New to crypto currencies?

Bitcoins? Alt-coins? What is it all about?

Crypto currencies. You for sure read that term somewhere in the news, media some other webpage. It is like the cash of the internet, if you like, completely digital money. It is based on a decentralized peer to peer network (like BitTorrent) without any central authority. No one controls it, there is no government. Your coins are stored in a wallet, like cash. If you loose your coins (eg. delete your wallet file) all your coins are lost. The most popular crypto currency is probably Bitcoin or Ethereum.

Why should I care about crypto currencies?

There could be various reasons why you might want to look into cryptos.

  • Store of value
  • Fast transfer of money
  • Trading, staking, interest

What do I need to get started?

So you took the decision to buy your first coins. Congrats. But where to I buy them in the first place? Best way is to create an account at a so called Centralized Exchange (CEX), transfer some money, Dollars, Euros, Francs, to it and trade them into Bitcoins, Ethereum-Tokens or any other you wish to invest into.

Here are some of the big exchanges to create an account:

Exchange-Account

Hardware-Wallet

  • Ledger Nano X: Bluetooth-enabled hardware wallet with open-source software
  • Ledger Nano S Plus: Budget-friendly hardware wallet with a Secure Element chip
  • Trezor Model T: Touchscreen Bitcoin hardware wallet with support for multiple blockchains
  • Trezor Model One: Low-cost open-source hardware wallet with a proven history

What should I do with the coins?

  • HODL: Hold your coins and see their value growing in your countries currency (for sure in the long term).
  • Trade: Buy and sell currencies as you would do on the equity market to profit from volatile rates.
  • Proof of Stake: Let your coins do the work and contribute to the network by staking your coins and earning rewards.
  • Earn Interest. Various platforms pay you interest by holding your coins with them.They lend the money to others and with this interest you will be paid. Counter party risk is (to be verified) on the platform.