(article is still being updated, thank you)
What is Ethereum? (ELI5)
(Scroll to the end of this article for an easy to understand explanation of Ethereum and the massive world-changing implications that it has.
How to start
- Sign up for Coinbase, create an account --Use this link for a signup bonus -- . Coinbase is the main marketplace in which you will hold your main investments into Ethereum and Bitcoin(Eth and BTC). It is very safe, secure, trusted, and even has a built in vault which we will go over later. You could choose to keep your physical stash either on Coinbase, or on a hardware wallet. We will also go over this later. For now, they will remain on Coinbase and be accessible online from your phone, computer, tablet, etc.
- Purchase Ethereum from Coinbase. Correct purchasing times, or when to purchase will not be currently explain. You may purchase as much as you want. If you use your bank account to pay for the ethereum/bitcoin, the transaction may take as long as 7 days and most likely will take that long. Doing so will take you 7 days to receive your ETH/BTC, and most likely will take that long. The important thing is your purchase is locked in at that price and you ultimately will get your coins. If you use your debit/credit card to purchase your ETH/BTC, then you will get them on the spot.
- At this point you now own your Cryptocurrency (ETH or BTC) , and you are basically holding and at the will of the market. If the market price goes up, your total some of $ will go up. If value goes down, then your total some of $ overall will go down. It is my belief that Ethereum (smart-contract block-chain technology) is the future of the internet and it will revolutionize everything.
Research
CoinMarketCap
Massive. All prices of every coin, their markets, social media talks, growth, top 100, etc
EthTrader Subreddit
A social community of ethereum based traders. Posts are voted up the list by the community based on their relevance. I would recommend browsing here often.
https://www.reddit.com/r/ethtrader/
EthNews
General aggregate of Ethereum news.
Coinbase
[Best one to link bank account to and buy and hold Ethereum/Bitcoin]
Sign up for Coinbase, create an account --Use this link for a signup bonus --
Bittrex
[Majority of alt coins can be bought here with BTC. Very nice interface]
Yobit
Large selection of coins, many alt coins
Liqui.io
Another good marketplace that features some great altcoins only found there.
Poloniex
Largest market by volume. Largest marketplace and holder of altcoins.
Gemini
Instant bank withdrawals. Long signup times as of the creation of this article is 2+ weeks and waiting. Instant withdrawals is key here, as you can withdraw instantly from your bank for ETH/BTC and send them around easily without having to use your card.
ALTCOINS
ICO Alert
Easily keep track and take advantage of current and upcoming ICO's by getting in early.
Hardware Wallets
Ledger Nano S
By far the easiest, most secure, modern, and futureproof hardware wallet. Look no further
Day Trading
BFXData
- [View current shorts/longs on Ethereum]*
https://www.bfxdata.com/positions/ethbtc
What is Ethereum? (ELI5)
Credit to HBLASK on /r/ethtrader
"To start, you need to know what a blockchain is. Basically, it is a ledger, a record of transactions. Normally, this function is handled by a central authority, such as a bank. You put money into the back, they write it down. You spend it, they write that down. If you try to spend it twice, they say no.
But central authorities provide a single point of failure, and require trust in that authority. This is a weakness in many cases -- especially regarding regulatory uncertainty in many parts of the world. But without a central authority, who will keep you from spending your money 5 times, or even know if you have any to begin with?
The answer is a mathematical and computing breakthrough called a blockchain. The first successful one was called "Bitcoin". Basically, it replaces the central authority with some complicated math and majority rules and some interesting economics, so that the ledger is public and its state is determined by computers.
There are many blockchains, Bitcoin is just the most famous. Bitcoin is suitable as a transfer of value and not much more (and increasingly unsuitable for that).
Ethereum took the ideas from the blockchain, and said, what if we attach a computer program to each entry in the ledger? So instead of "address 123 has 400 coins", it could have a program that says "Address 123 has 400 coins, and they will be released 5 coins per week to Address 155 and 175 on alternate weeks."
This program is now a contract: offline, a couple people agreed to this payment schedule, you write it into code and are guaranteed payment over time because the Ethereum network enforces it.
That's just scratching the surface, though. What if you could attach any program or file or contract between any two people, and it is enforced automatically by the network, and nobody could shut it off?
Want to gamble but your country doesn't like it? Too bad, they can't stop it. The blockchain cannot be shut down by a central authority. Do you live in a third world country where property rights don't mean much, but you want to get investors in your business? Put your business on the blockchain and they can give you money securely.
There are thousands of ideas of what to do with Ethereum, but it is very young and it is likely that its most valuable uses aren't even conceived yet."
[article will still be updating]