CryptoCurrencies ... how to start without becoming crazy during the first round
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