crypto for beginners

R

Reeve

Member
Tried silver , seems like a fizzer, (6 years in and I would of done better with lollipops) time for something new.


Had a read of the top threads and didn't find alot. Watching lots of youtube videos but isn't a big help. Trying to figure out how to get into this. Not looking at Bitcoin, rather smaller mobs like Ripple etc. How do I find info about wallets, exchanges etc. Can you buy much in AUD? How hards it to buy and sell?? Threads I should look at? Youtube channels I should look at?

Any help would be great.
 
Maybe you could post it on the thread for the benefit of all willing to enter the community?
Just a thought :)
 
Sign up to multiple exchanges (list: https://www.bestbitcoinexchange.io/), once you have an account you will have a trading wallet, unique addresses for coins available on that exchange. You may have to jump thru some hoops setting up accounts regarding security etc but just get an basic account. I recommend Bittrex. Then you can buy Btc & have it sent there(convert to whatever coin you want) while you download a wallet on home pc.

Advertise wanted on Stackers: https://www.silverstackers.com/foru...trading-thread-september-december-2017.86064/

Or set up an account with a broker with Aussie bank account deposit - CoinJar/CoinSpot & buy there after sending copies of ID to prove identity etc https://www.coinjar.com.au/

Bitcoin calculator to help you work out how much Bitcoin for X amount AUD - https://www.coinspot.com.au/trade/btc

Whatever you buy converts to Bitcoin or Ethereum(ETH) on the exchange.
 
There really is quite a lot to learn and take in especially when you're first getting into all of this

Exodus is an excellent desktop wallet and is what I use too. If you want your crypto offline then look into getting either a Trezor or Ledger Nano S.

Exodus currently holds about 10-15 coins, with plans to add more soon which is great, and you can simply exchange between them within the wallet so it means you don't need to get onto an exchange too

If you want more though then you need to get onto an exchange. There are plenty of exchanges to use such as Bittrex, Binance, CoinSpot etc so just do your own research and see what you like but remember to never leave your funds on an exchange for a long period of time as it's super risky and could you leave you exposed. Ideally, you want to get onto an exchange to trade, then send back to your wallet

Doing your own research is the most important thing. If you really want to get into this and truly understand it all then you need to spend hours upon hours because the more knowledge you gain the better decisions you will make

The crypto world is an extremely fast moving world, so get onto Twitter, Reddit, Medium, forums, YouTube etc and find people to follow, watch and listen too but remember to always make your own decisions.

- Research to understand what crypto actually is. Understanding the tech is super important
- Research what coins you want to invest in and why. Look at the team behind the project, read the whitepaper and road map, look at the market cap and ask yourself if there is actually a need for this and will it have a big impact?
- Watch tutorial videos on YouTube to understand how to use wallets and exchanges
- Safety is paramount - make sure you have 2FA activated on your wallets and exchanges and avoid linking/using your Mobile phone
- Research research research, go nuts on google and find good information.

Southerncross was awesome to me when I decided to get into this about 5-6 months ago - I annoyed him with all sorts of noob questions and he was always willing to help :)
 
awesome info fellas, just what i've been looking for.

I've set up exodus and have registered on a couple of exchanges but am unsure about sending all the info required for verification.

I take you guys using the exchanges have all verified your accounts???, sending licence pictures and utility bills and whatever else they require, im just a little concerned about how secure this info is, or am i just being paranoid.

ive set my accounts up with 2fa, and see when i log on i get emails confirming i logged on, so im not really concerned with the security of that part, just all my info sitting somewhere
 
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Be aware if using Coinspot to purchase alt-currencies that once you withdraw them they can’t be deposited back into Coinspot.
 
Brad_886 said:
awesome info fellas, just what i've been looking for.

I've set up exodus and have registered on a couple of exchanges but am unsure about sending all the info required for verification.

I take you guys using the exchanges have all verified your accounts???, sending licence pictures and utility bills and whatever else they require, im just a little concerned about how secure this info is, or am i just being paranoid.

ive set my accounts up with 2fa, and see when i log on i get emails confirming i logged on, so im not really concerned with the security of that part, just all my info sitting somewhere
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Yeah I don't love it myself, having to send them drivers licences, selfies etc but it seems to be pretty standard

mmm....shiney! said:
Be aware if using Coinspot to purchase alt-currencies that once you withdraw them they can’t be deposited back into Coinspot.
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Good point to raise. You can buy any of the available alts on CoinSpot and either leave them in the wallet there, or transfer them out to your own personal wallet, but the only coins you can actually send into Coinspot are BTC, LTC and Doge

Personally, if I ever need to cash out into fiat I will just convert everything into LTC (via Exodus) and then send it into CoinSpot to withdraw to my bank account
 
Very new to the crypto world and wondering what the more seasoned people’s thoughts are on Ripple? From my research it seems to be very different to BTC, have some practical uses in international markets, and be backed by some significant people and companies.. just interested in any opinions as to whether it could be a boom or bust relative to other cryptos in the coming months?
 
Personally don't like ripple , the company hold way to much Xrp themselves. Something like 60% is not available to the market.
 
Ripple has a huge supply. It is a debt-based instrument, based on IOUs. Plus, you can use Ripple without needing the Ripple tokens.

Disclosure: I hold some Ripple from 4 years ago (some from when they were giving it away early on, plus some extra I bought). I haven't been bothered working out how to transfer them or sell them, but I'm not interested in buying more.
 
ripple is a centralised banking token, however price doesnt seem to follow ability in the crypto market.
 
IMO ripple is quite promising although relatively unloved in the crypto sphere due to its link with banks. But because of that I find it makes it an attractive proposition as banks tend to get onboard stuff that makes them money in the long run.
At least worth having some exposure to it IMO as part of a diversified portfolio of cryptos.
 
Silverman99 said:
Anyone getting into Eos as this has been a big mover in the past few weeks
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I have bought some in the crowd sale, but not as big a position as I would like because it was overpriced IMO for the stage it was at. I should have bought a lot more when it dropped to the 70 cent range.
 
Silverman99 said:
Anyone getting into Eos as this has been a big mover in the past few weeks
Click to expand...

I'd take a real good look at the fine print with Eos, was tempted a while back but what they are selling as the end product, and what people are buying now are two separate things it would seem.
 
southerncross said:
I'd take a real good look at the fine print with Eos, was tempted a while back but what they are selling as the end product, and what people are buying now are two separate things it would seem.
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Yes, the current sale is a token sale that runs for close to a year. Once that is over, holders must claims their tokens by assigning a key. Those claim addresses will then form the genesis block of the new blockchain when it is launched next year. There will be no mining or supply after that, as far as I am aware, so the only way to get a stake on the new blockchain is in the token sale.

There is of course the danger that you buy them now and forget to go through the claim process and miss out on inclusion in the new blockchain.

There are precedents of similar mechanisms of a pre-launch token on other graphene-based chains, for example, PeerPlays and Muse.
 
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