Cryptocurrency Knowledge
Greetings. There are plenty of opportunities in the crypto community to earn more currency with the fiat you invest. Beware that all platforms you invest in over the internet are all risk. Remember when dealing with cryptocurrency you are the bank. Meaning that you should take every precaution there is to secure your currency. Never give out passwords to anyone and as tempting as it can be never tell people your earnings no matter how safe you think you are. This could make you a target for being hacked or maybe someone in person will try to steal from you. I've read and heard stories from both sides.
When investing into these crypto platforms there are a few things that should be taking into consideration. Security should be a major concern before you chose to invest into these platforms. If the platform of your interest does not have a 2 step verification option this should be a red flag for you. 2 step verification also known as 2FA is a app that can be downloaded onto your cellular device or computer. The 2FA generates a new password for you every 20 to 30 seconds. Make sure once you download the 2FA app to copy the password phrase the app assigns to you which can be used to recover the stored information you have linked to the app for each individual platform you sign up for. This pass phrase is usually a group of words and numbers used to recover the 2FA app just in case you uninstall the 2FA app, damage the device holding the app or you lose the device. I recommend storing your password phrases in multiple places. Perhaps a sandisk, external hard drive, notebook, or any device you use that NEVER connects to the internet. Other security options may be available such as an email verification, text or call verification to your cellular device. Some platforms such as wallets generate a group of password phrases to be copied by the user during the initial setup. Like I mentioned earlier store these password phrases somewhere safe. If you do not copy or lose your password phrases your funds which could be hundreds to thousands could be lost forever if you uninstall or damage the device that you're using to hodl the crypto currencies on.
There are a few places to store your crypto currencies and I'll try to cover the ones that I know. If you are a long term hodler and you don't plan to swing or day trade it is highly recommended that you store your crypto currencies on a offline hardware or software wallet. There are hardware wallets such as Trezor, Ledger Nano, or Keep Key. Software wallets can be downloaded from the website of the crypto currency you're interested in hodling. There are also other wallets available such as Exodus and Coinbase which has a selection of more then one crypto currency to hodl. Another option is to create a cold storage paper wallet. I've never used a paper wallet before and have little knowledge on doing so. If you are interested in a cold storage paper wallet and would like to learn more about it there is plenty of information on how to do so available on steemit. If you are interested in purchasing a hardware wallet make sure to research if the wallet can hodl your crypto of choice. If you choose to download a software wallet make sure to copy the private keys, back the wallet up using a sandisk or external harddrive, and store the wallet offline on a device that never connects to the internet. Some software wallets give you the option to stake your coins and earn different percentages depending on how many coins you have staking and how long you are staking them for. Staking requires you to leave you wallet open and you will also need internet access for this process. Staking percentages may be different for each alt coin with the staking option.
There are many platforms to purchase crypto currencies on. Before using these platforms one should understand the high risk that all of these platforms carry no matter how many password protections you have enabled. I believe any of these platforms can be hacked or shut down at any given time for what ever reason. When investing into crypto currency one should only invest what will not hurt you financially if the platform goes through any of those scenarios. Exchange platforms can be used for trading currencies paired through BTC, ETH, and USDT. Day and swing traders will take the high risk at leaving what ever amounts they are comfortable with to trade back and forth between different currencies on these exchange platforms. If you are interested in day or swing trading I recommend you learn as much information as possible on those topics before doing so. The wise day and swing traders usually hodles sufficient amounts else where offline. I recommend when getting involved with trading to never go all in on one currency. It is always good to have a nice spread with your investments. I usually have a portion invested into BTC and the rest invested into alt coins. When BTC starts to fall into a bear state I remove my funds from BTC and switch over to USDT. Once I've done my research and technical analysis and I feel as if BTC may go on a bull run I simply remove my funds from USDT investing them back into BTC. This process helps me gain more value for my satoshi on top of what I've already earned from them during bitcoins last bull run. The same process can be done with alt coins if you are hodling on a exchange website. If you can predict that your alt coin or coins are about to go into a bear market you can simply trade them into BTC or ETH which can be switched to USDT just in case the WHOLE market is in a bear state. If the whole market isn't at risk and BTC or ETH is rising you are safe hodling your alt coin earnings in those two currencies or perhaps another alt coin. Everyone has there own strategy. Please trade at your own risk. Before investing in any coin one should always look up the the coins information on the market cap and view the maximum supply, circulating supply, volume and the market cap for that particular coin. Also check out that coins webpage to see what the coin has to offer to the world. The website may also contain a chat or multiple chat options for the coin which could also be helpful for learning new information about that coin. This will help you get an idea on if the coin has a bright and promising future ahead.
Initial coin offering is another way to gain profits in the crypto community. This is a big risk to invest in. As always please do research before investing. When investing into a ICO you have the opportunity of buying the currency cheap before it gets to any exchange platform. These coins go through a number of processes over weeks to months and as time goes on they increase in value. Once the coins reach the exchange stage usually the coin can sell between 3x to 6x the amount of the initial coin offering possibly more. I heard and read stories about ICO scams taking people money. So be careful if you invest. Only invest what will not hurt you in any way if you end up at a lost.
Over time I have ventured into mining crypto. At this moment I currently have contracts through two cloud mining websites. Fortunately I've broke even on my investments meaning all funds that I am receiving now are all profits. This too is a big risk. I invested knowing that I was taking a chance and that any of these websites could shut down at any time. Cloud mining is done through a company with a a website that allows you to invest into there hardware giving you a daily percentage depending on how much hash power you've invested in through the contract for that particular crypto currency of your choice available on the cloud mining website. The payouts you receive can be transferred to a wallet or exchange platform. Some cloud mining platforms give you the option to reinvest your payouts. If you are interested in cloud mining leave a comment and I will surely get back to you. I have referral links that will give you a discount and also help me out as well. Over the next two to three months I am looking forward to building my first GPU mining rig. I will be sure to post my experience and walk through steps with my setup. I'm also thinking about ant mining depending on the difficulty levels. Before I start ant mining I'll wait a while to see if any new hardware becomes available for purchase.
Say no to lending programs. I invested into bitconnect and was able to withdraw over 60% of my investment over time because I didn't reinvest all of my earnings before they pulled the scam. Once they gave everyone bcc coins I was able to sell them a little over 40 dollars a piece which put me over 70% from my initial investment. I knew the risk I was getting myself into when I signed up. There are a number of other lending platforms available but I'm staying away. I make out with more profits trading on exchange platforms. Bitconnect wasn't the first platform to scam people. I'm not here to bash bitconnect even though what they did was wrong. I hope those people who lost life savings and other funds are able to recover. These type of scams make the crypto community look bad. Its bad enough we have pump and dump groups on exchange platforms along with the trading bots.
This is not financial advise. I am not a professional. My blogs are based on my personal experiences. I hope to inspire and enlighten others who are interested in helping the crypto community grow. Just remember to have fun throughout your experiences and learn as much as you can. I'm continuously learning more and more information. Information is key and it is available to us in abundance. I must say this again please invest wisely and only invest what will not hurt you emotionally and financially if you end up at a lost. If any one has any information for me to include please comment and I will do so. If I've made a mistake some where please bring it to my attention and I will make the changes if needed. Thank you for reading my blog. Good luck out there.
lil tip - center your images ;)
Thank you. Corrections are made.
Coins mentioned in post: