Getting started with bitcoin

Bitcoin Mining Guide — Getting started with Bitcoin mining

Bitcoin mining is difficult to do profitably but if you try then this Bitcoin miner is probably a good shot.

How Bitcoin Mining Works

Before you start mining Bitcoin, it’s useful to understand what Bitcoin mining really means. Bitcoin mining is legal and is accomplished by running SHA256 double round hash verification processes in order to validate Bitcoin transactions and provide the requisite security for the public ledger of the Bitcoin network. The speed at which you mine Bitcoins is measured in hashes per second.

The Bitcoin network compensates Bitcoin miners for their effort by releasing bitcoin to those who contribute the needed computational power. This comes in the form of both newly issued bitcoins and from the transaction fees included in the transactions validated when mining bitcoins. The more computing power you contribute then the greater your share of the reward.

Sometimes you may want to mine a more volatile altcoin like MWC which is superior for scalability, privacy, anonymity and fungibility by utilizing MimbleWimble in the base layer.

With mainnet launching in November 2019 it has risen from $0.22 to over $8.00 in its first two months.

Step 1 — Get The Best Bitcoin Mining Hardware

Purchasing Bitcoins — In some cases, you may need to purchase mining hardware with bitcoins. Today, you can purchase most hardware on Amazon. You also may want to check the bitcoin charts.

How To Start Bitcoin Mining

To begin mining bitcoins, you’ll need to acquire bitcoin mining hardware. In the early days of bitcoin, it was possible to mine with your computer CPU or high speed video processor card. Today that’s no longer possible. Custom Bitcoin ASIC chips offer performance up to 100x the capability of older systems have come to dominate the Bitcoin mining industry.

Bitcoin mining with anything less will consume more in electricity than you are likely to earn. It’s essential to mine bitcoins with the best bitcoin mining hardware built specifically for that purpose. Several companies such as Avalon offer excellent systems built specifically for bitcoin mining.

Best Bitcoin Cloud Mining Services

Another option is to purchase in Bitcoin cloud mining contracts. This greatly simplifies the process but increases risk because you do not control the actual physical hardware.

Being listed in this section is NOT an endorsement of these services. There have been a tremendous amount of Bitcoin cloud mining scams.

Hashflare Review: Hashflare offers SHA-256 mining contracts and more profitable SHA-256 coins can be mined while automatic payouts are still in BTC. Customers must purchase at least 10 GH/s.

Genesis Mining Review: Genesis Mining is the largest Bitcoin and scrypt cloud mining provider. Genesis Mining offers three Bitcoin cloud mining plans that are reasonably priced. Zcash mining contracts are also available.

Hashing 24 Review: Hashing24 has been involved with Bitcoin mining since 2012. They have facilities in Iceland and Georgia. They use modern ASIC chips from BitFury deliver the maximum performance and efficiency possible.

Minex Review: Minex is an innovative aggregator of blockchain projects presented in an economic simulation game format. Users purchase Cloudpacks which can then be used to build an index from pre-picked sets of cloud mining farms, lotteries, casinos, real-world markets and much more.

Minergate Review: Offers both pool and merged mining and cloud mining services for Bitcoin.

Hashnest Review: Hashnest is operated by Bitmain, the producer of the Antminer line of Bitcoin miners. HashNest currently has over 600 Antminer S7s for rent. You can view the most up-to-date pricing and availability on Hashnest’s website. At the time of writing one Antminer S7’s hash rate can be rented for $1,200.

Bitcoin Cloud Mining Review: Currently all Bitcoin Cloud Mining contracts are sold out.

NiceHash Review: NiceHash is unique in that it uses an orderbook to match mining contract buyers and sellers. Check its website for up-to-date prices.

Eobot Review: Start cloud mining Bitcoin with as little as $10. Eobot claims customers can break even in 14 months.

MineOnCloud Review: MineOnCloud currently has about 35 TH/s of mining equipment for rent in the cloud. Some miners available for rent include AntMiner S4s and S5s.

Bitcoin Mining Hardware Comparison

Currently, based on (1) price per hash and (2) electrical efficiency the best Bitcoin miner options are:

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Getting started with bitcoin

Are you new to bitcoin and cryptocurrencies? Read on for some simple guides and resources designed to get you started.

New to Bitcoin?

Browse the Bitcoin beginners’ guides below, and start your journey into the world of cryptocurrency. No matter your current level of knowledge, these guides can get you up to speed on the subjects that matter to you.

Learn the basics

Get a simple introduction to Bitcoin and why it matters

Learn the basics

Get a simple introduction to Bitcoin and why it matters

How do I receive bitcoin?

To receive bitcoin, simply provide the sender with your address. You just need to make sure you’re providing the right one.

How do I receive bitcoin?

To receive bitcoin, simply provide the sender with your address. You just need to make sure you’re providing the right one.

How do I buy bitcoin?

Learn how to get your first bitcoin in minutes

How do I buy bitcoin?

Learn how to get your first bitcoin in minutes

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What is Bitcoin?

Bitcoin is based on the ideas laid out in a 2008 whitepaper titled Bitcoin: A Peer-to-Peer Electronic Cash System

How do I sell bitcoin?

Learn how to sell bitcoin into local currency safely

How do I send bitcoin?

Sending bitcoin is as easy as choosing the amount to send and deciding where it goes

How do I keep my bitcoin safe?

Make sure your digital assets are safe with these simple tips

How do I create a Bitcoin wallet?

Creating a Bitcoin wallet is as easy as installing software on your mobile device or computer

How do crypto wallets work?

Do you need a custodial wallet or non-custodial? How can you protect your funds?

How do crypto exchanges operate?

How safe is it to store your crypto on centralized exchanges?

How is bitcoin taxed?

Learn the basics of bitcoin and other cryptocurrencies taxation

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Getting started with bitcoin

Are you new to Bitcoin and cryptocurrencies in general? Scroll down for some simple guides and resources designed to get you started.

What is Bitcoin?

Bitcoin is a new type of digital money and, just like with all money, you can store it, exchange it, and make payments with it. The key to what makes Bitcoin different from national currencies like the US Dollar, the Euro or the Japanese Yen lies in its decentralized structure and opt-in model. What does that mean? With centralized ‘fiat money’ (literally money by decree), currency is issued by central banks, and citizens are forced to use the money of their nation. With the exception of cash (which is becoming increasingly rare), transactions are made through intermediaries like banks and payment gateways. Bitcoin, by contrast, is an opt-in currency that is controlled by the ‘consensus’ or the will of its users. It consists of a growing network of people who voluntarily agree to the rules of the Bitcoin protocol. They use decentralized infrastructure to make transactions on a peer-to-peer basis and to store value independently of any government, company, or financial institution. There’s no need to ask for permission to use Bitcoin, and there’s no risk of being cut off from the system. Importantly, the system itself is headless and distributed globally, making it both resistant to corruption and extremely durable.

What gives Bitcoin value?

Bitcoin has value for two key reasons:

1. Thanks to its features, some people find it useful as a way to store and exchange value.
2. Because a group of people agree it has value.

Historically, people have used everything from seashells to bottle caps as money, but arguably the most enduring form of money is gold. Why?

People settled on gold thanks to its rarity, its durability, and its divisibility. These features made gold useful as a method for storing and exchanging value.

Bitcoin is often compared to gold because it has similar characteristics. Namely:

1. It has a limited supply. There will only ever be 21 million bitcoins.
2. It’s easily divisible. You can divide one bitcoin into 100 million pieces.
3. It’s durable. A huge globally distributed network of independently operated computers tracks Bitcoin ownership. This ensures that no bitcoin is lost.

Beyond this, Bitcoin has a few other important features which allow it to bring gold’s monetary properties to the modern digital era. These are:

1. It’s easy to send bitcoin. Sending any amount of bitcoin to anyone in the world can be done in minutes and with a 100% guarantee of security. It’s almost like sending an encrypted email.
2. It’s easy to verify the authenticity of bitcoin. Actually, it’s effectively impossible to transact with fake bitcoin.

Thanks to the utility of gold, the gold ‘network’ — to use a modern term — grew over time until gold became almost universally accepted as having value. Although Bitcoin, which started in 2009, is much newer than gold, Bitcoin’s network efforts benefit from the scale and speed of the modern Internet. The number of people who place value in Bitcoin has grown at an exponential pace since inception to the point that Bitcoin’s value is now closing in on gold’s — and that may be just the beginning.

How do I create a Bitcoin wallet?

A Bitcoin wallet is a tool for interacting with the Bitcoin network. Use it to buy, sell, send, receive, and trade bitcoin. Making a Bitcoin wallet is as easy as downloading an app.

How to buy and sell bitcoin?

• Apps like the Bitcoin.com Wallet.
• Websites like Buy Bitcoin.
• Exchanges like the Bitcoin.com Exchange.
• Peer-to-peer services like Bitcoin.com Local (BCH only).

How to send bitcoin?

Sending bitcoin is as easy as choosing the amount and deciding where it goes.

How to receive bitcoin?

Receiving bitcoin is a simple matter of providing the sender with your Bitcoin address.

How does a bitcoin exchange work?

Bitcoin exchange is the process of trading bitcoin for local currencies, goods or services, or other cryptocurrencies. Your options range from peer-to-peer exchange to giant centralized exchange services that resemble a stock trading account.

Bitcoin debit cards

Bitcoin debit cards are a convenient way to spend your bitcoin.

What are the tax implications of using Bitcoin?

Whether you’re investing in Bitcoin, getting paid in bitcoin, or just using bitcoin to pay for goods and services, you need to be aware of the relevant tax laws in your country. In some regions, you may be exempt from taxation altogether. In others, onerous tax laws require you to track every transaction. Luckily there’s a growing variety of tools that help you comply with the tax laws in your country. We recommend TokenTax, which is a crypto tax software platform and crypto tax calculator that vastly simplifies the process. It helps you connect to exchanges, track your trades, and automatically generate crypto tax reports regardless of your country of residence. Read more:

What is Bitcoin mining?

Bitcoin mining, which is the process of ‘minting’ (creating) new bitcoins, is an essential component of the network’s system for arriving at consensus (agreeing to the ‘truth’) without relying on a centralized authority. Mining is also critical for ensuring the security of the network.

What’s a non-custodial Bitcoin wallet?

Bitcoin wallets can be divided into two categories:

• Custodial. This means the wallet provider has access to your bitcoin.
• Non-custodial. This means the wallet provider doesn’t have access to your bitcoin.

Whether the wallet provider has access to your bitcoin or not has a number of important implications. We recommend you always keep your digital assets in a non-custodial wallet like the Bitcoin.com Wallet.

Read more: Understand the pros and cons of custodial vs. non-custodial Bitcoin wallets.

How does Bitcoin governance work?

Bitcoin is not a static protocol; it can and does evolve over time as needed and in response to its environment. The process for making improvements to Bitcoin, which is known as ‘Bitcoin governance,’ includes both formalized procedures and a form of decision making, known as ‘rough consensus,’ that derives from open-source software development cultures. However, it’s important to keep in mind that Bitcoin is a headless organization. It is ‘owned’ — if we can use the term — by the sum total of all its users. What Bitcoin is and how it evolves, then, is an open question, the answer to which is ultimately determined by a wide array of voices, from miners and nodes, to exchanges, wallet providers, and — most importantly — the people who hold and use bitcoin.

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The Ultimate Beginner’s Guide To Getting Started With Bitcoin and Cryptocurrency

Jun 11, 2019 · 13 min read

Crypto… the land of the magical internet money…

If you’re reading this, it’s likely that you’ve heard of the fortunes won and lost in the crypto space.

Maybe you’ve seen the lambos and the insane amounts of money that people earned back in the beginning of 2018, and you want to get in on the action.

If you want to start buying cryptocurrencies and learn how to trade and invest into them successfully, this is the post for you.

I present to you, the ultimate beginner’s guide to bitcoin and cryptocurrency.

1. What are cryptocurrencies?
2. What is the best email you should use for your crypto?
3. How to never forget your passwords.
4. How and where to buy your main cryptocurrencies.
5. How to add an additional layer of security to your crypto (must have!).
6. How and where to buy altcoins.
7. How to transfer your crypto from one exchange to another safely and securely.
8. How to trade your cryptocurrency.
9. How to store your cryptocurrencies to keep them safe.
10. How to manage and track your portfolio (you need to do this for tax purposes).
11. How to maximize your security and safety in the world of crypto.
12. Common mistakes beginners make when beginning their crypto journey.
13. Some general tips and tricks to help you out in your crypto journey.

Let’s get started.

1. What are cryptocurrencies?

In a n utshell, cryptocurrencies are peer-to-peer digital money. That means that they don’t require any central authority like a bank. In essence, this means that you are your own bank when you own your own cryptocurrencies. This means that you can send your money to whoever you want, whenever you want, no matter where they are in the world. You can do it within minutes with minimal fees. This is in contrast to the traditional banking system that requires a central authority like a bank that typically charges fees and requires days or even longer for money to be moved around depending on where they are being moved to.

Cryptocurrencies rely on something called cryptography to ensure that the digital money gets to where it needs to be safely and securely. Cryptocurrencies are the first digital goods that are unable to be duplicated. Before crypto, you could simply copy and paste the computer code to create a duplicate of whatever you were sending, be it a music file, a movie, or a word document. Because you cannot copy cryptocurrencies, this makes them unable to be counterfeit.

Cryptocurrencies such as bitcoin can help to connect the over 6 billion people on earth that are not part of the global financial markets. The possibilities with crypto are endless. Just as no one knew what would come of the internet in the early 1990’s, we still don’t know the full extent of what cryptocurrencies will create.

Cryptocurrencies are in their very early stages. It is vitally important to be as safe as possible when dealing with crypto. This article will help you with that.

2. What is the best email you should use for your crypto?

Because you are dealing with digital money, it would be wise to use secure email service providers. Yes, you can use gmail, but I prefer to use totally encrypted email through protonmail.com.

3. How to never forget your passwords.

Your passwords need to be secure. You want complex passwords that you change often. Also, every single password should be different. But how can you remember so many? That is where password managers such as lastpass come in. This application will encrypt and store your passwords for you. You can sign up to lastpass at lastpass.com

4. How and where to buy your main cryptocurrencies.

Now that you have a secure email and a place to store your passwords, you will want to sign up to an exchange. Exchanges are online marketplaces where you can buy and sell cryptocurrency. There are a few different exchanges I recommend.

In order to buy your first crypto, you need to sign up to an exchange. As of this writing, Coinbase is the number one crypto exchange that helps to onboard people into crypto. Signing up to Coinbase is extremely easy. Once you sign up, you can buy multiple different cryptos including bitcoin, ethereum, litecoin, xrp, basic attention token and more.

Probably the easiest place for you to buy bitcoin (and only bitcoin), is CashApp. Just download it on your phone and start buying bitcoin within minutes. Only thing is, you can’t buy other cryptocurrencies with it. Use code DNWWXBF when signing up to get $5 for free.

Other than Coinbase, the best exchange to start out with is Gemini. Gemini is owned by the Winklevoss twins who were involved with Facebook when it was being created. Gemini.com

If you want another place to buy and trade crypto, Robinhood is another place where you can do just that.

5. How to add an additional layer of security to your crypto (must have!).

Once you sign up to your exchanges, the first thing you will want to do is to activate 2-factor authentication. This is extremely important! You want to do this via google authenticator or the authy app. When you create 2 factor authentication on an exchange, they give you a QR code. You scan your QR code with your phone using the app that you downloaded. You’ll get a 6 digit code that you have to type in when you sign in and when you want to transfer your crypto. Do not use SMS or text message as your 2 factor authentication. Use google authenticator (or the authy app) for your 2-FA!

6. How and where to buy altcoins.

*** IT IS HIGHLY RECOMMENDED THAT BEFORE YOU ACTUALLY BUY ANY CRYPTO, YOU LEARN SOME BASIC TECHNICAL ANALYSIS OR ASK TRADERS WHAT THEIR OPINIONS ARE AND SEE IF THE PRICE IS AT A TECHNICALLY GOOD LEVEL. OTHERWISE, YOU MAY BE BUYING AT A HIGH PRICE AND END UP LOSING MONEY/NOT MAKING AS MUCH IF IT GOES DOWN ***

The major exchanges (Coinbase, Gemini, Cashapp, etc.) only enable you to buy and sell about a dozen or so cryptocurrencies. Once you signed up for one of the major exchanges and activated your 2FA, you’ll want to sign up to a “secondary exchange” so that you can buy altcoins. Altcoins are coins that are different than Bitcoin.

When moving into altcoins, you need to be sure that you are signing up to reputable exchanges. The two most reputable exchanges I know of at the moment are Binance and KuCoin. Unfortunately, at this time, Binance is not accepting US-based customers until their American exchange opens up. In the meantime, you can sign up to KuCoin.

Binance – This is the most used exchange in the world and the place where you can buy and sell nearly every altcoin available.

KuCoin – This is an exchange that carries some lesser known coins that aren’t available on Binance.

7. How to transfer your crypto from one exchange (Coinbase) to another (Binance) safely and securely.

If you want to buy altcoins on Binance, you will need to buy crypto on Coinbase (or somewhere else) first, and then transfer it over to Binance (or a different exchange). This is because you don’t hook your bank account up to Binance, so there’s no way to buy crypto directly on it.

If you want to transfer crypto from Coinbase to Binance, you would have to buy a crypto (XRP is the best crypto to buy if you want to transfer it), and then send it over to Binance using your public keys. Here’s the steps using XRP as an example: (note* – in the video I use Ethereum as an example, but it is basically the same thing no matter what crypto you use. XRP is faster to transfer than ETH, so I use XRP when transferring my crypto).

1. Buy XRP on Coinbase
2. Log into Binance and find your deposit address and deposit tag for XRP in Binance
3. Copy your deposit address and deposit tag in Binance
4. In Coinbase, go to your XRP wallet and click “send.”
5. Paste your deposit address and deposit tags from Binance into Coinbase
6. Put how much you want to send and click send

* Important info* XRP requires a deposit address and a deposit tag. Other cryptocurrencies only require a deposit address and don’t require a tag. XRP is the best crypto to use when transferring funds because of the speed and low fees. Also, each cryptocurrency has their own specific address you need to send to. You can only send XRP to XRP addresses. You can only send ETH to ETH addresses. Double check each step whenever you are sending crypto!

8. How to trade your cryptocurrency.

*note – this is an overview of how to buy and sell cryptocurrencies. For a full, comprehensive overview of how to effectively trade crypto, visit cryptolete.com.

Once you have your crypto in Binance, all you need to do is find another crypto that you want, and click it in order to trade the crypto you own for the other crypto.

There are usually 3 different marketplaces in the exchanges where you can buy and sell your crypto; There’s the “bitcoin market,” the “ethereum market,” and the “stablecoin (USD) market.” Some exchanges, like Binance, have their own token with its own marketplace. Binance, for example, has a “binance coin (BNB) marketplace” where you can trade whatever crypto you want into binance coin.

Using our example from earlier, if you sent XRP over to Binance, you can trade it for Bitcoin, Ethereum, USDT, or BNB. All you need to do is find XRP in whatever marketplace you want to sell it to.

Typically you will want to trade between either Bitcoin pairs or a stablecoin pair. USDC is a safe stablecoin. USDT is the most popular stablecoin to trade with.

When you go to trade your crypto, you will have two options

1. You can sell at the market price
2. You can sell at the limit price

The market price sells your crypto at whatever the market price is set at that moment.

If you set a limit order, you set what price you want to buy or sell your crypto at. You can usually get the crypto at a lower cost if you use a limit order. Also, the fees are a bit less when you use a limit order. I recommend using limit orders when buying crypto so that you can buy at predetermined levels.

How to issue a limit order:

To issue a limit order, you would click the limit order button on your exchange and you would put in the price that you want to buy your crypto at. When putting in limit orders, make sure the price you set to buy the crypto at is less than the current price. Conversely, if you are selling your cryptocurrency, you want to be sure that your sell price is higher than the current price.

All that you do is put in the price you want to buy at and click buy. When the price falls down to that price, you will purchase the crypto.

Sometimes the price will drop down to your asking price immediately. Depending on where you put your asking price and what the actual price of the crypto does, your order might be filled within a few minutes, an hour, a day, a week, a month, or, if the price simply moves up and never comes back down, your asking price will never get filled. This is why learning technical analysis is helpful because it helps you to understand where the best prices to buy and sell are.

*** IT IS HIGHLY RECOMMENDED THAT BEFORE YOU ACTUALLY BUY ANY CRYPTO, YOU LEARN SOME BASIC TECHNICAL ANALYSIS AND SEE IF THE PRICE IS AT A TECHNICALLY GOOD LEVEL. OTHERWISE, YOU MAY BE BUYING AT A HIGH PRICE AND END UP LOSING MONEY/NOT MAKING AS MUCH IF IT GOES DOWN ***

9. How to store your cryptocurrencies to keep them safe.

While I believe that Coinbase and Gemini are trust-worthy exchanges, the truth of the matter is that crypto is still in its early stages and keeping your money on exchanges is not the best idea. Exchanges can get hacked and things can happen. To be safe, you want to hold your crypto in personal wallets. Wallets are places that hold your private keys. There are many different types of wallets. The ledger nano s or ledger nano x are the best wallets in my opinion.

Note: NEVER buy a wallet off of amazon or ebay. Always buy wallets directly from the manufacturer.

10. How to manage and track your portfolio (you need to do this for tax purposes).

The absolute, best portfolio tracker and trade manager software I have found is 3commas. 3commasabsolutely blows everything else out of the water. I’ve used Blockfolio, Delta, Cointrackinginfo and many other apps to track my trades and manage my portfolio. 3commas is superior to all of them. Not only that, but 3commas also gives you access to advanced trading software so that you can do things that Binance and other exchanges simply don’t offer. It lets you set your buy targets, take profit targets and stop losses all at once. This is an incredible feature not offered on most crypto exchanges. 3commas was perhaps the best purchase I’ve made in my crypto journey so far.

Additionally, when it comes to taxes, I use CryptoTaxPrep.com for all of my crypto taxes. Doing your crypto taxes can be a tedious and tiresome procedure. I recommend hiring professionals to get the job done for you. When it comes to taxes for cryptocurrencies, I recommend not skimping out.

11. How to maximize your security and safety in the world of crypto.

1. Use 2 factor authentication on every single exchange, email address, and everything else you use. Don’t use text messages or email 2 factor authentication. Use google authenticator or authy.
2. Use long and obscure passwords with a lot of characters and symbols. Change them often. Store your passwords on a password manager like lastpass.
3. Never reuse your passwords and never use the same password on more than one site. Have new passwords for every single exchange and email.
4. Get an offline wallet like the ledger nano s or ledger nano x.
5. Type out the name of the exchange or whatever website you are going to and bookmark it so you don’t get phished. Phishing is when a hacker duplicates a website but changes one very small letter in the name. Then they copy your keyboard strokes to know your password. If you aren’t paying attention, you wouldn’t notice it. If you bookmark the real site, use a password manager and you have 2 factor authentication on your phone via google authenticator, this shouldn’t be an issue.
6. Never click on ads on google for crypto. Always go directly to the site.
7. Never install any browser plug-ins that claim to be associated with an exchange
8. Never make any phone calls to anyone claiming to represent an exchange and hang up if you ever get a phone call from anyone claiming to be a customer service person. Also, hang up if you get a phone call claiming it is the IRS and they need you to send bitcoin. That is a scam.
9. Never, ever, ever disclose your passwords, your 2 factor authentication codes, or your private keys. Keep them safe!
10. Never send anyone any crypto under any circumstances unless you are 100% positive you trust them and want them to have it! Don’t fall for scams on twitter where scammers claim they will send you 2 ETH if you send them 1 ETH.

12. Common mistakes beginners make when beginning their crypto journey.

1. Send whatever cryptocurrency you are sending to that specific coin’s address. Send BTC to a BTC address. Send ETH to an ETH address. Send XRP to an XRP address. Never send one crypto to a different crypto’s address.
2. Always double check to make sure you’re sending the right amount. It can be a little confusing with all of the numbers. Just double check you are sending the amount you want to send. Google the dollar amount of whatever coin you are sending to know how much it’s worth in USD.

13. Some general tips and tricks to help you out in your crypto journey.

1. Never invest more than you are willing to lose. Don’t mortgage your house to buy crypto. Don’t max out your credit cards to buy crypto.
2. FOMO (Fear of Missing Out) is real. You will want to buy a coin when you see it moving up a lot. However, by the time you get in it will most likely be too late. Usually, when coins move up a lot, then tend to come down because people who bought earlier sell their coins. Wait until they sell and the price comes down a little, then buy. It’s always better to look at the graphs and charts to decide when a good time to buy is.
3. SWING TRADE – Buy low and sell high. Buy your crypto and wait until the price moves up to a resistance level, then sell it.
4. HODL at least ½ of your portfolio – Have two accounts; one for trading and one for investing. Dollar cost average into your investment account each week. This is the best strategy.
5. Do Your Own Research – ANYONE can create a cryptocurrency. Always look at the team behind the crypto and the goals that they set forth for the cryptocurrency before actually investing into a coin.

Conclusion

In conclusion, cryptocurrencies are revolutionizing the world today as we know it. Crypto is still in its infant stages. It’s super early. This is great news for you because it means that if you get into the right coins and just holds them, you have an opportunity to make massive amounts of money and drastically increase your wealth. However, because it’s so early and volatile, that means that there is a lot of risk involved. How much of your income you put into cryptocurrency depends on where you are in life.

If you’re an 18 year old kid, it won’t make as much of a difference if you end up losing it all, yet it will make a huge difference if you end up gaining a lot. This is because you have an enormous amount of time to grow your wealth.

If you have a lot of responsibilities like family, or if you are much older, you don’t want to throw everything into crypto just in case it ends up not working out.

Generally speaking, the younger you are, the greater risks you can take, and the less impact it will have on you if you lose it.

You now have everything you need to get started on your crypto journey.

Get started today by signing up to Coinbase and Binance!

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