Rule #1 – it’s gambling. Don’t bother with the
theory/vision, unless your some kind of fucking commie.
To “get in the door” you gotta turn $ into crypto
money. The fastest way to to that is to use coinbase.com
Coinbase is the most accessible but most costly way to do
that. By “costly” there’s transaction fees and commissions. But,
it’s super simple.
Get yourself signed up with coinbase. Watch coinbase
for a minute. There’s 4 crypto-moneys on it. Buy on a dip.
Bitcoin is the “major” crypto money. There, now you have some
crypto-money. You can be done now. Buy low, sell high. Watch
the news, time the market, you fucking rock. Coinbase will take it’s cut.
Note: Bitcoin and Bitcoin Cash are not the same thing.
Note 2: if you couldn’t figure out coinbase, you gotta quit
now.
Want to be cool? Like dungeons and dragons cool?
Crypto-money is stored in “wallets.” When you bought
your crypo-money on coinbase it went into a crypto-wallet on coinbase.
Every website you interact with will give you a crypto-wallet. Actually
they give you a crypto-wallet for each type of crypto-money you have.
You’re gonna have like 30 wallets – # of crypto moneys times the number of
exahgnes you use = number of wallets
To play the fun games, and fuck with like 2000 other type of
crypto moneys, you need to get onto an exchange.
The exchanges are harder to work, but the fees are lower and
there’s limits and stops and margin trading and all that.
Note 3: get comfy with giving away everything needed to
steal your whole fucking life to internet sites that seem shady as fuck.
Exchanges come in like 3 flavors.
·
Tier 1:
o probably
not run by the Russian mob
o only
trades in 2-4 crypto-moneys
o each
crypto money “pair” can be traded at market rates, or, by placing appropriate
orders (buy, sell, limit, stop)
o critically,
will let you deposit USD$. So, like a brokerage account
o Will
verify your identity in 2 days to 2 weeks – while your ID is being verified,
you won’t be able to do everything (like, withdraw cash)
o Examples:
GDAX, Gemini
·
Tier 2
o Most
likely run by the russian mob
o Trade
in like 100+ crypto moneys
o The
available trading pairs are gonna have one of the big 4 crypto moneys as half
the pair (so, you can’t arbitrarily trade anything for anything)
o Don’t
have a means for USD$ going in or out
o Examples:
Binance, Poloniex, Bitstamp
·
Tier 3
o Specialty
exchanges
o Example:
BitGrail for XRB
So, all that back ground in order to sum it up like this:
- If you’re commited casual, use coinbase and be done with it
- Get your USD$ into the game using Gemini – get some BTC or ETH. An ACH transfer is good for $500/day, a bank wire for real money
- Move your USD into Binance. Play your games there. Need to get USD$ out? You gotta flip your crypto-money of the day to BTC or ETH, and move that shit to Gemini, and Gemini will move it to the bank.
- Move your crypto-money from Binance to a specialty exchange (because some crypto moneys are only on specialty exchanges), play your games and move it back to Binance when you’re done
Next up: wtf is GDT, what’s an ICO and hardware wallets
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