Many People loosing this Days a lot of Money by some ShitHeads.
Here i will explain what u need to know if you want to enter the CryptoMarked
- how it Works
- what you need
- who to Buy
- some tips from me
How does it works.
People sometimes still think that behind the Current money is Gold or such things... simple answer - NO !
if a Country today decide to print more Money, they will do and they build more and more till inflation.
the Current Currency such as Euro, Dollars or Yen are just survive because the People trust in this - if someone gives you 10$ you belive that this are 10$ and the Bank promise to give you for the 10$ also 10$.
on CryptoCurrency there is something behind - Energy ! every coin needs to be mined that means many miners proving all the transactions in the CryptoCurrencys Blockchain Network and Approve that they are Valid.
thats where the Value is comming from - Ethereum is not a Currency for Payments - Ethereum is a Platform where you can run Smart Contracts on. the Currency of Ethererum is Ether ( ETH )
First of all you will need a Wallet - no worrys - you dont need to buy -
there are few options how to store your private keys - the coins are all time stored in the BlockChain - the Private Key is the Key which you need to Save and hide. You will need this Key to send Coins out of your Wallet.
Your Wallet :
once you have created your Wallet you are Ready to Buy some Coins.
you will get a Private Key which looks like "e15da7a1236855c6317e5ef510ee135ab4e71812a29e58c54508970bdcb6b842"
and you will get a Public Key which looks like "0xc257b170b6D3A0C248cf7d6508fe6624B1f63C7b"
the Public Key is your Bank Account - the Private Key your Pin - the Only Diffrence to this is that the Private key includes the Public Key
if anyone knows your Private Key they can Steal your Money !!!
and there is no way back !!!
the eXchange changes your Fiat ( Current money you have on your Bank Account ) to a CryptoCurrency
i use therefore Kraken.com you will need to create a Account and fufill the KYC procedure ( KYC - Know Your Customer ) - once done you are Ready to go on.
Send Money from your Fiat Bank Account to your Kraken Account. Do not trust any Agency which wants to Buy Coins for you !!! if your Money is on the Kraken Account you can directly start Buying.
once you have buyed Ethereum and you want to keep them longer send them to your Wallet
when ever you will send Ethereum from your wallet back or somewhere else you will need your private key.
may it comes the meaning that this would be not save enoug. but shortly explained.
how to generate a Private Key: take a Coin and mark one side with a 1 and the other with a 0 than flip him 256 times and note all time the 1 or the 0
thats finaly your private key in Binary form. this one will be calculated into a HexaDecimal String- to solve this you will need to try it 1081 times.
even the fastest computers this days would need a few billion years to solve this
if you own a few Coins keep one thing in your head.
the Marked is changing fast and the Crypto market is highly volatile. if you want to trade or buy keep in Mind
- you can loose all your invest. Use only money which you dont need to life.
keep calm and try to find out why the marked is going sometimes hard down and rocketlike up
dont sell to fast on down dips and do not buy to fast - keep an eye on the coin you want to buy and look how he goes. if you feel well with this buy if not listen to your stomach.
dont be angry if you sell to early - the next chance is waiting already. See your invest as your work capital if it is gone you are workless :)
do not trade on bad days - when you are tired or you have been drunken.