Why the ‘hype’ about cryptocurrency?
Cryptocurrencies are essentially digital currencies and have become attractive investments, because they (many times) grow in value and can be traded (exchanged) for other cryptocurrencies, products and services, or fiat (traditional, central bank issued currencies like dollars or pounds). Crypto coins or tokens exist as transactions on large, decentralised ‘databases’ called blockchains, shared out across many computers. As a result of some of the ‘older’ cryptos like Bitcoin and Ethereum showing huge returns, now, more people than ever before are being drawn into the world of crypto.
Cryptocurrencies are decentralised – so essentially have no central controller or owner, like a bank or financial authority, overseeing and restricting participants. This is their main advantage over the tightly-controlled, centralised, surveilled, and debt-based financial systems we currently have.
Keep in mind that there are many “surveillance coins” out there, like XRP and even Bitcoin itself for example (unlike many fail to understand)
Cryptocurrencies use cryptography (special protocols that limit how information can be viewed or manipulated). The decentralised aspect of blockchain technology means transactions are spread across the network, and must be verified many times, thus increasing complexity and security.
Not all crypto is currency. Crypto, digital currencies and blockchains are constantly evolving, with new technologies, algorithms and software available almost every day. The concept of blockchain is increasingly being used and developed for applications other than currency or payments, such as smart contracts, supply chains, power grids, election votes, etc.
How do you get started in cryptocurrency?
In order to get set up to start trading in cryptocurrency, you would usually need the following in place:
- You will need to set up an account with one of the many fiat-to-cryptocurrency exchange platforms. This often involves you providing some details and them verifying your identity (depending on which country you’re in), which could take anything from a few minutes to a few days. However, there are also some platforms where you do not have to verify your id or providing much details at all.
- You must (most times) have a bank account linked to a debit/credit card which you can use to buy cryptocurrency with – some platforms allow you to link your bank card to your exchange account for convenience.
- You will need to get (recommended) a cold/off-line wallet or install a difgital wallet on your computer or mobile phone, or obtain a separate hardware wallet. This basically acts like secure file storage, but specifically for cryptocurrency. This is not essential for the process, as often the fiat-to-crypto exchange platforms will let you store your cryptocurrency there, but to be part of the decentralised revolution, you’ll need to move your cryptocurrency assets into your own wallets, away from the prying eyes of centralised and/or controlled platforms.
- It goes without saying that you will need a secure, stable internet connection.
What about fees?
Before you do anything else, here’s some good advice for ‘beginners’.
- Only use website links which you’re sure go to legitimate cryptocurrency exchanges or sites.
- Don’t invest more than you can afford to lose – like any other investments, cryptocurrency can be risky and you could see large gains or losses.
- Keep your digital wallet passwords and seed phrases secure, in more than one place, and in digital versions as well as on paper.
- Learn as much as you can before diving in, so you know what you’re doing. This ‘Bitcoin for Beginners (2021)’ video (below) talks you through (in an easy to understand way) all things cryptocurrency, Bitcoin, and blockchains for beginners.
Important: I do NOT agree on everything said in the video above, however, it might be helpful for you who are new and want to learn more about Bitcoin in particular. Personally I do not have much faith in Bitcoin anymore, and that is a big reason why I have traded all of my Bitcoin away for REAL privacy coins, that also are both faster and have lower transaction fees.
Bitcoin and other surveilance coins are NOT private, AND privacy in crypto matters way more than most people realize!
I really do beleive that if we all started to use real privacy coins we could change the world in one day, and I think a big part of the revolution we all want is going to be a whole lot easier if we all stoped using THEIR cryptocurrencies (and their fiat) and instead start using OUR OWN cryptocurrencies. As an extra bonus I think you can be very wealthy aswell by being part of the privacy crypto movement.
If you think this sounds interesting,
then you might want to join the NoHypeInvest crypto service!
We are all about that! (+ You will get support all the way if you are a beginner from the other members + some crucial info not to be found on many places online that can protect you from making big mistakes)
Of course, you can go at it yourself aswell with the info given above and with the help of the links to different exchanges above and by researching online on your own. I would highly recommend you to get privacy coins such as Monero and Piratechain if you do. There are also other privacy focused coins but those 2 are the ones I can mention as the other ones are coins that are for the paid members of the service, however, only getting yourself as much as possible of Monero and store them safely goes a long way in fighting the evil currency system.
Hope this helps and/or inspires you to getting started!
Viva la revolution!