Beginners information to Cryptsy Currencies. By Jason Davies
To buy any other crypto currency the first thing you need is a set amount of bitcoins to buy other currencies as they are not on official stock markets yet. To get bitcoins visit https://localbitcoins.com/
The cheapest rates will always be the sellers at the top of the list you will need to look at trade limits to see if they accept the amount of £ you want to invest and buy BTC. Always remember bitcoin is currently the heart and soul of buying other currencies you need to have bitcoin to be able to buy any other crypto currency.
Bitcoin is constantly expanding and there has not been an article recently showing any signs of decline. The most recent talks have been bitcoin insurace, Google accepting Bitcoin and Ebay aswell. Since bitcoin has only been on the scene for a few years there is a big stigma behind whether it is safe or not. The answer to this question would be invest what you can afford to lose, keep upto date on the latest news regarding the coins you invest in and always check the current trade prices so you dont get ripped off. Investing in anything comes with its risks it all depends whether you like a gamble and whether you can accept your money being held in another currency.
so whats the big hype about ? Online currencies are different from the usual paper money you use everyday in yourlife. There are a set limit of coins. For example Bitcoin have a limited number of coins which is 21,000,000,000 in circulation. They will never make more and they will never remove the coins. This means the more demand and the more people using it the value per coin rises. In the real world banks print more money instead of letting wealth grow. The banks get away with defacing the currency every day so more and more people are putting there assets into online currencies.
What is mining ? Mining is the community helping the currency stay alive. If you send or recieve coins it needs 3 people to confirm the address. Confirmations occur Anonymously so trading is completly safe. Each time somebody confirms a transaction they get a reward. It is normally 0.00000001BTC reward for every confirmation taking weeks to make a couple of hundred pounds. Mining is only worth doing if you do not pay the electricity bill, you also need to spend thousands on a rig for it to be worth your time as there are now thousands of people mining the rewards become less.
When a coin is launched mining also allows people to mine the coins from the Developers so they are distrubuted fairly to first investors. Once the coins have been mined from developers mining will be confirming transactions only and the price will rocket as the demand will increase. This is why when you see alternate currencies the price per coin is really low, this is miners dumping coins for fast profit then moving onto next coin. It is best to purchase coins as soon as they are launched to maximise profits but you will have to wait a couple of years before finding out if it has made you rich.
What influences the value of a coin? At the launch of a coin prices will often start out at different rates. This is because the people mining are faced with a set amount of coins to mine per block. A block is a specific amount of the coins. As the blocks progress there are less coins to mine. Long term this is an advantage to all coins because the demand gets greater the less coins there are to be mined. When all the coins are mined the price is purely then influenced off demand. Most blocks start off with a large sum of coins to mine but not all. Some coins provide blocks to mine with small amounts of coin, this makes the coin worth more to start out with. I will do a short example below i hope it explains why coins are cheaper to start out with.
Remember once the first block has finished, the next block starts. They are not open to mine all at the same time.
1st block: 1,000,000 coins to mine 2nd block: 800,000 coins to mine 3rd block: 750,000 coins to mine 4th block: 600,000 coins to mine
So as more blocks that get mined the less coins are mined. At the start of a coin the miners dump the coins for cheap allowing you to buy a bulk amount of them before the coins success starts like bitcoin. It took 2 years before bitcoins price rocketed in value. Its always a smart idea to look at the max amount of coins in circulation and the amount of coins per block to fully determine its value. Using the blocks i have provided above imagine 100 people mining at the same computer rate each person at the end of "1st block" would get 10,000 coins., then next block they would receive 8,000 coins and so on.
Potcoin has 420 coins per block to mine so the coins are really hard to get making the value of it higher to start off with. If there were a few thousands coins mined at the end of its block the price would be far lower. If the demand was there.
are transactions really as fast as marketed ? Yes! I will use localbitcoins as en example. If you wanted to sell your bitcoins back you click on sell bitcoins and find a buyer with the best price. You then put in the amount of bitcoins you want to sell and click send trade. A live chat will then apear on the right hand side, you will wait for a confirmation of funds sent, check your bank online and then release your bitcoins. Selling bitcoins is a direct bank transfer so you see the money in your account straightaway.
Why do people trust bitcoin? People trust bitcoin because it is set up how banks were first created. With a set limit of currency any trades up the the value. Since the federal reserve etc was created it allowed banks to print more money effecting the value of paper currencies. To hard working people this stops there wealth growing, if anything it makes there wealth collapse which is why there is a stupid amount of loans and debt in the current world today. Many banks such as HSBC are costantly defacing the currency with scandals like the mexican drug laundering scandal for king pin mexican drug lords.
what did silk road do the price? Silk road was a website that accepted bitcoin payments. Silk road was a website that sold drugs anonymously but was taken down by government due to the illegal transactions. At first the price of bitcoin dipped but a week later the price rocketed. This is because it showed investors Bitcoin Developers are willing to remove any "bad eggs" from there currency which helped protect the coin even more.
Why do so many people use bitcoin? People use bitcoin to avoid tax and to stay away from bank scandals that could potentially have a huge affect on the value of there paper money. For example if you wanted to go abroad you would put all your holiday funds into bitcoin and when you get off the plane on holiday go to the nearest library or place you can access a computer to sell your bitcoins locally. This allows you to transfer currency without paying tax that you would do using the post office. Also huge companys are starting to see the advantage because transfering funds bank to bank come at a really high cost which is normally around 5 - 10% of the transaction. If you was to do a transaction with bitcoin it would cost no more than 37p.
Max keiser a multi million pound investor predicted by the end of 2014 bitcoins price could rise to around £600,000 per coin. So back to the question will it make me a millionaire ? The answer is simple "we are all hoping for this outcome" It comes with risks and a bit of faith. The best chance at becoming a cyrpto millionaire is to keep upto date with the plans each currency has to make it big. Most currencies get involved with the media to attract new buyers each media stunt seems to rise the price and level it out to a new higher price.
Will i have to pay tax on it? Nobody pays tax on Bitcoin because it is P2P person to person transfers avoiding paying tax through banks. A good example could be paying your friend for something in person you avoid paying tax and charges. This is why so many people and business's have started to use online currencies.
Crypto wallets The main bit of information you need to know about your wallet is backing it up and saving it to your computer. This will save the code given to send and recieve coins. Also the first time you download a wallet it will take a long time to fully sync the wallet. Please have patience with the first load, loading after the first sync will be really fast.
Can bitcoin become worthless? Yes the only reason bitcoin has become successful is because it is similar to how the internet works. It is the power of the people keeping it alive. Bitcoin works off demand. Personally i believe it will not get to the stage of becoming worthless due to it being better than any bank in the world as far as charges and the cost to the user. There are also insurance companys in the U.K setting up a system to make it even more secure. A coin called German Mark became worthless because it never made it onto trade sites. Nobody is in the position to say it will never fail because nobody can speak for the whole population and nobody can predict the future technologys.
Who controls bitcoin? Bitcoin is controlled by all the users on the network. There is no set owner who can just log in and change the value or amount of coins in circulation. Once the system goes live that is it its there to stay until nobody uses it. Developers can improve the software but cannot change the amount of coins in circulation, they cannot steal from peoples wallets and they cannot just turn bitcoin off. The best way to look at bitcoin would be to compare it with the internet or emails.
What does satoshi mean? satoshi is a word used to describe a small some of bitcoin. Examples: 2 satoshi = 0.00000002 BTC 20 satoshi = 0.00000020 BTC 200 satoshi = 0.00000200 BTC
So if you wanted to buy X amount of dogecoin somebody will tell you the price in satoshi, this is how much each coin is in bitcoins.
Example: i have 20 doge coin, i want to sell them at 200 satoshi. so the total cost would be: 20dogecoin x 0.00000200btc = 0.00004000bitcoin for the 20 doge coin.
the word satoshi is a term we use like pounds and pence. Its used to describe the micro amount of a coin.
Trade sites: https://coinbase.com
(very trusted) https://vircurex.com/
(very trusted) https://bter.com
(very trusted) https://coinex.pw/
(very trusted) https://cryptorush.in/
temp log in:cryptorush password:Dsdhoide84983420 (new to trading scene) http://incryptex.com/
(new to the trading scene)
Keeping an eye on prices. There are many sites you can keep an eye on the current price of your coins. I am an investor in dogecoin, so i will use the website i use as an example to show you. Once you have loaded the website you will see at the top 3 prices for the current coin on seperate websites that hold trades this shows you the current buy and sell rate http://dogemonitor.com/
This site also allows you too look at the top 80 currencies currently on the exchange market. It allows you to keep an eye on the price, market cap, current supply and how well it has done over the past 24hours. This site is like my bible for keeping an eye on multiple prices at once. http://coinmarketcap.com/
I strongly reccomend making a social networking site devoted to liking or following all currencies on the market so you can keep upto date with the latest news that can help influence buying or selling a coin. Keeping upto date on currencies will help you if you want to buy and sell coins daily profiting off current trends in the market. Personally i am a big investor that likes to buy bulk of each coin, i do this because of what happened to bitcoin i have the patience to wait a couple of years like the millionaire investors did with bitcoin. I find daily trading a very bigger risk but that is my personal opinion it also takes up alot more time and can become a full time job.
I decided to make this article on some of the most common asked questions because i am a new investor that has also asked the same questions. It has taken me a couple of hours to write up. I decided to do this because i have spent alot of hours helping friends and family with the information. I thought id put information together regarding some of the big questions nobody seems to get honest answers from. I noticed when i first started alot of the investors that have been at it for some time choose to ignore new investors. I thought it was very rude and i couldnt understand why they dont want to help us new folk trying to put food on the table.
As i looked into it more and more spending a couple of weeks with my head in private channels studying what people are saying i realised they dont educate people because they want to be able to buy and sell coins cheaper to make a bigger turn over. I dont like greedy people i think its whats wrong with the current system we live in greed it has stopped all parts and all areas of life progressing. I believe greed has soaked up wealth into 1% of the population. Luckily i met potcoin!
My goal was to share as much information as i could and i really hope i have helped you with honest information. I understand some investors have children and familys to support so i have tried my best to give the most honest answers, i understand risks to everyone have a huge impact so i am trying my best to help everybody.
Bitcoin wallet address: 1FFD1XuS5oXeNwK9tw9LTcJaeqFvwXsEh5 Potcoin wallet address: PTBvrh4dUXhbEdtHG5SzKdtbCUdH9s7RfY
All the best in the world of cyber currencies. I hope the information i have provided has given you the information i once seeked. Kind Regards Jason Davies
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