Bitcoincryptocurrency for beginnersask the stupid questions youre embaressed to ask
Leslie and I met up for lunch the other day and we couldn't finish a single conversation thread without getting interrupted by phone calls from bitcoincryptocurrency for beginnersask the stupid questions youre embaressed to ask who needed to know how to start a wallet, which exchanges to go to, how to buy Bitcoin over the counter, what are the specs for the mining rigs, etc.
Leslie is a crypto educator and I'm the content director of CryptoCentral, so we thought the best way to get all these questions answered is to cut a series of videos for beginners and organise regular classes for people who need the hand holding. As Bitcoin and crypto gain popularity, we foresee many people needing a platform to discuss and ask "silly" questions without feeling embarrassed.
We heard your call, and we are answering it. Check out this space for new videos and information on our next meet up. Beginners Guide to Bitcoin and Cryptocurrency series is meant for the very new guys about to get into the scene. The questions we pose in this series are questions we get on a daily basis. Following up on the discussion of Bitcoin and Blockchain in the previous episode, we now take a look at bitcoin mining. What is it all about, how does it work, and can you do it on your own?
The number one question we get all the time - How does Bitcoin get its value? If you read the papers, some experts apparently think that bitcoin is a fraud, it's worthless, it's a bubble. Bitcoin as an innovation possess the qualities that are bitcoincryptocurrency for beginnersask the stupid questions youre embaressed to ask in money: I think Bitcoin has more value than the traditional fiat currency. What do you think? Leave us your thoughts in the comments below.
There's more to crypto life than just Bitcoins. You may also have heard of Ethereum. How is Ethereum different from Bitcoin and what does it do? How did those come about? So now you think you are ready to put in some money to play the crypto game.
First, get yourself a wallet. One of the popular ones that people go for is Coinbase. Use my link https: The other fan favourite is gemini. It's owned by the Winklevoss brothers. Once you get your wallet set up, you are ready to get your Bitcoincryptocurrency for beginnersask the stupid questions youre embaressed to ask. You can buy it with your credit card, xfers, or directly from someone who has it.
You transfer the Bitcoin the to the wallet address and now you are part of the game. If you want to trade for altcoins, you will need to transfer your Bitcoin over to the exchanges and trade from there.
Yah, it's beginning to get a bit complicated. This is the part where it's easier to show you in person. One of the biggest mistake that new traders make is to be misled by the earnings they made in USD as opposed to satoshis the decimal points that's less than 1 BTC.
Trading is just one of the ways to make money. We will talk a little bit here about mining as well, but save the bitcoincryptocurrency for beginnersask the stupid questions youre embaressed to ask for episode 7. This is the final episode for this series where we cover how you can make money through GPU mining. If you're not keen on trading then mining is the way to go. It isn't as insanely lucrative as trading, but it's safer and a lower barrier to entry for those new to the game.
It also offers you the option to take your earnings and trade if you choose. Overall, I don't think it's about choosing trade over mining. If you can do both, that's even better. And if all these information is too much for you to handle, get in touch with me and we can chat directly. If you would like to support me, you may send Bitcoin to: Is Bitcoin a bubble?
Beginners Guide Ep 2: What is Bitcoin mining? Why is it important? Beginners Guide Ep 3: How does Bitcoin get its value? Beginners Guide Ep 4: Beginners Guide Ep 5: Get your wallets and sign up on an exchange to start So now you think you are ready to put in some money to play the crypto game.
For exchanges, I would recommend Bittrex. Beginners Guide Ep 6: When you trade in crypto, the aim is to get more BTC One of the biggest mistake that new traders make is to be misled by the earnings they made in USD as opposed to satoshis the decimal points that's less than 1 BTC. The aim is to build your BTC pool. Beginners Guide Ep 7: How to make money through GPU mining This is the final episode for this series where we cover how you can make money through GPU mining.
Drop me a message if you need more information about starting your own mining rig.