We know it is not easy to navigate the world of cryptocurrency if you are a newbie. This is why the CryptoTicker Team has created this Starter Kit to help you dive in the crypto-sphere. We aim to grant you with the knowledge to help you discover the crypto ecosystem at your own speed.
Cold wallets – Secure your crypto
If you want to hold your crypto for a long time it is advisable to use a cold wallet, since those not connected to the internet and thus way harder to hack. The opposite to cold wallets are hot wallets, which are connected to the internet, and therefore vulnerable to hacking. Holding large sums in hot wallets is the equivalent of taking huge amounts of cash in person.
Hardware wallets – Easy access to your Cold Wallet
Hardware wallets are completely offline and used for storing cryptocurrencies. They are a subtype of Cold wallets. However, they provide a much more convient way to access your crypto. The most trusted wallets are the Trezor and the Ledger Nano S. Those devices can be as tiny as a USB stick and can store your private keys offline.
Nowadays, there are plenty of cryptocurrency exchanges out there. However, we have compiled the list of the most secure and trusted exchanges.
Coinbase is a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin among others, with fiat currencies in approximately 32 countries, and bitcoin transactions and storage in 190 countries worldwide.
Changelly is a popular cryptocurrency exchange providing the ability to instantly and seamlessly exchange over 100 altcoins at the best market rate or buy them using a bank card.
At LocalBitcoins.com, people from different countries can exchange their local currency for bitcoins. The users of the site publish ads in which they specify the exchange rate and payment methods for the purchase and / or sale of bitcoins.
Kraken is one of the finest Europian cryptocurrency exchanges established in 2011, Kraken allows users to buy and sell bitcoins and trade between bitcoins and Euros, US Dollars, Canadian Dollars, British Pounds and Japanese Yen. Kraken has numerous excellent features like margin trading and much more.
The platform has earned its reputation for fault-tolerance, flawless uptime and high availability. Its core matching engine is among the best technological products in its class, offering traders a wide range of features such as real-time clearing and cutting-edge order matching algorithms.
BitMEX is a cryptocurrency exchange and derivative trading platform. It is owned and operated by HDR Global Trading Limited, which is headquartered in Hong Kong and registered in Seychelles.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
If you have no time for trading yourself, then you can simply use the investment network eToro. With its social trading feature you can copy the buy and sell orders of trusted and/or successful traders automatically. As another feature: On eToro you are not only able to buy cryptocurrency, but you are also able to buy stocks and other financial instruments as well. eToro was established as RetailFX in 2006 in Tel Aviv, by siblings Yoni Assia and Ronen Assia together with David Ring.
eToro gives various trading tools and courses with the help of which one can learn everything to become a professional trader or a long-term investor. The company’s principal goal is to develop financial knowledgeability. The company is regulated and eToro Europe and eToro UK both run under and comply with the Markets in Financial Instruments Directive (MiFID).
Note: CDF’s are complex instruments and come with a high risk of losing money rapidly due to leverage. 65% of retail investor accounts lose money when trading CDFs with this provider.
If trading is not your thing and you are more interested in mining, then this section is for you.
There are many methods to get cryptocurrency. Mining and trading are two of the more familiar ways. Both have their benefits and depending on your experience and knowledge, one might be beneficial than the other.
Crypto mining comprises two methods known as appending transactions to the blockchain and also delivering new currency. Private blocks attached by miners should include a proof-of-work, or PoW. Effective mining requires a computer and a specific program, which assists miners to find a fitting hash to the current blockchain state. The process requires enormous computer resources. It is possible to set it up yourself, but you need to invest a lot to get going first. An easier access to crypto mining is provided by Genesis mining.
Genesis Mining is a company, which provides a service called cloud mining. The company allows leasing of machinery or tools for cryptocurrency mining to clients. It is plausible to borrow any volume of computer power of their servers stationed in Iceland. The Genesis cloud mining company was founded in 2013. Miners can mine any cryptocurrency available in the company’s index. You do not need to worry about purchasing and maintaining the mining equipment yourself. You buy a certain amount of hash power for a timeframe and start earning crypto currency right away.