It’s a very unfamiliar world for most people but over the years has become less and less daunting, owing to the rise of exchanges and other various tools. We’re going to cover it all right below so read on.
This is to be a “living” guide that I regularly review and update as new information and tools become available, are adopted, and embraced. For this initial release, It’s my aim to make it straightforward, not overwhelming, but also with a few more advanced features tossed in. Many Patrons are already trading in cryptocurrency which is a huge bonus for everyone. Rising tides lift all boats.
Here’s the outline
- Getting from your fiat currency into crypto
- Getting them from and exchange
- Buying Bitcoin from an ATM
- Buying Bitcoin face-to-face
- Buying and trading ‘altcoin’
- Which exchanges?
- Now what do you do?
- Then what do you do?
- How to send and receive coin
- What’s a public address?
- Why it’s like mailing cash, except secure?
- How to store your coin
- Software wallets
- Hardware wallets
- Paper wallets
- Moisture and fire protection
- Accounting for transaction costs
- Why it was free but now it’s not
- Why transaction costs can cost you thousands
- How to get Bitcoin for fiat currency for free
I’ve endeavored to make this something the old hands don’t scoff at, the newbies and nobies aren’t overwhelmed by, and it has the fewest errors possible.
But, it’s surely incomplete, doesn’t contemplate only the best, and is already in need of improvement, even before publishing. But that’s the nature of honest and forthright dealing. We’re always wrong, and the struggle is not to be right, but less wrong.
If I can emphasize one thing, it is to have fun with this. If you’re stressing yourself out, and you’re not a pro-trader where that sometimes goes with the territory, then please ensure that the stakes you take are potentially laughable losses. Like, when you go to Vegas and the smart vacationer says “here’s my stake, I’m fine with losing it all for fun, but I’m going to try to be smart and gamble in a way that most prolongs my chances of hitting a rare JACKPOT.”
I welcome all commentary, and especially those comments that can correct any errors I’ve made and enhance this guide with sane and rational additions or even substitutions.