently valued at around $2,500 and $300 per coin. Of which fluctuates daily. Remember these two, as most of the things in the cryptocurrency world revolve around them. More often than not, you will need to convert your US Dollars into them to be able trade and buy alternative coins for your portfolio. There are also a few other large coins similar to Bitcoin and Etherium, but these are the only two I've somewhat familiarized myself with. Note: When you buy either of these coins, etc, you can purchase them as a whole coin, or in fractions. For instance, you can buy .01 Bitcoin for $25. ($2500 x .01= $25) Or .0248203 Bitcoin for $62.05 ($2500 x .0248203= $62.05.

Banking.

You will need to have a bank account to transfer your US dollars to your stock exchange of choice. Using these exchanges, you will have the option to deposit using debit card, bank transfer or wire. Debit card typically transfers instantly, Bank Transfer takes up to 7 business days, and wire will typically go through same or next day depending on time of transaction.

Exchanges.

There are several exchanges to trade on, just like Nasdaq and other US exchanges. In no particular order, there is Kraken, Bitfinex, Gemini, Poloniex, Bittrex and many more. The top ranked stocks are typically traded on these larger exchanges, while the smaller penny stocks are traded on the lesser knowns. By clicking the following link, you will be able to find the best stock exchange for the stock you are trying to purchase. https://coinmarketcap.com/. First, click the stock you want to purchase, then click the "markets" tab. This will show you which exchanges currently carry each stock and the volumes traded on each. To my knowledge, you want to trade on the ones with the most volume activity.

Wallets.

Once you buy into an exchange, you want to handle your business and get your money out shortly after. Not using them to store your money, which increases the risk factor of getting hacked or having any other third party complications. You want store your money in places called online Wallets. Types of wallets include online, cloud and offline. Each having distinct advantages and disadvantages . The most convenient are online and cloud wallets while the safest are offline wallets. Just depends how you want to store your money.

Keys

Every time you do a transaction, whether you are buying, selling or transferring, you will be using what is called a Key. Keys technically are passwords that control your money. Because digital currency, is well digital, with no physical properties ever exchanging hands, you will need keys to move your money around, however you choose to do so. Keys look like very long passwords. Lose your keys, lose your money.

2 Factor Authentication

In anything and everything cryptocurrency, you will be recommended to provide 2 Factor Authentication, a third part app that gives you a one time secondary code to be able to access your account. This protects your account from hackers.

Getting Verified.

Once you sign up through an exchange, you will need to get your account verified by supplying them with proper identification. This process typically takes anywhere from a day to three weeks depending on the exchange and how backed up they are. You can't deposit or withdrawal money until you get verified.

How To Purchase Your First Stock.

Step 1: Deposit US currency from your bank account into an exchange.
Step 2: Convert your money into Bitcoin, Etherium or one of the other currencies. Bitcoin is most common.
Step 3: Place a buy on a stock, then sell.
Step 4: Transfer your holdings to your wallet.
Step 5: Either treat yourself to something nice, or get prepared to eat cup of noodle for the month.

Did I confuse you yet? Hopefully not, but this should give you a good idea of how to get started in beginner trading. You now know as much as I do.

If you have more beginner cryptocurrency tips that I left out, make sure to comment them below!

Upvote and Resteem if you enjoyed the blog!

Bryan

About The Author:
*Bryan F., 33 years old, CEO of Lip RipperZ inc (Brands Lip RipperZ and Bass Dynasty).
*Fishing tackle products sold to 1200+ locations around the USA.
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