Hello Friends & Welcome.
For those of you just jumping into the crypto revolution, I'd like to offer a quick guide to help you get things rolling. These are only suggestions and by no means is this an exhaustive list. But I do hope you find it useful.
Starting out in the world of crypto can be a harrowing endeavor. Your first question will quickly lead to the next, and before long you'll have your browser tabs maxed, your notepad filled and somehow you'll still be feeling very anxious about where to begin. Or at least that was my experience.
And if that's your experience too, don't worry. I still get anxious myself. But whiskey helps. So grab a strong pour of your favorite beverage and join me for a shallow plunge into crypto.
Step 1. Get a Designated Email Address
This is a crucial first step in securing yourself against the hacker scumbags out there doing all they can to put us together via our names, phone numbers & email addresses. It only takes these tech savvy bastards moments to erase all our hard-earned crypto gains, so start here and become extra prepared. Your crypto life must be, for the most part, kept separate from all aspects of your normal life.
Sign up for Gmail. Use this address for all your crypto endeavors, but nothing else.
Use an alias. Use a different birthday. These Google bastards don't deserve to know about you anymore. You've already given them enough. Don't use a recovery email either.
You'll be required to add a phone number for verification - so do it - but make sure to delete it later.
Make the password difficult. Really difficult.
Go to https://howsecureismypassword.net/ to see how long it would take a hacker to crack your password. If it exceeds your lifetime, you're good; however; I always strive for at lease 10 Decatrillion Years, but that's just my preference.
(Are you thinking, "What if the hackers are hacking this website to steal your passwords?" Yeah, me too. Welcome to crypto; where paranoia comes free with every purchase).
Step 2. Keep a Record of All Usernames, Passwords, Addresses, Public Keys, Private Keys, Wallet Seeds, etc.
Open a Word doc, TextEdit pad, Notes pad - any of them will do - and copy all your pertinent info down as you create it.
Save a copy to your computer, save a copy to a USB, print a copy and store it where you keep your birth certificate or similar artifacts: a safety deposit box, in between books in a bookshelf, buried underground in a shoebox.
Step 3. Google Authenticator or Authy
These are two resources that enable what is referred to as "2-Factor Authentification" or 2FA. On your email, on your exchange account, or wherever you opt in to access your crypto, you can enable 2FA in the Settings menus, at which point it'll prompt you to either enter a manual code or scan a barcode. Once you do this, a code for that specific site will generate every 15-30 seconds on your app and be required along with your password each time you log in.
*Note: If you lose your phone, Google Authenticator isn't backed up anywhere, so you'll find yourself in one hell of a bind. Similar to if you were to lose your Steem password.
Now Authy actually stores one password to backup your entire list of codes on your account, so you can access them again on a new phone if yours gets lost, stolen, or destroyed. The trade-off is you'll have to trust a third party.
- The password should also be something you'll remember without the help of your saved notepad (i.e. a favorite quote, ex. "liquorbeforebeeryoureintheclear")
Step 4. Sign Up On An Exchange
This is where the fun begins. Sign up for an exchange like Coinbase, Gemini or Kraken where you can purchase cryptocurrencies like Bitcoin & Ethereum with USD, or whatever your national currency may be. Those are just a few, but there are plenty of others. Do your research.
You'll have to enter all your personal info here, as they need to verify your identity to allow you to purchase through their site.
Add a bank account and credit/debit card. Keep in mind the bank account purchases will likely take longer, whereas credit/debit card purchases can show up instantly. In the case of Coinbase, bank transfers take 4-5 days to show up in your account. (Slow bank transfers like wtf!? - isn't that one of the main reasons we're here in the first place?)
Your deposit and withdrawal limits will likely start out small, but will increase over time based on the level of verification you provide, the length of use, and/or amount of transactions you complete.
Make sure to go to Settings and enable 2FA and scan the barcode with your app of choice. This will force you to provide the unique code for your exchange account that generates in the app on your phone every time you sign in. A bit of a drag, sure, but it will also keep hacker dickbags from easily getting into your stash. Keep in mind, they are very clever, and they do this for a living, so be aware of any inconsistencies in your services.
Step 5. Optimize Twitter
Once you have your accounts all set up, maybe you've even made an Ethereum purchase or two, get on Twitter with your crypto alias and follow everyone legit in the crypto space. I'd suggest you begin by following Vitalik Buterin and everyone he follows as well, then scale from there. Once you've got that all set up, let the crypto news drip take you over.
Step 6. Medium.com For Articles
Medium.com is a great informational source. Start following all the crypto peeps, the companies, the developers, the enthusiasts, etc. Save the thoughtful, insightful, and informative long-form prose for when the 140 count Twitter drip just ain't enough.
Step 7. Quora for Questions
You can ask damn near anything your little mind wonders and you'll likely get a pretty solid answer from one (or several) educated people. They get paid to answer, although I'm not exactly sure how it works, but it works and that's all I've ever needed to know.
Step 8. CoinMarketCap.com
You'll be checking this incessantly soon enough. You may even get in a fight with your lady over it down the road. It sucks, but it's our reality now. Might as well just lean into it.
There will be plenty more to come, but this should get you started. I do feel confident that if you make it to #8, you'll be deep enough into the rabbit hole that gravity will just do its thing.
So...
Welcome aboard the Crypto Express!
Crypto may have looked like a get rich quick scheme at first, but if you stare at it long enough you'll realize it's far greater than that. It's the future unfolding. It's a grand science experiment with the potential to affect our lives in truly profound ways.
This could very well be the coming of the second Internet. What we're watching is the innovation of this tech in its early stages. And as it works out the kinks, it'll break down from time to time, but it will continue to recalibrate. If it falls, it will no doubt pop back to its feet, dust itself off, and move forward with even more fervor than before, thanks largely in part to all the wonderfully brilliant thinkers and devoted enthusiasts urging it forward.
So hold onto your meatballs, because the journey begins here. Altogether it's exciting, inspiring, confusing, terrifying, and thought-provoking. It's a rollercoaster ride not for the faint of heart.
If you haven't already, find some friends to support you through any triumphs and tragedies, and don't hesitate to reach out with questions. You'll have plenty.
I've been drinking the Kool Aid for some time now and it tastes mighty good. But that doesn't mean it won't turn on you the next chance it gets, so stay alert.
Nonetheless, I hope you'll think mainly of this going forward...
Our cyber friend, Tuur Demeester, emoted on Twitter recently in reference to cryptocurrencies, "Hold a claim in the right location, and you have a chance at building a multi-generational estate."
Sounds nice, doesn't it?
Sure does.
Talk soon,
Arturo