Hi all. Even though I am not on steemit to really talk about crypto, I figured I would blog about what it's like being new to the cryptocurrency markets and how I don't know sh*t.
So to begin with, I have only been actively involved in the last couple of months, which is admittedly late in the game, but whatever. At least I'm getting in the game and not still on the bench. Most everyone I know doesn't even know what a Bitcoin is, much less cryptocurrency. If I even mention it to anyone, their eyes just glaze over.....
As I am new, I am still coming to terms with how everything works, so to start with I made sure I bought some of the biggies: Bitcoin, Ethereal, Litecoin. So I thought, I'm cool now, I got all the big ones, I can sit back and relax....and then BAM...Ripple happens.
WTF is this everyone is talking about now, this Ripple? So now I have to research it and find out why I keep seeing articles about it and you know what? I got excited! I actually can sort of understand why Ripple could end up being one of the top 3 grossing cryptocurrencies very soon. So with all the recent buzz , I thought I need to get me some of that sweet Ripple coin!
Now was the challenge: how do I buy Ripple? In New York? Wallet? What Wallet???? Needless to say, I was not prepared for the hoops I had to go through to get it. Being in New York (if you don't know, Ripple is currently one of very few virtual currencies to hold a NY Bitlicense), it was a bit tricky (most of the major currency exchanges do NOT have a NY Bitlicense), but I have to say I learned a lot so I feel a bit more confident about this whole crypto thing and now I have some Ripple (yay me!).
So what do I do now? What do I buy? How do I find out what the NEXT big thing is going to be???? How long is it going to be before I stop feeling like an idiot about this stuff and make it out of little league? If anyone has any advice, I'm all ears! In the meantime, I may as well document my experience on steemit, cause why not?
til next time.......
How you like that Ripple now? 30,000% increase year to date, most of that in the last three weeks!
I've been in the crypto game for over a year now and I still feel like I don't know anything! Haha.
You just have to roll with it. I honestly feel that with crypto, you learn by doing. Each coin has it's own story and history, so I suggest to have your eyes set on one and learn about it. Once you feel you have a good grasp on it, move to another one.
I've heard of ripple, but I don't really want to buy. I'm in Bitcoin, Ethereum, and Litecoin. Those are the ones that I know about, so I'll stick with them.
Not really sure if that helped... I hope it did something :P
I agree, it def takes some time to learn. There is a lot going one out there and I am hoping with the more time I put into it, the more it will make sense:)
Top 4 currencies in your portfolio, not a bad start at all. The XRP difficulty level definitely sets you apart from most and you're probably in at a good time based on past year growth and current exchange rates.
I hope so! Now looking for the next one!
I don't live in NY... but I'm curious as to what additional hoops you would have to jump through to purchase it. I started buying it up at the beginning of 2017, but I didn't give my address out to obtain it.
it seems that many of the big exchanges - Kraken, Poly, bitfinix, Shapeshift - are not licensed in NY and though you may be able to bypass this, if at some point authentication is required, I have heard it is possible that your accounts or trades won't be accepted. As I am new to this, I didn't want to deal with any issues like that, so it basically came down to finding a wallet for Ripple, then using bitcoin from Coinbase to buy Ripple on Changelly, which ended up being pretty painless, though it took a while and I made a few mistakes along the way lol
Ohhhh I see what you're saying.... the only reason that you need to go through the authentication process is (typically) to link up your bank account so you can make direct deposits/purchases. This would prevent you from needing to purchase through Coinbase and then using BTC to make an alt coin purchase.
But like you said... Coinbase --> Changelly --> XRP Wallet is pretty painless. The only downside to this is the additional fees that you have to pay. You're really paying a fee to make the BTC purchase, paying a fee to send it to Changelly, and paying a fee for Changelly is actually make the exchange.
First getting started, this isn't a big deal... but as you progress in the volume of trades you're making, you'll want to find a more direct route to purchasing what you're actually after.
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