• Beginner's Guide To Cryptocurrency Investing
• Beginners Guide To Cryptocurrency Trading
• Beginners Guide To Cryptocurrency

If you’ve ended up on this page, then there’s a chance that you’ve caught
wind of the massive cryptocurrency buzz sweeping the world. Over the last year,
cryptocurrencies like Bitcoin and Ethereum have gone from being relatively
unknown to household names.

The Simplest Way I can Describe Everything You Need to Know About Cryptocurrency. Here is a guide to cryptocurrency for beginners. We offer simple answers to questions like what is cryptocurrency, how does it work, what is Bitcoin, what is blockchain, how do I buy cryptocurrency, etc. Metaphor: Cryptocurrency is a bit like online banking without a central bank. 🙋‍♂️ BECOME A TRADER 🙋‍♂️Start your trading journey today with our 'Become a Trader' course which is 100% FREE!Does the idea of cry. This guide is about how to buy cryptocurrency for beginners in 9 easy steps. You will learn how to get started in investing in digital assets like Bitcoin, Ethereum, and other cryptocurrencies safely and securely step-by-step. I know this technology is complex and the process seems intimidating and I’m going to make this as easy as possible for you.

For those of you looking to learn about cryptocurrencies, you’ve come to the
right spot. We’ve developed this detailed beginner’s guide on digital currencies
so that folks with little to no experience with these currencies can learn about
them from the ground up.

In the sections below, we’ll walk you through the basics, including what
cryptocurrency is, how it works, common terminology, and more. By the time you
finish reading this page, you’ll have a good basic understanding of
cryptocurrencies. If you don’t want to read the entire document and would prefer
to jump to a particular section, you can use the jump links below to hop to the
parts that interest you the most.

What Is Cryptocurrency?

At a very high level, cryptocurrency is a type of digital currency that is
created through the use of computer coding. Even though it is a form of
currency, there isn’t any physical money like we’re used to with traditional
coins and dollars. Instead, all cryptocurrencies reside in the digital space and
can be sold, transferred, or exchanged for goods and services.

As you’ll see in the sections below, there’s a ton that you can do with these
digital currencies. From buying cars to paying for your meals, cryptocurrencies
like Bitcoin are becoming more usable every day as more retailers and
restaurants are willing to accept these funds as payment.

Cryptocurrencies have many benefits over traditional money. Some of the most
notable ones include that it is decentralized, fast, secure, and globally
accepted. It’s for these reasons and more that many folks are beginning to adopt
the use of these currencies.

As you can probably imagine, cryptocurrency is a pretty complicated thing.
There’s much more you can learn if you’d like to go deeper down the rabbit hole.
Here is a link to an excellent piece from Blockgeeks that has an
in-depth explanation about cryptocurrencies.

How Does It Work?

We could write an entire article about how cryptocurrencies function. Instead
of boring you with a long page of text, we’ve instead included an incredible
infographic below from Blockgeeks. This image will give you an excellent
high-level overview of how digital currencies function. If you’d like to learn
more about how they work, don’t miss out on the link to Blockgeeks just above.

Popular Cryptocurrencies

If you’re new to the world of cryptocurrencies, one of the things that you
should know is that there are a ton of different ones in existence. Currently,
there are over 2,000 different cryptos available. However, the majority of these
are unknown to most folks. We’ve dedicated this section to three of the most
popular cryptocurrencies that currently exist.

Bitcoin

Considering the fact that Bitcoin was the first ever cryptocurrency, it’s
only right that we lead off talking about it. In 2009, Bitcoin was initially
released to the public for purchase. Since then, Bitcoin has exploded in
popularity and is still the most popular digital currency. On top of its
popularity, it also has the most massive market cap of all other
cryptocurrencies.

Ethereum

Another popular cryptocurrency is Ethereum. However, unlike Bitcoin, Ethereum
is a relative newcomer in the digital currency space, having been founded in
2015. Despite its young age, Ethereum has rapidly risen to one of the most
popular cryptocurrencies in the market.

Litecoin

With roots dating back to 2011, Litecoin is another popular cryptocurrency.
Litecoin was developed by a Google employee and has a notably faster transaction
processing time than Bitcoin.

As we mentioned earlier, there are over 2,000 different cryptocurrencies
available. If you’d like to view the full lineup of options outside of the three
major ones that we’ve covered above, you should check out the following link. On
this page, you’ll be able to see all existing digital currencies
and information about their current price, market cap, and price trends.

The History of Cryptocurrency

Many folks don’t have a clue about how or why cryptocurrency first came
about. The idea behind it actually traces back to the early 1980s. However, it
wasn’t until 2009 that the first digital currency, Bitcoin, was launched. Since
then, thousands of other cryptocurrencies have launched, and there doesn’t
appear to be any sign that things are slowing down anytime soon.

The basic idea and premise of cryptocurrency is that it is decentralized.
That means that no government or other organization has control over the digital
currency. Along with that, one of the other primary goals was to make the use of
cryptocurrencies anonymous.

If you’d like to learn more details about the history of cryptocurrency, be
sure to check out the link below. It will take you to our page with a vast
explanation about the history of digital currency so that you can deepen your
knowledge on how things have progressed since cryptocurrencies first began.

In addition to our detailed page about the history, we’ve also built a page
dedicated to why people started using cryptocurrency. If you’re looking for more
color on this subject, then be sure to click on the link below to visit this
insightful page.

Common Cryptocurrency Terms

As you begin your journey into the exciting realm of cryptocurrency, you’ll
want to have an understanding of some common terminology. Below, we’ve provided
definitions of common terms that you’ll come across when dealing with the
digital currencies.

Exchange

In the cryptocurrency world, an exchange is merely a place that you can buy
or sell cryptocurrencies. Exchanges for digital currencies like Bitcoin operate
through websites. One of the most popular exchanges for cryptocurrencies is
Coinbase. If you’d like to check out their exchange to see what it looks like
and how it operates, we’ve included a link below in the next section

Altcoin (Alt)

An altcoin is simply any other cryptocurrency that’s not Bitcoin. Also
sometimes known as an alt, these coins are viewed as alternatives to the
original cryptocurrency, Bitcoin.

ICO

ICO is short for initial coin offering. These take place any time that a new
cryptocurrency is introduced to the market. Essentially, an ICO is the first
time that the general public can purchase a new digital currency. If you’re
familiar with IPOs (initial public offerings) in the stock world, ICOs follow
the same general structure and logic.

Market Cap

The term “market cap” is used to represent the total value of a
cryptocurrency as a whole. To calculate the market cap, you just multiply the
current value of a coin by the existing number of coins in circulation.

Blockchain

This is the type of technology that significant cryptocurrencies like
Ethereum and Bitcoin use in the process of managing their currency. In short,
the blockchain is a series of ledgers showing every transaction for that
currency. However, the primary thing with these ledgers is that they are highly
secured through the use of cryptography. Instead of this sensitive data being
stored on a lone server, it has copies across thousands of computers around the
globe.

Keys

Since cryptocurrencies operate through the use of cryptography, keys are a
common aspect of working with them. Specifically, you’ll have public keys and
private keys. The public keys are what you’ll use to have people send you a new
cryptocurrency. These are keys that you don’t need to be very careful with. It’s
your private keys that you need to secure and store in a safe place so that you
don’t lose them. With these private keys, you’re able to access your digital
currencies and sell them or send them to other individuals. Without your private
keys, you won’t be able to access your funds.

Wallet

While the idea is generally the same as the wallet you may have in your
pocket right now, cryptocurrency wallets differ in their own way. Instead of
being a physical wallet, these wallets act as a place for you to safely store
the keys to any cryptocurrencies that you own. You can choose to use a software
wallet that resides on your computer, or you can utilize a hardware wallet,
which is a specialized USB stick for secure storage of your keys.

How to Buy Cryptocurrency

These days, it’s relatively simple to purchase cryptocurrencies using one of
two primary methods. You can either purchase coins from an exchange, or you can
get them from a cryptocurrency ATM. No matter which one you use, it’s a quick
and easy process.

The most popular way for folks to purchase digital currencies is through the
use of an exchange. Cryptocurrency exchanges are much like a stock exchange in
that they are a place where you can buy or sell crypto funds. If you’d like to
check one out, we’ve added a link to Coinbase, one of the most significant
exchanges for cryptocurrencies in existence.

If you’d like to purchase somewhere other than an exchange, then you can use
a digital currency ATM. Spread around the globe, you can use these machines to
pick up different cryptocurrencies like Bitcoin. Instead of walking away with
actual money, you’ll instead receive confirmation and the private keys that you
can use to sell or transfer your crypto funds at a later date. We’ve included this
link that will show you all of the cryptocurrency ATMs near you if you
want to buy some using this method.

Cryptocurrency and Online Gambling

One of the earliest mainstream adopters of cryptocurrency was the gambling
industry. What’s nice about this is that it allows online gamblers a broader
assortment of payment methods to select from when they are making deposits or
withdrawals from a betting site. We’ve included this section, as it’s the
primary focus of our website, and it’s something that we’re very passionate
about.

If you’re interested in betting on sports or casino games online using
cryptocurrencies, then don’t miss the links below. On these pages, we’ll provide
you with more information about how you can use these digital currencies for
your online gambling. Also included on the pages are our top picks for the best
online sites to use for Bitcoin. You can select below from a page dedicated to
sports betting sites or one dedicated to online casinos. Just click on the one
that you’d like to learn more about.

Other Things You Can Do with Cryptocurrency

Besides being able to do online gambling, there’s plenty of other things that
you can do with cryptocurrencies. In this section, we’ll detail some of the
alternatives that you’ll have at your fingertips if you decide to buy and hold
some of these digital currencies.

Purchase Cars

If you end up holding a substantial portfolio of cryptocurrencies, one of the
things that you can do is purchase a car with it. Instead of showing up and
paying with a loan or cash, some buyers have paid for cars in full using Bitcoin
and other alt coins. Lamborghinis have become immensely popular with
cryptocurrency millionaires that hit it big thanks to their crypto investments.

Around the globe, there’s a good list of car dealerships that will accept
cryptocurrencies as payment. If you’re in the market to purchase a new car using
cryptocurrency funds, or if you’d like to see which dealerships are out there
that accept digital currency, a simple Google search can provide you with a list
of dealerships near you that accept cryptocurrencies.

Buy Homes

Another option is to use cryptocurrency funds to purchase real estate. As
with the cars example above, you’ll need a pretty hefty crypto portfolio to
execute on buying a home. However, it has been done, and many real estate
sellers around the globe are now accepting digital currencies as a form of
payment. For those of you seeking to buy a home using your crypto funds, you can
use Google to locate properties around the world that can be purchased using
your digital currency.

Shopping

If your crypto portfolio isn’t big enough yet to purchase homes or cars,
you’re still not out of luck. Something else that you can do is retail shopping
with your cryptocurrency funds. Currently, many online and traditional
brick-and-mortar retailers accept digital currencies as a form of payment.

In the online space, there are lots of web retailers that take
cryptocurrencies like Bitcoin and Ethereum. However, the majority of them are
smaller retailers that you’ve probably not heard of. Luckily, there are a couple
of major retailers that have stepped up to the cryptocurrency plate. Most
notably, both Overstock.com and Etsy.com will accept digital currency as a form
of payment in check-out. Unfortunately, Amazon hasn’t opened up to crypto
payments at this time.

If you don’t do all of your shopping online, then you may also be able to
spend some of your cryptocurrency funds in a brick-and-mortar retail shop.
Currently, the retailers accepting this form of payment are mostly smaller ones.
However, we expect that the number of retailers allowing customers to pay using
cryptocurrencies will continue to increase. You can use the following link to find a
map of all of the retailers near you willing to accept digital currency funds as
a form of payment.

Eat Out

Beginner's Guide To Cryptocurrency Investing

Lastly, you can pay for your food with crypto funds. Similar to the
brick-and-mortar retailers, many restaurants globally are now accepting
cryptocurrency as a form of payment. Using the link above to CoinMap, you can
locate restaurants in your neighborhood that allow you to use digital currency
to check out.

The Benefits and Risks of Using Cryptocurrency

Another thing that we wanted to cover on this page relates to the benefits
and risks of using cryptocurrency. We’re here to give you a good look at both
sides of the coin so that you know both the potential good and bad that could
come with it. It’s vital that you check out this portion of the page so that you
understand precisely what you may be getting yourself into.

Up first, let’s take a look at some of the risks associated with
cryptocurrencies. One of the main dangers of digital currencies is that their
prices are very volatile, meaning that the prices can change rapidly in either
direction. In addition, there is always the possibility that the value of a
crypto can become worthless.

Another risk associated with cryptocurrency is that there is a risk of your
coins being hacked. With everything being digitally based, there is always a
possibility that someone could gain access to your crypto funds and steal them.
To help reduce the likelihood of this, make sure that you’re using some form of
cryptocurrency wallet. We’ve got a link where you can learn more about wallets
in the next section of additional resources.

If you’d like a more expanded explanation of the risk of using
cryptocurrencies, we’ve built a page dedicated to just that. By using the link
below, you can gain a deeper understanding of all of the potential downsides
associated with using digital currencies.

Next, let’s focus on some of the benefits of cryptocurrency. One of the
significant benefits of cryptocurrencies is that they provide easy access for
many individuals and it can be spent globally. Unlike traditional currency
that’s only able to be used in a specific country or region, cryptos can be used
around the world.

Another great benefit of digital currencies is that they provide very fast
settlements. Compared to other payment forms like bank wires and checks,
cryptocurrency can settle transactions in as little as a matter of moments. This
helps speed up things for folks using cryptocurrencies to transact buying and
selling.

While we’ve highlighted some of the benefits of cryptocurrencies here, this
is not an all-inclusive list. To view more detail about the benefits of using
digital currency, be sure to check out the link below. Here, we’ll provide you
with a broader list of potential benefits.

Another benefit of cryptocurrency is that it is beginning to replace other
currencies. Much of this is thanks to the fact that cryptocurrencies can be sent
and spent around the globe, unlike traditional currencies which tend to be tied
to a specific country or region of the world. If you’d like to read more about
how digital currencies are replacing traditional currencies, don’t miss our
write up below. To read this interesting piece, click on the link below.

Additional Resources

In addition to all of the information we’ve already provided above, we also
wanted to bring you a lineup of additional resources about cryptocurrencies. By
using these guides below, you can broaden your knowledge and understanding of
cryptocurrency.

Cryptocurrency FAQ Page

If you still have questions after checking out this page, don’t miss our
cryptocurrency FAQ page. Here, you’ll find an expanded assortment of questions
that we commonly hear about cryptos. To view this list of additional questions,
click the link below.

Guide to Cryptocurrency Wallets

We’ve built out a detailed guide dedicated to cryptocurrency wallets. If
you’re wondering what they are or how you can go about finding one to use, then
you’ll definitely want to check this page out. Just click below to head over to
our cryptocurrency wallet guide.

How to Mine Cryptocurrency Guide

Many of you might be thinking about mining cryptocurrencies. Before you
purchase equipment to get things started, make sure that you view our guide on
how to mine cryptocurrency. Here, we’ll give you a full understanding of what
you can expect, from high electricity bills to the massive amount of heat
output.

Conclusion

We hope that you’ve gathered up a solid fundamental understanding of
cryptocurrencies using our beginner’s guide. If this is the first time that
you’ve visited our page, consider taking a minute to check out the other
valuable resources and guides that we have to offer. You’ll find a nice
collection of cryptocurrency and gambling-related information that you can use
to elevate your knowledge. Thanks for reading, and good luck in all of your
future cryptocurrency investing adventures!

Cryptocurrency Frequently Asked Questions

Hopefully, we’ve helped you answer all of your questions using the
information and resources above. Just in case, we’ve also included a handful of
FAQs below that readers have submitted about cryptocurrency. To view the answer
to one of the questions below, all you have to do is click on the question, and
the answer will appear for you.

Beginners Guide To Cryptocurrency Trading

What happens if I lose my private cryptocurrency keys?

Unfortunately, if you lose your private keys to your cryptocurrencies, then
you’ll lose access to them forever. These private keys are essential for you to
sell or transfer your coins. There is no way for anyone else to help you recover
them.

Because these keys play such a vital role, it’s crucial that you take the
proper steps to record and safely store your keys. Instead of saving them on
your computer where they could potentially be hacked, we’re big fans of using
old-school pen and paper. What we’d suggest is writing your private keys down on
a few pieces of paper and then storing them in different secure areas. That way,
if you misplace one, you’ll still have some others. You might consider placing
them in a safety deposit box, home safe, or other secure areas within your home.

An alternative for you is to use a cryptocurrency wallet. These come as
either software or hardware formats. In both forms, these wallets are designed
to help you securely store your private keys.

Is cryptocurrency a smart investment?

Unfortunately, we can’t give a global answer here, as everyone’s financial
situation is a bit different. What we can tell you is that investing in
cryptocurrencies is very risky. If you own some of these currencies, you should
expect to see large swings in the value of your coins on a regular basis. Many
people don’t like significant changes like this, and if you’re in that bucket,
then you may want to sit out on investing in cryptocurrencies.

There are tons of individuals that have made a lot of money by investing in
cryptocurrencies. However, the majority of them bought coins in the early phase
of one of the cryptos. While it is possible to make money in the short term, you
might consider looking at things as a more long-term play. If you purchase some
coins now and hold onto them for a more extended period, there’s a chance that
they could be worth lots of money or nothing in the future. Unfortunately, we
don’t have a crystal ball that tells us what the future of digital currency
values will look like.

Do all online sportsbooks and casinos accept cryptocurrency?

No. Not all online sportsbooks and casino accept these digital currencies.
Luckily, plenty of them do. If you’d like to do your online gambling using
cryptocurrencies, check out the section above about online sites and
cryptocurrency. There, you’ll find more information and a link to a page where
you can see our recommended sites that allow you to transact using cryptos.

Can I lose money investing in cryptocurrency?

It is possible to lose money while investing in cryptocurrencies. As with
other investments like stocks and bonds, there is always a risk of losing some
or all of your investment. Unfortunately, there is no such thing as a sure bet.
If you decide that you’re going to invest in digital currencies, be sure to keep
this in mind as you make your buying choices. Due to the high-risk nature of
these investments, we’d suggest that you only allot a small portion of your
investment portfolio into cryptocurrencies while investing the remainder in more
stable investment options. In short, don’t put all of your eggs into a digital
currency basket.

Is cryptocurrency illegal?

At this point, cryptocurrencies are unregulated, meaning that they are not
illegal. Governments around the globe have yet to put in laws and rules
governing these digital currencies. However, we expect that will change sooner
rather than later. Unless you’re using cryptocurrency for something that’s
illegal such as drug trade or ransom requests, then you should not have any
problems.

Have you been curious about cryptocurrency? Maybe you’ve been a little nervous or intimidated about getting set up? Well, worry no more, this article is here to help. I had personally wanted to get into crypto for years, but felt that it was a little overwhelming and confusing, so I put it off. Unfortunately, this cost me years of experience, and likely quite a bit of potential monetary gains. As of writing this, I have been a proud owner of cryptocurrency for about three months. With the potential struggles and questions of a new crypto user fresh in my mind, we thought that a handy guide for crypto newcomers would be helpful. I am going to try and keep this simple, and not super technical, mainly just a guide to help you get started.

Before we get into this, I need to say that I am not giving financial advice. I am in no way, shape, or form professionally qualified to tell you what you should do with your money. Those are decisions that we all have to make for ourselves. Throughout this article, I will reference or use particular crypto currencies, wallets, services, etc. This is not necessarily an endorsement of those products and services. I picked them mostly for ease of use and to keep things simple for the explanation purposes of this article. To my knowledge, the products I have referenced should be just fine, but they are by no means an all-inclusive list; feel free to explore other services, you may find ones you like better.

What is cryptocurrency? I know I said nothing too technical, so I promise this explanation will be brief. According to Coin Market Cap, there are over 6000 crypto currencies, and they may work in different ways. Cryptocurrencies are basically digital currency. They are secured by cryptography (hence, the “crypto” in cryptocurrency) which makes them near impossible to counterfeit, or to double spend. They are generally decentralized networks based on blockchain technology. Because they are decentralized, they are outside of the control of government and banks. Bitcoin was the first and most famous cryptocurrency, and the first digital currency based on blockchain technology. Blockchain is basically a term describing a public ledger that is timestamped and unchangeable. Here is a link to an article by Sal Mayweather if you would like to learn more about the technicals of blockchain technology and cryptocurrency.

The first step on your crypto journey will be to download a wallet. A wallet is a program on your computer or phone that allows you to store, send, and receive cryptocurrencies. There are many of them out there; they are free and you can have more than one, so don’t worry, you aren’t committed to anything. Just make sure that you get a wallet that is compatible with the particular cryptocurrency you wish to obtain (perhaps the first step should be to determine what crypto you want, but we’ll get to that later). Let’s keep it simple and assume that you are going to be purchasing some bitcoin cash (BCH).

(Note: I am not advocating for any particular coin, however due to a few factors, including transaction fees, we will be working with BCH.)

Try downloading the Jaxx Liberty wallet onto your phone and/or desktop. I like this wallet; it’s super easy to use, handles dozens of different cryptocurrencies, allows you to purchase crypto right from the app, and they are responsive if you should have any issues. I also really like the bitcoin.com wallet, it is easy to use as well. Note: When purchasing crypto through Jaxx, and the Bitcoin.com wallet, they will require you to submit personal info for tax purposes. Once you have provided them with your I.D., those wallet addresses will be forever tied to the identity provided, and you will not be able to remain anonymous.

When you first open your wallet, you will want to click on “create new wallet”. You will be prompted to back up your wallet; you want to do this, it is very important. Backing up your wallet allows you to recover it at any time, from anywhere. By using your 12 word “seed phrase,” you (or anyone who has the phrase) can recover and access the wallet in the event you lose or break your device. It is very important to write down your phrase and keep it in a safe and secure location. If you lose it, you lose access to your wallet, and you will have no way of recovering your crypto; it is your responsibility. Also keep in mind that if anybody else obtains your phrase, they can use and transfer funds from your wallet.

Once you begin to backup your wallet, you will be given 12 words. Write them down, in order. You will then be asked to confirm your phrase by putting the words in order. It’s simpler than it sounds, they just want to make sure you have followed instructions and backed up your wallet. After you have confirmed your seed phrase, you are all set! It should take you to your holdings page, where it shows what cryptos you have, and how much they are worth in dollars. As of now, this should say zero. By clicking on the wallets tab on the bottom of the screen, it will take you to your different wallets. Here, you have the ability to turn the visibility of wallets for different coins on or off. This allows you to hide the clutter of wallets you don’t use, which you can edit by clicking the edit icon in the top right corner. Congrats! You’re now ready to accept crypto!

So, now that we have our wallet set up we can do a couple of things: we can’t spend any BCH yet, since we don’t have any. We do have the ability to receive though, so let’s go ahead and talk about that. Let’s say you’re having a yard sale, and you’re selling your old bike for 20$. The purchaser asks to pay with Bitcoin cash! Grab your phone and open your Jaxx wallet, select your BCH wallet in the wallet tab, then select the receive button. The app will display a QR code and an address consisting of a long string of characters. The purchaser will open their app, enter the amount (20$), and then scan your QR code…and you’re all set! Your BCH should show up in your wallet within a few minutes. If you were doing a sale where the purchaser isn’t present, you can copy and paste that long string of characters into an email or text, and send that to the buyer. They will be able to insert that address into their wallet and send funds that way as well. We will discuss purchasing crypto a little later, but let’s go ahead and talk about sending crypto with your wallet.

Ok, so the following week your neighbor is having a yard sale and you want to buy a fishing pole from her for ten dollars. Since you are lucky enough to live in a neighborhood with so many other agorists, she is happy to accept BCH! Take out your phone, open your Jaxx wallet, and select your BCH wallet from the wallet tab. Press the send button to open your send menu. First, enter the amount you want to send at the bottom of the screen. You can enter the amount in USD or in BCH. Go ahead and enter $10.00 in the USD field; the app will show you the equivalent amount of BCH in the BCH field. Note that below these fields, it will show your total amount of BCH available, as well as the transaction fee that will be taken out of this purchase.

Next, you will need to tell the wallet where to send the crypto. At the top of your screen, you will see an address field. You can copy and paste an address here, you can select an icon to scan a QR code, or select an address from your contacts. Because this is an in person transaction, we will select the QR code option. Your neighbor will open her wallet and select receive; this will generate the QR code for you to scan with your phone. Scan it, and that’s it! Your crypto should arrive in her wallet within a few minutes. Alternatively, if you are making a transaction and the receiver isn’t present, you can copy and paste the address sent to you in the address line instead. It is also worth noting that the desktop version of Jaxx does not have the scan QR code option, as it isn’t really necessary.

How to purchase cryptocurrency

Now that we have learned the basics of how to use your wallet, let’s figure out how to put something into it in the first place. If you’re lucky enough to have people lined up at your door to pay you for goods and services in crypto, this may not be important. For the rest of us, however, there are a few ways to go about this. Let’s explore some options.

First, what are crypto exchanges, and how do I choose one? We will keep this section as basic as possible, but there are some differences between exchanges that we have to cover. First, what are the different types of exchanges? (Note: this isn’t an all-inclusive list!)

-Centralized exchange: A centralized exchange is a crypto exchange run by a centralized company. Since they are regulated by the government, you are required to give up personally identifiable information (i.e. name, address, social(ist) (in)security card, etc.) before making purchases or exchanges. It may not be a big deal for some; however if you are looking for privacy, it is certainly worth noting. Also be aware that you are legally required to pay taxes on gains from crypto (that is, gains that the government is aware of). They tend to be easier to use, and you can purchase crypto with fiat currency. Please remember to look at and compare fees and such before making purchases.

Pros include:

-Typically easy to use

-You can purchase crypto with fiat currency, via credit card or bank account

Cons include:

-Funds are controlled by the exchange

-More vulnerable to hacks or malfeasance

-Government regulated

-Not anonymous (require Know Your Customer (KYC) personal info)

-Centrally governed

-Decentralized exchange: A decentralized exchange (DEX) is a totally open source marketplace for cryptocurrencies. Instead of dealing with a centralized company, buyers and sellers deal more directly with each other for their transactions. These tend to be much more private and in some ways much more secure. They can be a bit more complex, and usually require that you trade crypto for crypto, as opposed to being able to purchase with a debit card.

-Pros include:

-Users control the funds, meaning you don’t have to entrust them to a third party

-Not subject to hacks like a centralized exchange

-No KYC so you can remain anonymous

-Less subject to government control

-Cons include:

-Are more complicated to use

-Do not take credit/debit cards

-Must trade crypto for crypto, therefore you must already be holding cryptocurrency

-Fees may be higher, therefore it may be good to use a DEX for larger trades

-Peer to peer exchange: A peer to peer exchange is a type of decentralized exchange where you will actually interact with the person you are trading with. These exchanges can allow you to have more control over your trade and allow for anonymity as well. When the two parties work out the arrangement, the funds and crypto are held in escrow and then released once the conditions are met. This way, you don’t have to blindly trust the person you are trading with. Also, there are rating systems and such so you can have an idea of the person’s reputation before commencing the trade.

-Pros include:

-More control over your trades, such as who you will deal with, prices, and method of payment.

-Usually has low transaction fees.

-Doesn’t require KYC documentation, allowing for a degree of privacy (although it’s not required to use the exchange, some sellers will want you to verify your identity)

-Generally easier to use than a DEX

-Cons include:

-Some sellers will only accept certain forms of payment, so you may be limited based on how you are willing to pay.

-Although reviews and rating systems provide a good degree of confidence, there is always a counterparty risk.

So which type of exchange should you use? Decentralized exchanges have a degree of difficulty, so they may not be the best place to start. You would also need to have crypto to trade with. Centralized exchanges, or just purchasing crypto through your wallet is surely the easiest. You can simply sign up and pay with a credit card, and they are usually pretty secure. You will have to give up a bit of personal info, so if privacy is what you’re looking for, it may not be ideal. Also keep in mind that centralized exchanges have to report to the IRS, so if you are buying large quantities, bear that in mind. Centralized exchanges may be a good place to start; you can easily get some crypto to play with, make a few purchases till you’re comfortable, then explore other options. I personally like the peer to peer exchanges. In my experience, they have been easy to use and the privacy factor is a big plus as well. Up next, we will go a little more in depth into the peer to peer exchanges, and how to use them.

Peer to peer exchanges, or sometimes called “local” exchanges, exist for most popular cryptocurrencies. Sticking with BTC for this, let’s check out Local.bitcoin.com. The first thing you will want to do is create an account. Once you do this, an associated wallet will be created. Coins you purchase will go here; and from this point, you can transfer them to another wallet, let’s say your Jaxx Liberty wallet we set up earlier. Also, don’t forget to keep your user name and password in a safe place! You should also back up your wallet, especially if you plan on holding funds there. Note: the backup for this wallet is not a seed phrase, rather a file that you download.

So, you have your account all set up; on the home page, click the “browse listings” button, and it will bring up all of the available listings. There are some drop down menus at the top to help you narrow your search. In the first one, select that you want to buy BCH, if you have a specific payment method, you can select it from the second drop down menu. I have a few ways that I am willing to pay, and the drop down is not an all-inclusive list, so I usually just leave that one alone.

Next, you have the location drop down, in case you want to specify a country. I usually select “USA” because it’s more likely I will find people who want to trade in dollars (under advanced search options there is a drop down for currency specifically). Now that we have it narrowed down a bit, you will see the available listings populate. Each listing will have the name of the seller, the payment methods they accept, their location, volume they are willing to trade, and finally a button with the price. When you see a listing that tickles your fancy, click on that button to get more details. Some things to look for: what payment methods they take, if they require KYC info, their feedback ratings, price etc. Once you make sure that you agree with the price and the terms, you can initiate the trade. Simply enter the amount you want to purchase, send them a quick message, and the click open trade and follow the instructions given. The sellers coins will be held in escrow until your payment clears, then the coins will be released to you! You can find them in your wallet, however they may take a few minutes to show up; but once they do, you can transfer them out to your preferred wallet. I have found that you may pay a little more for the coins using a site like this compared to some centralized exchanges, but the private nature of the trade is a definite plus.

If you have made it this far with me, you are well on your way to being a crypto master! Before we wrap up, there are just a couple more things I would like to go over.

-Privacy coins and considerations: Oftentimes, people are under the assumption that Bitcoin and other cryptocurrencies are totally anonymous, and that isn’t necessarily true. Although you don’t need any personal info to open and use a wallet, remember that the blockchain is a public ledger. Even though your name may not be attached to your wallet, your wallet still has an identification itself. Over enough time, with enough transactions, it is possible for some software to pick up patterns and trace a coin’s journey from wallet to wallet. For this reason you should not just assume that all of your crypto transactions are totally private.

Why would someone who isn’t doing anything nefarious care about being anonymous? If you aren’t doing anything wrong, you don’t have anything to hide right? (Of course, that last line should be read in a sarcastic tone.) While there are many answers to this question, my first is always, “Why the heck not?!” Why would you want a government or any other entity tracking where and how you spend your money? What good could come of that? Also, what a government deems as immoral or against the law may not actually be a crime in the sense that there is no victim. So, who cares if they don’t approve? This is a great place to point out that all sorts of illegal activity and substances are paid for mostly in Federal Reserve Notes (cash), so the idea that crypto is mainly a vessel for criminal activity is absurd; they (“criminals”) privately transact in cash every day, and in far higher amounts.

Beginners Guide To Cryptocurrency

Finally, it is apparent that governments want to control everything they possibly can, especially money. Therefore, having a private currency that they cannot control is key to breaking the chains of government oppression and that pesky inflation tax. In Wendy McElroy’s fantastic (free) book, “The Satoshi Revolution”, she does a fantastic job making the case for crypto and why it is an important tool in our fight for freedom, I cannot recommend it enough.

“Ok, we get it, privacy is important, how do we make it happen?” We have a few options here for what we can do. First, there are services called “coin mixers”. These applications take coins from several different users, mix them together, then re-distribute. By doing this you are getting different coins than you put in. This makes it much less likely, or even impossible, for coins to be traced once mixed. Check out the Electron Cash wallet, if you like, it has shuffle technology built in. Check out thisarticle by Brandon Aragon for more info on this topic.

Another useful crypto tool are coin swap apps (I like Simple Swap, but there are many out there, and you may need to explore a few if you are looking for a specific coin). A coin swap allows you to very simply, and usually inexpensively, swap one crypto for another. I have found these apps handy when a vendor only accepts a crypto that I don’t currently hold. Also when I want a particular coin that is difficult to find on exchanges, or on exchanges that I find difficult to use, I can often find them available at a coin swap service. I’m putting this in the privacy section because of one other feature.

When you do a coin swap, the coins you receive are (usually) “airdropped” to your wallet. If you open a brand new wallet to have your coins deposited into, it is much more difficult to trace the connection between the input, and output of the swap. Let’s say you have your primary wallet that you use to store most of your crypto, and you send some to someone else, or another wallet; there is a record of that currency moving from one wallet to another. When it is instead sent to a swap app (unless you have your exchanged coins deposited in the same wallet), that will be where the trail ends. If you have your exchanged coins deposited in a new wallet, you can then spend that crypto without it being connected back to your primary wallet, therefore giving you some privacy with those transactions. Note: In respect to privacy, this method is similar to a coin mixer, but it is a different way of going about it.

Finally, let’s talk about privacy coins. Some coins are actually designed with privacy in mind. These are usually not found on the larger, centralized, and government controlled exchanges, as they are frowned upon by governments (I wonder why?). These coins are designed in a way that obfuscate some of the transaction data in the blockchain. They may do things such as create one time wallet addresses for each transaction so that your private wallet addresses aren’t visible on the blockchain. Some will simply only post updated ledger balances without actually tracing the path of each individual coin. Utilizing ring signatures is another popular method of obtaining privacy, or at least providing reasonable doubt. The most notable/popular privacy coin is probably Monero (XMR), but some others that are worth checking out are Epic cash (EPIC) and Devault (DVT). Please make sure to do your research about whatever coin you plan on using to make sure it is suitable for your needs.

Before we wrap up this article, we should talk about where/how to spend your crypto. While crypto is great for small personal transactions between two people, many businesses are also getting on board and accepting cryptocurrencies as well. There are many directories online to find retailers that accept crypto; here is an interactive map showing places all over the world that accept BCH. Dash (DASH) is a popular coin for retailers; here is a directory for businesses that accept it. You can search for a directory for whatever coin you want to spend and see what comes up! Another option is buying gift cards with crypto, which you can then use at stores that don’t accept crypto. Check that out, plus the option for a crypto debit card from BitPay.

One of the best things you can do to personally help promote crypto usage at large is talk to your local businesses that you visit. Try asking if you can pay with crypto at your local restaurant, Hair Cuttery, or farmers’ market. You never know, they might say yes, or at the least it may make them start to consider it. It also gives you a great way to start a conversation with someone about the benefits of using and accepting crypto. If you are a vendor or internet retailer, there are many programs out there that can facilitate those transactions. I use AnyPay for my personal business.

There you have it folks! This should be a good base to get started from on your journey into cryptocurrency. Try purchasing a small amount of BCH (maybe 50 or 100 dollars worth) and do some small trades with it. Try sending a dollar or two between two wallets, or between you and a friend. This practice will make you confident in larger transactions, and if you mess up, it’s just a buck! I will include some links below to some valuable reading that will help you become even more knowledgeable! Please don’t forget to check back with Agorist Nexus frequently for more content on crypto currency. Remember, when using non central bank controlled currencies, you are cutting the banks out of the picture, and showing them that they are not needed. Together we can make them obsolete.

-Dagorist

• Agorism And Breaking The Chains Of The State By Brandon Aragon

• How I Became My Own Bank & How You Can Too By Sal Mayweather

•On The State of P2P Cash By Sal Mayweather

• The Properties of Money and Cryptocurrency By Brandon Aragon