What are Cryptocurrencies and block-chain technology?
The significance of block-chain tech.
Securing your computer system, being your own bank.
Where to buy and sell your assets plus security.
Options for storing your assets securely.
Making trades and overview of the markets.
Discussion and questions.
What is crypto-currency?
There were attempts to have a centralized digital currency in the 90’s on a central server. See any problems?
In a decentralized network, you don‘t have this server. So you need every single entity of the network to do this job. Every peer in the network needs to have a list with all transactions to check if future transactions are valid.
A cryptocurrency like Bitcoin consists of a network of peers. Every peer has a record of the complete history of all transactions and thus of the balance of every account.
How the blockchain will change the world!
Where to buy Bitcoin and other currencies
No need to verify your identity. Read the user reviews be careful of scams. Higher price for BTC (it seems). Walk through login & 2FA
Walk in exchanges. Lower price than above, harder to trace but you must provide documents.
Exchanges for example: https://cex.io/trade/buysell (walk through), verification, two factor Authentication, exchanges get hacked better to store any large amounts in private wallets.
Are some of the larger more popular sites.
Choose according to fiat, crypto pairs and fees. DYOR on fees!
Decentralized exchanges like Bisq (Quick walk through) connects peer 2 peer with TOR, untraceable however not very many trades going on, unsure of the risks, requires a deposit as a security to trade. Unsure why its not more popular.
Your computer can be taken control of remotely and your wallet emptied.
Don’t go bragging online.
Setup and run often, antivirus, malware scanners adblockers. Understand and use firewalls. Some free AV suggestions (avast, AVG, malware bytes). Or just use Linux.
If possible use a 2nd computer or partition. That you don’t use to browse the web, download torrents, click on “Sluts in your area” banners etc….
Do not exchange funds on public networks, if so use a VPN.
https://www.youtube.com/watch?v=WvGnoRC5eII (soft ether win 10)
Ensure all sites have https:// and a green lock in the url bar and you are on the right website (phishing scams).
More information on these topics here:
Currency wallets 1
You can think of a wallet as your personal interface to the Bitcoin network, similar to how your online bank account is an interface to the regular monetary system.
What currencies are you storing, do you need a multi currency wallet?
What is the reputation of the wallet? Yes, they’ve been hacked en-mass due to poor development.
Is the software open source?
Does it have 2FA?
Do you need to use a telephone App? (eventually with a wider adoption we will be able to pay for a lot more goods with our phones)
Do you need safer Hardware storage (USB like storage)
Currency wallets 2
(Nuts and bolts)
Download the one you need.
Have a good password for the wallet, store it well.
When you set up a wallet and put assets in a 12-word Backup Phrase associated with your wallet is also generated. Your Backup Phrase is 12 random words that are set in a particular order that acts as a tool to recover or back up your wallet on any platform. Obviously store this well.
A hardware wallet is a physical electronic device, built for the sole purpose of securing Cryptocurrencies.
The core innovation is that the hardware wallet must be connected to your computer, phone, or tablet before Bitcoins may be spent.
A paper wallet is a document containing all of the data necessary to generate any number of Bitcoin private keys, forming a wallet of keys. However, people often use the term to mean any way of storing Bitcoins offline as a physical document.
Currency wallets 3
(send and receive)
Show how simple it is.
I’m using exodus.
2 factor Authentication Google app (authentication token), other apps. (walk through)
The best passwords must be longer than 8 characters and include uppercase and lowercase letters, numbers and symbols without words and or names. Have different passwords for all different accounts.
Take care not to send one currency to another currency address. Example: Etherium to an Etherium wallet address. (show) Some wallets have transaction timeout.
Keep your backup phrases and passwords safe.
Don’t be lazy, DYOFR.
(what coins to invest in)
Limit of my knowledge is somewhere here. A lot of opinion.
https://coinmarketcap.com/ (walk through)
Market cap, volume, price, supply, losers/gainers, pump n dump. HODL
Diversify, bitcoin may not win the fight to be the currency of the future.
Trading analysis and currency fundamental analysis
Nuggets news: https://www.youtube.com/user/australiaalex
From a developers point of view speaking about the technology behind the coins.
Ivan on Tech: https://www.youtube.com/user/LiljeqvistIvan/videos
Purely trading advice from beginner to advanced
The chart guys: https://www.youtube.com/channel/UCnqZ2hx679DqRi6khRUNw2g