Welcome to my guide “Getting started with cryptocurrencies”. I will explain how easy it is to get started with bitcoin, litecoin, dogecoin and the many other currencies that exist and how you can easily ‘earn’ free coins. I hope you find it helpful. I will create a PDF of this later too so you can download it. It’s not completely finished, I am publishing this now so people can get started and then ask questions if there’s anything they want to know. I will carry on adding content to this guide. Please let me know if you’re unsure of anything.
This is extremely important as without a wallet you will not be able to hold any currency. Unfortunately the net doesn’t have little pockets for us to carry our coins in!
If you know which currency, currencies, you would like to acquire, do and online search for the appropriate wallet. The best place to find one is by looking on the home page for the currency you’re interested in as they will have coded a wallet for their currency, or a user may have done so.
If your interest is in Bitcoin, then two great wallet providers that are used by many people are Coinbase and Xapo. There are some other wallets and it’s useful to have multiple wallets just as a precaution because if one site is taken offline for any reason you will find it impossible to get your coins until the site is back online. Diversification of assets is always the best option. On top of the previous two wallets, a third one that I have found to be useful is Qoinpro, there’s a bonus with Qoinpro as it’s not just a wallet but combines the wallet with interest. Yes, it pays you a small amount of a number of currencies daily. This is a good wallet if you decide to go with a group of currencies instead of just one or two.
This is the ‘fun’ bit, getting the coins. You have different options for acquiring the various currencies, the most obvious one is to purchase them using Sterling, Dollars, Euros or whatever currency you use (although some platforms only accept the currencies above so you’d have to convert to them first). But don’t go converting your currencies yet or breaking open the piggy bank to put that into your account because you have other options.
The faucet – A faucet is a website that asks you to enter your currency address into a text box, click on a captcha (and enter any text it asks, or click on the images, different providers ask different tasks of you) and then you simply click on the submit or claim button, et voila you have Bitcoin or Litecoin etc. Sometimes you may not receive the currency immediately, there are different rules on different sites. Some send immediately if you provide them with your Xapo email address (instead of the currency address), others will send your currency to your wallet when your balance reaches a set amount. Some faucets to check out are listed below:
- Bitcoinker -This is one of the faucets you can use your Xapo address on to get immediate payouts (more every 15 minutes)
Using your Coins
Now you have some Bitcoin, Litecoin or another currency, and may be looking at ways to spend it. Here’s the fun stuff.