Allright, You Want to Start Cryptocurrency Trading?

Well, you’ve come to the right place. Getting started with cryptocurrency trading can be a daunting task. You may be wondering, “What wallet should I use? Where do I buy Bitcoin? What even is a Bitcoin?”

Worry no more. We’re here to provide you with all the information you need to learn how to begin your cryptocurrency trading adventure.

What’s Your Strategy?

Before even looking at potential cryptocurrencies, you should figure out which strategy you want to pursue. Everyone has their own tactics, but they generally fall into one of the following categories:

  • Long-term hodler – You just want to buy a few different coins and keep them as a long-term (>1 year) investment. This is the simplest trading strategy and usually involves the least amount of risk. You’ll most likely stick to cryptocurrencies with a larger market cap.
  • Mid-range investor – You have a slightly higher risk tolerance than the long-term hodler. There may be coins you hold for awhile, but you also rebalance your portfolio every month or so. Your holdings probably include a mixture of large and medium market cap coins.
  • Daytrader – The most advanced and riskiest cryptocurrency trading strategy. You focus mainly on technical analysis to trade volatile swings in the market. This can be lucrative if you do it properly, but it’s difficult to execute well. All coins are fair game with this strategy.

Your strategy can be some mixture of these three tactics as well. If you’re just starting with cryptocurrency trading, we recommend you stick with the first two.

Choose a Cryptocurrency

It may seem obvious, but you need to put some effort into choosing the cryptocurrencies you invest in. Take your time with this. There will always be new opportunities, so don’t just jump into a trade in an attempt to catch a pump.

Research, Research, Research

Did we mention research? The most important step of every investment opportunity is to research the coin you want to buy. Doing this one step will set you notably ahead of many other investors out there.

At the very least, you should figure out what problem the coin is solving, why the team is qualified to create it, and what purpose the coin has in the overall ecosystem.

Reading the coin’s white paper is a great way to gather all of this information. These documents may seem intimidating, but after reading the first couple, you’ll find that they aren’t so bad. The Bitcoin white paper is the perfect starting point for any cryptocurrency novice. Check it out and learn what started the whole blockchain revolution.

After proper due diligence on your coin (or ten coins), it’s time for you to make the investment.

Find an Exchange

There are a seemingly endless amount of exchange options. Each one consists of pros and cons for different traders as well as different lists of available coins.

When finding an exchange, it’s important that you first see if it supports the coins you want to trade. Most exchanges have an easy-to-find page that lists all of the available coins. We’ve also compiled a list of tradeable cryptocurrencies on the most popular exchanges here.

Beginner Exchanges

If you’re a beginner interested in sticking to the most well-known cryptocurrencies, Coinbase is your best bet. Ever so slightly more advanced, GDAX and Gemini offer similar coin selections with lower trading fees.

Kraken has similar ease-of-use as the previously mentioned exchanges but consists of a larger list of coins.

You can purchase cryptocurrency with fiat (i.e. USD) on all of these platforms.

cryptocurrency

Moderate Exchanges

These platforms support a wider array of coins than the beginner exchanges and usually have lower fees as well. However, this comes at the expense of user experience.

None of these exchanges allow you to use fiat to purchase crypto. You need to have already owned or first purchased Bitcoin or Ethereum on one of the beginner exchanges.

Reputable exchanges in this list include Binance, Bittrex, and KuCoin.

Decentralized Exchanges (Advanced)

As you become a seasoned cryptocurrency trader, you may find yourself trading small market cap coins. Most of these coins aren’t available on centralized exchanges. Instead, you have to use an Ethereum-powered decentralized exchange (DEX).

On these exchanges, you trade directly on the blockchain. There’s no intermediary to match orders. You use a tool like MetaMask to execute your trades. Once again, decentralized exchanges are only recommended for experienced traders.

If this is something that interests you, Ether Delta and IDEX are two solid DEXs to check out.

Select a Wallet

Finally, and most importantly, you should have a secure wallet if you plan on holding your coins for an extended period of time. Once again, you have plenty of options for storage.

Exchanges

Exchanges are by far the least secure place to store your funds. They’re common targets of hackers and are susceptible to phishing attacks. If you do plan on leaving your money on an exchange in order to have some trading liquidity, make it the least amount possible.

Online Wallets

Online wallets are your next best option. These are slightly better than exchanges, but since they’re still online, they have many of the same vulnerabilities. Even a reputable wallet like MyEtherWallet has recently proven that malicious players will always find a way to circumvent the system.

Software Wallets

Even better than online wallets are software wallets. Many of these wallets store your information locally on the device you download it to. However, if your computer or phone catches malware, it could compromise your security. Exodus and Edge are two popular software options.

Hardware/Paper Wallets

Ideally, you should use a hardware or paper wallet for storage. Both methods keep your coins offline and provide the highest level of security. Paper wallets are free, but hardware wallets typically cost around $100. The price tag brings enough security to make them worth it, though. The Ledger Nano S and Trezor are the top hardware wallet picks.

Ledger Nano S

Get Out There and Start Trading

Those are the basic steps you need to follow in order to begin cryptocurrency trading. From there, it’s a lot of trial and error and learning as you go. If you’re itching for more information, check out the guides on the common mistakes to avoid when trading as well as how to evaluate a coin.

This article by Steven Buchko was previously published on Coincentral.com

 

About the Author:

Steven Buchko is a managing editor at Coin Central and a blockchain investor. He’s also the co-founder of Coin Clear, a mobile app that automatically turns your daily spending habits into cryptocurrency investments.

 

Coins, Coins Everywhere

When starting cryptocurrency trading, the vast number of coins to choose from can be overwhelming. From the thousands out there, how can you possibly decide which few to keep in your portfolio?

Although there are an endless amount of strategies when choosing coins, there are a few different tactics you should follow to minimize your risk. In this guide, we’ll teach you the tips and tricks on building your portfolio, so you have a more successful cryptocurrency trading experience.

Diversify Across Market Caps

A great way to minimize your downside risk when cryptocurrency trading is to diversify your holdings across different market caps.

In case you don’t know, the market cap of a cryptocurrency is its price multiplied by its circulating supply. Usually, the higher the market cap of a coin, the less volatile it is. A properly diversified portfolio contains a mix of large (>$5 billion), medium ($250 million to $5 billion), and low (<$250 million) market cap coins.

Large market cap coins like Bitcoin and Ethereum may not experience the same 40-50% runs that smaller altcoins do, but their price typically holds better in bear markets.

How you diversify among these classes depends on your risk tolerance. If you think that investing in cryptocurrency is already a gamble, a portfolio that consists 95% of large-cap coins may be appropriate for you.

Maybe you have disposable income, though, that you wouldn’t be too upset losing. In that case, it may be worth putting over half of your portfolio in small-cap cryptocurrencies. Coins in this class have a high probability of being worth nothing down the road, but the ones that end up growing 100-200x could make the risk worth it.

In the end, you should do a serious evaluation of your risk tolerance as well as the amount of money you’re willing to lose and choose your market cap split based on that.

Consider the Industry

Another thing to consider when building your cryptocurrency portfolio is the industry that each coin is targeting. There are a couple of different ways you can approach this.

Diversify Across Industries

Once again, diversity is key. Because blockchain is still young, it’s difficult to predict which sectors will be most accepting of the new technology. To hedge against this risk, it’s recommended that you invest in coins across different industries.

You can group the most popular cryptocurrencies into a few different categories:

These are just a few of the categories in which you can place coins, and you’ll quickly find that there’s plenty of overlap for some of them. The idea of this strategy is to avoid investing too heavily in any one category. If for some reason that category ends up bombing, you don’t want to be left holding the bags.

Bitcoin TradingDouble-down on Your Favorite Industries

Even when holding coins across a diverse set of industries, you should consider putting additional capital in the industries that you’re most confident in.

There’s a popular notion in the cryptocurrency industry that only one coin per category will win out. But, that just isn’t the case. Take a look at any other business sector. Delta, American, Southwest (airlines), AT&T, Verizon, T-mobile (cell carriers), Chase, Wells Fargo, Bank of America (financial institutions) – and the list goes on and on. People have their preferences and categories are large enough for multiple cryptocurrencies to survive.

For example, if you think blockchain and file storage is inevitable, you may invest in Sia, Filecoin, and Storj. Or, if you’re a big believer in supply chain projects, VeChain and Waltonchain could take up a considerable amount of your portfolio.

Look for Hidden Gems (if you have the time)

The best coins to have in your portfolio are oftentimes the ones that not many other people have. There’s wisdom in going against the crowd.

Finding coins that haven’t haven’t become popular yet is a time-consuming process, though. It usually involves days (or even weeks) of research and slogging through a bunch of white papers. Even reviewing fifty projects may only lead to one or two that you deem worthy to invest in.

However, these one or two coins could be the key to an uber-successful portfolio. Let’s look at some examples:

  • Early investors in AntShares (now NEO), have seen ~160,000% return on their investment.
  • An investment in Bitquence (now Ethos) would have brought you a 4,300% return.
  • And, your portfolio would’ve grown by almost 4,000% by finding OmiseGO early.

As you can see, there’s immense value in finding coins early. If you have the time to research and enough money to take the risk, it could really pay off.

Cryptocurrency Trading is All Trial and Error

As you build out your cryptocurrency trading portfolio, you’ll probably find other tactics that also fit in well with your trading strategy. Additionally, you’ll most likely try out advice that sucks. You may even find that you don’t agree with the tips listed here.

And, that’s okay. Becoming a cryptocurrency trader is a learning process, and each investor inevitably molds their own unique style as they become more experienced. The important thing to remember is to keep an open, yet skeptical, mind and enjoy the ride.

This article by Steven Buchko was previously published on Coincentral.com

About the Author:

Steven Buchko is a managing editor at Coin Central and a blockchain investor. He’s also the co-founder of Coin Clear, a mobile app that automatically turns your daily spending habits into cryptocurrency investments.

How to Buy Animecoin (ANI)

Animecoin has been around since 2014 but has been fairly inactive until now. A new team has resurrected the coin from the dead bringing its price to life along with it. With these changes happening so recently, you’re only able to buy Animecoin from one exchange: Cryptopia.

In this article, we’ll walk you through the steps you need to take to buy Animecoin (ANI) using Cryptopia. If you’d like to learn more about the project, you should check out our Animecoin beginner’s guide. Without further ado, let’s begin.

First Things First

Before setting up an account on Cryptopia, you need to purchase Bitcoin. Cryptopia is purely a cryptocurrency exchange, so you’re unable to trade using fiat (e.g. USD). Cryptopia also offers Animecoin as a trading pair with Litecoin and Dogecoin, but the trading volume is so low that you may have trouble making the purchase.

You have numerous options to choose from when purchasing your Bitcoin. Coinbase and GDAX are great exchanges for beginners. If you need help with this process, follow alongside our Bitcoin buying guide.

Once you’ve purchased some Bitcoin, set-up an account on Cryptopia (instructions below).

Cryptopia Account Registration

Step 1. Navigate to the Cryptopia website.

Step 2. Click “Register” in the upper righthand corner of the page.

Cryptopia Registration

Step 3. On the next screen, follow the instructions to enter your account information.

Cryptopia Account

Step 4. After submitting your information, you’ll receive an email to confirm your email address.

Step 5. Click the link in the email to confirm, and you’ll see a confirmation message.

Cryptopia Email Registration

Step 6. After clicking “click here”, you’ll see a login page.

Step 7. Once you successfully enter your login credentials, you’ll most likely have to enter a code for 2-factor authentication. Check your email for this code.

Cryptopia Two Factor Verification

Step 8. Enter the code, click “Verify”, and you’re in!

Sending Bitcoin to Cryptopia

Step 9. Once logged in, click “Exchange.” You have two options for this.

Cryptopia Exchange

Step 10. In the exchange, hover your mouse over the Bitcoin logo next to your username and click “Deposit.”

Cryptopia Deposit

Step 11. Choose “Bitcoin (BTC)” from the drop-down, and click “Next.”

Cryptopia Deposit Drop-down

Step 12. The next page shows you your deposit address and QR code you can use to receive funds. Send your Bitcoin to Cryptopia using one of those two things.

Cryptopia Received Bitcoin

Step 13. After sending your Bitcoin, click “Done.”

Buying Animecoin (ANI)

Step 14. You should now be back on the exchange page.

Step 15. On the left side, make sure the BTC tab is selected, search for “Animecoin”, and click the correct coin.

Cryptopia Animecoin Choice

Step 15. You can now buy Animecoin from the panel towards the middle of your screen.

Cryptopia Buy Animecoin

Step 16. If you’re new to buying cryptocurrency, click the top order from the Sell Orders panel. This will automatically fill your Buy Animecoin form with some data. Update the total BTC amount with what you’d like to spend, and the rest of the inputs will update accordingly. For your order to be filled immediately, this amount needs to be less than the amount that was automatically placed there when you clicked the order in the Sell Orders panel.

There you have it. You’re now the proud owner of Animecoin!

This article by Steven Buchko was originally published at CoinCentral.com

 

About the Author:

Steven Buchko is a managing editor at Coin Central and a blockchain investor. He’s also the co-founder of Coin Clear, a mobile app that automatically turns your daily spending habits into cryptocurrency investments.

What’s a Bitcoin full node?

The Bitcoin network is a collection of computers all over the world running the Bitcoin Core software that verifies transactions and blocks. It’s the distribution of these “nodes” (the term for a computer attached to the network) and the fact that anyone can set one up that makes Bitcoin “decentralized.” This means that anyone anywhere can set up a Bitcoin node as long as they have access to a computer with the required power and an internet connection. And if even one node is up and running, Bitcoin lives on.

Global Bitcoin Nodes Distribution

Most Bitcoin nodes also act as a Bitcoin client, which allows transactions to be sent to the network. This means a node acts as your personal interface with the Bitcoin network as a whole. Running a node ensures that your Bitcoin transactions are verified and sent to whoever you’re transacting with. This puts the power to send uncensorable money across the world or across the street in your hands and contributes to the security and strength of the Bitcoin network itself.

Running a node is different than mining Bitcoin, which involves running special software that works to solve or complete new blocks on the network, releasing a certain number of Bitcoin to those computers responsible for adding a block to the blockchain. While mining Bitcoin has become quite resource-intensive and much of the mining work is being done by large companies with data centers devoted to the process, running  full nodes is accessible to anyone.

OK, I get it…. Why should I run a full node?

There are various reasons to set up a full node yourself:

    1. You believe in Bitcoin and want the network to grow and succeed. Every node added to the network brings us closer to a future where everyone is transacting on the Bitcoin network and no governments or other third parties can do anything to stop it.
    2. You intend to use the Bitcoin network to transact a lot and want to ensure that your transactions are verified. The idea behind Bitcoin is the removal of trust from the monetary system: you don’t have to trust a bank to hold or send your money. But as long as you’re not running your own node, you’re still trusting someone who IS running nodes to verify that transaction in a timely manner. Taking your financial life into your own hands is empowering.
    3. You can tell all your friends that you don’t just own Bitcoin, you ARE Bitcoin… at least part of it 🙂

I’m convinced! How can I set up a full node?

There are 3 methods to go about setting up your own Bitcoin node as of right now, ranging from pretty technical and time-intensive to really easy but a little more expensive. As development and adoption of Bitcoin technology continue, this process will only get easier and cheaper. If you want to get ahead of the game and jump into the action now though, you’ll do it in one of these ways:

  • Setting up a node on your own computer (or Raspberry Pi or any machine with the required hardware), or
  • Setting up a node in the cloud using hosting service like Amazon Web Services, Digital Ocean or any number of other providers, or
  • Buying a standalone “node-in-a-box” device that sets up the node automatically (Skip to the bottom to hear about this option)

I’m ready to node, let’s get to it!

While the first two methods are very similar in process, there are considerations for each.

1. Choose your machine!

You will need to set the node up on a computer that has these minimum required hardware specifications:

  • A recent version of macOS, Linux, or Windows operating system
  • 145GB of free disk space
  • 2GB of RAM
  • A high-speed internet connection (at least 50kB/s)
  • Unlimited or very high upload/download limits (a node can upload ~200GB and download ~20GB per month)

If you choose to make use of the cloud and set up on a virtual server, make sure that whatever machine you rent has the same specifications! The cheapest option I found was from Scaleway, where you can get a machine powerful enough to run a node for around $8/month. To do this you’ll:

  • head to https://www.scaleway.com/
  • sign up for a C1 instance (their lowest option)
  • add on 3 50GB storage volumes to make sure you have enough storage for the whole Bitcoin blockchain.

There are plenty of other providers out there that can handle the node, so go ahead and do some shopping or use your favorite if you have one. Digital Ocean and Amazon Web Services are popular options but will cost you a bit more.

Note: Pay attention to the bandwidth or data limits on any cloud solution, as many providers out there will rate limit your connection after a certain point.

2. Start the setup!

If you’re planning to run your node on a computer locally, you can decide whether you’d like to run the Bitcoin Core software as a standard application (the GUI or Graphical User Interface) or through the command line as a background process. If you’re working on the cloud you’re most likely going to use the command line method.

I wanna run the GUI software!

So you like graphical interfaces. Great! Here’s the process:

  • Download the latest Bitcoin Core GUI from the bitcoin.org download page for your operating system of choice.
  • Run the software and you will be prompted to choose a directory for storing the blockchain data. Unless you have a specific preference here, go ahead and leave the “Use the default data directory” option checked and hit OK.
  • At this point on Windows computers, you may have a firewall prompt appear asking for permission to let Bitcoin communicate over the web. Check all boxes and allow these permissions.
  • The software should begin downloading the blockchain. This will take anywhere from 12 hours to a couple of days depending on your internet speeds and bandwidth. Let it finish and you’re officially running a Bitcoin full node! See the Network Configuration section below to make sure your node has the access it needs to run properly.

I wanna use the command line!

So you dig the command line, or you’d rather have Bitcoin Core run in the background? Sweet! Here we go:

  • To simplify this process, earn.com (formerly 21.co) has put together a simple-to-use script that makes it a breeze to install a node via the command line!
  • Open up the Command Prompt (Windows) or the Terminal (macOS and Linux) and paste this command:
    curl https://bitnodes.earn.com/install-full-node.sh | sh
  • Hit enter and you should see a welcome message pop up (like this one):
Bitnodes Install Full Nodes
  • Let the process run its course! It will download the Bitcoin Core software and attempt to set up port forwarding. If it can’t set up port forwarding automatically you’ll see a message appear like this one:
Bitcoin Core Error Message
  • You should also receive a success message! Your node is installed and running. Head down the Network Configuration section below to make sure everything is setup correctly for proper functioning.

3. Network Configuration

Whether you’ve set up a node using the standard GUI software or through the command line, there will be some network setup required to make sure the nodes can send and receive connections from the Bitcoin network.

There are two jobs to complete here:

  1. Giving your computer a Static IP Address
  2. Setting up Port Forwarding

Instead of walking through this whole process, I’ll let the wonderful folks over at bitcoin.org take care of it! See the official guide for step-by-step instructions on accessing your router and setting it up to handle the node correctly.

If you’ve set up your node in the cloud, this process can be very different based on the service provider. Reach out to the support team for your specific provider or head over to SuperUser (a question and answer site for this sort of thing) to get help!

So… what about the Node-in-a-Box?

This is by far the easiest way to set up a full node right now. A simple plug-and-play box that you’d plug into your internet router just like a cable box. This lets you run a dedicated node without installing anything on your computer or another machine. You WILL still need to complete the network configuration steps outlined in the section above though!

The only project seemingly available right now is Bitseed. The Bitseed is currently pretty pricey at around $360, but from reviews, it seems to work as advertised and keeps things very simple. There are bound to be competitors coming out of the woodwork in no time, so keep an eye out as the space matures.

Profit!

Once the software is running, the blockchain has completely synced, and your network settings are correct, you’ve done it! You’re officially a contributing member of the Bitcoin network. Welcome to the future of money.

More Nodes is Stronger Bitcoin

Wrapping Up

Bitcoin is powered by nodes.

More nodes = stronger Bitcoin.

You should run a node. Maybe two.

This article was previously published on Coincentral.com

About the Author:

James Risberg

I’m a casual nerd who likes crypto and community building. Software dev, social psychologist and sipper of tea. I love art of all kinds, actively seeking truth, and alliteration.

 

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Amazon Price: N/A (as of May 23, 2018 8:35 am – Details). Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on the Amazon site at the time of purchase will apply to the purchase of this product.

GIS Tutorial 1 for ArcGIS® Pro: A Platform Workbook is an introductory text for learning ArcGIS Pro, the premier professional desktop GIS application. In-depth exercises that use ArcGIS Pro, ArcGIS Online, and other ArcGIS apps feature the latest GIS technology to show readers how to make maps, how to create and analyze spatial data, and how to manage systems with GIS. Incorporating proven teaching methods in detailed exercises, “Your Turn” sections, and expanded homework assignments, this book is suited to learning GIS in a classroom. Wilpen L. Gorr and Kristen S. Kurland have written the top-selling GIS Tutorial 1: Basic Workbook, GIS Tutorial for Health, and GIS Tutorial for Crime Analysis. Resources for instructors are also available upon request.

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