Another good post Luke. I've found your articles very informative since joining Steemit and enjoyed some good reads in your archives as well. Long time watcher first time player, I think now's a great time to put some of my discretionary funds into cryptos. Sometimes it just gets so hard to choose. All Steem Dollars earned from my content here I'm just pumping into my Steem Power, since I'm a new user. But when it comes to trading some of my fiat money for cryptos for the first time it's hard to choose, BTC, ETH, etc. I looked into EOS by the way which you mentioned to me on an earlier post and it looks like they don't support those in the US at this time. I understand I could use something to change my IP, but making my first currency conversion I thought I'd try and keep it simple.
Again, thanks for the good post Luke! I don't follow a lot (so I actually read the stuff in my feed) and I'm glad I added your blog. I've enjoyed your content as I step into the cryptocurrency pool instead of watching other kids play.
Thanks so much!
You can buy EOS without using the ICO (initial coin offering) via exchanges like Kraken, Shapeshift, or even EtherDelta.
When it comes to crypto, you kind of have to just jump in to get familiar with how things work. Powering up is a great move, IMO, as I think STEEM is one of the best technical cryptocurrencies out there and it has real utility powering Steemit, Busy, ChainBB, DTube, and DSound (with more sure to come).
My recommendation: Create a Bittrex account and start playing around with buying and selling a bit using your SBD. Just getting some experience will be worth it. Don't worry about what you gain or lose. Just knowing how to trade between currencies is a valuable education worth paying for.
Actually, instead of Bittrex, might as well jump in and create a BitShares account and send your SBD/STEEM there to buy and sell on a decentralized exchange. Buying BitShares is a good idea (IMO) with all the FUD about governments going after centralized exchanges.
Thanks for the recommendations Luke. I've been going around, getting different wallets (Electrum for BTC, Ethereum and Monero wallets on their main sites) but I now realize that's just for HODLing. To actually buy, play, and learn I need to setup an exchange account and I can leave my various coins there and just transfer to a wallet when I don't want to trade them.
So, is the difference between Bittrex and BitShares that the latter is decentralized? Simple questions, I'm sure, but your advise has been great and I'm like a sponge. There are many coins out there, but it can seem like there's just as many exchanges. haha.
Yes, that's the primary difference and it's an important one. Unfortunately BitShares doesn't have much volume. If it did, I would never use a centralized exchange again. When you own the private key, you own the cryptocurrency. When you trust a centralized exchange, historically, you get screwed.
Exactly, and that's kinda why I initially thought "well I better get wallets of all these different coins so I hold the keys, not what is essentially just another bank." So if I've got this right (as is coming clear while I create my BitShares account and reading your reply) a centralized exchange holds the keys to your funds (and just lets you access them with a password), that's why they can rip you off or when they go down your coins go with them. A decentralized exchange lets you hold the keys, just rather than a simple wallet, it lets you use multiple coins and exchange them on an open market. And here I thought you only held the keys with designated wallets.
Yep, that's the idea. Your BitShares keys are like your Steemit keys (created by the same guy, Dan Larimer). If Steemit.com went away you could still use Busy.org, ChainBB.com, or even your own cli_wallet. You control the keys, so you own the cryptocurrency.
Forgive me for re-visiting an old comment, but I thought I'd solicit your wisdom once more. I'm excited about BitShares but have had a hard time with its system to deposit fiat USD. I ended up creating a Kraken account to buy some BTC with my USD, then it'll be much easier to deposit funds (other than Steem) into BitShares.
I made a blog post a little about my experience. If you had a moment to give a read and leave a reply, I'd be grateful.
As a side note question as well, is the lower volume on BitShares the reason for the lower trade prices? I've found it curious how ETH/USD and BTC/USD prices on the market are a noticeable amount lower than other markets.
Volume / liquidity is a key to getting good trades. However, I'll likely trade on BitShares for the independent (of government) and decentralized security.