So how does one get into cryptocurrency and markets? in the USA your a bit limited. The biggest mainstream exchanges are Coinbase and Binance (links are refferal links as a FYI for me!)
https://www.coinbase.com/join/530cad473b1246be7500023d
https://www.binance.com/?ref=13090080
Binance: Accepts only BTC, ETH to buy altcoins. You can buy most of the top ten coins here including Ripple (XRP), Verge (XVG) and Tron (TRX). Also you can get monero, dash, doge and others.HOWEVER, new user registration for Binance is suspended ATM due to the surge of new users. Hopefully they will reopen new user registrations.
Coinbase: You can buy BTC, BCH, LTC, ETH. You can use a bank account or credit/debit card. Credit card/debit card transactions are instant and crypto is available nearly instantly where as bank account purchases take 7 days to be available.
If i want to buy say ripple or verge, here is what i have to do:
- buy ETH on coinbase.
- transfer ETH to binance (there is a fee to do this!!! damn you fees!!!)
- once transferred to binance, buy said crypto/altcoin w/ ETH or BTC.
- either keep crypto on the currency or move it to a mobile, paper or hardware wallet.
Common Terms being used in the crypto world:
FUD: Fear, uncertainty and doubt.
FOMO: Fear of missing out
HODL: Hold on for deal life
MOON: hoping crypto takes off and hits the moon for prices!
Pump and Dump: when whale investors hype up a coin they have invested highly in to drive prices and newbs to purchase and then selling at high point to then bring the price of crypto down. XVG is a recent example but i believe the FUD around was created by the FOMO people and Whales looking to make easy money.
Long term holding: learn about how to store your currency!! you are literally your own bank. you can use paper wallets, digital wallets, hardware wallets. READ UP ON THESE ASAP; exchanges can be hacked; remember Mt Gox and the millions of BTC lost??
Taxes: OMG, this part is what will really suck. we basically have lost the like for like classifications of crypto trading and in turn have to keep records on price paid on coinbase, costs to move to binance and any possible profits/loss of ETH/BTC while crypto transfers and then the capital gains on when we cash out or sell said crypto for another... so yea!! keep records!!!
Disclaimer: this could all burst and we lose it all (very unlikely but not out of the question) so use only money you can afford to lose.
So hopefully helps you all get started. Finally, use your common sense and don't fall for the hype or FOMO. this market rises and falls... it makes millionaires in a seconds and bankrupts others in minutes. here's to us all making it big and finding out moon. ;)
