Getting Started & What you Need to Know with Bitcoins
In order to get started there are two main things that you need to begin trading and gathering coins.
- Wallet & Addresses
- List of Faucets to gather from
- Trading News Center
Recommended – Hard to Say
Wallets can come in a variety of different shapes and sizes. You can store them in a few basic styles: desktop, web, and mobile-based wallets each having their own merits.
As things have been evolving in the industry the types of wallets to use are something that are evolving too and more consideration must be given. Previously I recomended Coinbase, they’re OK, if you want Zombie Autopilot. Jokes aside, because that’s a great song in contrast to Coinbase, they suck if you need anything at all. I still have tickets out from a month or two ago.
For who to use, it depends on what you want to do. Recently I have been exploring a lot of different options based on what I was trying to do. I have a place to purchase and sell from fiat, an exchange that is setup with great trading tools and also have a place for saving and accrueing interest.
Kraken is a great platform, it does have it’s ups and down however. Let’s get the negative out of the way. At the time of this writing the only way to get fiat in is by using wire. To use this service you will not only have to pay the origination institution as well as Kraken to receive it. The other way is to send in via BTC.
The upsides of Kraken is the great tools the offer to be able to trade etc, and the most important part they have LIVE CUSTOMER SERVICE! As soon as I signed up the first thing that I did was checked in with the support. They’re pretty good.
Below is another great addition to the platform’s offerings. The tradestation. I leave this up on my screen just to watch here and there. It’s great.
BlockFi is a company that’s newer to me and from what I can tell is a very well setup company. They are backed by Gemini and have all of the coins based there and in a cold wallet. From what I can tell ACH is an option but your bank must use Plaid. Sending in the currencies works just as well.
The only downside to this wallet is that there is only one free withdrawal a month. Makes sense though.
CashApp is another one of those FinTech apps out there that got heavily into the Bitcoin trading space. Cash is something that is backed up by Square so it’s legit and the offer the cheapest buying and sending fees. Each time fiat needs to turn into Bitcoin or another I just buy it here and transfer it over to wherever it needs to go.
There are a lot of good options, especially now that will help you grow your bags, finding which one works best for you will be the hard part. If anyone can find another app or website that offers better rates please feel free to send them over, reducing fees is the name of the game.
List of Faucets
Here is where you make the money. Faucets are the places that you visit, and earn different kinds of bits, whether Bitcoin or alt coins. On this site I list the faucets that I work with on a regular basis that are known good sites and verified in payouts. Always make sure to pop in and check to see what the latest great faucets are and recommend your favorites as well.
So far the best strategy found is to load up each site and make sure to check back for their withdrawal timers so that the most money can be withdrawn over time because they’re called faucets for a reason. They drip out a little each day.
Having a reliable source for news is a must when you’re looking to try and make any sort of profit. In most cases the wallet that you choose will have ample news for each of the currencies that you are trading. This site will also have a news feed coming soon.
News is so important to the trade because you need to be able to see how each currency is trading and to accurately gauge the validity of the currency before making a purchase. There are many alt-coins out there that are great for trading but just make sure that a little research goes into them before making a final decision and paying a fee to make the trade and possibly reverse the mistake if there was one made.
The name of the game in crytocurrency is micro-transactions so when making any sorts of moves, whether funds are moving from currency to currency in a conversion or transfers to your wallet, make sure that everything is taken care of very accurately. In the case of most of anything technological, one missed key stroke can cost everything. Good systems and tools will help take care of any discrepancies,