At CryptoCrunch we know its hard taking the leap and getting started with Bitcoin. Therefore, we have created this beginners guide with everything you need to know.
Where can I Buying Bitcoin?
In order to be able to buy, sell and trade Bitcoin, you will need to open an account with one of the following websites. The sign up process will involve getting verified. To do this, you have to send pictures of your drivers license or passport. Verification approval can take up to 2 days.
Once you have been verified you will be able to buy, sell and trade Bitcoin and various other cryptocurrencies. Buying and selling can be done at a few different places. We have listed our favorite places to buy bitcoin.
Track your Portfolio
Once you have bought your coins you can track their prices on an app called Blockfolio. It’s a very good app to check your profits or losses. It can be downloaded from the App Store.
|Blockfolio is the must have mobile app to track your cryptocurrencies portfolio. Blockfolio is a feature rich application and can track your profits in all currencies including bitcoin and Etheream. Available on both both iOS and Android.
|Delta is a relatively new cryptocurrency tracking app but its slowly overtaking Blockfolio to become number one. Delta has an improved and sleek design and is easy to use. They also have a desktop version coming soon. For new users this is our choice.
If you are getting started in Bitcoin then having a place to store your cryptocurrency is a must. A cryptocurrency wallet is a software program that stores private and public keys.
How do they work?
Public and Private keys are terms you will hear a lot and they are very important to understand. The public key is the location of your money on the blockchain. This is also your address that you would tell people to send your money to if they are sending you funds.
Private keys are essentially your key to unlock your money. ENSURE YOU HAVE YOUR PRIVATE KEYS BACKED UP, either through writing it down or copy and pasting to a USB as a text file.
DON’T EVER give anyone your private key. This would be the equivalent of giving someone your online banking password. They will have access to your crypto.
Once you have bought the cryptocurrency of your choice it will be sitting on an online wallet. For example, if you bought some Bitcoin on Coinbase, it will be sitting in a Coinbase wallet online.
This can be risky because online exchanges are vulnerable to hackers. There are many stories of people losing their coins because an exchange was hacked. Just google Mt Gox Hack as an example.
You can visit the website of the crypto that you hold. For example, if you hold NEO, you can download a wallet from the official NEO site and store your crypto in it. This type of wallet is considered safer as it runs stand alone on your desktop.
Not all crypto’s have their own individual wallet so you will have to look for multi crypto supported wallets.
We have written a quick guide to types of Cryptocurrency Wallets Here
The biggest tip we can give anyone getting started in Bitcoin is to buy a hardware wallet. If you plan to invest any significant amount of money then we cant stress this enough. A hardware wallet is basically the equivalent to storing your money in a bank compared to under your bed.
A Hardware wallet is basically USB sticks, which has preloaded with wallets which are encrypted to store all of your crypto offline. It acts in a similar way to a desktop wallet but as soon as you remove the hardware wallet from your computer, it become disconnected from world and secure. Many people store their cryptocurrency on the hardware wallets then lock them in security boxes.
When is comes to hardware wallets then the two biggest names are Ledger and Trezor. These are the most trusted and secure wallets on the market and we have listed them below. Our personal favorite is the Ledger Wallet.