Getting Started

Getting Started

Bitcoins, forks, crypto, blockchain, wallets - What does all this mean? You’ve seen news articles popping up and you’re sure you should get involved, but what really is it, why should you and how?

What is bitcoin or cryptocurrency anyway?

In the most simplest terms it is ‘digital’ money that has no central owner.

If you think about the money you have right now it’s undoubtedly owned by your own country and most of it probably stored in a bank. With the advent of the internet and ‘computers’ most of our money now is ‘digital’

The main problem with ‘digital’ money is ensuring that no one is able to spend a dollar more than once!

This is where bitcoin comes in. In 2008 Satoshi Nakamoto published a whitepaper (https://bitcoin.org/bitcoin.pdf) that detailed a way to use a distributed public ledger to ensure no one double spends. This meant, using this method there would be no need for a central bank to keep everyone in check

So now you know cryptocurrencies don’t require a central authority to keep track of your money. But what that DOES mean, is that YOU do. This is a very important concept to learn as unlike your bank, in crypto world if you forget your ‘PIN’ you lose your money!

So why would you want to get involved anyway? Besides the fact that 2017 was the biggest year yet for crypto

Since the modern inception of the Internet influencers have recognised the need for a digital currency to go hand in hand with the Internet.

{Quote from Peter Thiel?}
Right now the USD makes up about 64% of foreign exchange reserves. This makes it the defactory global currency. This is almost fine given US has really been the sole superpower in the past few decades but with the increasing role of China in global affairs as well as India, Russia and other countries as well as a growing distrust in the US in general more people are recognising the value of a decentralised currency.

In addition, many countries have run themselves into the ground by misusing control of their currencies. Zimbabwe and Venezuela

 

Understanding what cryptocurrencies are is the first step, recognising there is a huge potential in the space is the 2nd, so how do you get going on your crypto journey?

 

There’s a number of activities and things you’ll want to do and some are required while others are. In brief we’d recommend the following

  • Have a hard cap of Fiat money you want to spend and don’t go overboard.
  • Register yourself on one of the many exchanges to transfer your fiat money to
  • Buy some crypto
  • Transfer your crypto off the exchange to a wallet. To get going fast we’d recommend a paper wallet
  • Monitor and keep up to date with crypto movements to see how your initial investment is doing

There’s certainly plenty of interest in the crypto space of late and with that plenty of experts to way in on the positives and negatives of crypto.

 

We found the funniest prediction to be tweeted by McAffee in July 2017.

 

“In the long term Bitcoin moves above $500,000 within three years. Bets?” McAfee tweeted on 17 July 2017. In his reply he added that if it doesn’t: “I will eat my d*ck on national television.” [Source: RT.com]

2017-12-16T07:15:12+00:00