CryptoVets was created to help you with the basics of Cryptocurrencies. This is not investment advice and the CryptoVets are not financial advisors. Do not invest any money that you can not afford to lose. Do your own research.
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What is cryptocurrency?
A cryptocurrency (or crypto currency) is a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions, to control the creation of additional units, and to verify the transfer of assets. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.
What is Bitcoin?
Bitcoin was created in 2009 as the first decentralized cryptocurrency. Since then, numerous other cryptocurrencies have been created. These are called altcoins, as a blend of alternative coin. Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money and central banking systems. The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part.
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locally with cash/check/credit card
Trade or Invest
You can purchase "altcoins" (crypto currency alternatives to bitcoin) using bitcoin and/or fiat currency on several crypto exchanges. Some of the available exchanges include: Binance, Bittrex, Cryptopia, Upcoin, Cobinhood or Kraken to name a few.
Check out Coinmarketcap.com to see the latest Cryptocurrency Market Capitalizations and the exchanges that list them.
Stake - Mine - HODL
Within cryptocurrency systems the safety, integrity and balance of ledgers is maintained by a community of mutually distrustful parties referred to as miners: members of the general public using their computers to help validate and timestamp transactions, adding them to the ledger in accordance with a particular time-stamping scheme. Miners have a financial incentive to maintain the security of a cryptocurrency ledger.
Mining, staking and minting coins can be a profitable way to help ensure the continued success of the decentralized monetary system.
Hold On for Dear Life - HODL is a term coined by the cryptospace. It simply means to HOLD your cryptos. Don't trade them or spend them. Put them in cold storage until you're ready to cash out.
Transfer your Bitcoin to a cold storage wallet.
Once you have your Bitcoin, you want to store it securely, off the internet. There are many different types of wallets. It is very important to maintain a secure wallet and for that reason I recommend a cold storage hardware wallet like this Ledger Nano S. If you can't afford a hardware wallet, an offline paper wallet is the next best option. A bitcoin paper wallet is just the Bitcoin private key printed on a piece of paper. Paper wallets are a form of cold wallet and essentially a bearer instrument – whoever holds them has access to both the Bitcoin private key and therefore the address. Make sure you keep your keys private, and keep a back up paper copy somewhere safe.