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Crypto Mini-Bible: The Baby Steps

This guide is all about

BABY STEPS TO CRYPTOCURRENCIES

It is equally

A CRYPTO MINI-BIBLE

THE MOST AFFORDABLE GUIDE ON THE CURRENCIES OF THE FUTURE, THE CRYPTOCURRENCIES, WITH A POTENTIAL FOR ASTRONOMICAL GAINS

Here is a guide that introduces

CRYPTOCURRENCIES TO YOU, THE NOVICE OF THE FINANCIAL WORLD. SIMPLY PUT, CRYPTOCURRENCIES FOR THE OTHER 80% OF THE WORLD.

DISCLAIMER

The following SHOULD NOT be taken as a financial advice. These words are the SOLE opinion of the author.

CRYPTOCURRENCIES, WHAT ARE THEY?

Cryptocurrencies are crypto-protected currencies. They are not physical. You cant see them or feel them like you would with your 5 Dollar or 100 Euro notes. They are created by complex computers through mathematical equations.

Cryptocurrencies are also called coins. The most popular and first cryptocurrency is Bitcoin. This is the King of Cryptocurrencies, just like the US Dollar is for other paper currencies (or money). Often, the other cryptocurrencies are referred to as Altcoins or Alternative Coins; so, you have Bitcoin and Altcoins that form the cryptocurrencies.

With cryptocurrencies, you are your own bank in the sense that you are responsible for the security and storage of your own currencies. No financial institution nor any government is involved or has a say in your transactions or storage of coins.

Simply put, cryptocurrencies are currencies like gold, silver, etc. They are what investors will call sound money, safe heaven, store of value, etc. Keep in mind that currencies are the exact opposite of money. This is because money, as we know it, is not backed by anything: it is just paper created out of thin air (See Rich Dad Poor Dad series - Robert Kiyosaki). Indeed, currencies in themselves have value and they store value away from the mess created by money or paper money.

However, not all cryptocurrencies will be termed as store of value or sound money. There are even thousands of coins that have absolutely ZERO intrinsic value. They do not solve any problem nor do they offer any novel solution.

Keep in mind that the value of cryptocurrencies goes up and down. It is all about knowing when to buy and when to sell.

Always keep this in mind: Buy Low and Sell High.

FREQUENTLY USED TERMS

In the crypto-sphere, many terms are used and it is imperative to acquaint yourself with such terms before you dive into this adventure.

Here is a list of crypto-related terms:

• Nocoiner means someone who owns no coin. As simple as that. Zero cryptocurrency to his/her name.
• Hodl is the cryptocurrency communitys way of using the verb Hold. It simply means to hold coins.
• Hodler means someone who holds (or rather hodl ) Bitcoin and Altcoins.
• FOMO , you may have chanced upon this expression in the stock market jargon. FOMO simply translates as Fear Of Missing Out . It is usually used when a coin has peaked as far as its price is concerned and those who slept on it or could not buy when it was cheaper, try and rush to get a piece of the cake. More often than not, this action ends in tears as early investors sell their bags for profit and new comers buy at the top and tend to sell at a loss.
• FUD translates as Fear, Uncertainty and Doubt. It is a way of pushing negative rumors and dubious information about cryptocurrencies in order to influence the perception of investors. And a FUDster is anyone who promotes such a narrative.
• A Whale is someone who holds a substantial amount of a particular coin, enough to sway the markets in a favorable direction.
• Bags means a good or great amount of coins one can own. Depending on the price of a cryptocurrency, a bag can be the equivalent of about 20,000 coins and more.
• Bag holder means someone who holds a bag or a huge pile of coins.
• ATH means All Time High . It refers to the highest value Bitcoin or any Altcoin has ever reached.
• DYOR simply means Do Your Own Research . Make your decision based on your own information rather than relying on a strangers opinions.
• Rekt (from the word wrecked) means losing tons of money, especially when buying high and selling low, or when shorts or longs are destroyed.
• BTD or BTFD translate into By the Dip or By The F*** Dip, respectfully. These are simply calls to buy when a cryptocurrency drops in value from a higher position. Such calls are made with the hope that the said coin will rise again and eventually surpass the previous higher position.
• Rallies refers to a situation when one or more cryptocurrencies experience a sustained increased of price or value over a certain period of time.
• A Dump is a situation that occurs when a coin is sold massively across the board by the community and investors.
• A Pump is the exact opposite of a dump. It is quite similar to a rally.
• Pump and Dump refers to a scenario where a group of people, with huge amount of money and having acquired their coins at a cheaper price, decide to inflate the price of such coins through misleading and exciting statements, just to later sell them at a higher price for unimaginably amazing profits.
• TA means Technical Analysis.
• SA means Sentimental Analysis
• FA means fundamental Analysis
• Satoshi Nakamoto is the name of the anonymous creator of Bitcoin.
• Blockchain indicates a list of records, usually referred to as blocks. The main feature of the blockchain is to record transaction between 2 entities, efficiently as well as in a manner that is permanent and verifiable.

HOW TO ACQUIRE YOUR COINS

There are two ways of acquiring cryptocurrencies. One is to buy the physical coins off an exchange and store them on a personal wallet. The other way is to purchase them off the same and keep them there for the sake of trading. Note that in the second case, you do not own them as you do not own the keys to your cryptocurrencies. In such a case, you are at the mercy of various forms of theft:

- The exchange can be hacked and you lose all your coins

- Your account on the exchange can be hacked too, and you lose them as well

- Some unscrupulous individuals can propose that you send them tiny portion of your coins in return for a larger amount. I have been a victim of such acts and after sending your currencies, there is no way to trace the perpetrators nor to reclaim your lost coins.

WHERE TO ACQUIRE YOUR COINS

Cryptocurrencies are mainly purchased or acquired on exchanges. Exchanges are like a marketplace for cryptocurrencies. One will usually create an account on an exchange, get verified and start buying the coins of his/her choice.

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