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tduecen
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Crypto for Beginners: Guide to Start
Platforms to Purchase Crypto:
Binance

Coinbase

Coinbase Pro

Gemini

KuCoin

Notes: You can trade for Crypto on pretty much investing app as well. RobinHood, TD-Ameritrade, WeBull, etc. I personally use Coinbase and Coinbase Pro. Coinbase offers staking rewards (as does Gemini) and CoinbasePro has some of the lowest fees when buying/selling crypto. Coinbase is the easiest one to use and most user friendly, it also offers free coins on certain coins plus for every recommendation you get a percentage of BTC.


Crypto Wallets:
Exodus

Mycelium

The two above are APP for phones with Exodus also available on Desktop

Ledger

Ledger is more if you want to keep your coins offline away from any type of potential hacks.

Celsius This is an app that allows you to earn interest on certain currencies

Notes: I use a online wallet provided by Coinbase, however, for those who worry about any potential hacking you can get an offline wallet but don't lose it


Questions:
1. What are the other major coins besides Bitcoin (BTC)?
Ethereum (ETH)
Chainlink (LINK)
LiteCoin (LTC)

2. What is the best Bitcoin wallet?

There are many options for Bitcoin wallets, and which is “the best” depends on your goals and level of experience. The highest security and most privacy comes from running your own Bitcoin full node, but this is not practical for most users, nor is it necessary.

3. How can I store Bitcoins safely?

Generally, your bitcoins should be stored in your own wallet and not kept on an exchange. As the old saying goes, “not your keys, not your coins”. This means that technically speaking when you have your coins on an exchange, you don’t actually own any coins. Instead, what you have is an IOU from the exchange.

4. What is DeFi?
DeFi (or “decentralized finance”) is an umbrella term for financial services on public blockchains, primarily Ethereum. With DeFi, you can do most of the things that banks support — earn interest, borrow, lend, buy insurance, trade derivatives, trade assets, and more — but it’s faster and doesn’t require paperwork or a third party. As with crypto generally, DeFi is global, peer-to-peer (meaning directly between two people, not routed through a centralized system), pseudonymous, and open to all

5. What is a stablecoin?
A stablecoin is a digital currency that is pegged to a “stable” reserve asset like the U.S. dollar or gold. Stablecoins are designed to reduce volatility relative to unpegged cryptocurrencies like Bitcoin. (USDC, DAI)

6. What is the difference between bitcoin and blockchain?

Bitcoin is a decentralized digital asset — arguably, the most popular — and typically takes up half of all digital asset trading volume on most given days. Bitcoin utilizes blockchain technology. Blockchain is not a cryptocurrency. It is the ledger that records all the cryptocurrency transactions that are verified by cryptography and is open, secure and accessible by all.

7. Is Cryptocurrency like the stock market?
There are some similarities between the two but cryptocurrency is 24/7. Meaning it is rising and falling at any point during the day and can have massive swings.

8. What is staking?
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network. Essentially, it consists of locking cryptocurrencies to receive rewards. In most cases, the process relies on users participating in blockchain activities through a personal crypto wallet



Place to find coin prices:
CoinMarketCap

Random Crypto Help Pages:
The Top 10 Bitcoin And Crypto Investing Sites

Crypto.com

Nerdwallet

How to Send to Wallet:
Web
1. Navigate to your Portfolio page on the main navigation bar
2. Select the Send button for the cryptocurrency wallet that you'd like to send from
3. On the send dialog, select wallet address if you're sending to a cryptocurrency wallet external to Coinbase or Email Address if you're sending via email
4. Enter the amount of cryptocurrency you'd like to send in the Amount field. Alternatively, you can specify the amount you would like to send in your local currency. Note that the funds will always be sent as cryptocurrency, not your local currency
5. Select Continue
6. Confirm the details of the transaction and complete the send

IOS
1. Select the menu icon near the top left of the screen to open the navigation bar
2. Select the wallet you wish to send from
3. Select the paper airplane icon in the upper right hand of the screen
4. Enter the amount you wish to send (select the up/down arrows to switch between currencies)
5. Select Send
6. Enter the email or crypto address and any notes you wish to include
7. Review the details of your transaction and select Send in the upper right corner of the screen.

Or if you have been provided a QR code:

1. Select the QR icon in the upper right
2. Take a picture of the QR code
3. Enter the desired amount and select Continue
4. Review the details of your transaction and select Send in the upper right corner of the screen

Android
1. Select the menu icon near the top left of the screen to open the navigation bar
2. Select the wallet you wish to send from, located in the navigation bar
3. Tap the + icon near the lower right hand of the screen
4. Tap Send
5. Enter the amount you wish to send (select the up/down arrows to switch between currency selection)
6. Enter the email or crypto address and any notes you wish to include
7. Review the details of your transaction and select the forward arrow in the upper right corner of the screen

Or if you have been provided a QR code:

1. Select the QR icon in the upper right
2. Take a picture of the QR code.
3. Enter the desired amount and press Continue
4. Review the details of your transaction and tap the forward arrow in the upper right corner of the screen


Buying/Selling on Coinbase
Setting up Coinbase Wallet




If I am missing any question or if you ask a question and it is answered by someone else I will update and add it in the OP.
This post was edited on 2/15 at 7:03 am


xxTIMMYxx
Member since Aug 2019
5866 posts
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re: Crypto for Beginners: Guide to Start
I watched a long series about crypto currency on AP, and man, what a wild ride up until this point. It seemed like a very messy situation. Watching this closely


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CE Tiger
LSU Fan
Metairie
Member since Jan 2008
40120 posts

re: Crypto for Beginners: Guide to Start
Need a tutorial for Metamask and buying using Uniswap, 1inch, or Coinbase Wallet

Also a section for lending pools using Aave or Bancor


GREENHEAD22
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re: Crypto for Beginners: Guide to Start
Thank you


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tduecen
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re: Crypto for Beginners: Guide to Start
Will add more later, I should have reserved the 2nd reply spot for more information.


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tagatose
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South Carolina
Member since Oct 2005
1893 posts

re: Crypto for Beginners: Guide to Start
Staking/Mining/Lending for Beginners might be good for a separate thread too.


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TigerFanatic99
Chicago Cubs Fan
South Bend, Indiana
Member since Jan 2007
16722 posts

re: Crypto for Beginners: Guide to Start
All I have to add to thisbis frick Dogecoin.


tduecen
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re: Crypto for Beginners: Guide to Start
It was running again this morning


rocket31
Toledo Fan
Member since Jan 2008
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re: Crypto for Beginners: Guide to Start
is this the new Official thread baw


GREENHEAD22
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re: Crypto for Beginners: Guide to Start
Hold on now, this is for us dummies and newbies. You stay over there in the Mandarin thread. Don't need this all cluttered up with yalls expert talk.
This post was edited on 2/15 at 9:17 am


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tduecen
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Member since Nov 2006
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re: Crypto for Beginners: Guide to Start
Figure this could help out on some of the questions in the other. Essentially starter questions such as "where to buy" or "what is a wallet"


Going to try and keep things updated and organized as we go


rocket31
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re: Crypto for Beginners: Guide to Start
lol. copy


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rocket31
Toledo Fan
Member since Jan 2008
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re: Crypto for Beginners: Guide to Start
quote:

Going to try and keep things updated and organized as we go
it's a great thread brother
This post was edited on 2/15 at 9:26 am


tduecen
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Member since Nov 2006
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re: Crypto for Beginners: Guide to Start
Any suggestions are welcome to help out newer people


keakdasneak
LSU Fan
Member since Dec 2006
7001 posts

re: Crypto for Beginners: Guide to Start
I’d include Cash App. Bitcoin only but it’s the simplest on ramp there is and supports auto purchases. If someone asks me how to start this is where I point to


tduecen
TBD Fan
Member since Nov 2006
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re: Crypto for Beginners: Guide to Start
I tend to start with Coinbase, not a fan of those that only offer one or two coins.


Douglas Quaid
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Mars
Member since Mar 2010
3161 posts

re: Crypto for Beginners: Guide to Start
Probably the best video for those who want to get more than a surface understanding of distributed ledger tech, hashing and cryptography is this one from 3blue1brown.

The hardcore BTC maximalists won't like it but as ESG becomes more of a focus in investing philosophy the energy usage of BTC and POW coins will come under scrutiny. A good read on this is this recent article:

BTC an ESG nightmare

I don't have a strong opinion on it right now but investors in BTC coming in now should at least be aware of the landscape.
This post was edited on 2/15 at 10:01 am


seawolf06
LSU Fan
Raleigh, NC
Member since Oct 2007
7664 posts

re: Crypto for Beginners: Guide to Start
I wonder why Kraken wasn't included as an option as that seems to be very popular for trading coins.

I do agree that Coinbase is the best for getting into Crypto.


tduecen
TBD Fan
Member since Nov 2006
153731 posts
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re: Crypto for Beginners: Guide to Start
Just one I overlooked, I went with the ones I'm familiar with and I don't see Kraken mentioned as often.


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rocket31
Toledo Fan
Member since Jan 2008
36426 posts
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re: Crypto for Beginners: Guide to Start
quote:

don't have a strong opinion on it right now but investors in BTC coming in now should at least be aware of the landscape.


agreed

and the coins looking to replace bitcoin distributed 1000 coins per single click out of a captcha faucet. just want everyone to be aware of the landscape
This post was edited on 2/15 at 11:16 am


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