Category : Extra Crypto Fridays

Extra Crypto Fridays

How to Use Coinbase – Full Tutorial

How to Use Coinbase

how to use coinbaseWe have shown you how to buy several different cryptocurrencies in our videos, tutorials, & posts. However, we have yet to show you a full tutorial video on how to use Coinbase. Without an understanding of how Coinbase works, it will be difficult to understand any of our other videos. For that reason, we wanted to make this blog post to show you how to use Coinbase.

Coinbase is a simple website to use. However, for many people just the idea of making the jump from researching Bitcoin to buying Bitcoin can be a massive leap of faith. If you read our last post, then you know why we are big believers in Bitcoin & cryptocurrency. Try Coinbase out for yourself! It is a great site and cryptocurrency is a fun hobby.

Coinbase has four cryptocurrencies currently listed on the site. They are Bitcoin, Ethereum, Litecoin, & Bitcoin Cash. These four cryptocurrencies make up four out of the top five cryptocurrencies in terms of market cap. Market cap is the total amount of money invested into one specific coin (or also the total market cap which is the total invested into cryptocurrency as a whole). To give you an idea of where the market cap for cryptocurrency currently stands, the market is about half as big as the company Apple. Apple is worth about $900B. Cryptocurrency is currently around $460B. However, that number changes quite a bit on a daily basis.

What Can You Buy Next on Coinbase

To see exactly how to use Coinbase, please watch our step by step tutorial video. It will give you the ins and outs of the cryptocurrency purchasing platform. While we understand what we can currently buy on Coinbase, it is rather fun to speculate about what other coins can possibly be coming to Coinbase soon. Coinbase has shown a propensity to place coins on their site that are on the top tier of crypto market caps. I mentioned four out of the top five coins are currently on Coinbase. So why is Ripple (XRP) not listed since it is number three in market cap?

how to use coinbase

That’s a good question and has led to quite a bit of speculation. At the beginning of January in 2018, the crypto world was ablaze. This was partly due to the fact that almost everyone in the crypto world believe Ripple was going to debut on Coinbase by the end of January. However, Coinbase announced it would not list Ripple. This was a huge blow to Ripple and led to a huge downturn for the currency.

Many people believe that Ripple, a centralized coin, does not qualify as a coin that Coinbase would list (due to its centralization in nature – all other coins on Coinbase are decentralized). This leads many to believe that Ripple’s decentralized cousin, Stellar Lumens (XLM), could be next on Coinbase. Some other frontrunners for the honor could be NEO, ADA, DASH, & XMR. We hope this information has been helpful!

Thanks for reading!

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Crypto Thursdays Extra Crypto Fridays

MyEtherWallet Tutorial

MyEtherWallet Tutorial

myetherwallet tutorialWe have had such a great response to our Crypto Thursday videos, that we have decided to post more cryptocurrency videos & tutorials. While Thursdays will still consist of videos showing you how to buy specific coins (and additional info about each coin), on Fridays we will be reaching out to other areas of cryptocurrency such as wallets, chart reading info, and more. We are very excited about this and hope that you will be as well.

For today’s video & blog, we are taking a look at a MyEtherWallet tutorial. MyEtherWallet is an online wallet where you can hold any token on the ERC-20 network. The ERC-20 network is better known as the Ethereum Network. While Ethereum is the base for the network, there are several other tokens that are also on the network. Some of these include, EOS, Quantum, Tron, & Internet Node Token. The fact that you can own all of these tokens and keep them on the same wallet is a huge plus to creating a wallet here.

The wallet is pretty straight forward and offers many standard features of a wallet. It offers support for a hardware wallet such as Trezor or Ledger. MyEtherWallet provides you with multiple ways to unlock your wallet after you create it. The two easiest ways are with either the Keystore File the site provides you with or the Private Key the site provides you with. MyEtherWallet suggests using some other methods, but those are the two easiest ways (and most likely what normal investors are using). You are given both of these tools in the sign-up process.

MyEtherWallet Problems

Personally, I love MyEtherWallet. It’s a great wallet, but there are two common problems people run into with this wallet. First, because of the nature of the online storage of this wallet, if you lose your Private Key or Keystore File and are unable to get into your account, then you will indefinitely lose whatever tokens are in your wallet. MyEtherWallet cannot help you to restore them. For this reason, there are warnings MyEtherWallet gives you as you sign up detailing how to protect your account. Phishing is extremely common for this wallet. Just use common sense and you should be fine. The best way to avoid phishing is to only go directly to the site by typing the URL in the address bar instead of ever clicking a link to go to it.

The second problem people have is they have a hard time figuring out how to send tokens away from MyEtherWallet. If you look up on the top right of the wallet, you will see this information:

myetherwallet tutorial

If you are unfamiliar with the Ethereum Network, you may think this is the stock price for gasoline. However, Gwei (or Giga wei), is the fuel that runs the network. In order to send tokens back to an exchange from MyEtherWallet you must have Ethereum also stored on your wallet. It doesn’t have to be much, but you need some to cover the transfer fees for your other tokens. I suggest adding about $10 worth of Ethereum to your account before you ever add tokens. This way you will have your transaction fees covered for a while.

To find out more about this wallet, please watch our “MyEtherWallet Tutorial”. Thanks for reading!

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