Learning about Cryptocurrency
Learning Cryptocurrency can quickly get overwhelming, with so many new and exciting projects screaming for your attention and investment, often with complex processes and difficult to navigate interfaces.
bitGuru are here to help simplify the learning process, speaking in the language of the average person, all for free.
When getting started, there are a few things you must consider:
- There are thousands of different cryptocurrency projects, but it’s best to choose a handful of the most popular ones and learn about them as much as possible.
- If you’re planning on making an investment, you must learn how and where to buy, store and sell your cryptocurrency.
- Stay up to date on all the latest advancements and announcements.
How To Buy & Sell Bitcoin?
Contrary to popular belief, buying Bitcoin is actually a very straight forward process. It is as easy as buying your shopping online, and if it carries on appreciating in value as much as it has been in recent months, it could even buy you more online shopping!
We cover how to buy, and a big question on every beginners mind, how do I cash out? Read on to find out, it’s easy.
So where to start? When you’ve done your research on Bitcoin, are happy it’s not just a scam, and checked the price history (I hope you were sitting down), then it’s understandable you’ll want a slice of the pie. Remember, it’s never too late to buy in, and people have been asking the same question at every all time high since it was less than £1 in value!
Some useful resources to learn from:
Reddit is a very good place to go for cryptocurrency related news and updates. Sometimes you can see AMA’s (Ask me anything) by the project’s founder, any updates are always posted to Reddit, with the most relevant getting up-voted to the top of the page.
- r/bitcoin – All Bitcoin related posts
- r/ethereum – All Ethereum related posts
- r/cryptocurrency – For cryptocurrency news & discussion
- r/icocrypto – ICO related posts
- r/altcoin – Other altcoin related posts (Altcoin means Bitcoin alternative)
The bitGuru altcoin page:
Altcoin is simply short for Bitcoin alternative. There are thousands to learn about, but we’ve created a free and easy to use page, showing a selection of the most popular and so far successful ones, along with a description of what they are, what they do, how to buy and the current price.
Invest in an Initial Coin Offering (ICO)
ICO’s can be very profitable, but with so many ongoing at the moment, you must choose carefully. Not all will survive, but if you research the project, check out the team, and can be sure there will be demand for the cryptocurrency you’re buying, the investment can potentially bring very lucrative returns.
Local Bitcoins vs Coinbase
Aside from the user interface, the main difference is who you’re buying the Bitcoin from. On Coinbase, you make purchases directly through coinbase, buying it off of them for a set rate fee. At the moment, at least in the UK, purchases over a $200 equivelant cost 3.99%. One downside to Coinbase is as a new user you will be subject to a weekly limit! When it come’s to cashing in your Bitcoin, Coinbase requires a SEPA payment which takes a few days, so it’s definitely recommended using Local Bitcoins when it comes to selling!
Local Bitcoins on the other hand act as a marketplace for Bitcoin buyers and sellers to connect. The price you pay for your Bitcoin varies depending on the seller as you can see in the photograph. They only charge the seller a fee, however as a buyer you do still have to pay a small network fee when you move your Bitcoin to different wallets. There are many different buying options from bank transfer, PayPay, bank deposit, western union and even cash. Local Bitcoins act as an escrow, locking the Bitcoin in while the monies are sent. When both sides are happy, the Bitcoin is released.
Although Local Bitcoins looks way more expensive, when you work out the difference in price, it usually works out pretty much the same when you account for the high fees on Coinbase.
So now hopefully you have your Bitcoin safely in your wallet (it may take a few minutes to appear), you can either keep hold of it and wait for it to (hopefully) appreciate in value before selling, or send it to an exchange and buy some other fancy cryptocurrencies! If you’re planning to hold onto them, it’s not recommended to store online for long periods of time, so an offline wallet may be worth while.
So how do you cash out?
Well to cash out, the best way I can recommend would be to send your Bitcoin back to your Local Bitcoin wallet, and sell to a buyer on there for a method of your choice. I use direct bank transfer and it’s a very simple process! Then you have the cash in your bank, which hopefully will bee worth more than when you invested it!
Ready to take the plunge?
Buy now on Local Bitcoins – Click Here
Buy now on Coinbase – Click Here
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