A guide to learning about cryptocurrency & how to get started safely buying, spending and making transactions.
What is Cryptocurrency
Crypto, Cryptocurrency or digital currency such as Bitcoin is an encrypted medium of exchange based on blockchain technology, used to regulate the generation of units or coins and verify the transfer of funds. It’s a peer to peer payment system that is independent of any government or central bank. Bitcoin has been called the digital Gold as it can be used as a store of wealth and can also be used as a method of payment, currently beyond the restriction and confiscation of governments. Cryptocurrencies are located on the Blockchain which is a digital ledger of all transactions and holdings in all wallets. The blockchain is located on hundreds or thousands of computers worldwide and therefore cryptocurrency is not located in any specific country, it is everywhere and nowhere specifically.
Cryptocurrency is a relatively new technology and as with all financial investments or speculations, you should not ‘risk’ more than you are prepared to lose. The total Cryptocurrency market cap is now approx. $300 billion which is still peanuts when compared to other financial markets and therefore prices are highly volatile. For perspective here are some approximate figures from between 2014 – 2016, Global stock markets market cap $77 Trillion, Global bonds market cap $100 Trillion, Global derivatives market cap $1.2 Quadrillion! Some say these markets are being manipulated by central banks and are due a massive correction and/or a total global financial crash, which is why I am moving some money into Cryptocurrency. Disclaimer
I’m sure you’ve heard plenty of people insisting Crypto is in a bubble, Why not judge that for yourself – World Markets Visualized
Cryptocurrency of any value can be transferred peer to peer, at any time to anyone, almost instantly at almost no cost. This is why big banks and governments generally do not like the idea and why you will often hear stories on mainstream media about digital currencies being used by terrorists or drug dealers because it is anonymous and therefore ideal for use in illegal trades and money laundering. The fact of the matter is, most digital currencies are not anonymous as such, all transactions can actually be traced via the blockchain and the blockchain cannot be deleted or altered. There are a few cryptocurrencies that are more private than Bitcoin but we’ll cover some of those elsewhere on the site.
Before you start thinking the price of Cryptocurrency is too high and you don’t have the spare money to purchase say, 1 Bitcoin which is currently valued at approx:
Don’t worry, Bitcoin is divisible by 100,000,000 these are called Satoshi. You can start buying crypto with as little or as much fiat money as fits your budget, you simply enter the amount of your currency you want to exchange and you will receive the equivalent amount of your chosen crypto.
Total crypto marketcap
- Market Cap: £217.69 B
- 24h Vol: £44.97 B
- BTC Dominance: 67.88%
Watch some videos (Click here) and learn the basics about a few cryptocurrencies to get you started.
Get started buying Crypto
An easy place to get started, register and verify your account using your passport / driving licence / Photo ID. Connect your bank account and/or debit card to start buying your first Bitcoin, Ether, Litecoin and others within minutes.
Ideal to trade crypto for crypto and fiat if you already have a coinbase account as it’s the same company and the same login details, once registered and verified on coinbase you can trade various crypto pairs on Coinbase Pro.
Start buying cryptocurrency with fiat currency
Binance Jersey is the place to exchange your UK pound or Euro into cryptocurrency, it’s easy to register and verify your account and only takes a few days to connect up your bank account so you can start buying. Once you have your crypto you can easily send it to Binance or any exchange to trade for other cryptocurrencies or to your cold storage Ledger or Trezor wallet (see below) for safe keeping.
Binance is a hugely popular and trusted trading platform that in Q1 2018 made more profit than Germany’s largest bank, Deutsche Bank. Which goes to show how much the crypto market is growing. Binance is easy to use, once you get used to trading platforms, which can be daunting to the newcomer. It also has an app for Android and ios so you can trade on the go.
Buy & Trade crypto
Built for beginners, trade numerous fiat currencies and cryptocurrencies on one platform. With more than USD50 billion in transactions over the past 12 months (as of July 2018) and working to attain a full banking license by the end of 2019 this is one of the lesser known platforms in the UK but is huge and regulated in Japan to cover global trading.
Bitcoin Block reward halving countdown
Litecoin Block reward halving countdown
Protect your Cryptocurrency!
If you have more than double the price of a hardware wallet in cryptocurrency my advice would be to invest in a Ledger or Trezor to protect it. It's never been more important to keep your crypto secure, with the recent news about Intel chips leaving almost all PC's and some Mobile devices vulnerable to hacking and now (it was only a matter of time) a hardware wallet has been compromised by a third party seller and the contents stolen. Both devices below can store nearly all ERC20 Tokens and keep them safe when using through My Ether Wallet.
Always buy direct from the manufacturer.
Store your Bitcoin, Ether, Litecoin DASH and more in your secure offline hardware wallet from Ledger. Hardware wallets do not need to be connected at the time of receiving your crypto, your wallet will update next time you connect it to the internet/Blockchain
Price check and purchase on Amazon but it's usually cheaper & always safer to buy direct from Ledger
Store your Bitcoin, Ether, Litecoin DASH and more in your secure offline hardware wallet from Trezor.
Price check and purchase on Amazon but it's usually cheaper & always safer to buy direct from Trezor
Whether you’re a professional trader or just starting out with cryptocurrencies, Binance offers a wide variety of tools for engaging with digital asset markets. It’s straightforward to buy and sell cryptocurrencies through the Binance exchange, while additional features make the platform capable of handling complex trading operations as well.
Register on Binance to start trading the easy way.
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