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Guide

Go to this page to learn everything about Bitcoin and what is crypto currency.

Disclaimer

1) You are Responsible for everything YOU do. 

2) I am not a financial adviser. Never put in any money that YOU are not prepared to lose as nothing is guaranteed. 

3) Information may change and YOU should research everything you do. I try to make the information as accurate as possible, but if you notice anything off (or can think of anything important that should be added) , please send me a message with the contact link.

4) This website is a resource. The intended purpose is to make it quick and easy for ANYONE to get into crypto. I am trying to make this as unbias as possible, so rather then giving you all the answers, I will give you some questions you should be asking so you can research the information yourself, as well as point out some important things to get you going.

 

 

Step1 - Research

Below are general concepts and ideas that you should understand before you get into the crypto space. If you skip this section, you essentially don't understand the fundamentals and risk buying the wrong crypto, losing your crypto, getting your crypto stolen, or worse. 

FUNDAMENTALS (for those to lazy to learn everything, you NEED to know the Fundamentals)

What is the Blockchain?  Web Search || Video Search 

Can You Hack the Blockchain?  Web Search || Video Search

What is Cryptocurrency? Web Search || Video Search

What is a Crypto Asset? Web Search || Video Search

What is Bitcoin? Web Search || Video Search

What is an Altcoin? Web Search || Video Search

Is Bitcoin in a Bubble? Web Search || Video Search

What is Ethereum? Web Search || Video Search

What is Litecoin? Web Search || Video Search

What is a Hard Fork?  Web Search || Video Search 

What is an ICO?  Web Search || Video Search

BASICS (you should know, but can skip if needed)

Who is Satoshi Nakamoto? Web Search || Video Search

Difference Between Bitcoin and Bitcoin Cash? Web Search || Video Search

S-Curve of Adoption Web Search || Video Search

Who Created Ethereum? Web Search || Video Search 

Difference between Bitcoin and Bitcoin Cash Web Search || Video Search

Who Created Litecoin? Web Search || Video Search

What is a Privacy Coin?  Web Search || Video Search

What is Mount Gox? Web Search || Video Search

 

Step 2 - Create a wallet

Before you get any crypto, you need a place to store it. Generally speaking, you want to go to the "official" website of the coin that you are looking to get into for appropriate storage methods. Below are different methods of storing crypto.

Paper Wallet- This kind of wallet is used for long term storage as you have to use a 3rd party tool (like exodus wallet) to be able to send from the wallet. I use this method when I plan on storing the crypto for years. 

Hardware Wallet- A hardware wallet is a physical device you buy to keep your crypto safe. Often times they have a physical button you have to press to be able to use it, which helps with the security aspect. Some popular wallets are Ledger Nano S, Keepkey, and the Trezor.

Desktop Wallet- This is a wallet that physically is installed off your computer and runs off your computer. If you chose this method of storage, I would just caution you that a computer can be hacked, as well as items stolen from it. If you are able, I would look into exporting the data (if possible) onto a flash drive.

MyEtherWallet- This wallet is used for Ethereum and any Ethereum based token. I HIGHLY recommend using this wallet as it is very easy to use and one of the most popular wallets. If you do use it, you can download and use the wallet off of a flash drive.

  • Website: myetherwallet.com (always manually type it in as there are multiple fake websites that are built into ads)
  • Tutorial  Web Search || Video Search

Browser Extension Wallets- These are installed as add-ins to your browser (typically chrome). The benefit for using these wallets is they can integrate into websites to make them easy to buy/sell goods.

IMPORTANT NOTES

  • Public Vs Private Key- One essential bit of information is knowing the difference between a public key and private key. I HIGHLY recommend you look into the difference and why it is important to protect your private key.  Web Search || Video Search
  • Depending on what kind of wallet you have, I recommend redundancies (at least 3). If you lose a flash drive or forget a password, it is almost certain you won't recover it.
  • Mistakes- Almost everyone I know has made a mistake and lost crypto one way or another. Be cautious and always double check what you are doing. It is often a good idea to test out sending something if you are unsure.
 

Step 3 - Convert Fiat ($) into crypto (And Crypto Into Fiat)

Depending on what country you are in, this step may be slightly different, but essentially the same. If you can not use one of the two exchanges below, I would just google "how to buy crypto in XXXXXX", where XXXXXX is your country.

For most of you, there are two main exchanges that you will be using; Gemini.com or Coinbase.com. Although you don't have to do it like this, this is the way that I tell my family/friends as it is the way I find the best.

  1. Get a Coinbase.com account  (Use the link and we Both get $10 worth of Bitcoin) 
    1. Create the account
      1. 2 factor authentication is important
    2. Verify User Identity
      1. If you have issues using their tool, try using it during off hours as it will be more probable it will work
      2. This is important as if you don't have this setup, sending out can take up to 72 hours
    3. Add a Credit/Debit Card
      1. This is the quickest way to get crypto as you can get it instantly (as of April 2018)
    4. Depending on how much you want to get, you can link a bank account. Just note that (as of April 2018), there is a 1 week delay to get your crypto
  2. Get a Gemini.com account
    1. Create the account
      1. 2 factor authentication is important
    2. Verify your Identity
      1. Depending on the amount of users, this can take weeks

*The reason why I say create a Gemini.com account 2nd is because (as of April 2018) it takez longer to get your identity verified. The upside of Gemini.com is I find they have low fees and make it easy to cash in/out of crypto.

Selling Crypto (on Gemini)

  1. (Optional) Convert everything you have to either Bitcoin or Ethereum
    1. Again Ethereum is recommended as it is much quicker to send/recieve
  2. Send to Gemini if not already there
    1. Note that when you send the transaction, it is not uncommon for gemini to take 1+ hour to receive the crypto
  3. Go to Sell and Sell the crypto
  4. You can then transfer the crypto to your bank/card of your choice. Note that there is limits and wire transfers, although they do cost more, as of April2018 they are quicker and have higher limits

 

IMPORTANT NOTES

  • NEVER leave any crypto on an exchange as the exchange (or your account) can be hacked. I HIGHLY recommend you send your crypto to the wallet you created in the previous step
  • Depending on what country you are in and the countries Tax Law, every trade could be taxable. Because of that, I HIGHLY recommend you keep track of every buy/sell order you do (Exchanges often have a way to export this information to a CSV file)
  • Never send your Ethereum tokens to the Ethereum address on an exchange like Coinbase.com or Gemini.com as they are not meant to store tokens and you will not be able to recover them (probably)
 

Step 4 (Optional) - Trade

The next step is for those of you who want to buy "Altcoins". To find a list of all coins go to coinmarketcap.com. Once you create an account at an exchange, all you need to do is buy/sell your crypto for other crypto. It may look intimidating at first, so I recommend you start out small and watch youtube videos. Keep in mind not all exchanges are the same and have different coins. Also, as there is a high volume of people getting into crypto, account creation (new users) may be turned off. If that is the case, I would use my pal "google.com" to see what exchanges are open for registration.

*Note- To buy other coins, you need to trade Bitcoin or Ethereum (sometimes you can trade other coins as well, but those are the main coins). As Bitcoin has high transaction fees and can take hours to send/receive, it is advantageous to use Ethereum as it is a lot quicker and cheaper (as of April 2018).

Popular Exchanges: Bittrex, Binance, Poloniex, Liqui.io, Forkdelta

List of Exchanges: Exchanges

How to use an exchange:  Web Search || Video Search

Tools to convert crypto without an exchange

Top Coins to Buy 2018: Video

IMPORTANT NOTES

  • NEVER leave any crypto on an exchange as the exchange (or your account) can be hacked. Send it to your wallet.
  • Depending on what country you are in and the countries Tax Law, every trade could be taxable. Because of that, I HIGHLY recommend you keep track of every buy/sell order you do (Exchanges often have a way to export this information to a CSV file)
 

Words of wisdom

  • Everyone is Biased- Many times when people tell you a coin is good is because they put all their money in it. It doesn't mean the coin is good, it means they are emotionally attached so be cautious.
  • Everyone Knows Nothing- Even the so called "Experts" are not really experts in the sense that the space is brand new. It is possible we are on the top of a "Bubble" and it is possible we are in "Mass Adoption". Trust yourself and your intuition.
  • Fortunes Will Be Made and Lost- Be smart and sell "High" and "Buy" low as many will get in not knowing what they are doing and make/lose thousands/millions of dollars. 
  • Prices Will Make You Vomit- It is normal to see the price of one coin go up 30% in one day and down 40% the next day. Crypto is known for large price swings each way. Just be smart.