Cryptocurrencies
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What is cryptocurrency: 21st-century ponzi scam – or the money of the future?
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This page explains the most important things about cryptocurrencies. After you've read it, you'll likely know more about it than most other humans.
We will explain what they are, get into a bit of how they work but I will also post credible links and discuss the different options as far as obtaining them and the different varieties. We will also briefly get into how they can be spent and how and why they tie into the revolutionary movement.
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Today cryptocurrencies have become a global phenomenon at least heard of by most people. Still, it remains geeky and misunderstood by many.
Banks, governments, and many companies are aware of its importance.
In 2017, you will be hard pressed to find a major bank, a large accounting firm, a big software company or a government that did not research cryptocurrencies, publish a paper about it or start a blockchain-project.
A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography (the practice and study of techniques for secure communication in the presence of third parties - Modern cryptography is heavily based on mathematical theory and computer science practice; cryptographic algorithms) to secure the transactions, to control the creation of additional units, and to verify the transfer of assets.
Cryptocurrencies are classified as a subset of
Virtual or crypto currencies like Bitcoin are definitely by far the hottest investment product currently available. These immutable and exchangeable cryptographic token promise to become a hard and non-manipulatable money for the entire world. Their advocates see a future in which Bitcoin or other cryptocurrencies will substitute Euro, Dollar and so on and create the first free and hard world currency.
Bitcoin was created in 2009 (by the unknown alias Satoshi Nakamoto), the first decentralized cryptocurrency. Since then, numerous cryptocurrencies have been created. These are frequently called altcoins, as a blend of bitcoin alternative.
Bitcoin and its derivatives use decentralized control as opposed to centralized electronic money/centralized banking systems.This is one of the biggest reasons it has become so popular among the revolutionaries. Decentralized currency is one way to combat the Federal Reserve scam we have all been tricked into participating in. The decentralized control is related to the use of bitcoin's blockchain transaction database in the role of a distributed ledger.
Basically, cryptocurrencies are entries in a decentralized consensus-databases. They are called CRYPTOcurrencies because the consensus-keeping process is secured by strong cryptography.
Cryptocurrencies are built on cryptography. They are not secured by people or by trust, but by math. It is more probable that an asteroid falls on your house than that a bitcoin address is compromised.
Before we get into the 'Altcoins' let's talk about how you would obtain, store, spend, and shuffle around your Cryptocurrencies, shall we...
Investing in Crypto
Virtual or crypto currencies like Bitcoin are definitely by far the hottest investment product currently available. These immutable and exchangeable cryptographic token promise to become a hard and non-manipulatable money for the entire world. Their advocates see a future in which Bitcoin or other cryptocurrencies will substitute Euro, Dollar and so on and create the first free and hard world currency.
Cryptocurrency is taking off. New millionaires are being made almost daily as Ethereum, Bitcoin, NEO, Litecoin, Ripple, Stratis, and other cryptocurrencies reach all-time highs. It is becoming somewhat of a modern-day gold rush.
Bitcoin is worth thousands (the other day it nearly reached $8,000.00) of dollars. Ethereum is worth hundreds of dollars. For coins that were once worth only pennies, investors have made serious money in the past few years. It should be noted here that I am an advocate of blockchain technology.
“It is that narrative of human development under which we now have other fights to fight, and I would say in the realm of Bitcoin it is mainly the separation of money and state.”
– Erik Voorhees, cryptocurrency entrepreneur
How to Buy Your First
Cryptocurrency Coin
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Buying cryptocurrency is confusing for a lot of people. But it can be broken down quite simply:
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Find a Bitcoin exchange (SpectroCoin, Kraken, Mycelium, Coinbase)
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Buy bitcoins by exchanging your local currency, like the U.S. Dollar or Euro, for bitcoin.
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Transfer the bitcoins to your wallet.
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Get a Bitcoin debit card for easy spending (shift card).
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It's possible to buy bitcoins with cash on LocalBitcoins, Bitquick, or Mycelium, via cash trade in-person or with cash deposit.
Why buy bitcoins with cash?
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It's private and usually quick
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One of the easiest ways to get bitcoins
Some of the exchanges below do not require you to verify your identity or provide sensitive personal details. This is important for those who want to keep their transactions private.
Buy Bitcoins with Cash from Bitcoin ATMs
Bitcoin ATMs are another great way to purchase bitcoins with cash!
Think of a Bitcoin ATM as a cash to Bitcoin converter.
While you may have to physically drive or walk to the ATM, once you reach the ATM you can buy bitcoins instantly. You’ll need to be lucky enough to have a Bitcoin ATM in your area.
Bitcoinworldwide.com has an interactive map to help you locate a Bitcoin ATM near you.
It's not a stock or a typical "investment." You don't get shares; instead you get digital coins or tokens. The coins are better than a paper dollar bill because they actually support a greater cause and although they fluctuate in general their value goes up where the value of the Federal Reserve note is designed in a way to ONLY go down. Crypto is a much more freeing alternative to the central banking cartel and the so called "Federal" Reserve.
Coinbase would be the easiest option to buy Ethereum, Bitcoin, or Litecoin. After verifying your account, you can add a number of payment methods including credit or debit cards, U.S. bank accounts, or even wire transfers of funds.
Mycelium is an iOS and Android Bitcoin wallet app. Very easy to install, for daily basis use. It is secure, easy to use, and has a lot of interesting functionalities. Mycelium Local Trader is a decentralized in-person exchange that is built right into your bitcoin wallet. Because the coins are stored locally in your wallet, the Local Trader exchange never needs to hold any of your bitcoins or fiat. Local Trader servers only help arrange the trade between buyers and sellers, manage the transaction, and calculate reputation ratings based on the trades.
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Other options for exchanges that will take U.S. dollars for coins are
Kraken where you can buy, sell and margin trade Bitcoin (BTC) and Ethereum (ETH) in exchange with EUR, USD, CAD, GBP, and JPY
Gemini where you can buy, sell, and store both bitcoin and ether.
Coinmama although in my experience coinmama has been the exchange with the highest fees, in some cases it was the easiest to navigate their process. I suggest researching each one to find the right fit for you. Or like I have done - experiment with them one by one.
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Typically you will need to verify your account with a driver's license and add other details to expand your buy limits. Since cryptocurrencies are "hard currencies," the exchanges don't want to risk getting ripped off, since you can't reverse a cryptocurrency transaction once it's done. These options may not be the best for someone who wishes to keep their buying private.
Getting ahold of Altcoins
If you are looking for some of the newer coins like NEO that are making big movement but haven't made their way to the aforementioned exchange sites, you can look into
or my favorite Jaxx!!
You can transfer Bitcoin or Ethereum to these platforms from the exchange site (coinbase etc.) and then exchange it for any other digital currency that you want. I am partial to the ease of use of Jaxx's shapeshift on board.
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In the past, investors in cryptocurrencies have been ridiculously successful.
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Buying and keeping cryptocurrencies is a bet on the success of this silent revolution of money.
Spending your crypto
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Bitcoin debit cards help bridge the Bitcoin world with traditional finance and you can either buy Bitcoins with your debit card or load a debit card with bitcoins to then spend bitcoins at almost any credit card accepting merchant.
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The oldest and most established Bitcoin debit card, the Cryptopay bitcoin debit VISA card with over 23,000 issued. Cryptopay bitcoin cards have made it simple for customers to spend bitcoins at millions of businesses around the world.
For purchases both online and offline, Cryptopay makes the process convenient for users and easier than ever for merchants.
There are both plastic and virtual Cryptopay Bitcoin cards issued. Cryptopay customers are not required to complete ID verification provided if they are happy to stay within the lower debit card limits. It is possible to stay anonymous where desired.
Costs range between €15.00, £15.00, $15.00 and €2.50, £2.50, $2.50 depending on currency, location and card limits.
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SpectroCoin offers Bitcoin prepaid cards, which can be used at any ATM around the globe or shops as an ordinary payment card.
The card is funded instantly, so you do not have to worry about exchanging your bitcoins in advance.
The card can be denominated in dollars (USD), euros (EUR) or pounds (GBP). SpectroCoin bitcoin debit card is accepted everywhere where MasterCard or VISA is accepted. That includes automated teller machines (ATMs) for cash withdrawal, online sites, and physical shops. This Bitcoin debit card can also be linked to PayPal or any other online wallet. You are not obliged to complete verification immediately. However, to benefit from higher debit card limits, you will have to verify your account.
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Uquid access to Bitcoin, Ethereum, Litecoint, PIVX, Ripple, Monero, DASH and other 75 cryptocurrencies network. Uquid enables users to utilise all the benefits of transfer coins into the debit card with real market price. With guaranteed provides an easy and hassle-free. Unbanked and travellers can obtain a Visa debit card with no identification or credit check required and free delivery to 178+ countries. Uquid users can spend over 75 different cryptocurrencies on mobile top ups, bill payments, pharmacy and food vouchers, transportation tickets, wi-fi recharges, and PIN-less calls.
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Shift was the first Bitcoin debit card available to U.S. residents. It is currently available to residents in at least 41 U.S. states. The Shift card connects to your Coinbase account. For each debit card purchase, it automatically withdrawals the necessary amount of bitcoins based on the dollar value of the transaction. For now, the Shift card is completely free to use but costs $10 to purchase. Shift and Coinbase have both stated that in the future there will be transaction fees for each purchase.
Coins
Although there are over 1000 cryptocurrencies, only a handful are really relevant. Of those, even less have a market cap above $1 million. Below is a list of important cryptocurrencies and additional resources you can use to learn more about all the different cryptocurrency types.
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Symbol Name
BTC Bitcoin
BCH Bitcoin Cash
ETH Ethereum
XRP Ripple
LTC Litecoin
DASH DigitalCash
ETC Ethereum Classic
XMR Monero
ZEC Zcash
BTG Bitcoin Gold
QTUM Qtum
XEM NEM
OMG OmiseGo
IOT IOTA
EOS EOS
LSK Lisk
STR Stellar
NAS NasCoin
NEO Neo
ETP Metaverse Entropy
BCC Bitcash
NXT Nxt
WAVES Waves
RLC iExec RLC
BCN ByteCoin
REC RealCoin
BTS BitShares
FCT Factom
XBC BitCoinPlus
AVT Aventus
VTC VertCoin
DGB DigiByte
DOGE DogeCoin
GNT Golem
BT1 BT10
MAID MaidSafeCoin
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