Author: al chenkin

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Should I buy ICO’s (Initial Coin Offerings)?

Buying ICO’s and altcoins are like investing in IPO’s and Penny stocks.

Lots of potential reward, but real risk that you may lose up to all your investment.  Many ICO’s are for coins that have no practical use (you can’t buy anything with them) – only an investment value that may plummet at any time.  For Example, Bitcoin can be used to purchase goods and services from many established companies.  Altcoins need to be on exchanges, where they can have a value equal to Bitcoin (BTC) and other coins, so the altcoins can be traded.

If the ICO price is low, You may want to accumulate some over time – adding to your position (or abandoning it) as your comfort level permits.  Going “ALL IN” my be fun, but figuring where to start taking profit is a mystery, and many investors have watched their value climb, and then plummet, with little warning.  Remember, any profit is good profit.

Two sites you should look at are:

Live Coin Watch – Live coin Watch

How to Differentiate between legitimate and scam coins – IB Times

I strongly recommend that you don’t mortgage your house or max out your credit cards to invest in such unstable securities. Keep your head, study the market, invest with Money you can Afford To Lose.  Some people use their Bitcoin profit to invest in Altcoins.  Some altcoins have a social component, or are mined to benefit causes, like veterans (see Globalboost).  If you are actively mining, see this Mining Profitability Calculator.

Here are some books on Altcoin investing:

 


Learn all you can, invest smartly, learn from any mistakes you make.

Best of Luck with your alt-coins and cryptocurrency investments!

– Alan

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How to get started with the new money, Bitcoin

Greetings and welcome to the Bitcominmoneyman blog!

Bitcoin started in 2009, based on an anonymous paper on building crypto-currency by Satoshi Nakamoto.

Bitcoin image from Pixabay

 

Satoshi Nakamoto is the name used by the unknown person or people who designed bitcoin and created its original reference implementation. As part of the implementation, they also devised the first blockchain database. In the process they were the first to solve the double-spending problem for digital currency.” (from Wikipedia)

Bitcoin is a “Peer-to-Peer” digital currency, which means individuals can transfer Bitcoin to and from their digital wallets without fees or regulation by banks or governments.  Since Bitcoin is available globally, it is outside of the fiat currency controls of any one government.

This is why most bankers and Governments openly criticize Bitcoin  – They can’t control or make money from it.

Here are some books on Bitcoin, for more detailed reading (much more detailed than this blog):

 


Bitcoin is unique in that all participants in the currency have access to the ledger that records all the transactions, known as the “Blockchain”  “A digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded chronologically and publicly.” – From Google Dictionary.  “We can actually have a look at the blockchain and see evidence of what’s going on”.

Bitcoin: The Ultimate Beginner Through Advanced Guide on Everything You Need to Know About Investing in Bitcoin, Blockchain, Cryptocurrencies, … Future of Finance

Now that we have a base understanding of Bitcoin and the Blockchain, You can get your own digital wallet (even if you don’t have Bitcoin – yet).  My preferred method is Coinbase. Here is my referral link: Bitcoin & Ethereum Wallet.  This link sends you to a Bitcoin sign up page. (Pardon my shameless promotion).

Coinbase allows you to link your bitcoin to your traditional credit card and bank accounts, and will sell you Bitcoin directly – and allows you to sell your Bitcoins with the Coinbase wallet or application. 

As for a way to get “Free Bitcoin”, I will be writing about Bitcoin Faucets in my next Blog Post.
 

Thanks for reading, and your interest in Bitcoin!