How to Set Yourself Up for Your First Crypto Trade

So you want to give it a try and trade Crypto? If you’re new to the topic, then you’ll likely not have the tools you’ll need for it, nor will you likely have any Bitcoin or Litecoin, Ether, or other coins yet. Setting yourself up for your first Crypto trade is, in fact, an easy one. In this article, you’ll learn why it’s easy and how it’s done.

Most people who are not into Crypto yet do not hold any Crypto coins or are not trading Bitcoin, Litecoin, Ether, Dash, Dogecoin, or any other of the thousands of available Crypto coins because they may think it is difficult or maybe unsafe, or maybe simply inconvenient to do.

This is not so. In fact, these steps are a lot easier than setting up an online-trading account for stocks, forex, commodities or anything else with an online brokerage (let alone conventional brick-and-mortar brokers or banks).

In this day and age, it should be safe to assume that you have some, or a lot of,  internet user experience already. If you’re like most people, you will likely have used Facebook at some point in time, or you may be using — and have earlier set  up — a Yahoo Mail or Gmail account. Now, what would you say if someone told you that setting up some first Crypto trading tools is pretty similar to signing up for a Gmail account?

However, there is two ways of doing it: Joe Sixpack’s way (that is often unsafe, is not adequate, and may result in losses that ultimately will re-enforce that ignorant belief out there that it’s unsafe or risky or full of criminals and similar) and the more educated approach. Be aware the latter is better. There isn’t much use to do it the stupid way.

So, here’s how you can do it the right way — quickly and easily, and without learning the hard way first but taking advice that’s tested and proven. This way, you’ll be able to take the shortcut to doing it correctly.

  1. Instead of just going online, breaking out your credit card, and buying some coins on Coinbase or Binance in order to also store them there, here’s what you want to do instead:
  2. go to the appropriate website(s) of the open-source project maintaining the coin(s) you want
  3. download the wallet(s) for the coin(s) you want, e g Bitcoin, Litecoin, Dash, Dogecoin or other coins (if you have worked out already which ones are your favorites)
  4. install your wallet (or each coin’s right wallet)
  5. open your wallet program and click the receive button
  6. click and copy the “receiving address” or public key or scan the accompanying QR code; this is how you can later get your coins into your OWN computer at home or perhaps mobile device you use (desktop is best)

This, in rough strokes and simple steps, is how you can do it. We will look into the individual steps along with more links you can simply click and all directions you need in more detail next. So stay tuned for the next module of this introduction!

Bitcoin Has Official Seal of Approval in Europe

Back in 2013, the European Banking Authority (EBA) issued a statement warning consumers of certain dangers in using Bitcoin and similar cryptographic payment systems (so-called Crypto Coins or even Currencies). Apparently prompted by significant price increases of predominantly Bitcoin but also Litecoin, Ether, Dash and other Crypto coins, the sudden increase in virtual currency trading, and the fact that virtual currencies are constantly in the mainstream media headlines, the regulators are quoted as saying:

“Consumers should be aware that exchange platforms tend to be unregulated and are not banks that hold their virtual currency as a deposit. Currently, no specific regulatory protections exist in the EU that would protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business,” the EBA bureaucrats said in a statement.

Obviously meant to primarily be a “warning against” using Bitcoin, this statement is, upon closer scrutiny, a great gift in disguise for the worldwide Crypto coin community. The statement reveals the official view of European officials to, quite surprisingly, give a nod of approval to Crypto payment systems like Bitcoin, Litecoin, Monero and all the other similar payment systems.

The EBA statement has a similar effect as some — initially wrongly reported — statement by China that banned Chinese commercial banks from using Bitcoin but, at the same time, defined use for private individual as perfectly legal in the country and stating an official hands-off approach to Bitcoin by the Chinese government.

In admitting that all Crypto coin-related businesses and services like exchanges or merchant service providers and similar are “unregulated”, that they are “not banks”, and that “no specific regulatory protections” existed for them in EU countries, the EBA gave de-facto blessing to that unregulated status quo. This gives all sorts of Bitcoin businesses worldwide a strong incentive to move their operations to Bitcoin-friendly countries within Europe, some of which — like Sweden, Germany, Austria, the U. K. and, to a lesser extent, even expensive Norway — are particularly suitable due to their individual regulatory situations, property prices, and/or overall features of their local legal systems, business culture and similar aspects.

On the back of the above announcement, it is time for any Bitcoin business seeking more certainty for their operations to cease the new opportunity and extensively go Forum Shopping in Europe now.

Bitcoin Facilitating a New-New Economy

As the European banking and currency crisis unfolds, Bitcoin and the other emerging digital currencies have become a refuge for people fleeing from the euro and striving to protect their assets and savings from confiscation.

Many analysts believe that Bitcoin, which facilitates unmediated fund transfers between individuals, poses a potential threat to conventional banking. Bitcoin and other Crypto coins are certainly exposing the weakness of the US dollar as the world’s incumbent reserve currency, as well as all other similarly stricken paper currencies.

“Faster and easier than One-Click Buying on Amazon.com”, but actually for unlimited amounts of money.

Watch the following explanatory video for details about how — and why — Crypto currencies function:

Why Bitcoin, Other Crypto Coins Have Value

“Where is the value of Bitcoin coming from, actually…?”

Pretty simple: Bitcoin has evolved into something that a lot of people want — like, or even more so than, a dollar or a yen — and Bitcoin is in limited supply due to the complex proof-of-work requirements underlying Bitcoin. This means, that even tough the system continues to crank out “coins”, this will stop when it reaches 21 million.

The underlying idea of Bitcoin was to create a currency whose value, unlike that of the dollar, could not be watered down by some central authority like the Federal Reserve.

When all 21 million “coins” are issued and the system quits making new money, the value of each Bitcoin will necessarily rise further as demand rises.

Along the way, there is currently very high and sometimes extreme volatility and, always will be some degree of price volatility — and this is where speculative Bitcoin traders can make a profit (or loss).

Crypto coins will settle and cease being overly volatile once common uses bot online and in point-of-sale transactions become more widespread than today. That is exactly what our organisation is supporting by publishing information on merchants accepting “normal” Bitcoin, Litecoin, and other crypto currency payments.

A Single Bitcoin is now sometimes worth as much as a full 1 oz of gold. That is not to say that Bitcoin is a proper long-term “store of value”. As that is the very monetary function Bitcoin is lacking, the prudent strategy would be to use Bitcoin for transactions (very efficient and low cost) but gold and silver for asset protection (tested and proven throughout all of history, commonly known intrinsic value, very secure).

If you are looking for highly aggressive and potentially very profitable trading, this is your time to get aboard the Bitcoin express — also remember that high profit opportunity comes with equally high risk of losses (so always remember to invest risk capital only, i e capital you can afford to lose).

With its long-term upward trend and its extreme volatility Bitcoin may in many ways be a perfect currency for traders, but we’d rather see an era of less volatility enhancing usability and suitability of (all) crypto currencies for transactions online and off. This will likely be brought about as acceptance of crypto currencies increases and the user base for every-day transactions expands to outweigh their mostly speculative uses by traders.

Gold Bars Collection at the Bank of England Museum

The International Gold Bars Collection is at the Bank of England Museum from 19 February to 14 May 1998. The article below outlines basics of exhibits and general precious metals information for well-versed investors. More related information can be found in the Gold and Silver Bullion & Coin Investing Guide available here as an audiobook edition.

Bar Types, Weights and Purities — Cast and Minted

Most gold bars are classified into two ‘types’, depending on their method of manufacture: cast and minted. Cast bars are those made by the pouring of molten gold into a mould of specified dimensions. Markings are then applied manually or by a press. Minted bars are made from gold blanks that have been stamped out to the required dimensions from a flat strip of gold. Markings are normally applied by minting presses (as in the case of gold coins).

Bar Weights, Precious Metals Denominations

Gold bars can be denominated in different units of weight to accommodate the preferences of different geographical regions:

* Grammes – International
* Ounces – Mainly English-speaking countries: USA, UK and Australia
* Tolas – Mainly India, Pakistan, Middle East, Singapore
* Taels – Mainly Chinese-speaking countries: Hong Kong, Taiwan, China
* Bahts – Thailand
* Chi – Vietnam
* Dons – Korea

Gold Weight Conversion Table

Grammes Troy Ounces
100 g – 3.2151 oz
1 oz 31.1035 g –
10 tola 116.638 g 3.75 oz
5 tael 187.145 g 6.017 oz
10 baht 152.44 g 4.901 oz
5 chi 18.750 g 0.603 oz
10 don 37.500 g 1.206 oz

Cast Bar Weights: Grammes and Ounces

Twenty-seven internationally accredited manufacturers produce small cast bars in grammes (500 g or less) and ounces (20 oz or less). In grammes, 10 weights are available, from 500 g to 10 g. In ounces, 7 weights are available, from 20 oz to � oz. The smallest cast bar in grammes weighs 10 g, first made in Brazil by Degussa (since 1985) as well as subsequently by Ourinvest and CRM.

The most popular small cast bars in Europe, Brazil and Japan are 500 g, 250 g and 100 g bars. Ounce bars are preferred in English-speaking countries: USA, UK and Australia.

The smallest cast bar in ounces is the � oz ‘button’ bar made by the Perth Mint (Australia) since 1976.

Standard Minted Bars

The manufacture of minted bars worldwide is dominated by 4 accredited manufacturers in Switzerland, providing around 35% of all minted bar types available.

* Argor-Heraeus – Subsidiary of Union Bank of Switzerland
* Metalor – Subsidiary of Swiss Bank Corporation
* Valcambi – Subsidiary of Credit Suisse
* Pamp SA

The three Swiss manufacturers, which are subsidiaries of banks, normally issue their bars internationally with the brand name of the bank.

Since 1974, an innovation of Credit Suisse, many minted bars have a plain decorative design (incorporating the name of the issuer) on the reverse side of the bar. An example of this is displayed in the Exhibition.

Minted Bar Weights: Grammes and Ounces

Minted bars are a modern phenomenon. Among accredited refiners worldwide, Argor-Heraeus (Switzerland) is believed to have been the first to issue a range of minted bars, in 1952. Now, 23 internationally accredited manufacturers produce minted bars in grammes or ounces.

In grammes, 16 weights are available, ranging from 500 g to 0.3 g. In ounces, 8 weights are available, from 20 oz to 1/10 oz. The Exhibition displays the world’s largest minted bars: the 20 oz and 500 g which are manufactured by Johnson Matthey (Canada).

Smallest Minted Bars

Tanaka (Japan) has manufactured the world’s smallest minted bars, mainly for the jewellery industry since 1990. They weigh only 0.5 g and 0.3 g. 1 g minted bars, first issued by Credit Suisse (Switzerland) in 1980, are manufactured by 12 accredited manufacturers worldwide, including Degussa and Heraeus.

Bar Purities

All bars record the assayed purity of the gold content, expressed in units per 100, 1000 or 10000.

Although there is an international trend to 99.99% gold bars, standard bars still vary among countries. For example:

* Dubai – 99.9%
* Iran – 99.5%
* Hong Kong – 99%
* Thailand – 96.5%

Large 400 oz (12.5 kg) ‘London Good Delivery’ bars, held by central banks, normally have a minimum purity of 99.5%.

(Source of gold bar information and photographs: “The Industry Catalogue of Gold Bars Worldwide” and Gold and Silver Bullion & Coin Investing Guide; please note that the link is to its audiobook edition).

The Right Tools for These Unusual Markets

5x-leveraged long and short, called "Bull" or "Bear" coins
Bull- and Bear-market ups and downs illustrated. Image (c) 2022 ffWeb. All rights reserved.

To trade Crypto coin calls or puts, Gate.io is a great exchange offering 5x long and short positions along with many other trading choices. Of course, it’s FREE to sign up for a trading account there. Wondering what to do in falling Crypto markets? Looking for smart strategies to make the best of a pretty bad situation? Then read this post and discover pro trader methods! In this article, you will discover the tools you need for the type of free-falling markets we have been witnessing in Crypto coins for multi-months a little while ago.

Tools to Apply to Any Market Situation

Find the right tools for any market, good or very bad ones! In this article, you will be introduced to and find some explanations about the tools and strategies you need in order to prepare and turn big profits on the back of the breakdown we’ve been experiencing in bitcoins across the board. No matter if it gets worse, or how nasty it’s going to be specifically, here’s how you can turn the tables on markets “doing this to you” right now! There are “Tools of the Trader” that are meant to be used specifically in markets like this! It’s not simply “buy low, sell high” or “buy now and wait for better times” but something more refined (and much more effective).

Call and Put Options for Crypto Markets

To do the same on Bitcoin as an underlying asset, you can use Crypto Long-Instruments and Short-Instruments. These are similar to Calls and Puts as we know them in other markets. Here they are structured as “perpetual leveraged positions” in a Crypto asset, i e a specific coin such as Bitcoin, Ether, Litecoin, Dogecoin, and many more. To see what this looks likein real life, use this chart and link to register for a trading account on Gate.io. Again, tt’s FREE to sign up.

If you like this post and want to stay in the loop on available “Tools of the Trader” and strategies, then please subscribe on this website in order to be notified of news and updates like this one WHEN the markets change and WHEN they’re needed.

Disclaimer: This article is for general informational purposes only, as are all articles and posts on this website. None of the information in this or our other publications or articles on this site is financial advice. Content authors do not even know your individual situation and, therefore, cannot and do not offer such financial advice here.

Opinions expressed in these articles and posts  are observations, thoughts, and analyses of the article or post author and opinions derived from them. Do not rely on them or any other content of our videos for your own trades or investments; do your own due diligence and/or seek any necessary financial advice from licensed professionals before investing your money.

Disclosure notice: Links in the description above are affiliate links; if you click them for signing up, I will receive a commission — and YOU RECEIVE rebates on trading fees they offer on Gate.io for referred customers, depending on the individual offer chosen.

After the FTX-Fraud Fiasco: Alternatives to Democrat Top Donors and Other Conmen

With Bankfried’s (or Sam Bankman-Fried, or what that character out there calls himself) on-purpose fiasco and shameful exit designed to give Crypto coins a bad name, alternatives are needed for traders looking for option-style opportunities. Not only is Bankfried not what some people thought he was, the entire FTX fiasco isn’t either. The breakdown of FTX is not proof for “Bitcoin being bad” whatsoever. Bitcoin is about de-centralization (not about banks, not about privately-controlled exchanges, not about the credibility of some “conscious” capitalist or the lack of it) but Bitcoin is about cutting out the middleman. This includes middle-men like Bankfried, or Joe Biden, or Donald Trump — the list doesn’t stop here (only that the latter two never had a clue about Bitcoin or internet or high-tech, at al — for better or worse).

So the failure of yet-another centrally-controlled entity causing some damage to a number of Crypto-market participants does not even touch about the concept of de-centralization. It’s not rocket science to figure this out.

Bitcoiners who obey by common-sense rules of storing their coin in paper wallets or in cold storage, and never rely on others to store them for them were doing just fine — and did not lose a penny. So, when you look at it closely, the FTX-Fraud fiasco does not damage Bitcoin but it confirms Bitcoin and its safety — except for user error and negligence, both of which affected users alone are to blame for.

You do not leave money in hot wallets and/or on exchanges, but you bring it back home at the end of a trade or at the end of a trading day. You do not leave it on Coinbase, on FTX, let alone on Binance, a minute longer than needed. Yes, it is convenient to use an exchange’s or other provider’s public and private keys to store your coins in — but no, it is dangerous: not your keys, not your coins. Simple as that.

Regardless, for the loss of leveraged long and short coins on BTC, LTC, ETH and others, there is a replacement needed for options-style leveraged trading that FTX’ “Bull” tokens and “Bear” tokens offered back in the day. An alternative might be with other exchanges, and we’ll look into that further in a separate article.

Maybe, we all can resume trading leveraged long and short positions with alternative tools — on other exchanges, and always with the above safety measures in place.

Bitcoin Safekeeping

Crypto-coin paper wallet exampleBitcoin and other Crypto currencies allow users to Be Their Own Bank, but being foolish or lax with security can prove very dangerous for those bankers-to-be. We explain how advanced users keep their Crypto coins safe and introduce tools and services available for Bitcoin and other Crypto currency owners.

Best and Safest Way

Despite what the media — and even mainstream bitcoiners, or at least the loudest ones! — keep telling you, the best solution is not the Trezor wallet or any other gadgetty hardware solution, however neat it may look. Don’t fall for shiny object syndrome here. The best way is a, literally, not at all shiny one — namely a simple paper wallet.

What Is a Paper Wallet, Anyway?

A paper wallet is a simple piece of paper, printed out on any computer printer (but preferably one without WiFi or any other smart or wireless capabilities — the dumber the better)! What’s not quite as simple about paper wallets is the underlying cryptography as well as other technological aspects involved. As a Crypto user, you do not have to worry about any of these though.

How You Do This

In fact, you do not have to stress out over any of the things happening in the background, The only thing you need to do is properly generate your paper wallet. Basic steps for this involve loading a paper-wallet generator website for your coin, disconnect your computer (and printer) from the internet (also turn off WiFi or any other local wireless connections that might act as a backdoor), then move your mouse around to create randomness (usually your progress is displayed on your screen), and print out your resulting paper wallet (or list of key pairs, depending on which format or type you have chosen).

Make Sure to Do This Properly — and Safely

Also make sure to put away all cellphones with cameras to also prevent these from eavesdropping; nobody must except you see your private-key portion on that paper you print! It’s also a good idea to fold over your paper wallets immediately, private key down. Afterwards, you may re-connect your devices, strip off any tape over cameras or what not.

That’s it — you now have a paper wallet. Note that different coins have different wallets (following from the different encryption mechanisms and other Block-index features of the different coins). You don’t have to worry about that either, but only make sure you follow the obvious steps of using the proper wallet generator for the coin you want to store.

Convenience & Showing Off

Sure, all Crypto coins are the coolest thing around — and conveniently using them is tempting. Showing off and being a great person for having the latest in portable cards, equipment or devices is anyway 

Be aware that most of the convenient or cool toys out there are less secure than the other stuff listed in our Coin Security section. Be sure to use them only for limited amounts or “risk capital” as in you can afford to lose it…