Jun 14, 2017 04:44 PM (This post was last modified: Jun 14, 2017 04:46 PM by theDuke.)
Got a lot of time on my hands the next few days, and looking to help out people with anything crypto related. One of the main reasons I am doing this is because I noticed that this section is quickly gaining popularity and questions and answers are getting thrown out repeatedly. I know The Brotherhood has posted one before, but since then shut down.
A little about me: I am a developer, marketer and web designer who currently spends most of his free time researching the blockchain. I have been into mainly Bitcoin for the better part of 6 years now, and have recently jumped back into altcoins. I have day-traded, and as well holding some coins that I got into for pretty cheap. Me and a few other members are working on an upcoming project called Bitmora, which will revolutionize the concept of a cryptocurrency exchange.
Post below any questions you have regarding cryptocurrency.
Whether it is a question about investments, or which wallet to use, I will try my best and answer your concern. I am also open to giving opinions about any coins you might be interested in.
Also, if you see someone who's question you can answer, feel free and help out!
I plan on going to Turkey and Thailand this summervacation. It's gonna be a total of 1+ month. Should I just yolo it and invest like 10k of my money and come back and see what happened? I am so tempted.
Thanks. I was thinking about getting in on the NVO ICO, but I'll just wait to see what way the market will take it. I have a feeling it won't start off very well.
(Jun 14, 2017 05:08 PM)Kill Joy Wrote: Thanks. I was thinking about getting in on the NVO ICO, but I'll just wait to see what way the market will take it. I have a feeling it won't start off very well.
Yeah, I mean by no means am I going to down talk their company/ICO. It's even hard to call them a competitor because of how different we are in the backend of things, I just wanted to give my personal opinion as I know more than average on the aspects of running an exchange. I'm sure they'll do good, and they already have more support than their actual competitors who are decentralized.
(Jun 14, 2017 04:58 PM)Kill Joy Wrote: Since you're with the Bitmora project right now, what's your opinion on the NVO exchange?
I'll still give you my opinion, which is honestly very similar to what Zeus said.
NVO is a great decentralized exchange, I have read their whitepaper. Bitmora will be a centralized exchange, but will mainly focus on what the consumer wants. Back to NVO; I don't think it will be as user friendly as they say they are. Many new users are popping into cryptocurrency, and many of them are pretty young. They do not understand the difference between decentralized and centralized. In a decentralized exchange, the margin option is not an option. This alone will turn away many day traders. Your funds may be safer, but they are also safe in a partnered centralized exchange. Comparing NVO to Bitmora; we will have a matching engine system, which will pull volume from larger exchanges for the first few months or so, which will allow more users to utilize our services and paying lower fees. Looking at NVO, the fees are fairly high compared to what we are planning.
Overall, I like the concept of NVO, but I have not invested in their ICO. Looks like they will have a great wallet application and visual design.
Jun 14, 2017 05:48 PM (This post was last modified: Jun 14, 2017 05:51 PM by Routaruo.)
Brand new to cryptocurrencies.
How do I create a wallet to be used for cryptocurrencies & how do I buy cryptocurrency? I am interested in purchasing some smaller coins and selling them. Do I need to download all these coins wallets or can I simply host them all in one single wallet? I am planning on buying Stratis and Ether. Thanks :)
Jun 14, 2017 06:02 PM (This post was last modified: Jun 14, 2017 06:04 PM by theDuke.)
(Jun 14, 2017 05:48 PM)Routaruo Wrote: Brand new to cryptocurrencies.
How do I create a wallet to be used for cryptocurrencies & how do I buy cryptocurrency? I am interested in purchasing some smaller coins and selling them. Do I need to download all these coins wallets or can I simply host them all in one single wallet? I am planning on buying Stratis and Ether. Thanks :)
Welcome!
In order to currently buy the smaller coins, you must use Bitcoin. You can purchase Bitcoin from a provider such as Coinbase, for small fees and you can even use your bank account or credit card. You would make an account on Coinbase, and it automatically creates a wallet for you. The three coins on Coinbase are currently Bitcoin, Ethereum and Litecoin. Lets say you want to invest $500.
Step 1: Purchase Bitcoin from Coinbase worth $500. If you use your bank account it will take 5 or so days to get to you. Credit card is a higher fee, but instant.
*Alternatives to Coinbase include LocalBitcoins, Blockchain & Bitstamp.
Step 2: Once you have the Bitcoin in your wallet, you will be ready to invest into alt-coins. This step includes making an account on a cryptocurrency exchange such as Poloniex, or Bittrex. Since you are new I would recommend Poloniex for its user friendliness.
Step 3: Deposit the Bitcoin from your wallet into the exchange (A bitcoin wallet address is also provided when you sign up for the exchange).
Step 4: You can then proceed to purchase any altcoins that are available on that exchange.
Step 5: When you are ready to cash out, you can sell the altcoins for Bitcoin again.
To get money back to your bank account, you would just reverse the process.
Send Bitcoin from exchange -> Coinbase Wallet (etc) -> Transfer to your bank account.
If you are holding large amounts of a coin, I would recommend to get a Ledger Nano Wallet, which is basically an offline and the safest way to hold your coins. It doesn't support all coins, and you can check them out here.
You can hold your coins in an exchange, but it is not insured. If the owner decides to shut down, your coins go with it. However, there is a very small chance of that happening with the exchanges I listed. If you are holding a small amount, it is fine to leave in an exchange.
You can also find a specific wallet for the coin you are trading. For example, Stratis and Siacoin have their own wallet.
If you have any other questions don't hesitate to ask!
Edit: For Stratis, just follow the steps above. I would recommend this wallet.
For ETH, you can buy directly from Coinbase or you can also do the steps above.
What will happen if electricity goes down while mining on my rig ? Will it affect it after reboot ?
Electricity go down from time to time not feeling good leaving my rig to autostart when the power is back, even though PSU works as a regulator.
![[Image: 8nqj5iv.jpg]](https://i.imgur.com/8nqj5iv.jpg)