Intro to Crypto

Intro to Crypto

May 1, 2021
cryptocurrencies, bitcoin, ethereum

——————————— Essentials of understanding cryptocurrencies ———————————-

Motivation and philosophy: https://www.youtube.com/watch?v=mDyBbGCiBUU

The inner workings: https://www.youtube.com/watch?v=3x1b_S6Qp2Q

The case for bitcoin (specifically): https://casebitcoin.com/newbie

The legendary rainbow log price chart: https://www.blockchaincenter.net/bitcoin-rainbow-chart/

Bitcoin vs Altcoins (Everything other than Bitcoin): https://www.blockchaincenter.net/altcoin-season-index/

——————————— Security ———————————-

You are now your own BANK. No one can help you if you do something wrong. Keep your passwords secure. Keep your backups and restore phrases secure. Only use your wallets as necessary. *** Have a “hot” wallet with minimal funds and a “cold” wallet for long term savings. Setup multi-factor on everything (SMS + Email code + really good password) Double check addresses on every single transaction. SEND TEST TRANSACTIONS of small amounts first (Ex. 0.001 ETH before you send X.0 ETH). If you use metamask do not move funds to it UNTIL you set the AUTO-LOCK feature. The biggest source of Metamask stolen funds is browsing with an unlocked wallet. More really useful and relevant articles: https://www.gemini.com/cryptopedia/explore#security

——————————— US Exchanges ———————————-

Coinbase http://coinbase.com/ Common but historically lots of reliability issues (Website down, App not working, long support times)

Kraken https://www.kraken.com/ Not as common as Coinbase, but built for crypto “professionals”. Lots of investment into trading platform etc. Decent Controls, Decent Support.

Gemini https://gemini.com/ Even less commonly used than Kraken, but built to be the most “trusted” option. Lots of KYC, “Financial Compliance” but generally best for ease of use & reliability.

NON-EXCHANGES: Paypal / Square / Robinhood

These will not let you actually transfer crypto to a private wallet. You are simply buying exposure to crypto but it will be owned by someone else and your control / access will be governed by someone else.

——————————— Wallets ———————————-

Desktop Wallets (If you are comfortable with YOUR computer as your bank - treat it like your bank - don’t take out of the house, don’t connect to public wifi, use a vpn, don’t torrent ANYTHING, etc. ) Exodus - https://www.exodus.com/

Hardware Wallets: Trezor - https://trezor.io/ Ledger - https://www.ledger.com/

Paper Wallets: https://www.gemini.com/cryptopedia/paper-wallet-generator-cold-storage#section-how-to-make-a-paper-wallet