Cryptocurrency is an online store of money shared across a network of computers using blockchain to track transactions. The blockchain is basicly a big public ledger where all of the transactions on the network are stored. What this means in simple terms is that cryptocurrency is money in digital form, that can be used to buy, trade, and transfer across the web. The biggest and first of these was Bitcoin, but many alt coins and tokens have begun to spring up recently, and are worth looking into. Many coins and tokens have other secondary uses, like recording data, running applications or storing files on their network, making them more than just a currency.
It would be easy to ignore crypto, and overlook it as a new fad, or potential bubble ready to pop, but there are so many great new technologies coming out every day related to blockchain and DeFi or decentralized finance. These tools allow us to be our own bank, and can be quite advanced, but also allow us to do things like sending money to relatives overseas without leaving the house. To get started The most important things to know are to do your own research on any coin you may want to purchase (look up the “white paper” on their website!), and avoid panic reactions when working with crypto, for example selling because “It’s crashing down as we speak!” can lead to selling low, and further panic buying at high prices, trying to catch up later.
One of the best strategies for beginners is called DCA, Dollar Cost Averaging, and boils down to buying a set amount of a crypto (ex, $5, $20 or $100), or whatever amount you feel comfortable with possibly losing, each payday, or monthly, or weekly. Whatever you do, do it consistently and stick to the plan. The idea is to keep your average buying price low, and to increase your investment in a slow and steady way.
When buying crypto you don't need to buy a whole "coin" at a time. For example, its possible to start with just $5 of BTC (Bitcoin). Actually, most new investors into bitcoin have less than 0.01 BTC saved up because of its steep price per coin. Every little bit helps, five dollars a month ago could easily turn into fifty dollars with time, inflation, and patience. The following websites can help you get started on your investment into cryptocurrency.
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My favorite place to get free bitcoin is on Freebitcoin.com. Their main site is something caled a fountain in crypto cyrcles. A fountain is a site that gives out free crypto in exchange for visiting a site and clicking a button. While it's only 0.2 cents USD, it can add up with time. Freebitcoin.com has been around since 2013 and is transparent in how they move their money. One downside is that you need to have 30,000 satoshi saved up before you withdraw, and at 0.2 cent per hour, that will take a long time. One workaround is to wait until you have a nice stash saved up (over 3,000 satoshi), deposit 30,000 satoshi, and collect 4% interest on your balance for a few days before using the auto withdraw feature when you are ready to trade. There are also many gambling tools available, which is where they make most of their money, so stay clear of the sports betting and hi low games if you do not want to gamble. This site is a free and fun way to get your first cryptocurrency.
Freebitcoin.com also has it's own gambling/gaming themed crypto token for sale called FunFair or FUN token available to buy and sell. My last two tips are to always use your free daily spin from your email for the best returns, and to save your rewards points up for the free BTC bonus rewards to multiply your hourly rolls.
Some coins and tokens, will give you a reward for holding their coin. This is called stakeing, and can act like earning interest at the bank. Stakeing sometimes will cost a little up front, but it works like a savings acount, as long as you leave the money in your wallet, you can earn rewards. Please remember to check the whitepaper on the coins to see the terms you are agreeing to!
A much less complicated way to get interest is by using a trading platform like Gemini that offers earning accounts. The main difference is that stakeing is done on the blockchain, making them decenteralized, and these "earn" accounts are run through a private company.
CryptoCat's Beginners Guide is written by Devon as a web design project. Devon is a full stack web developer in the Denver area. With a focus on building creative, user friendly apps, he is both a great team player, and a natural leader. Devon has a keen eye for detail, and is always ready to learn something new in order to further a project. Leveraging his 5 years experience working in education, Devon knows how to make a solid plan, stick to deadlines and communicate effectively. With a certificate in full stack web development from the University of Denver, Devon enjoys working with new languages and frameworks in order to solve creative problems. To see some past projects, and learn more please visit : devonp702.github.io/home/