When I first became interested in cryptocurrencies, I felt almost lost among so many foreign terms.. Where should I start? What are the most basic words that I need to research and keep in mind? What useful resources can I draw on? This cryptocurrency guide you are reading was written in less than an hour and will give you an idea of what to hope for on your cryptocurrency journey and guide you on how best to start it.. Enjoy, because this can be the exhilarating journey of your entire life.
The Rise of Cryptocurrencies
As society’s technology literacy grows, cryptocurrencies are accepted as a viable storage medium of value. started to be made and there was even an explosion in this regard.. Headlines such as “Bitcoin price breaks all-time record” or “Ethereum price continues to rise” have become frequent news feeds followed by the general public.. We know that people who were once skeptical of Bitcoin and the technology behind it are gradually becoming familiar with cryptocurrencies and are becoming more and more interested in the field.. At the time of writing this article, the total value of the entire cryptocurrency market was around $147 billion.. Just a few months ago, this market wasn’t even worth $100 billion.. Who knows how long it will be in a few months from now.
The Current Structure of the Cryptocurrency Market
You may have heard of Bitcoin and alternative coins.. These denominations began in 2011 with the emergence of bitcoin derivatives coins.. Each crypto currency, which is an alternative to Bitcoin, emerged to be used in its own specific field, and each began to claim that they are better than bitcoin.. Since then, countless new alternative cryptocurrencies have emerged in the cryptocurrency market and bitcoin’s market dominance has disappeared.. These sub-trades are gaining market share at a tremendous rate. More than tenfold growth has been observed in just six weeks.
Cryptocurrencies, Stocks, and Official Currencies
Currencies you know are cryptocurrencies referred to as “fiat”, that is, legal money with no monetary value.. Although cryptocurrencies carry the phrase “money” in their name, they are more similar to stocks than normal coins.. When you buy a cryptocurrency, you actually buy a kind of technological stock and you become a part of the blockchain chain and network.
How to Buy Bitcoin?
How to Buy Bitcoin? The most common place to buy and trade currencies is the exchanges where these coins are sold.. In other words, websites where you can buy cryptocurrencies using your regular money.. There are many factors by which you can measure the reliability and quality of such a website.. For example, factors such as liquidity, site reputation, transaction fees, trading and withdrawal limits, transaction volume, security, insurance, user-friendliness. When we take all this into account, Coinbase can undoubtedly be shown as the best website to buy and sell cryptocurrencies.. It has a user-friendly interface for beginners and offers an unrivaled 100% crypto insurance. However, since Coinbase does not allow trading from Turkey yet, it is possible to buy bitcoins in Turkish Lira from the Paribu website instead and transfer these bitcoins to Coinbase.. Basically, the reason we use the Coinbase site is that this site is reliable around the world and offers free transfers to many sites where we can buy and sell.
After creating an account on the Paribu website and defining your bank account information, you are just a few steps away from buying Bitcoin. :
- Click on the easy buy-sell section.
- Enter how much bitcoin you want to buy.
- Click the BUY BTC button .
Congratulations, you now have Bitcoins!
Once you are familiar with buying Bitcoins, you may want to convert them to other cryptocurrencies. For example, you may want to sell bitcoin and buy it in exchange for other alternative currencies such as Ethereum, Ohm, MorningStar, Neo, Ripple, LiteCoin.. For this, you can transfer the bitcoins that you bought through paribu and transferred to your Coinbase account to the GDAX site without paying any transaction fee.. Think of Coinbase as a bitcoin buying platform and GDAX as a bitcoin trading platform.. Transfers between these two are instant and free.
You have gradually become familiar with other alternative cryptocurrencies.. Websites such as Bittrex, Polo, or NovaExchange are also the main websites where you can trade cryptocurrencies.
When registering on these websites for the first time, submit the necessary documents from the beginning so that when a serious trading opportunity arises, you can purchase these documents while dealing with them. you won’t miss the opportunity to sell. It may take days for your membership to be approved on these websites, and your trading limits will gradually increase as you trade.
An additional point to note: If you are using a currency other than US dollars, check that your money can be easily deposited and withdrawn from this site.. If you don’t want to deal with this, you can visit your bank and open a foreign currency account in addition to your account.. You may encounter some restrictions when transacting with TL.
Cryptocurrency Wallets
The websites mentioned above are online stores where you can store your cryptocurrencies. has wallets. However, those who are worried that online sites may be hacked may not want to keep their money on these sites.. If you do not want to keep your money on these sites, you can use the myetherwallet.com service where you can do offline transactions or transfer them to usb-style devices like KeepKey.. Both eliminate the risk of online platform.
To transfer your money to offline usb wallet for long-term storage, follow these steps:
It will be even safer if you check that the system is working by trying to send a test amount (like 0.0001 bitcoin) beforehand.. Keep in mind, a small transaction fee may be charged
Also, due to the nature of this physical wallet, you can store many different types of cryptocurrencies.