As this is my first post… thank you all in advance for your interest, support, help, comments....!!
My idea with this series of posts was to create a simple script to start understanding and progressing in this new and amazing CryptoCurrency World. I thought about doing it for me, as a logbook for not forgetting any step or aspect I learned during my first days in this new world. But talking with some colleagues I saw this could be an starting point for those guys starting to walk this amazing new economy… so let´s go for it!! I hope it would be useful for somebody, … any adjustment, comment or recommendation is more than welcomed!!
Let´s summarize a basic path from having FIAT currencies (Euro, US Dollar, … ) to change it by any CryptoCurrency.
Basic concepts:
My intention for this point is not collecting “canonic” definitions, I prefer to outline basic concepts easy to understand by a beginner better than be 100% precise and accurate but complex.
• CryptoCurrencies: Digital Cash systems designed to perform secure transactions (payments, …). There are many of them, from the well-known BitCoin to newer ones like Steem, Ripple, NEO, PIVX, IOTA, …
• BlockChain: (from this CriptoCurrency perspective) Transactional system registering any action related a CryptoCurrency. A deposit, a transfer, a withdrawal …. It´s a secured and distributed system that warranties all related monetary transactions.
• Wallet: CryptoCurrencies are out of the traditional financial systems (central banks, government, banks…) so we need a place to hold our CryptoCurrencies, these are Wallets. There is a different Wallet for every CryptoCurrency, even when this is evolving and there are some multi-currency wallet that are appearing in the scene. Up to now, there is no a unique Wallet supporting all CryptoCurrencies. There are logical wallets, for your PC or Mobile, and physical wallets similar to pen drives holding our currency information.
• Exchange: this is the place where we can move from FIAT currencies (Euro, US Dollar, . ..) to new CryptoCurrencies.
We will use some websites to cover the full path for shifting from EURO to ETHEREUM, there are many of them, but I will start with the ones I discovered, used and felt were the simpler ones.
- Move FIAT currencies to an Exchange like Kracken (https://www.kraken.com)
- Transform EUR to ETHEREUM
- Transfer ETHEREUM from Kraken to a personal Ethereum Wallet (https://www.myetherwallet.com)
I will describe in detail all these steps in my coming posts (and maybe DTube videos)
Thank you for your support … and as I told you, any comment is more than welcomed.
Jmayol