Contents
How to Play Crypto is a beginner’s guide to getting started with cryptocurrency trading. In this guide, you’ll learn the basics of how to trade cryptocurrency, as well as some strategies and tips to get started.
Checkout this video:
Introduction
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution control. Bitcoin, created in 2009, was the first cryptocurrency.
There are thousands of cryptocurrencies in existence, and more are created every day. Bitcoin remains the most well-known and valuable cryptocurrency, but others include Ethereum, Ripple, Litecoin and Bitcoin Cash. Cryptocurrencies are bought and sold on decentralized exchanges and can also be used to purchase goods and services.
Investing in cryptocurrencies is a speculative venture and involves a high degree of risk. prices can fluctuate wildly, and some cryptocurrencies have gone bust. You should only invest money you can afford to lose.
If you’re interested in buying cryptocurrencies, here’s a quick rundown of what you need to know.
What is Bitcoin?
Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. Transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain
What is Ethereum?
Ethereum is a decentralized platform that runs smart contracts: applications that run exactly as programmed without any possibility of fraud or third party interference.
Ethereum is used to build decentralized applications (dapps) on its blockchain. A dapp is an app built on a decentralized network. Ethereum’s decentralized app store, called Dapps for Short, is a curated list of all the best dapps out there.
What makes Ethereum different from Bitcoin? Ethereuem’s big innovation is that it’s not just a cryptocurrency, it’s a platform for building decentralised applications. This means that anyone can build apps on Ethereum’s blockchain. These apps can range from decentralised versions of existing apps like Twitter or Dropbox, to completely new applications like prediction markets or online casinos. Because anyone can build apps on Ethereum, there’s no risk that the network will be controlled by any one company or organisation.
What are the benefits of using Ethereum? Decentralisation is one of the big advantages of using Ethereum. Because there is no central point of control, there are a lot of potential benefits:
-No single point of failure: if one part of the network goes down, the whole thing doesn’t grind to a halt.
-More secure: because there is no central point of control, it’s harder for hackers to target the network.
-More resilient: decentralised networks are often more resilient to attacks andcensorship than centrally controlled ones.
-Less expensive: because there is no need for costly infrastructure like servers or data centres, decentralised networks can be very cost effective to run.
What is Litecoin?
Litecoin is a digital currency, like Bitcoin, that can be used to buy goods and services. However, there are a few key differences between Litecoin and Bitcoin. For one, Litecoin is faster than Bitcoin. It takes 2.5 minutes to create a Litecoin block, compared to 10 minutes for Bitcoin. Also, Litecoin has a higher maximum number of coins: 84 million compared to 21 million for Bitcoin.
Litecoin was created in October 2011 by Charlie Lee, an ex-Google employee. Lee wanted to create a digital currency that could be used for everyday transactions, like buying coffee or groceries. And he wanted it to be faster than Bitcoin.
Litecoin is similar to Bitcoin in many ways, but it also has a few key differences. For one thing, it’s faster; it only takes 2.5 minutes to create a Litecoin block, compared to 10 minutes for Bitcoin. Also, there are more Litecoins in circulation; 84 million compared to 21 million for Bitcoin.
If you’re interested in investing in Litecoin, here are a few things you need to know.
How to Buy Litecoin
You can’t buy Litecoin with fiat currency (like USD or EUR). Instead, you need to buy it with another digital currency like Bitcoin or Ethereum. This process is known as “trading pairs” and usually happens on cryptocurrency exchanges.
For example, let’s say you want to buy 1 LTC with BTC. You would place an order on the exchange and send your BTC to the exchange’s wallet address. Once the BTC arrives in the exchange’s wallet, your LTC will be sent to your wallet address within minutes (depending on the exchange).
Here are a few popular cryptocurrency exchanges that support LTC trading pairs: Coinbase/GDAX, Bittrex, and Poloniex.
How to Store Litecoin
Once you have bought your Litecoins, it’s important to store them in a safe and secure wallet. A “wallet” is simply a digital storage place for your coins. There are different types of wallets (hot and cold), but the most important thing is that you choose a wallet that supports LTC storage. Some popular wallets include Exodus and Jaxx (both support Windows/Mac/Linux), as well as Ledger Nano S (supports Windows/Mac/Linux but requires hardware).
How to Buy Bitcoin
Bitcoin is different than what you know and use every day. Before you start using Bitcoin, there are a few things that you need to know in order to use it securely and avoid common pitfalls. Read more.
1. Get a Bitcoin wallet
2. Buy Bitcoin
3. Spend Bitcoin
You can get a Bitcoin wallet for free by installing the open-source Bitcoin software from the official website. Alternatively, you can use a web-based wallet like Coinbase or Blockchain.info.
Once you have a wallet, you need to get some bitcoins. You can do this by accepting them as payment for goods or services, or buying them from a friend or someone near you. There are also several ways to buy Bitcoin online. Use an exchange like Coinbase to buy BTC with dollars, euros, or another supported fiat currency. You can also use an exchange like Bitstamp to buy BTC with another cryptocurrency like ETH, LTC, XRP, or DASH.
How to Buy Ethereum
Ethereum is the second most valuable cryptocurrency after Bitcoin, but it’s mostly known for its smart contract functionality. Here’s how to buy Ethereum so you can join in on this innovative technology.
First, you’ll need to set up a digital wallet. A digital or software wallet is where you’ll store your Ether tokens. There are many different wallets available, but we recommend Coinbase because it’s one of the most user-friendly options. You can create a Coinbase account here.
Once you have a digital wallet, you’ll need to purchase some Ether. The easiest way to do this is through an exchange like Coinbase or Gemini. You can also earn Ethereum by mining it or participating in Initial Coin Offerings (ICOs).
Once you have some Ethereum, you can start using it to participate in smart contracts, make payments, or trade it for other cryptocurrencies or fiat currencies (like US dollars).
How to Buy Litecoin
Litecoin is one of the most popular cryptocurrencies and is often referred to as “the silver to Bitcoin’s gold.” While Bitcoin remains the leader in the cryptocurrency space, Litecoin is a close second and has a lot to offer investors.
Here’s a step-by-step guide on how to buy Litecoin:
1. Create a Litecoin wallet. This is where you’ll store your Litecoins. There are a variety of wallets available, but we recommend using Exodus, a free multi-currency wallet that supports Litecoin.
2. Buy Bitcoin. You’ll need to purchase Bitcoin first since most cryptocurrency exchanges don’t accept fiat currency (USD, EUR, etc.) for Litecoin. We recommend using Coinbase since it’s one of the most popular exchanges and allows you to buy Bitcoin with a credit or debit card.
3. Find a Litecoin exchange. Once you have Bitcoin, you’ll need to find an exchange that allows you to trade BTC for LTC. We recommend using Binance since it’s one of the largest exchanges with a wide variety of trading pairs available.
4. Place your trade. Once you’ve found an exchange and set up your account, you’ll be ready to place your trade. Binance offers two types of trades: limit orders and market orders. Limit orders allow you to set the price at which you’re willing to buy or sell Litecoin, while market orders will fill your order at the best available price.
5. Withdraw your Litecoins from the exchange into your wallet so they’re safe and secure!
How to Store Bitcoin
Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and to control the creation of new units. Cryptocurrencies are decentralized, meaning they are not subject to government or financial institution controls. Bitcoin, the first and most well-known cryptocurrency, was created in 2009.
Bitcoins are stored in a digital wallet, which is like a virtual bank account that allows users to send or receive bitcoins and track their balance. If you want to use bitcoin to buy something, you need to have a bitcoin wallet. You can get a bitcoin wallet from a bitcoin exchange or online provider, and there are different types of wallets that offer different levels of security.
The most important thing to remember when it comes to Bitcoin is this: Whoever controls the private keys controls the Bitcoin. If you store your Bitcoin on an exchange or third-party wallet, you do not control the private keys—and if those keys are lost or stolen, so are your bitcoins.
That’s why it’s important to choose a wallet that gives you full control of your private keys. One way to do this is by using a software wallet like Blockchain Wallet or Armory Wallet. A software wallet stores your private keys on your computer (or mobile device), giving you full control over your bitcoins. Another way to get full control of your private keys is by using a hardware wallet like Trezor or Ledger Nano S—a physical device that stores your bitcoins off your computer (and offline).
How to Store Ethereum
Ethereum, like Bitcoin, is a decentralized digital currency that can be used to buy goods and services, but it has a few key differences that make it unique. For one thing, Ethereum is what’s called a “smart contract platform,” which means that it can be used to build decentralized applications (dapps). It also has its own cryptocurrency, called “Ether.”
If you want to start using Ethereum, you’ll need to store your Ether somewhere. That’s where an “Ethereum wallet” comes in. An Ethereum wallet is a piece of software that allows you to store, send and receive Ether. There are many different types of Ethereum wallets, but they all do essentially the same thing.
One popular type of Ethereum wallet is known as a “hardware wallet.” Hardware wallets are physical devices that look like USB sticks. They’re offline devices, which means they’re not connected to the internet and are therefore much more secure than online wallets. However, they can be expensive and may not be convenient for everyday use.
Another type of Ethereum wallet is an online wallet. Online wallets are hosted on websites and can be accessed from anywhere in the world. They’re not as secure as hardware wallets, but they’re much easier to use. One popular online Ethereum wallet is MyEtherWallet (MEW).
If you want to store your Ether offline in a more secure way, you can use a “paper wallet.” A paper wallet is simply a piece of paper (or paper towel) with your Ether address and private key printed on it. You can generate a paper wallet using a service like BitAddress or WalletGenerator . Once you have your paper wallet, you can store it in a safe place like a fireproof safe or a safety deposit box .
How to Store Litecoin
Litecoin, like Bitcoin, is a cryptocurrency that is stored in a digital wallet. You can store your Litecoins on an exchange or in a Litecoin Core wallet. If you want to keep your Litecoins off an exchange, then you need to store them in a Litecoin Core wallet.
Conclusion
So that’s it! You now know the basics of how to play crypto. Of course, there’s a lot more to learn if you want to become a serious crypto player, but this should give you a good foundation to start from.
If you’re interested in learning more, we recommend checking out our other guides, such as our guide to the best crypto exchanges.
