How to choose bitcoin wallet and buy your first bitcoins
This article is for all newcomers to cryptocurrency field. At Started Crypto we receive many requests to register account in order to start using bitcoins
and bitcoin ATMs in particular. In order to buy and start using bitcoins, you don’t need to register with any service provider.
We will cover the main options how to start using cryptocurrencies, and especially Bitcoin — the most popular cryptocoin as of today.
Security and backup
The first thing you need to do is choosing where to store your bitcoins, when you buy or receive them. There are two main options:
Store with third-party service provider
Store on your own in local wallet
You can store them with any of online wallets or exchanges (e.g. Huobi Pro, Binance, Kraken etc), in this case you trust these services, while they
access to your bitcoins, so generally you trust them that they will send bitcoins to you or to someone you will want to pay in the future, if you ask them
to do so. This is no different from traditional banking, when you don’t control your money, rather banks do and promise you that they will execute
your order to pay in the future.
However, the great thing about Bitcoin is that it allows you to fully control your funds without any intermediary and this is done with wallets installed
locally on your device, be it mobile phone or computer.
There are a lot of different wallets on the market to choose from. The main criteria to look are:
it has to be open-source
should exist for a long time on the market with large number of users
This will guarantee, that the wallet’s code with high probability was reviewed by experts and no malicious code is contained inside.
What is a cryptocurrency ?
Cryptocurrency is a 100% virtual alternative currency; Unlike banknotes and coins, she has no physical form.
Generated by open source software and netizens (called "minors", we will return), this encrypted currency can be used only by the
person holding the decryption code, which can be a password, a fingerprint, etc. Like any traditional currency, it can be used to
make purchases, transfers, financial transactions or value storage. It is possible to exchange these assets for goods, services,
money (euros, dollars ...) via online trading platforms. The difference is that transactions can be completed very quickly, cheaply
and with the utmost anonymity.
Cryptocurrencies like Bitcoin or Litecoin escape any banking or governmental control.
Cryptocurrencies escape any banking or governmental control.
All information about cryptocurrency transactions is stored as copies in a file network called blockchain (or blockchain).
This decentralized network serves as a central bank for both listing all cryptocurrency transactions on a large ledger and
issuing regulations. Opened and viewable by everyone on the Internet, this huge registry contains written records of the amount
of each transaction, an address of the sender and receiver and a cryptographic fingerprint. However, this is not the case
with some virtual currencies like Dash, which has put in place a mix of transactions so that they are untraceable.
Thanks to cryptographic technologies, transactions are also tamper-proof and inviolable.
The blockchain is not managed by humans or regulated by financial institutions, but by open source software distributed over
computer networks around the world.
Bitcoin: the first cryptocurrency
Can not talk about cryptocurrency without talking about bitcoin.
Created in 2009 by a certain Satoshi Nakamoto, whose true identity is still unknown, bitcoin is the first and
best known cryptocurrency.
This alternative to traditional currencies relies on a decentralized peer-to-peer computer network, that is, it is not subject
to the rules governing the banking and financial markets or to any authority. On paper, bitcoin has many advantages.
Starting with the security of transactions that are encrypted and tamper-proof, making Bitcoin a particularly safe currency.
Modifying a bitcoins transaction on the blockchain is impossible because you would have to be able to access all computers
in the network. The other advantage of the most famous cryptocurrency is that it allows to make purchases, transfers
or financial transactions without having to indicate his identity or his address. The downside, this lack of traceability
and legal framework makes bitcoin one of the most used currencies by criminal networks officiating especially on the dark web.
Despite this, the number of online merchants and merchants to make purchases in bitcoins increases a little more each day.
It must be said that one of the other advantages of the virtual currency, and not least, is that it is possible to send
or receive payments online without any fees. When we know that companies pay a percentage on each traditional banking
transaction, we understand better the craze for virtual money. The bitcoin exchange rate is very volatile and has increased
by almost 600% in 2017! In January 2017, it was worth $ 1,000 a unit, against a little less than $ 6,000 currently (07/2018).
Note that the total amount of bitcoins in the world is limited to 21 million and not one more.
This limitation desired by its creator gives real value to the bicoin which, according to some specialists, is similar to that
of precious metals. Note that not all economists share this opinion and many predict its break-up for several years.
Cryptocurrency: a simple and clear guide to understanding the blockchain !
The term crypto currency or cryptocurrency was born in January 2009 with the launch of Bitcoin, the first blockchain currency.
Since then, the phenomenon has become globalized and more than 1500 altcoins (that is, alternative currencies to Bitcoin)
The enthusiasm around these new financial products is such that we decided to write this guide called Started Crypto to explain
in a simple, clear, precise and concise way the ins and outs of these new currencies.
Beginners should know that, by definition, a cryptocurrency is a dematerialized currency since it has no means of material
payment. Whether Bitcoin or any altcoin there is indeed no coin, no ticket or check. These new generation currencies are therefore
purely virtual and their holders keep them in portfolios or online wallets.
Another particularity, crypto currencies are decentralized which means that they do not depend on any authority.
The network is indeed controlled by no institution. Decentralization is also one of the major challenges of cryptocurrency, it is
made possible thanks to the Blockchain which secures transactions thanks to the nodes that constitute it.
Some crypto currencies are literally competing with traditional currencies, also known as fiat or fiduciary currencies.
Naturally, strong from this observation, more and more individuals decide to take part in this phenomenon and invest in cryto currency.
There are several ways to invest in tokens (or currency crypto tokens). Mining (or mining) is one of the best-known solutions for
getting corners, but it is not usually aimed at novices because miner means solving calculations with a computer and this requires
powerful and expensive computer hardware . Another solution is to buy and then trade or sell cryptos on an exchange platform.
In addition, tokens can be distributed during airdrop. It is also possible to speculate on the price of the best crypto-currencies,
which amounts to trading on the price evolution of the latter. Since the price of dematerialized currencies is very volatile,
cryptocurrency turns out to be a very interesting asset for online trading. In all cases the most important thing is to choose
a good crypto currency platform.
Novices must also understand that each crypto is based on a specific project. Some such as Bitcoin, Ripple or Litecoin for example
have been developed to carry out fast financial transactions, cheaply and ultra-secure anywhere in the world.
Crypto Monero focuses on the anonymity and infeasibility of transactions. Ethereum and Neo are blockchains specializing in the
issuance of smart contracts that are intelligent contracts ... In this crypto currency guide we will also return to the most
List of the best crypto currencies
Now that you understand the basics of cryptocurrency , we invite you to discover the list of the best cryptocurrency
that are, according to many experts, the most promising cryptocurrency.
Bitcoin (token BTC) was launched on January 3, 2009 by Satoshi Nakamoto. This is the very first cryptocurrency.
It was created to become a real currency that uses the blockchain to make fast, inexpensive and secure transactions.
Bitcoin Cash (token BCH) Bitcoin Cash brings sound money to the world, fulfilling the original promise of Bitcoin as "Peer-to-Peer Electronic Cash".
Merchants and users are empowered with low fees and reliable confirmations. The future shines brightly with unrestricted growth,
global adoption, permissionless innovation, and decentralized development.
The crypto Ethereum (ETH), created by Russian Vitalik Buterin, was created on July 30, 2015.
It is one of the most promising crypto currencies because a large number of dematerialized currencies are based on its blockchain
who is the specialist of smart contracts. These are unfalsifiable and are already used by many companies, for example,
Developed by Arthur Britto, David Schwartz and Ryan Fugger in 2012, the Ripple (XRP token) has become an essential
cryptographic currency. The Ripple network makes it possible to send funds around the world faster and cheaper than Bitcoin !
Credit Agricole, Western Union and American Express (to name a few) are already using the Ripple blockchain.
Internet Of Services Token IOST
IOS Foundation co-founders Jimmy Zhong, Terrence Wang, Justin Li, Sa Wang, Ray Xiao, and Kelvin Tan developed IOS as an innovative new way to
IOST is the token that backs up blockchain technology that is ready for mass adoption of Blockchain as a Service. Efficient distributed sharding, a
node-to-shard protocol and Proof
of Believability verification marks the blockchain technology apart. This is an Enterprise-level blockchain system in the making from the Internet of Services.
It was Charlie Lee who founded the Litecoin (LTC token) and launched it on October 7, 2011.
The Litecoin network is characterized by transaction times of a few seconds and almost nonexistent fees.
In 2018, the LitePay payment service was launched. It allows you to pay in LTC tokens everywhere with the Visa LitePay card.
Litecoin is a promising cryptocurrency because it is one of the first to become usable in everyday life!
So, Tron was founded by CEO Justin Sun in 2017. Tron Foundation is rooted in Singapore as a non-profit organization.
The foundation's first policy is based on transparency and fairness. The Tron Foundation is the first support for the Tron developer team.
Dash is a cryptocurrency created in 2012 by Evan Duffield and presented to the general public on January 18, 2014.
Its original name, "Darkcoin", was changed on March 25, 2015 to "Dash", a "digital" suitcase. "cash", that is to say "digital cash".
EOS.IO is a cryptocurrency token and blockchain that claims to operate as a smart contract platform for the deployment of decentralized applications and
a decentralized autonomous corporation.
EOS.IO aims to become a decentralized operating system supporting industrial-scale applications, with claims to eliminate transaction fees and also
conduct millions of transactions per second.
Cardano is a distributed computing platform that runs the blockchain for the Ada cryptocurrency. Daedalus is currently the only (software)
cryptocurrency wallet that holds Ada and allows transfers to other wallet addresses.
It was created by blockchain development firm Input Output Hong Kong (IOHK) and led by Charles Hoskinson, former co-founder of BitShares, Ethereum
and Ethereum Classic, and aims to run smart contracts, decentralized applications, side chains, multi-party computation, and metadata.
The crypto currency has no secret for you !
Sources: Started Crypto 07/2018