/biz/ - Business & Finance

>>28643557
Go back nigger

buy xrp, they're pretty cheap

1. go to coinbase/binance/exchange of your choosing
2. make an account
3. buy btc/etc/link/whatever stupid altcoins you want
4. ???
5. profit

>>28643557
>And this crypto card getting advertised... What say you, fellow anons, about it?
shit, shady, scam.

basically it goes like this
you make an account on a good exchange
transfer money via bank or credit card, in the future maybe even paypal
then you buy lets say ETH from the exchange
you can keep it there or you can withdraw it to your wallet

You literally can’t cash out.

>>28643557
You buy cryptocurriencies by paying a decentralized network to assign some to a network address you control by being the only one with the cryptographic key phrase.
Just get on binance or coinbase and learn from there. Look up how bitcoin works, and then look up how all its competitors work. Go on coingecko and learn about all the largest coins first. Go from there.

>>28643557
Wouldn't dabble with crypto.com until you've been in the space for a while. Stick to conventional exchanges, and get a good wallet.

Also since you're new, it's only fair I call you a stinky nigger. Welcome to the club.

>>28644089
What is the difference between keeping it on the exchange and 'withdrawing' it? People tell me that the safest way to store crypto is to keep it on a rugged external hard drive in a safe.

>>28644764
Thanks, faggot.
Have any suggestions for trusted exchanges.
And how the hell does the concept of a wallet work for crypto?

>>28644992
if something happens to the exchange your funds are gonzo, especially on an unregulated exchange like binance, sure the'll pay you back in hopes of you not leaving but eh

withdrawing it means you put the crypto on your own wallet, a wallet is based on an adress and a password of sorts called a private key
its a long string of letters and numbers
you can store the key in a text file but thats not safe, what's best is to store it using software like KeePassXC or something like that, where you write it down and encrypt the file you get with a password
that file you can put on your pc or google drive
no one can encrypt that file but you.
the external hard drive only saves your keys to the wallet, or said file

you can also buy a "hardware wallet" like a "Trezor" this device then stores that private key for you

>>28645315
>Have any suggestions for trusted exchanges.
Coinbase or Kraken or Coinmetro
the first one has insane fees, the second is ok, the third is fantastic but doesn't have a lot of volume as of right now

>>28645392
or, some wallets allow for a " Mnemonic Phrase" those are 12 words you can probably manage to remember in your head, removing the need for any password or key
try it here https://www.myetherwallet.com/create-wallet

>>28645392
Any other words of advice before I go get Bogged?

>>28646042
buy high sell low

no but really just know what the fuck you're buying and make sure it's legit so you don't get dumped on

>>28645392
If you use coinbase pro the fees are lower and you can put in orders like stock trading. If you sign up for coinbase you automatically have a pro account, they just don’t advertise it.

>>28646042
yeah here
>How find out what coins are legit and which ones won't make it
no easy way to just tell, it's a bunch of small stuff that you'll notice after spending a lot of time doing research, like Team track record and competences, how team interacts with (potential) investors, tokenomics, if they're trying to fix an actual problem and how they're fixing it.
also watch the first part of this video https://streamable.com/xomcmu
also look at the shills when it comes to coins, generally its either very low quality memes or very high quality memes, no projects just comes out with a press kit loaded with pepe memes and 4chan shit, if you see that, run.
also its how they talk about it, if one ID just says "sounds legit" and never posts again, its probably not. Most of those threads are circlejerks with "am i going to make it?", "how big is your stack", "when moon" and other price speculation talk, always trying to trigger fomo.

See biz as a place to add projects to your to-investigate list, never fomo in.

>>28645392
>storing your private key in software
>even thinking about storing in a TEXT FILE
Holy shit don't fucking do this
>>28646126
Yeah use a paper wallet if you're gonna custody your own coins and don't want a hardware wallet.
One exchange one time got btfo. They were a magic the gathering playing card exchange repurposed for crypto and got their shit pushed in. (American) exchanges today are insured and regulated to the tits. It's honestly fine to leave coins on exchanges. Among people who try to custody their own coins there are many sad stories.

>>28646432
>>even thinking about storing in a TEXT FILE
>Holy shit don't fucking do this
It was a theoretical example, should be pretty obvious to never do this

but the keepass thing is alright

>>28646432
>exchanges today are insured
right now there exists NO insurance for crypto.
>It's honestly fine to leave coins on exchanges.
while true, it could end badly, only a hand full of exchanges i would reccomend that on

>>28645315
Depends on your country. Binance, Kraken, or coinbase are my top 3 for trustworthy centralized exchanged.

Wallet for would be metamask. Non browser would be exodus, and hardware wallet is trezor.

>>28646202
This is what I use.

>>28646759
>Binance
>trustworthy

>>28646042
Do the opposite of what biz says

I'm new to this shit too, and I've got a Coinbase Wallet and Coinbase account. My problem is that I don't understand these miner fees, transaction fees, and/or gas fees. Are they the same thing? Why are they so much fucking money?

If I want to convert $10 of Etherium to some other shitcoin, then how come it costs a fortune in fees? How is anyone supposed to afford this with not a lot of cash?

I'm so confused, and I wish someone could help me.

>>28647032
>My problem is that I don't understand these miner fees, transaction fees, and/or gas fees. Are they the same thing?
yup they are the same thing

see to make a transaction over the Ethereum network you have to pay miners to accept your transaction, you can pay more to get it through faster, if you pay to little it might never go through
>Why are they so much fucking money?
because Ethereum is a piece of shit

>>28646620
Marsh & Mclennan currently underwrites crypto.

>>28647503
https://voca.ro/1j5ALoqu1Iht
hope his helps

>>28647189
So how can I possibly ever buy all of the new shitcoins that are being pushed here everyday?

I'm literally clueless how to even begin this stuff or what I should be doing.

>>28647840
Didn't listen. Not clicking
92% of institutional investors keep their coins on exchanges
Self custody is the equivalent to keeping your life savings under the mattress. Not saying don't do it. Am saying it's usually silly and not done with much security.
Such as, keeping PKs in plain text on your desktop.
One SSH and it's gone dude.

>>28648069
>So how can I possibly ever buy all of the new shitcoins that are being pushed here everyday?
YOU DON'T, 99% of coins fail, you will lose your money
but i guess it makes sense.. one need to have lurked here for a few years to get that, 50% of the shit people talk about here are not going to be relevant in 6 months, and 75% in a year
you buy good coins on good exchanges.

>>28648075
>Didn't listen. Not clicking
Well then this conversation is over, but I agree on your last part nevertheless

>>28648069
Then don't buy shitcoins? Biz is shill central. Tons of absolute shit posted here. Do your own fucking research. As someone who is new you should be looking at the blue chip coins. BTC, ETH, ETC, LTC, BCH, etc. Learn and understand where those coins are going in the medium and long term and dollar cost average into them. Invest, don't trade like a retard.
If you can fully understand any one or a handful of those coins then you will be setup to start seeing the problems and solutions the small market cap coins offer.
Or not. You can dump it all on a moonshot. Your money. I don't care.

>>28648638
this, except bch