A beginner’s guide to getting started in the cryptocurrency world
It’s not a secret, I’m inordinately passionate about decentralization. I spend a lot of time discussing the many ways the protocols supporting the ecosystem can, have and will impact society. Since embarking on this quest to learn all the things, I’ve notice the amount of questions I get each week about cryptocurrencies, what resources I recommend and how to get started has increased substantially. However, unlike the network my bandwidth hasn’t. Therefore, to increase my efficiency with exposing my networks to the cryptocurrency ecosystem, I’ve decided to take the time and put together a small guide I can refer to anytime I find myself in a conversation with someone who is intrigued by the space and wants to know more.
I’ve spent a fair amount of time over the last several years consuming myriad of content on cryptocurrencies. Naturally, some of that content was more helpful than others. Below is my attempt to compile a list of helpful links I believe provide a responsible foundation for any eager newcomer thinking about dipping their toe in.
Depending on whether the community finds this post helpful (read: receives enough engagement), I plan to compose a follow-up post highlighting some of the best people and organizations to follow around social media. So please don’t hesitate to share if you find this guide helpful and believe it may be helpful to others within your network.
Lastly, if you need more help getting up and running or if any of the content wasn’t clear, feel free to reach out to me directly. I’d be more than happy to help you, your organization or network any way I can.
A firmware upgrade for society
Why you need to care about decentralization
I believe this video is one of the best pieces of content I’ve found across the web regarding the topic of decentralization. Here is a responsible explanation about why you, your mom, the next door neighbor and I should care about the decentralization movement. I couldn’t think of any other piece of content I’d have recommended for you to begin your journey with. So, watch it first!
Decentralization and the Architecture of Trust (Video: 22 min)
Note: Andreas Antonopoulos is one of the most well spoken evangelists of the crypto space and someone I’ll reference throughout this post.
Read this!
No, seriously, please read it! The Bitcoin white paper should be required reading before anyone is allowed to interact with this technology. Understanding the who, what, how and why Bitcoin is at the very cornerstone of the cryptocurrency industry begins and ends with this white paper.
While the paper’s author who possibly published under the pseudonym Satoshi Nakamoto’s true identity isn’t known, we understand how impactful the words are. This paper set the stage for decentralization which I believe is the next evolutionary step for humanity.
So, while there are lots of places you might be able to spend your time-consuming content, this is an invaluable one.
Satoshi Nakamoto’s white paper on Bitcoin
Getting you past all the hype
Blockchain versus Bullshit
If you tune in to any frequency actively covering decentralization, one challenge you’ll undoubtedly have will be learning to process and weed out the fear, uncertainty and doubt (FUD) of others. This video does a fantastic job teaching you how to navigate the FUD.
Should you care about the Bitcoin versus Ethereum argument?
Do your words matter?
Coin Center explains why the term “Blockchain technology” is only a buzzword and isn’t very helpful.
Note: Coin Center is one of the leading policy advocate groups on Capitol Hill
Getting you setup
Introduction to wallets, payments and coin
Some things you need to know about Bitcoin (Read: 4 min)
Securing your wallet (Read: 4 min)
I don’t think I can emphasize just how incredibly critical the elements contained within this post will be to your ability to successfully interact with the cryptocurrency space. So please, do me the favor and place extreme care and attention towards this section.
What wallet should you use (Read: 2 min)
Now, let’s secure some coin:
There are two methods to securing the cryptocurrency of your choice. First you can make them or buy them.
Mining coin (Read 4 min)
If it weren’t due to the persistence of a friend, now co-founder Jimmy, yes his name is actually Jimmy too, I doubt I’d have touched mining. It was due to his incessant mentioning of the value mining provided to the market that caused me to eventually pay attention and begin mining cryptocurrencies almost two years ago now. I haven’t stopped since!
Since developing the skills necessary to operate an efficient mining farm for ourselves, Jimmy and I decided to aid others in their efforts to do the same. Crain’s Business Chicago recently published an article that provides a helpful explanation of what we do.
The next bitcoin enterprise in Chicago: Mining the cryptocurrency
Mining cryptocurrencies: 101
Additionally, below is an article I published earlier this year on why I chose to mine cryptocurrencies and why you should too.
BUY THEM
The second means of securing coins are to purchase them from others that have mined them. There are several ways to buy coin.
A. ) Use any available cryptocurrency ATM
Use any of the available exchanges:
B. ) Direct Deposit Exchanges:
Crypto to Crypto Exchanges:
BITTREX: https://bittrex.com/
So, where do we go from here?
Scaling the Bitcoin network
There is a conversation among the Bitcoin community about the methods we’ll use to scale the infrastructure in order to handle the inevitable growth the network will experience as more people around the globe begin to rely on this technology. For many reasons, primarily due to the rules surrounding consensus, this is no small feat.
Initial Coin Offerings
Helpful Resources:
Lists of all cryptocurrencies and their prices:
Coinmarketcap.com is probably the most resource when it comes to staying tuned in on the various cryptocurrencies and their support around the world.
ATM locator:
One of the largest cryptocurrency ATM providers in the U.S.
The internet of money:
One of the best books to introduce you to the world of Bitcoin.
Note: The Internet of Money: Second edition is currently available for preorder.
Bitcoin resource link
Speed reading plugin:
In the cryptocurrency space, content is being published almost around the clock. That requires a ton of reading. Spritzlet is an incredibly helpful browser plugin that can help increase your content consumption.
In closing
Wow, thanks for sticking in there with me and congratulations on making it to the end! If you found the content helpful, please don’t hesitate sending the authors direct thank you messages. I’m sure they would appreciate knowing their work is helpful to others.
To close, I need you to understand this certainly isn’t nor should be the end of your journey but rather just begun. But I can only show you the door. You’re the one who has to walk through it and where you go from here is entirely up to you…
