What is bitcoin and etherum cryptocurrency?
Bitcoin is a cryptocurrency called satoshi. Which is on a blockchain. They are coins or tokens. That get forked off of the bitcoin blockchain.
Etherum has its own blockchain. Therefore, other tokens can be forked off of the etherum blockchain.
Bitcoin and Etherum coins are used to send, receive, buy, sell of goods or services.
Each coin has its own unique address.
The coins are made up in 100 million satoshis. The symbol is seen like this 0.00000000 or 1 whole 1.00000000.
I'll be talking about sending, receiving, buying and selling in a later chapter.
We will head over to Coinbase and sign up for a wallet.
Use your best secure email address.
Sign up. Later, when you have made a couple of transactions. You need to put an authenticator on your phone or devices.
I implore you to write all of your information down. In a composition or rollerdex card composition.
I prefer both until. I put my information on a flash drive. I prefer two, with one as backup. Keep all of your information in a safe place. Only you know where it's at. Bookmark the page. For safety reasons.
First, you write down the name of the wallet. Your email address, password, and phone number. Account number of wallet. Then banking and card information. If, you want to.
You will need to write down your receiving address. Google authenticator code or authorization code. I use both. Write down your pin. You will not remember all of your passwords and pins by heart.
Remember to change your passwords and pins often. Never give them out to anyone. Some wallets have passwords, public keys, and private keys. Write them down. If you don't you won't be able to get into your wallet without them. Never ever give anyone your private key. If you do they can take your coins. Private is only for you. If you happen to lock yourself out. Just don't use it.
I will say more about the public key later in the chapter.
Now, there is ethereum, which is another blockchain. Do the same. Go to MyEtherWallet signup write down. All of the information. Bookmark the page. I deplore you. There are a lot of fake sites. Trying to get your information. In your email whitelist them. You will also receive fake emails. Never click on any link. When you know that you didn't suppose to receive a deposit. Don't click. Go to your wallet. It will tell you if you have received or sent any funds. When I send funds from a wallet. It has a memo box. I write who it's to and I initial it so only I know. That way, if you get an email, if your site and initial is not in the memo box, it's a scam. When Coinbase sends you an email, your code and initial is in the memo box. Beware of scammers.
Now, MyEthereumWallet is a little different than Coinbase when adding coins or tokens.
A lot of the coins or tokens. May not be marked in the wallet.
- You will need the name of the token.
- You will the contract address, which you can get from Coinmarketcap or the explorer.
- You will need the symbol.
- The decimal. It usually is 18. All are not the same, so check anyway.
- Then click on add coin. Put in the info. The contract address, symbol and decimal. Then click add. If the coin is already in there. It will show a red box saying so. Then that coin is ready for deposit. Always double check. You don't have to go through all of the coins. Just type the symbol in.
Next, to deposit the coin you use your MyEtherWallet address. The coin will be placed in the wallet. You don't have to open your wallet all the time to check. Goto MyEtherWallet and then copy paste your wallet address. It will show you how many coins. Click on the arrow. It will show you each one. You only need to open your wallet to send.
The next step to do that is to hook up to mew. MEW is used to send coins to another address. To buy or trade coins.
MEW; you will need to write all of the info for it to be able to buy or sell. To check on your account, use the MyEtherWallet address to buy or sell use MEW. Then you're ready to buy or sell.
Now, I will tell you how to buy. Go to the site. You want to buy from.
Write down their info, particularly their receiving address. Take that address. If you're using Coinbase, go to bitcoin click on send. Put that coin address in the sending box. Then confirm; the coins will be sent. You will get an email confirmation. It will take at least five to eight minutes for confirmation on the blockchain before it shows up on the account.
Until next time...