New to crypto, just bought my first coins and need someone to help me find the right path.

on

So I couldn't mine any coins back in 2011 because I was 9 and still relying on a 500MHz Windows XP laptop. But oh well.

What I do know about Bitcoin:

  • It's witchcraft and hard to understand (if I could get an ELI5 explanation that would be great!)

  • It's like stocks but highly more volatile.

  • It can be used to make purchases.

  • Multiple currencies exist.

  • You used to be able to mine the coins but now you have to use brokerage services to trade them.

  • There are public keys and private keys; public keys would be what you use to transmit Bitcoin, private keys would be what you use to store them.

  • The price fluctuates all the time.

  • High risk, high gain.

  • NEVER INVEST MORE THAN YOU'RE WILLING TO LOSE.

What I don't know about it

  • How everything works.

  • How to read and predict the market.

  • What physical wallet is best for me, and if it's worth the investment.

  • What the hell blockchain are and all that.

  • The advantages and disadvantages of each currency.

  • How I can use the coins beyond just having stashes of money.

  • Where the resources are and all that.

I received $100 for graduation, split it 50/50 into BTC and BCH. I'm willing to lose that $100. Know that BTC is on a slow and steady rise, BCH is relatively stagnant. I use Coinbase but know that I need to put it in a physical wallet because in Coinbase I don't own the keys. Don't know which wallet is best for me, or if it's worth the investment. Don't know the outlook of either coin, and how I can use my money.

I look forward to being enlightened, and thank anyone for any wisdom and advice.

submitted by /u/throwaway-atheist101
[link] [comments]

source https://www.reddit.com/r/btc/comments/j309ym/new_to_crypto_just_bought_my_first_coins_and_need/

Comments

Post a Comment