VOTING POWER100.00%
DOWNVOTE POWER100.00%
RESOURCE CREDITS100.00%
REPUTATION PROGRESS14.27%
Net Worth
3.076USD
STEEM
0.002STEEM
SBD
0.001SBD
Own SP
56.750SP
Detailed Balance
| STEEM | ||
| balance | 0.002STEEM | STEEM |
| market_balance | 0.000STEEM | STEEM |
| savings_balance | 0.000STEEM | STEEM |
| reward_steem_balance | 0.000STEEM | STEEM |
| STEEM POWER | ||
| Own SP | 56.750SP | SP |
| Delegated Out | 0.000SP | SP |
| Delegation In | 0.000SP | SP |
| Effective Power | 56.750SP | SP |
| Reward SP (pending) | 0.000SP | SP |
| SBD | ||
| sbd_balance | 0.001SBD | SBD |
| sbd_conversions | 0.000SBD | SBD |
| sbd_market_balance | 0.000SBD | SBD |
| savings_sbd_balance | 0.000SBD | SBD |
| reward_sbd_balance | 0.000SBD | SBD |
{
"balance": "0.002 STEEM",
"savings_balance": "0.000 STEEM",
"reward_steem_balance": "0.000 STEEM",
"vesting_shares": "92411.004365 VESTS",
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"sbd_balance": "0.001 SBD",
"savings_sbd_balance": "0.000 SBD",
"reward_sbd_balance": "0.000 SBD",
"conversions": []
}Account Info
| name | hitek |
| id | 280353 |
| rank | 31,667 |
| reputation | 10371769791 |
| created | 2017-07-24T22:56:21 |
| recovery_account | steem |
| proxy | None |
| post_count | 8 |
| comment_count | 0 |
| lifetime_vote_count | 0 |
| witnesses_voted_for | 0 |
| last_post | 2018-11-10T22:36:24 |
| last_root_post | 2018-11-10T22:36:24 |
| last_vote_time | 2018-04-25T11:35:12 |
| proxied_vsf_votes | 0, 0, 0, 0 |
| can_vote | 1 |
| voting_power | 8,856 |
| delayed_votes | 0 |
| balance | 0.002 STEEM |
| savings_balance | 0.000 STEEM |
| sbd_balance | 0.001 SBD |
| savings_sbd_balance | 0.000 SBD |
| vesting_shares | 92411.004365 VESTS |
| delegated_vesting_shares | 0.000000 VESTS |
| received_vesting_shares | 0.000000 VESTS |
| reward_vesting_balance | 0.000000 VESTS |
| vesting_balance | 0.000 STEEM |
| vesting_withdraw_rate | 0.000000 VESTS |
| next_vesting_withdrawal | 1969-12-31T23:59:59 |
| withdrawn | 0 |
| to_withdraw | 0 |
| withdraw_routes | 0 |
| savings_withdraw_requests | 0 |
| last_account_recovery | 1970-01-01T00:00:00 |
| reset_account | null |
| last_owner_update | 1970-01-01T00:00:00 |
| last_account_update | 2018-04-21T14:11:54 |
| mined | No |
| sbd_seconds | 0 |
| sbd_last_interest_payment | 2018-07-28T14:05:30 |
| savings_sbd_last_interest_payment | 1970-01-01T00:00:00 |
{
"id": 280353,
"name": "hitek",
"owner": {
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"memo_key": "STM7KoXvwViFJ8ycH4SnpXXaTHaPfkZ2sYUTQYERDegqV6ydLiv1H",
"json_metadata": "{\"profile\":{\"about\":\"Indoor gardening expert, Crypto investor\",\"location\":\"New York\",\"name\":\"Hitek\",\"website\":\"http://cityplantz.com\"}}",
"posting_json_metadata": "{\"profile\":{\"about\":\"Indoor gardening expert, Crypto investor\",\"location\":\"New York\",\"name\":\"Hitek\",\"website\":\"http://cityplantz.com\"}}",
"proxy": "",
"last_owner_update": "1970-01-01T00:00:00",
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"created": "2017-07-24T22:56:21",
"mined": false,
"recovery_account": "steem",
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"comment_count": 0,
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},
"downvote_manabar": {
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},
"voting_power": 8856,
"balance": "0.002 STEEM",
"savings_balance": "0.000 STEEM",
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"sbd_seconds": "0",
"sbd_seconds_last_update": "2018-07-28T14:05:30",
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"savings_sbd_seconds_last_update": "1970-01-01T00:00:00",
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"savings_withdraw_requests": 0,
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"reward_steem_balance": "0.000 STEEM",
"reward_vesting_balance": "0.000000 VESTS",
"reward_vesting_steem": "0.000 STEEM",
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"post_bandwidth": 0,
"pending_claimed_accounts": 0,
"vesting_balance": "0.000 STEEM",
"reputation": "10371769791",
"transfer_history": [],
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"post_history": [],
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"witness_votes": [],
"tags_usage": [],
"guest_bloggers": [],
"rank": 31667
}Withdraw Routes
| Incoming | Outgoing |
|---|---|
Empty | Empty |
{
"incoming": [],
"outgoing": []
}From Date
To Date
2019/08/22 15:13:12
2019/08/22 15:13:12
| from | dtube |
| to | hitek |
| amount | 0.001 STEEM |
| memo | Time is running out, claim your DTube account now before anyone else can! Login at https://d.tube |
| Transaction Info | Block #35778275/Trx ca830954124fa92c1d76f380480d42e5df991b9f |
View Raw JSON Data
{
"trx_id": "ca830954124fa92c1d76f380480d42e5df991b9f",
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"timestamp": "2019-08-22T15:13:12",
"op": [
"transfer",
{
"from": "dtube",
"to": "hitek",
"amount": "0.001 STEEM",
"memo": "Time is running out, claim your DTube account now before anyone else can! Login at https://d.tube"
}
]
}2019/07/24 23:48:06
2019/07/24 23:48:06
| parent author | hitek |
| parent permlink | the-case-for-buying-bitcoin-now-november-2018 |
| author | steemitboard |
| permlink | steemitboard-notify-hitek-20190724t234808000z |
| title | |
| body | Congratulations @hitek! You received a personal award! <table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@hitek/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table> <sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@hitek) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=hitek)_</sub> ###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes! |
| json metadata | {"image":["https://steemitboard.com/img/notify.png"]} |
| Transaction Info | Block #34956029/Trx 19777cfb18b6503c0bc733a857bf922bf6f4c104 |
View Raw JSON Data
{
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"author": "steemitboard",
"permlink": "steemitboard-notify-hitek-20190724t234808000z",
"title": "",
"body": "Congratulations @hitek! You received a personal award!\n\n<table><tr><td>https://steemitimages.com/70x70/http://steemitboard.com/@hitek/birthday2.png</td><td>Happy Birthday! - You are on the Steem blockchain for 2 years!</td></tr></table>\n\n<sub>_You can view [your badges on your Steem Board](https://steemitboard.com/@hitek) and compare to others on the [Steem Ranking](https://steemitboard.com/ranking/index.php?name=hitek)_</sub>\n\n\n###### [Vote for @Steemitboard as a witness](https://v2.steemconnect.com/sign/account-witness-vote?witness=steemitboard&approve=1) to get one more award and increased upvotes!",
"json_metadata": "{\"image\":[\"https://steemitboard.com/img/notify.png\"]}"
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}davidfnckupvoted (30.00%) @hitek / the-case-for-buying-bitcoin-now-november-20182018/11/10 23:01:21
davidfnckupvoted (30.00%) @hitek / the-case-for-buying-bitcoin-now-november-2018
2018/11/10 23:01:21
| voter | davidfnck |
| author | hitek |
| permlink | the-case-for-buying-bitcoin-now-november-2018 |
| weight | 3000 (30.00%) |
| Transaction Info | Block #27590043/Trx 6a977ee04eb4205f26ad55e1f45c3e490ab82674 |
View Raw JSON Data
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}raise-me-upupvoted (0.01%) @hitek / the-case-for-buying-bitcoin-now-november-20182018/11/10 22:45:51
raise-me-upupvoted (0.01%) @hitek / the-case-for-buying-bitcoin-now-november-2018
2018/11/10 22:45:51
| voter | raise-me-up |
| author | hitek |
| permlink | the-case-for-buying-bitcoin-now-november-2018 |
| weight | 1 (0.01%) |
| Transaction Info | Block #27589733/Trx dfcbfdd5ec9e2d292386abab608c0c177d7fd929 |
View Raw JSON Data
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}2018/11/10 22:38:33
2018/11/10 22:38:33
| parent author | hitek |
| parent permlink | the-case-for-buying-bitcoin-now-november-2018 |
| author | blake.letras |
| permlink | re-hitek-the-case-for-buying-bitcoin-now-november-2018-20181110t223828900z |
| title | |
| body | Hey hitek, upvoted, followed and resteemed. Follow back for future upvotes! |
| json metadata | {"tags":["bitcoin"],"app":"steemit/0.1"} |
| Transaction Info | Block #27589588/Trx 12138a0478ac5c6d8be64ccd705f62350d1a01e1 |
View Raw JSON Data
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"permlink": "re-hitek-the-case-for-buying-bitcoin-now-november-2018-20181110t223828900z",
"title": "",
"body": "Hey hitek, upvoted, followed and resteemed. Follow back for future upvotes!",
"json_metadata": "{\"tags\":[\"bitcoin\"],\"app\":\"steemit/0.1\"}"
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}blake.letrasupvoted (100.00%) @hitek / the-case-for-buying-bitcoin-now-november-20182018/11/10 22:37:39
blake.letrasupvoted (100.00%) @hitek / the-case-for-buying-bitcoin-now-november-2018
2018/11/10 22:37:39
| voter | blake.letras |
| author | hitek |
| permlink | the-case-for-buying-bitcoin-now-november-2018 |
| weight | 10000 (100.00%) |
| Transaction Info | Block #27589570/Trx a4c0b3f4a75742d87ff335a633117d3ecce98615 |
View Raw JSON Data
{
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}hitekpublished a new post: the-case-for-buying-bitcoin-now-november-20182018/11/10 22:36:24
hitekpublished a new post: the-case-for-buying-bitcoin-now-november-2018
2018/11/10 22:36:24
| parent author | |
| parent permlink | bitcoin |
| author | hitek |
| permlink | the-case-for-buying-bitcoin-now-november-2018 |
| title | The Case for Buying Bitcoin Now, November 2018 |
| body | This is not for you if you have no idea what Bitcoin is. This is if you believe in bitcoin's future, and need some strategy in making sure you get a good price. If you want to learn more about bitcoin, I suggest watching Banking on Bitcoin on Netflix. Or there are a few other Bitcoin documentaries on Youtube which are also worth watching. Since the beginning of September we've seen Bitcoin become very flat in price. It has been hovering between $6000-7000 per coin. We are in whats called an "Accumulation phase" Or "Depression" phase. Below is a chart comparison of 2018 (top) and 2014 (bottom). You can see after the many ups and downs, it flattened out for quite some time. This flat period was the optimal time to buy in 2014. Some people that bought during this time made 100x their money. If you bought at $200 and sold at 20K (extremely few people did this but still incredible profit, even if you didn't catch the bottom or top).  Here is another comparison with the famous Wall St Cheat sheet. Wall st cheat sheet shows a typical market cycle with all the emotions which investors go through.   What should you be doing? You should be "Accumulating" which means every week/month or so you should be buying very small amounts. Buying small amounts at a time will give you a nice average price. This strategy is called "Dollar cost averaging". If you want to watch the price more closely, you can buy anytime bitcoin drops $100 or so, that will give you a little better price. Put in whatever you can afford. I suggest anything under $20, you should wait until you want to spend more than $20 to save on fees. If you want to pay no fees, you should use pro.coinbase.com, fund your account with USD and put in limit orders. I will not explain that here, but there are plenty of youtube videos which can explain. Should you buy Bitcoin Cash, Ethereum, Litecoin etc? In my opinion, most people should stay away from all of these, except Ethereum maybe. If you want to buy Ethereum, I would buy much less than bitcoin. Coinbase is adding a bunch of new coins. My favorite are Stellar Lumens and Zcash, which have not yet been added. But I would buy those if you want as well, I think they have bright futures. The bulk of your portfolio should be Bitcoin though. Learn about them before you buy! When will it go back up? Nobody knows. There are a few catalysts like an ETF approval from the SEC, that could drive the price up. But most likely it will just naturally go up upon a bunch of piled up good news or adoption. Can it go lower? Yes. But as time goes by, it gets less likely. 4800 would be another spot it could flatten out again. Some people throw out 3K as a number. There are a variety of reasons it has sat at 6k for this long, and will probably continue to stay here. If you see drop by $500 or $1000 in one day, which is very possible, buy the dip! Will you get 100x your money if you buy now? In the next cycle, or pump? I would say 99% no. 10-20 years from now? Maybe. I think 10x is very possible, and thats still incredible. Yes you need to pay taxes on your bitcoin gains, this should not deter you. If you don't have a coinbase account yet, please use my code, both of us will get $10 when you spend your first $100. https://www.coinbase.com/join/595176c6c3431300c77c52c0?src=ios-link |
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| Transaction Info | Block #27589545/Trx 575f6204c4cd0fc2594d6ead4ba33d81bb429b23 |
View Raw JSON Data
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"title": "The Case for Buying Bitcoin Now, November 2018",
"body": "This is not for you if you have no idea what Bitcoin is. This is if you believe in bitcoin's future, and need some strategy in making sure you get a good price. If you want to learn more about bitcoin, I suggest watching Banking on Bitcoin on Netflix. Or there are a few other Bitcoin documentaries on Youtube which are also worth watching. \n\nSince the beginning of September we've seen Bitcoin become very flat in price. It has been hovering between $6000-7000 per coin. We are in whats called an \"Accumulation phase\" Or \"Depression\" phase. Below is a chart comparison of 2018 (top) and 2014 (bottom). You can see after the many ups and downs, it flattened out for quite some time. This flat period was the optimal time to buy in 2014. Some people that bought during this time made 100x their money. If you bought at $200 and sold at 20K (extremely few people did this but still incredible profit, even if you didn't catch the bottom or top).\n\n\n\nHere is another comparison with the famous Wall St Cheat sheet. Wall st cheat sheet shows a typical market cycle with all the emotions which investors go through. \n\n\n\n\n\n\nWhat should you be doing?\n\nYou should be \"Accumulating\" which means every week/month or so you should be buying very small amounts. Buying small amounts at a time will give you a nice average price. This strategy is called \"Dollar cost averaging\". If you want to watch the price more closely, you can buy anytime bitcoin drops $100 or so, that will give you a little better price. \n\nPut in whatever you can afford. I suggest anything under $20, you should wait until you want to spend more than $20 to save on fees. If you want to pay no fees, you should use pro.coinbase.com, fund your account with USD and put in limit orders. I will not explain that here, but there are plenty of youtube videos which can explain.\n\n\nShould you buy Bitcoin Cash, Ethereum, Litecoin etc?\n\nIn my opinion, most people should stay away from all of these, except Ethereum maybe. If you want to buy Ethereum, I would buy much less than bitcoin. Coinbase is adding a bunch of new coins. My favorite are Stellar Lumens and Zcash, which have not yet been added. But I would buy those if you want as well, I think they have bright futures. The bulk of your portfolio should be Bitcoin though. Learn about them before you buy!\n\n\nWhen will it go back up?\n\nNobody knows. There are a few catalysts like an ETF approval from the SEC, that could drive the price up. But most likely it will just naturally go up upon a bunch of piled up good news or adoption. \n\n\nCan it go lower?\n\nYes. But as time goes by, it gets less likely. 4800 would be another spot it could flatten out again. Some people throw out 3K as a number. There are a variety of reasons it has sat at 6k for this long, and will probably continue to stay here. If you see drop by $500 or $1000 in one day, which is very possible, buy the dip!\n\nWill you get 100x your money if you buy now?\n\nIn the next cycle, or pump? I would say 99% no. 10-20 years from now? Maybe. I think 10x is very possible, and thats still incredible. \n\nYes you need to pay taxes on your bitcoin gains, this should not deter you.\n\nIf you don't have a coinbase account yet, please use my code, both of us will get $10 when you spend your first $100.\nhttps://www.coinbase.com/join/595176c6c3431300c77c52c0?src=ios-link",
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}hitekclaimed reward balance: 0.018 SP2018/07/28 14:05:30
hitekclaimed reward balance: 0.018 SP
2018/07/28 14:05:30
| account | hitek |
| reward steem | 0.000 STEEM |
| reward sbd | 0.000 SBD |
| reward vests | 28.580382 VESTS |
| Transaction Info | Block #24572952/Trx 7ff3be2c2d5977c81a1c177077e6b8a88b758c22 |
View Raw JSON Data
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hitekreceived 0.008 SP author reward for @hitek / everything-you-need-to-know-about-watering-your-plants
2018/04/29 14:31:18
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}ustmargoupvoted (100.00%) @hitek / everything-you-need-to-know-about-watering-your-plants2018/04/22 22:54:42
ustmargoupvoted (100.00%) @hitek / everything-you-need-to-know-about-watering-your-plants
2018/04/22 22:54:42
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}romanyyupvoted (100.00%) @hitek / everything-you-need-to-know-about-watering-your-plants2018/04/22 22:54:36
romanyyupvoted (100.00%) @hitek / everything-you-need-to-know-about-watering-your-plants
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}tcpaconsultancyupvoted (100.00%) @hitek / everything-you-need-to-know-about-watering-your-plants2018/04/22 14:47:36
tcpaconsultancyupvoted (100.00%) @hitek / everything-you-need-to-know-about-watering-your-plants
2018/04/22 14:47:36
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}hitekpublished a new post: everything-you-need-to-know-about-watering-your-plants2018/04/22 14:37:06
hitekpublished a new post: everything-you-need-to-know-about-watering-your-plants
2018/04/22 14:37:06
| parent author | |
| parent permlink | houseplants |
| author | hitek |
| permlink | everything-you-need-to-know-about-watering-your-plants |
| title | Everything You Need To Know About Watering Your Plants |
| body | <html> <p><em>Links in this blog post are affiliate links to Amazon or Ebay that pay us a commission for a completed purchase. We are not paid in any way by the manufacturers to feature their product. Making a purchase through our links is the best way to support our site.</em> </p> <p><strong>Key Tip: </strong>Underwatering is better than overwatering. </p> <p><br></p> <p>Watering your plants is the hardest thing to get right. When your plant needs water it will show physical signs immediately. When you overwater, you might not know until it’s too late. Develop a routine, but learning to be observant is the best process. Watering in the morning is ideal, so the plant can use the water throughout the day. </p> <h2><strong>HOW TO WATER</strong></h2> <p>Water plants thoroughly and slowly until it runs out from the bottom of the pot. For plants that need continuously moist soil, this is not a hard rule. Small waterings tend to be insufficient because they only reach the top soil, which can rot the top roots and stunt growth. When watering, you are essentially trying to mimic a rainfall which floods deep into the soil.</p> <h2><strong>HOW OFTEN TO WATER</strong></h2> <p>There is no exact answer for when to water any plant because of the many varying factors. Some of these factors include the needs of the individual plant/species, the time of year (i.e: dormancy), soil mix, humidity, pot material or size, temperature, and airflow. These factors change the speed at which the soil dries out. Some plants need to have continuously moist soil, others need to go through a cycle of dry soil before watering again. Of course, keep in mind what you already know about your plants’ watering needs, but some observant flexibility is helpful. </p> <h2><strong>HOW TO CHECK SOIL MOISTURE</strong></h2> <ul> <li>Stick your finger into the soil an inch or two deep (only for plants that need water when topsoil is dry). A darker brown that sticks to your finger means it’s wet enough.</li> <li>Test with a wooden chopstick or toothpick by sticking it in the soil. Leave in soil for 10 minutes. Chopstick will come up dampor dry depending on moisture. The wood will be a darker color. Sharpen the end of the chopstick to avoid crushing roots on its way down into the soil.</li> </ul> <h2><strong>WATERING FREQUENCY</strong></h2> <p><strong>Underwatering signs</strong></p> <ul> <li>Yellowing leaves</li> <li>Leaf edges become brown and dried out</li> <li>Flowers fade and fall quickly</li> <li>Leaves appear droopy, curled, or wrinkled (cacti/succulents)</li> </ul> <h3><strong>Overwatering signs</strong></h3> <ul> <li>Plant remains wilted after watering</li> <li>Plant loses healthy looking leaves</li> <li>Leaf tips turn brown</li> <li>Root/stem rot (mushy trunks and sometimes smells)</li> </ul> <h3><strong>When to increase watering</strong></h3> <ul> <li>Plants with lots of leaves will use more water</li> <li>A sunny day will increase water consumption by the plant</li> <li>Plants are showing new growth. (i.e. plant is in it's growing season and not in dormancy)</li> <li>Pot is too small. Less soil = less water holding potential.</li> <li>Roots have taken over the pot so there is no soil left to hold the water</li> </ul> <h3><strong>When to decrease watering</strong></h3> <ul> <li>When the sun is less powerful since water will be evaporating slower</li> <li>Plants that are dormant require less water</li> <li>Long periods of rain may mean the air is more humid if your windows are open</li> </ul> <p><br></p> <h2><strong>TYPES OF WATER</strong></h2> <p><strong>Rain - best:</strong> If you can, collect it or put plants outside when it rains. It has the perfect pH, is high in nitrogen, and has other nutrients beneficial for plants.<strong>Filtered water - 2nd best:</strong> When water is filtered, the chlorine is removed. Chlorine damages the soil's ecosystem and roots.<strong>Tap water - 3rd best:</strong> Let tap water stand for a couple hours so the chlorine will have time to evaporate out. You can let the water sit out for a full day if you think the chlorine levels are high. I keep a 2.5 gallon bucket filled with water sitting out to use when I water all of my plants.<strong>Distilled water:</strong> A must for carnivorous plants. You can buy it at most grocery stores. You can use it with other plants as long as you’re actively adding organic fertilizer which has secondary nutrients and micronutrients that are lost in the distilling process. If you’re unsure, just use tap water. </p> <h2><strong>HUMIDITY</strong></h2> <p>The humidity needs of a plant goes hand in hand with watering needs. Most homes are drier than desired because of temperature regulating systems and a lack of constant airflow.</p> <h3><strong>How to increase humidity:</strong></h3> <ul> <li>Mist leaves with a <a href="https://www.amazon.com/gp/product/B00MBWBF7M/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00MBWBF7M&linkCode=as2&tag=cityplantz-20&linkId=1d43fcdc2368215a58509494693709a9">spray bottle</a></li> <li>Put plants closer together</li> <li>Use a humidifier</li> <li>Open windows when it rains</li> <li>Raise the temperature in your home</li> <li>Put plants in a partially enclosed glass container, vase, or terrarium. Make sure they can still get some air.</li> <li>You can create a humidity tray (shown in picture). Find a shallow tray and fill it with a layer of rocks. Fill the tray with water and be sure it doesn't rise above the rocks. The water shouldn't touch the pot. Refill the tray with water when it evaporates. This will help to create a more humid environment around the plant.</li> </ul> <h2><strong>MISTING</strong></h2> <p>Many homes have low humidity levels, so it can be a good idea to mist your plants in between waterings. Plants can also absorb water through their leaves which is called foliar feeding. It's better to mist during the morning, to mimic a morning dew. Your run-of-the-mill spray bottle will do the trick.Misting tropicals, air plants, and orchids often if not daily can be really beneficial. Fruits, herbs, and veggies will like a mist occasionally and especially before a hot day. It’s not recommended to mist cacti or succulents except if their roots have been damaged, or during dormancy if they look wrinkled from drought.<br> <a href="https://www.amazon.com/gp/product/B01FCFECWY/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B01FCFECWY&linkCode=as2&tag=cityplantz-20&linkId=208370715a7e583117664cd2ee32c4d5">Brass Mister - $29.95</a> </p> <p><br></p> <p><strong>If you like this post, Please read: </strong><a href="http://cityplantz.com/4-watering-tools-to-make-your-life-easier-and-your-plants-happier/"><strong>4 Watering tools to make your plants happier and your life easier</strong></a></p> </html> |
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"permlink": "everything-you-need-to-know-about-watering-your-plants",
"title": "Everything You Need To Know About Watering Your Plants",
"body": "<html>\n<p><em>Links in this blog post are affiliate links to Amazon or Ebay that pay us a commission for a completed purchase. We are not paid in any way by the manufacturers to feature their product. Making a purchase through our links is the best way to support our site.</em> </p>\n<p><strong>Key Tip: </strong>Underwatering is better than overwatering. </p>\n<p><br></p>\n<p>Watering your plants is the hardest thing to get right. When your plant needs water it will show physical signs immediately. When you overwater, you might not know until it’s too late. Develop a routine, but learning to be observant is the best process. Watering in the morning is ideal, so the plant can use the water throughout the day. </p>\n<h2><strong>HOW TO WATER</strong></h2>\n<p>Water plants thoroughly and slowly until it runs out from the bottom of the pot. For plants that need continuously moist soil, this is not a hard rule. Small waterings tend to be insufficient because they only reach the top soil, which can rot the top roots and stunt growth. When watering, you are essentially trying to mimic a rainfall which floods deep into the soil.</p>\n<h2><strong>HOW OFTEN TO WATER</strong></h2>\n<p>There is no exact answer for when to water any plant because of the many varying factors. Some of these factors include the needs of the individual plant/species, the time of year (i.e: dormancy), soil mix, humidity, pot material or size, temperature, and airflow. These factors change the speed at which the soil dries out. Some plants need to have continuously moist soil, others need to go through a cycle of dry soil before watering again. Of course, keep in mind what you already know about your plants’ watering needs, but some observant flexibility is helpful. </p>\n<h2><strong>HOW TO CHECK SOIL MOISTURE</strong></h2>\n<ul>\n <li>Stick your finger into the soil an inch or two deep (only for plants that need water when topsoil is dry). A darker brown that sticks to your finger means it’s wet enough.</li>\n <li>Test with a wooden chopstick or toothpick by sticking it in the soil. Leave in soil for 10 minutes. Chopstick will come up dampor dry depending on moisture. The wood will be a darker color. Sharpen the end of the chopstick to avoid crushing roots on its way down into the soil.</li>\n</ul>\n<h2><strong>WATERING FREQUENCY</strong></h2>\n<p><strong>Underwatering signs</strong></p>\n<ul>\n <li>Yellowing leaves</li>\n <li>Leaf edges become brown and dried out</li>\n <li>Flowers fade and fall quickly</li>\n <li>Leaves appear droopy, curled, or wrinkled (cacti/succulents)</li>\n</ul>\n<h3><strong>Overwatering signs</strong></h3>\n<ul>\n <li>Plant remains wilted after watering</li>\n <li>Plant loses healthy looking leaves</li>\n <li>Leaf tips turn brown</li>\n <li>Root/stem rot (mushy trunks and sometimes smells)</li>\n</ul>\n<h3><strong>When to increase watering</strong></h3>\n<ul>\n <li>Plants with lots of leaves will use more water</li>\n <li>A sunny day will increase water consumption by the plant</li>\n <li>Plants are showing new growth. (i.e. plant is in it's growing season and not in dormancy)</li>\n <li>Pot is too small. Less soil = less water holding potential.</li>\n <li>Roots have taken over the pot so there is no soil left to hold the water</li>\n</ul>\n<h3><strong>When to decrease watering</strong></h3>\n<ul>\n <li>When the sun is less powerful since water will be evaporating slower</li>\n <li>Plants that are dormant require less water</li>\n <li>Long periods of rain may mean the air is more humid if your windows are open</li>\n</ul>\n<p><br></p>\n<h2><strong>TYPES OF WATER</strong></h2>\n<p><strong>Rain - best:</strong> If you can, collect it or put plants outside when it rains. It has the perfect pH, is high in nitrogen, and has other nutrients beneficial for plants.<strong>Filtered water - 2nd best:</strong> When water is filtered, the chlorine is removed. Chlorine damages the soil's ecosystem and roots.<strong>Tap water - 3rd best:</strong> Let tap water stand for a couple hours so the chlorine will have time to evaporate out. You can let the water sit out for a full day if you think the chlorine levels are high. I keep a 2.5 gallon bucket filled with water sitting out to use when I water all of my plants.<strong>Distilled water:</strong> A must for carnivorous plants. You can buy it at most grocery stores. You can use it with other plants as long as you’re actively adding organic fertilizer which has secondary nutrients and micronutrients that are lost in the distilling process. If you’re unsure, just use tap water. </p>\n<h2><strong>HUMIDITY</strong></h2>\n<p>The humidity needs of a plant goes hand in hand with watering needs. Most homes are drier than desired because of temperature regulating systems and a lack of constant airflow.</p>\n<h3><strong>How to increase humidity:</strong></h3>\n<ul>\n <li>Mist leaves with a <a href=\"https://www.amazon.com/gp/product/B00MBWBF7M/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00MBWBF7M&linkCode=as2&tag=cityplantz-20&linkId=1d43fcdc2368215a58509494693709a9\">spray bottle</a></li>\n <li>Put plants closer together</li>\n <li>Use a humidifier</li>\n <li>Open windows when it rains</li>\n <li>Raise the temperature in your home</li>\n <li>Put plants in a partially enclosed glass container, vase, or terrarium. Make sure they can still get some air.</li>\n <li>You can create a humidity tray (shown in picture). Find a shallow tray and fill it with a layer of rocks. Fill the tray with water and be sure it doesn't rise above the rocks. The water shouldn't touch the pot. Refill the tray with water when it evaporates. This will help to create a more humid environment around the plant.</li>\n</ul>\n<h2><strong>MISTING</strong></h2>\n<p>Many homes have low humidity levels, so it can be a good idea to mist your plants in between waterings. Plants can also absorb water through their leaves which is called foliar feeding. It's better to mist during the morning, to mimic a morning dew. Your run-of-the-mill spray bottle will do the trick.Misting tropicals, air plants, and orchids often if not daily can be really beneficial. Fruits, herbs, and veggies will like a mist occasionally and especially before a hot day. It’s not recommended to mist cacti or succulents except if their roots have been damaged, or during dormancy if they look wrinkled from drought.<br>\n <a href=\"https://www.amazon.com/gp/product/B01FCFECWY/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B01FCFECWY&linkCode=as2&tag=cityplantz-20&linkId=208370715a7e583117664cd2ee32c4d5\">Brass Mister - $29.95</a> </p>\n<p><br></p>\n<p><strong>If you like this post, Please read: </strong><a href=\"http://cityplantz.com/4-watering-tools-to-make-your-life-easier-and-your-plants-happier/\"><strong>4 Watering tools to make your plants happier and your life easier</strong></a></p>\n</html>",
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}hitekupvoted (100.00%) @hitek / everything-you-need-to-know-about-watering-your-plants2018/04/22 14:31:18
hitekupvoted (100.00%) @hitek / everything-you-need-to-know-about-watering-your-plants
2018/04/22 14:31:18
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}hitekupdated options for everything-you-need-to-know-about-watering-your-plants2018/04/22 14:31:18
hitekupdated options for everything-you-need-to-know-about-watering-your-plants
2018/04/22 14:31:18
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}hitekpublished a new post: everything-you-need-to-know-about-watering-your-plants2018/04/22 14:31:18
hitekpublished a new post: everything-you-need-to-know-about-watering-your-plants
2018/04/22 14:31:18
| parent author | |
| parent permlink | houseplants |
| author | hitek |
| permlink | everything-you-need-to-know-about-watering-your-plants |
| title | Everything You Need To Know About Watering Your Plants |
| body | <html> <p><em>Links in this blog post are affiliate links to Amazon or Ebay that pay us a commission for a completed purchase. We are not paid in any way by the manufacturers to feature their product. Making a purchase through our links is the best way to support our site.</em> </p> <p><strong>Key Tip: </strong>Underwatering is better than overwatering. </p> <p><br></p> <p>Watering your plants is the hardest thing to get right. When your plant needs water it will show physical signs immediately. When you overwater, you might not know until it’s too late. Develop a routine, but learning to be observant is the best process. Watering in the morning is ideal, so the plant can use the water throughout the day. </p> <h2><strong>HOW TO WATER</strong></h2> <p>Water plants thoroughly and slowly until it runs out from the bottom of the pot. For plants that need continuously moist soil, this is not a hard rule. Small waterings tend to be insufficient because they only reach the top soil, which can rot the top roots and stunt growth. When watering, you are essentially trying to mimic a rainfall which floods deep into the soil.</p> <h2><strong>HOW OFTEN TO WATER</strong></h2> <p>There is no exact answer for when to water any plant because of the many varying factors. Some of these factors include the needs of the individual plant/species, the time of year (i.e: dormancy), soil mix, humidity, pot material or size, temperature, and airflow. These factors change the speed at which the soil dries out. Some plants need to have continuously moist soil, others need to go through a cycle of dry soil before watering again. Of course, keep in mind what you already know about your plants’ watering needs, but some observant flexibility is helpful. </p> <h2><strong>HOW TO CHECK SOIL MOISTURE</strong></h2> <ul> <li>Stick your finger into the soil an inch or two deep (only for plants that need water when topsoil is dry). A darker brown that sticks to your finger means it’s wet enough.</li> <li>Test with a wooden chopstick or toothpick by sticking it in the soil. Leave in soil for 10 minutes. Chopstick will come up dampor dry depending on moisture. The wood will be a darker color. Sharpen the end of the chopstick to avoid crushing roots on its way down into the soil.</li> </ul> <h2><strong>WATERING FREQUENCY</strong></h2> <p><strong>Underwatering signs</strong></p> <ul> <li>Yellowing leaves</li> <li>Leaf edges become brown and dried out</li> <li>Flowers fade and fall quickly</li> <li>Leaves appear droopy, curled, or wrinkled (cacti/succulents)</li> </ul> <h3><strong>Overwatering signs</strong></h3> <ul> <li>Plant remains wilted after watering</li> <li>Plant loses healthy looking leaves</li> <li>Leaf tips turn brown</li> <li>Root/stem rot (mushy trunks and sometimes smells)</li> </ul> <h3><strong>When to increase watering</strong></h3> <ul> <li>Plants with lots of leaves will use more water</li> <li>A sunny day will increase water consumption by the plant</li> <li>Plants are showing new growth. (i.e. plant is in it's growing season and not in dormancy)</li> <li>Pot is too small. Less soil = less water holding potential.</li> <li>Roots have taken over the pot so there is no soil left to hold the water</li> </ul> <h3><strong>When to decrease watering</strong></h3> <ul> <li>When the sun is less powerful since water will be evaporating slower</li> <li>Plants that are dormant require less water</li> <li>Long periods of rain may mean the air is more humid if your windows are open</li> </ul> <p><br></p> <h2><strong>TYPES OF WATER</strong></h2> <p><strong>Rain - best:</strong> If you can, collect it or put plants outside when it rains. It has the perfect pH, is high in nitrogen, and has other nutrients beneficial for plants.<strong>Filtered water - 2nd best:</strong> When water is filtered, the chlorine is removed. Chlorine damages the soil's ecosystem and roots.<strong>Tap water - 3rd best:</strong> Let tap water stand for a couple hours so the chlorine will have time to evaporate out. You can let the water sit out for a full day if you think the chlorine levels are high. I keep a 2.5 gallon bucket filled with water sitting out to use when I water all of my plants.<strong>Distilled water:</strong> A must for carnivorous plants. You can buy it at most grocery stores. You can use it with other plants as long as you’re actively adding organic fertilizer which has secondary nutrients and micronutrients that are lost in the distilling process. If you’re unsure, just use tap water. </p> <h2><strong>HUMIDITY</strong></h2> <p>The humidity needs of a plant goes hand in hand with watering needs. Most homes are drier than desired because of temperature regulating systems and a lack of constant airflow.</p> <h3><strong>How to increase humidity:</strong></h3> <ul> <li>Mist leaves with a <a href="https://www.amazon.com/gp/product/B00MBWBF7M/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00MBWBF7M&linkCode=as2&tag=cityplantz-20&linkId=1d43fcdc2368215a58509494693709a9">spray bottle</a></li> <li>Put plants closer together</li> <li>Use a humidifier</li> <li>Open windows when it rains</li> <li>Raise the temperature in your home</li> <li>Put plants in a partially enclosed glass container, vase, or terrarium. Make sure they can still get some air.</li> <li>You can create a humidity tray (shown in picture). Find a shallow tray and fill it with a layer of rocks. Fill the tray with water and be sure it doesn't rise above the rocks. The water shouldn't touch the pot. Refill the tray with water when it evaporates. This will help to create a more humid environment around the plant.</li> </ul> <h2><strong>MISTING</strong></h2> <p>Many homes have low humidity levels, so it can be a good idea to mist your plants in between waterings. Plants can also absorb water through their leaves which is called foliar feeding. It's better to mist during the morning, to mimic a morning dew. Your run-of-the-mill spray bottle will do the trick.Misting tropicals, air plants, and orchids often if not daily can be really beneficial. Fruits, herbs, and veggies will like a mist occasionally and especially before a hot day. It’s not recommended to mist cacti or succulents except if their roots have been damaged, or during dormancy if they look wrinkled from drought.<br> <a href="https://www.amazon.com/gp/product/B01FCFECWY/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B01FCFECWY&linkCode=as2&tag=cityplantz-20&linkId=208370715a7e583117664cd2ee32c4d5">Brass Mister - $29.95</a> </p> <p><br></p> <p><strong>If you like this post, Please read: </strong><a href="http://cityplantz.com/4-watering-tools-to-make-your-life-easier-and-your-plants-happier/"><strong>4 Watering tools to make your plants happier and your life easier</strong></a></p> </html> |
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"body": "<html>\n<p><em>Links in this blog post are affiliate links to Amazon or Ebay that pay us a commission for a completed purchase. We are not paid in any way by the manufacturers to feature their product. Making a purchase through our links is the best way to support our site.</em> </p>\n<p><strong>Key Tip: </strong>Underwatering is better than overwatering. </p>\n<p><br></p>\n<p>Watering your plants is the hardest thing to get right. When your plant needs water it will show physical signs immediately. When you overwater, you might not know until it’s too late. Develop a routine, but learning to be observant is the best process. Watering in the morning is ideal, so the plant can use the water throughout the day. </p>\n<h2><strong>HOW TO WATER</strong></h2>\n<p>Water plants thoroughly and slowly until it runs out from the bottom of the pot. For plants that need continuously moist soil, this is not a hard rule. Small waterings tend to be insufficient because they only reach the top soil, which can rot the top roots and stunt growth. When watering, you are essentially trying to mimic a rainfall which floods deep into the soil.</p>\n<h2><strong>HOW OFTEN TO WATER</strong></h2>\n<p>There is no exact answer for when to water any plant because of the many varying factors. Some of these factors include the needs of the individual plant/species, the time of year (i.e: dormancy), soil mix, humidity, pot material or size, temperature, and airflow. These factors change the speed at which the soil dries out. Some plants need to have continuously moist soil, others need to go through a cycle of dry soil before watering again. Of course, keep in mind what you already know about your plants’ watering needs, but some observant flexibility is helpful. </p>\n<h2><strong>HOW TO CHECK SOIL MOISTURE</strong></h2>\n<ul>\n <li>Stick your finger into the soil an inch or two deep (only for plants that need water when topsoil is dry). A darker brown that sticks to your finger means it’s wet enough.</li>\n <li>Test with a wooden chopstick or toothpick by sticking it in the soil. Leave in soil for 10 minutes. Chopstick will come up dampor dry depending on moisture. The wood will be a darker color. Sharpen the end of the chopstick to avoid crushing roots on its way down into the soil.</li>\n</ul>\n<h2><strong>WATERING FREQUENCY</strong></h2>\n<p><strong>Underwatering signs</strong></p>\n<ul>\n <li>Yellowing leaves</li>\n <li>Leaf edges become brown and dried out</li>\n <li>Flowers fade and fall quickly</li>\n <li>Leaves appear droopy, curled, or wrinkled (cacti/succulents)</li>\n</ul>\n<h3><strong>Overwatering signs</strong></h3>\n<ul>\n <li>Plant remains wilted after watering</li>\n <li>Plant loses healthy looking leaves</li>\n <li>Leaf tips turn brown</li>\n <li>Root/stem rot (mushy trunks and sometimes smells)</li>\n</ul>\n<h3><strong>When to increase watering</strong></h3>\n<ul>\n <li>Plants with lots of leaves will use more water</li>\n <li>A sunny day will increase water consumption by the plant</li>\n <li>Plants are showing new growth. (i.e. plant is in it's growing season and not in dormancy)</li>\n <li>Pot is too small. Less soil = less water holding potential.</li>\n <li>Roots have taken over the pot so there is no soil left to hold the water</li>\n</ul>\n<h3><strong>When to decrease watering</strong></h3>\n<ul>\n <li>When the sun is less powerful since water will be evaporating slower</li>\n <li>Plants that are dormant require less water</li>\n <li>Long periods of rain may mean the air is more humid if your windows are open</li>\n</ul>\n<p><br></p>\n<h2><strong>TYPES OF WATER</strong></h2>\n<p><strong>Rain - best:</strong> If you can, collect it or put plants outside when it rains. It has the perfect pH, is high in nitrogen, and has other nutrients beneficial for plants.<strong>Filtered water - 2nd best:</strong> When water is filtered, the chlorine is removed. Chlorine damages the soil's ecosystem and roots.<strong>Tap water - 3rd best:</strong> Let tap water stand for a couple hours so the chlorine will have time to evaporate out. You can let the water sit out for a full day if you think the chlorine levels are high. I keep a 2.5 gallon bucket filled with water sitting out to use when I water all of my plants.<strong>Distilled water:</strong> A must for carnivorous plants. You can buy it at most grocery stores. You can use it with other plants as long as you’re actively adding organic fertilizer which has secondary nutrients and micronutrients that are lost in the distilling process. If you’re unsure, just use tap water. </p>\n<h2><strong>HUMIDITY</strong></h2>\n<p>The humidity needs of a plant goes hand in hand with watering needs. Most homes are drier than desired because of temperature regulating systems and a lack of constant airflow.</p>\n<h3><strong>How to increase humidity:</strong></h3>\n<ul>\n <li>Mist leaves with a <a href=\"https://www.amazon.com/gp/product/B00MBWBF7M/ref=as_li_tl?ie=UTF8&camp=1789&creative=9325&creativeASIN=B00MBWBF7M&linkCode=as2&tag=cityplantz-20&linkId=1d43fcdc2368215a58509494693709a9\">spray bottle</a></li>\n <li>Put plants closer together</li>\n <li>Use a humidifier</li>\n <li>Open windows when it rains</li>\n <li>Raise the temperature in your home</li>\n <li>Put plants in a partially enclosed glass container, vase, or terrarium. Make sure they can still get some air.</li>\n <li>You can create a humidity tray (shown in picture). Find a shallow tray and fill it with a layer of rocks. Fill the tray with water and be sure it doesn't rise above the rocks. The water shouldn't touch the pot. Refill the tray with water when it evaporates. This will help to create a more humid environment around the plant.</li>\n</ul>\n<h2><strong>MISTING</strong></h2>\n<p>Many homes have low humidity levels, so it can be a good idea to mist your plants in between waterings. Plants can also absorb water through their leaves which is called foliar feeding. It's better to mist during the morning, to mimic a morning dew. Your run-of-the-mill spray bottle will do the trick.Misting tropicals, air plants, and orchids often if not daily can be really beneficial. Fruits, herbs, and veggies will like a mist occasionally and especially before a hot day. 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hitekupdated their account properties
2018/04/21 14:11:54
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2018/04/21 14:11:33
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}hitekupdated their account properties2018/04/21 14:09:42
hitekupdated their account properties
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}hitekupdated their account properties2018/04/21 14:08:24
hitekupdated their account properties
2018/04/21 14:08:24
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"json_metadata": "{\"profile\":{\"about\":\"Gardener, Crypto investor\",\"location\":\"NYC\",\"name\":\"City Plantz\"}}"
}
]
}hitekupdated their account properties2018/04/21 14:07:03
hitekupdated their account properties
2018/04/21 14:07:03
| account | hitek |
| memo key | STM7KoXvwViFJ8ycH4SnpXXaTHaPfkZ2sYUTQYERDegqV6ydLiv1H |
| json metadata | {"profile":{"about":"Gardener, Crypto investor, 3D printer, Ebay expert","location":"NYC","name":"City Plantz"}} |
| Transaction Info | Block #21763231/Trx aa2a4ec87b6611dafe3818ab73ca0d5e3cc0685b |
View Raw JSON Data
{
"trx_id": "aa2a4ec87b6611dafe3818ab73ca0d5e3cc0685b",
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"timestamp": "2018-04-21T14:07:03",
"op": [
"account_update",
{
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"json_metadata": "{\"profile\":{\"about\":\"Gardener, Crypto investor, 3D printer, Ebay expert\",\"location\":\"NYC\",\"name\":\"City Plantz\"}}"
}
]
}2018/03/18 20:21:30
2018/03/18 20:21:30
| voter | hitek |
| author | philakonesteemit |
| permlink | march-18-10-minute-summary-technical-analysis-of-top-market-cap-coins-btc-ltc-eth-xrp-eos-neo |
| weight | 10000 (100.00%) |
| Transaction Info | Block #20792519/Trx 946ca58f091f5151c48050f5c2b765b2f1470052 |
View Raw JSON Data
{
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"op": [
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}2018/03/02 00:02:45
2018/03/02 00:02:45
| from | cryptofy |
| to | hitek |
| amount | 0.001 STEEM |
| memo | A gift. 😊 |
| Transaction Info | Block #20307854/Trx 6cc24517f819809c9e2e5fe07be0837f099bc78f |
View Raw JSON Data
{
"trx_id": "6cc24517f819809c9e2e5fe07be0837f099bc78f",
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"op": [
"transfer",
{
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"to": "hitek",
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}hitekreceived 0.001 SP curation reward for @philakonecrypto / bitcoin-btc-feb-17-detailed-technical-analysis-is-the-top-near-till-correction-let-s-argue-cases2018/02/25 01:27:27
hitekreceived 0.001 SP curation reward for @philakonecrypto / bitcoin-btc-feb-17-detailed-technical-analysis-is-the-top-near-till-correction-let-s-argue-cases
2018/02/25 01:27:27
| curator | hitek |
| reward | 2.043476 VESTS |
| comment author | philakonecrypto |
| comment permlink | bitcoin-btc-feb-17-detailed-technical-analysis-is-the-top-near-till-correction-let-s-argue-cases |
| Transaction Info | Block #20165768/Virtual Operation #23 |
View Raw JSON Data
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"op": [
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}hitekreceived 0.003 SP curation reward for @philakonecrypto / litecoin-ltc-feb-16-technical-analysis-supports-resistances-thoughts-thank-you-for-100k-subs-followers2018/02/23 10:39:36
hitekreceived 0.003 SP curation reward for @philakonecrypto / litecoin-ltc-feb-16-technical-analysis-supports-resistances-thoughts-thank-you-for-100k-subs-followers
2018/02/23 10:39:36
| curator | hitek |
| reward | 4.087301 VESTS |
| comment author | philakonecrypto |
| comment permlink | litecoin-ltc-feb-16-technical-analysis-supports-resistances-thoughts-thank-you-for-100k-subs-followers |
| Transaction Info | Block #20119215/Virtual Operation #17 |
View Raw JSON Data
{
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"op": [
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}hitekupvoted (100.00%) @philakonecrypto / bitcoin-btc-feb-20-technical-analysis-afternoon-update2018/02/20 20:53:00
hitekupvoted (100.00%) @philakonecrypto / bitcoin-btc-feb-20-technical-analysis-afternoon-update
2018/02/20 20:53:00
| voter | hitek |
| author | philakonecrypto |
| permlink | bitcoin-btc-feb-20-technical-analysis-afternoon-update |
| weight | 10000 (100.00%) |
| Transaction Info | Block #20045097/Trx d1fb1f8ca5c8c03d77c4a3520528f04e970e8041 |
View Raw JSON Data
{
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}2018/02/19 14:40:48
2018/02/19 14:40:48
| voter | hitek |
| author | philakonecrypto |
| permlink | bitcoin-btc-feb-18-using-elliot-wave-and-fib-extensions-to-play-breakouts |
| weight | 10000 (100.00%) |
| Transaction Info | Block #20008878/Trx de93db90a6c6eb6b6a05b3c1cca2580145c3d745 |
View Raw JSON Data
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}2018/02/19 01:01:12
2018/02/19 01:01:12
| voter | hitek |
| author | philakonecrypto |
| permlink | litecoin-ltc-feb-18-evening-update-range-bound-waiting-for-re-entry |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19992487/Trx c26dee34b5f2c967f83630ef02e05ecfd929b0a2 |
View Raw JSON Data
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}2018/02/18 05:30:27
2018/02/18 05:30:27
| voter | hitek |
| author | philakonecrypto |
| permlink | bitcoin-btc-feb-17-detailed-technical-analysis-is-the-top-near-till-correction-let-s-argue-cases |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19969074/Trx 6346fc3f95e27174de738838fc726ce7e9a5acd2 |
View Raw JSON Data
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}2018/02/16 21:10:12
2018/02/16 21:10:12
| voter | hitek |
| author | philakonecrypto |
| permlink | litecoin-ltc-feb-16-afternoon-technical-analysis-specific-setup-to-consider |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19930286/Trx fb09449d1d2c7c79feebce06e41ebc06642c840c |
View Raw JSON Data
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}2018/02/16 13:59:15
2018/02/16 13:59:15
| voter | hitek |
| author | philakonecrypto |
| permlink | litecoin-ltc-feb-16-technical-analysis-supports-resistances-thoughts-thank-you-for-100k-subs-followers |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19921675/Trx db0fc02f614ab2fd964343126556813b99eef700 |
View Raw JSON Data
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}2018/02/14 16:09:27
2018/02/14 16:09:27
| voter | hitek |
| author | philakonecrypto |
| permlink | zcl-zclassic-feb-14-technical-analysis-predictions-t1-0-0254-sat-t2-0-034-sat |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19866727/Trx a7925ece9760c75998d2e3c775fd6b5f69284f49 |
View Raw JSON Data
{
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}2018/02/12 21:15:24
2018/02/12 21:15:24
| voter | hitek |
| author | philakonecrypto |
| permlink | bitcoin-btc-feb-12-detailed-technical-analysis-targets-and-predictions |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19815305/Trx 4d6f8195bd0a6a60a88c801b3b3cb1edbbcec266 |
View Raw JSON Data
{
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"weight": 10000
}
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}2018/02/12 18:15:21
2018/02/12 18:15:21
| voter | hitek |
| author | philakonecrypto |
| permlink | bitcoin-feb-11-ta-evening-update-tutorial-19-elliot-wave-fibonnaci-retracement-and-extension |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19811708/Trx 729130ce0b61a79407d221bf247c29eacfc26d6b |
View Raw JSON Data
{
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"permlink": "bitcoin-feb-11-ta-evening-update-tutorial-19-elliot-wave-fibonnaci-retracement-and-extension",
"weight": 10000
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}hitekupvoted (100.00%) @philakonecrypto / strategy-summary-btc-bitcoin-breakout-how-to-play-them-at-apex2018/02/11 00:19:54
hitekupvoted (100.00%) @philakonecrypto / strategy-summary-btc-bitcoin-breakout-how-to-play-them-at-apex
2018/02/11 00:19:54
| voter | hitek |
| author | philakonecrypto |
| permlink | strategy-summary-btc-bitcoin-breakout-how-to-play-them-at-apex |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19761435/Trx 1bd87accee7b0626c522968c3156034568907c25 |
View Raw JSON Data
{
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"op": [
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{
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"author": "philakonecrypto",
"permlink": "strategy-summary-btc-bitcoin-breakout-how-to-play-them-at-apex",
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]
}hitekreceived 0.001 SP curation reward for @philakonecrypto / bitcoin-btc-jan-27-afternoon-update-bull-or-bear-scenario-btc-to-tell-epic-story-in-24-hours2018/02/03 23:48:51
hitekreceived 0.001 SP curation reward for @philakonecrypto / bitcoin-btc-jan-27-afternoon-update-bull-or-bear-scenario-btc-to-tell-epic-story-in-24-hours
2018/02/03 23:48:51
| curator | hitek |
| reward | 2.045719 VESTS |
| comment author | philakonecrypto |
| comment permlink | bitcoin-btc-jan-27-afternoon-update-bull-or-bear-scenario-btc-to-tell-epic-story-in-24-hours |
| Transaction Info | Block #19559543/Virtual Operation #17 |
View Raw JSON Data
{
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"op": [
"curation_reward",
{
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"reward": "2.045719 VESTS",
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"comment_permlink": "bitcoin-btc-jan-27-afternoon-update-bull-or-bear-scenario-btc-to-tell-epic-story-in-24-hours"
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]
}hitekreceived 0.005 SP author reward for @hitek / what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-182018/02/01 15:32:48
hitekreceived 0.005 SP author reward for @hitek / what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-18
2018/02/01 15:32:48
| author | hitek |
| permlink | what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-18 |
| sbd payout | 0.000 SBD |
| steem payout | 0.000 STEEM |
| vesting payout | 8.183840 VESTS |
| Transaction Info | Block #19492206/Virtual Operation #3 |
View Raw JSON Data
{
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]
}2018/01/28 00:29:24
2018/01/28 00:29:24
| voter | hitek |
| author | philakonecrypto |
| permlink | bitcoin-btc-jan-27-afternoon-update-bull-or-bear-scenario-btc-to-tell-epic-story-in-24-hours |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19359058/Trx a6c7338f2b65a7c9c923f9d74b6a00130f24d238 |
View Raw JSON Data
{
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}2018/01/26 01:15:24
2018/01/26 01:15:24
| voter | vidishev |
| author | hitek |
| permlink | what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-18 |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19302422/Trx ea68c1fb3743d883cb1ee0a760da573a597e1b02 |
View Raw JSON Data
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}2018/01/26 01:15:24
2018/01/26 01:15:24
| voter | maksimuks |
| author | hitek |
| permlink | what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-18 |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19302422/Trx 727e2edc39f323a13a93aa6e42846cb3f9589f66 |
View Raw JSON Data
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}2018/01/25 15:32:48
2018/01/25 15:32:48
| voter | hitek |
| author | hitek |
| permlink | what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-18 |
| weight | 10000 (100.00%) |
| Transaction Info | Block #19290773/Trx 51c40de2adfeed00bc94399adf07584f7a715542 |
View Raw JSON Data
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}2018/01/25 15:32:48
2018/01/25 15:32:48
| author | hitek |
| permlink | what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-18 |
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View Raw JSON Data
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}2018/01/25 15:32:48
2018/01/25 15:32:48
| parent author | |
| parent permlink | bitcoin |
| author | hitek |
| permlink | what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-18 |
| title | What is Bitcoin? How to invest and secure it: Beginner's guide for friends, family with 0 experience - Updated 1/25/18 |
| body | <html> <p>This article will be updated as things change, in order to keep everyone up to date - Cryptocurrency moves fast. You should know immediately that you don't need to buy a full bitcoin. I think this is a big reason people tune-out initially. You can buy $1 of bitcoin which would be .000089 Bitcoin. 1 Bitcoin can be split into 1 million pieces. </p> <p> <br> I started investing in cryptocurrency (Bitcoin is the first and biggest cryptocurrency) in late June of 2016. I first heard about Bitcoin from a tech-savvy friend a year or two ago, and then heard about it again on a podcast. Whenever I hear about something from two people I trust, I run my googles. I’ve become obsessed ever since spending multiple hours a day researching this new world. I feel comfortable enough to start writing a basic guide to help friends and family, and maybe some Steemit people get started (But if you’re on Steemit already this may not be for you). I am an artist/designer with no experience in investing or finance, just interested in tech - so full disclosure this is just coming from a dude that’s been googling non-stop, this is not financial advice. This should serve just as a jumping off point, I would highly suggest doing your own research. </p> <p><br> <strong>The idea of virtual money feels sketchy to me...</strong><br> Lets briefly talk about the history of money. Thousands of years ago we had the barter system, where we traded things for other things… cows for chickens, silk for tools etc. Thousands-to-hundreds of years ago we started using precious metals in the form of coins and bars. Hundreds of years ago we started using paper money, a Chinese invention. In America it used to be backed by gold “the gold standard” - that went out the window in the 70s. This paper money system, or 'Fiat' money system, is controlled by the Federal Reserve (central bank of The United States) and carried out through the banks. In recent decades credit cards have become popular, we also now have Paypal and Venmo for transferring money, this is all still fiat money in different forms. The fiat system is liable to crash, as we've seen with depressions and recessions. It's very complicated to the average person and can be manipulated by banks, governments, and the super rich. Bitcoin is just the next form of money, and many people believe it and other cryptocurrencies will be a huge development for mankind, as it doesn't need a bank or government to control it's value, keep it safe, and its worth the same everywhere (technically). <a href="https://www.youtube.com/watch?v=NrDxXa4MggU">I think this is a good promo video for Bitcoin. </a><br> </p> <p><strong>What is bitcoin, how does it work, and why is it different? </strong><br> Bitcoin is a decentralized anonymous (however not fully anonymous anymore) currency system. Bitcoin is not a company. It is a technology that is now baked into the internet, and is improved and kept alive by a large community of people from around the world. Bitcoin was invented in 2008, a couple weeks after the US financial collapse. There are only 21 million bitcoins that can exist, no more can be created (inflation-proof). Which is why the value of each coin keeps rising, as more people start buying and using bitcoin. Every single bitcoin transaction is stored in thousands of computers cryptographically making fraud impossible without changing the records in every computer which is currently impossible. This decentralized storage/"ledger" system of transactions is called blockchain. The blockchain technology system of making thousands of copies and spreading them out could revolutionize many things and is quite exciting. These videos will explain blockchain and bitcoin better than me:</p> <p><a href="https://www.youtube.com/watch?v=Da9Q57vov_c&list=LLz9FXk-4XFWMQuIUUXxMgoQ&index=15&t=2s">Video - What is Bitcoin?</a></p> <p><a href="https://www.youtube.com/watch?v=8o9QxMxhTp8&index=3&list=LLz9FXk-4XFWMQuIUUXxMgoQ">CNBC video on blockchain</a></p> <p><a href="https://www.youtube.com/watch?v=r43LhSUUGTQ&index=4&list=LLz9FXk-4XFWMQuIUUXxMgoQ">Here's another good video explaining 'Blockchain' in 2 minutes</a><br> </p> <p>So again, basically Bitcoin and other cryptocurrency is the future of money, a new form that doesn't need banks, and doesn't care what country you live in, has very low fees (small %s of bitcoin is paid to "miners" who run their computers to process transactions), and you can't print up more bitcoin because the total amount is fixed in the code. Other cryptocurrencies have different uses, added technologies and benefits that Bitcoin doesn't have. It will be especially great for poorer people with no bank account, or countries with a corrupt bank system, and everyone basically :). Sending money through banks sometimes take days-weeks to clear, especially between country borders and have high fees. We’re in a complicated banking system that nobody understands anymore. We all just have a common agreement and trust that paper money is worth something. If we all trust bitcoin is worth something (There's $552 Billion worth of confidence as of today) and is useful, just like we all trust paper money is worth something, bitcoin will soar, and you will benefit from being an early adopter. <br> </p> <p>You should watch this documentary called <a href="https://www.netflix.com/title/80154500">"Banking on Bitcoin" on Netflix </a>which is a good history lesson, and this <a href="https://www.youtube.com/watch?v=hyPa0IgTYXo">BBC Documentary on youtube </a>which does a better job of explaining the technical aspects of it.<br> </p> <p><strong>Is there anything that can destroy Bitcoin, or make the price go down drastically? </strong>There are maybe three things I see as a possible threat. The first two are not very likely, the last is the most likely, but not a real threat.</p> <p> 1. Bitcoin not being able to handle the large amount of growth. There has been a ton of people buying bitcoin lately, which has made transactions very expensive, and the speed of the network very slow. This has made Bitcoin really more of a store of value like Gold, than a currency to be exchanged. This has caused groups of people in the Bitcoin community to "fork" bitcoin, and basically create their own new Bitcoins, out of frustration for no majority consensus on what to do. So essentially there is no governance system which is a problem. Bitcoin can be "forked" because the code is open-source. So now we have Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond. These coins are smaller groups of people trying to improve Bitcoin in some way. If you hold the original bitcoin you get these coins for free which is great, but also water's down the Bitcoin brand. In my opinion, I think the Bitcoin "Core" community will make the original Bitcoin better, it's just a slow process because they are trying to do the best job. Bitcoin has the strongest group of developers that work on it for free, who are rich already, and just want it to succeed. I have faith it will improve. These other Bitcoin's are a quick fix, and most will probably not live too much longer. This has not stopped people from buying bitcoin really. Most people just are buying Bitcoin to just store away anyways, not to buy coffee with.</p> <p>2. Bitcoin becomes illegal in the US and Korea. The biggest cryptocurrency markets are Korean and the US. China was a large market but recently they banned it and we saw the price go down 30%, however it bounced back up incredibly as if it never happened. This would cause people to sell their Bitcoin driving the price down, but would not get rid of it. Bitcoin is baked into the internet at this point and cannot be eliminated, just as you can't stop people from sharing music. The US nor Korea would do this probably because they don't want to stifle innovation. We can definitely expect some kind of new regulations from both the US and Korea, but probably just on taxes and ICO's (which I won't explain here). China will be back though, this will also increase the price whenever they figure out how they want to regulate it. </p> <p>3. A smaller problem but still significant, is that Banks will decide they don't want to interact with sites like Coinbase, which turn fiat dollars into Bitcoin. In this scenario, people will probably just switch banks that do let them buy Bitcoin, or people will use sites like LocalBitcoins to purchase Bitcoin with cash, P2P. <br> </p> <p><strong>How do I buy bitcoin or other cryptocurrencies?</strong><br> The most popular and trusted site/way to convert your 'fiat' (dollars) to cryptocurrency (bitcoin) is <a href="https://www.coinbase.com/join/595176c6c3431300c77c52c0">Coinbase.com</a>. Coinbase has a license to operate in New York which is an important note for my NYers, most other sites do not have a license (the government is now catching up with crypto and there are some new regulations). Sign up for an account, the process is easy. <a href="https://www.youtube.com/watch?v=5A15THpM8_I&list=PLcTvlhIStejKZKyTL2tddk2KWlYBt0kho&index=13">Here's a step by step video if you need help. </a>It will ask for your SSN, and other personal information. This is part of the "Know Your Customer" anti money laundering law. This should not deter you from buying. <br> <a href="https://www.coinbase.com/join/595176c6c3431300c77c52c0"><strong>Please use my invite code for Coinbase if this article has been helpful to you. You and I both get $10 if you use my link, which will probably cover your fees! </strong></a><br> <strong>- Important note: Make a strong password!!</strong> Use a program like <a href="https://www.dashlane.com/">Dashlane</a>that can store all your passwords. You will accumulate many passwords getting involved with crypto. Write all your passwords down in multiple secure places too, preferably not digital. You should have crazy passwords for your crypto things, ideally something like this: ;YnP*TVf?b}&Zq. Convenience is not more important than keeping your money safe. This new crypto world is under constant attack from hackers and you need to protect yourself. Don't make yourself a low-hanging fruit, with an easy password like "Yourdogsname123", or a password you use on other sites. You are the bank now! and it comes with some responsibility. You will need to connect your debit card or bank account to start buying. Your buying limit will be less using a card. You will have to enter your SSN which will feel sketchy but this is normal, and is also required when you buy stocks. Now <strong>Enable 2-factor authentication-</strong> Click on <strong>Settings</strong> then <strong>Security</strong> and you should see it. Follow the steps, it requires you downloading the <strong>Google Authenticator</strong> app. This is <strong>very important</strong> for securing your account. It makes the hacker's job much more difficult. You should also have 2-factor authentication enabled on your email! - so a hacker can't do "forgot your password". </p> <p><br> After creating your account and signing in you will see "<strong>Dashboard</strong>...<strong>Buy/Sell</strong>...<strong>Accounts</strong>...<strong>Send</strong>...<strong>Tools</strong>...<strong>Settings</strong>" Tabs. <br> Click on <strong>Buy/Sell -</strong> Here you will purchase your Cryptocurrency using your linked <em>Payment Method</em> (bank account or credit/debit card). You will see three options for Bitcoin, Ethereum, and Litecoin. I suggest just buying Bitcoin for now. Ethereum and Litecoin are also great coins, currently the 2nd and 5th largest cryptocurrencies, but I won't go into the differences here. <br> </p> <p><strong>Putting in your first buy order - and getting the best price</strong><br> Really any price is a good price in the long run, and by long run I mean 6 months, a year.. 5 years.. 10 years who knows how fast/much it will go up. However you want the best price right!? Cryptocurrencies are highly volatile and unpredictable. As I'm writing this, bitcoin is $3,398/per coin (now $11,200. it was 19K recently, so it's a great chance to buy cheap now - 1/25/18). It could easily drop down or skyrocket. Good chart readers on youtube or whatever can make accurate predictions sometimes but even the best have a high % of inaccuracy. I can’t stress enough how much “<strong>Dollar cost averaging</strong>” is important for buying. This basically means not spending all of your money at once. Here is some strategy: </p> <ol> <li>Split up your allotted amount of money you have to spend in pieces. I would suggest minimally splitting it into 4 pieces which is aggressive but okay if you plan to keep investing. 10 pieces is conservative, and/or if you don’t plan on investing more in the near term. </li> <li>Buy with one of the pieces on a schedule. This can mean buying every Friday (which is statistically the best day to buy). Or buy once a week when the price is a little lower. The price has gone up so fast lately, I might advise you to spend your pieces faster, maybe every couple days now- <strong>this is especially relevant now as Bitcoin is very cheap. Buy low, Sell high! Sounds simple, but most people do the opposite. If you believe in Bitcoin you shouldn't be nervous. If you are nervous it means you either don't believe in Bitcoin, or haven't learned enough about it yet. </strong></li> </ol> <p>The point is to just get an average buy in price. Bitcoin is very volatile and it’s hard to get the lowest price. </p> <ul> <li>A more advanced method would be to wait for a crash or “correction” in the price and scale your buys bigger as it goes lower. This is riskier for a few reasons: Bitcoin is going viral basically and there’s no telling how high it will go before coming down. Price corrections have been less and less severe over time. This also requires knowing the market better and anticipating a correction. So this method is not for beginners and you may wait for a price that never comes...</li> </ul> <p>Don't drive yourself crazy checking the price every two seconds after you buy. Bitcoin/cryptocurrency is brand new and it's a roller coaster. You should just feel confident that it has promise, and will rise in value over time. You increase your confidence by learning more about cryptocurrency. Investing in cryptocurrency in 2018 is like investing in the .com bubble in the 90s. With that said,<strong> don't invest any money you're not ready to lose. </strong><br> </p> <p><strong>Note on other cryptocurrencies on Coinbase:</strong></p> <p>I love Ethereum, and I recommend buying some after you've researched it, to start creating a portfolio of cryptocurrency. I will not explain how it is different from Bitcoin here. I do not recommend buying Bitcoin Cash or Litecoin. Litecoin is the better of the two though.</p> <p><br></p> <p><strong>How do I safely store it?</strong><br> You can technically just keep it in your Coinbase 'wallets' (<strong>Accounts</strong> tab) however exchanges like Coinbase (while FDIC insured) are not as secure as holding it offline on your computer or on a hardware wallet. Hardware wallets like <a href="https://www.ledgerwallet.com/">Ledger Nano S</a> or <a href="https://trezor.io/">Trezor </a>are the most safe. I personally own a Ledger Nano S, but both companies are equally great. I highly recommend buying one, if you have more than a couple months pay in cryptocurrency. </p> <p>I recommend the <a href="https://www.exodus.io/"><strong>Exodus</strong></a> wallet for your computer which is second best to a hardware wallet. Go to the 'Download' page, via button on the upper right hand corner of the page. Download for your Windows, Mac or Linux computer. <a href="https://www.youtube.com/watch?v=98xeDpl-TXY">Here is a tutorial video direct from Exodus,</a> Watch that video but you'll be depositing funds into the account <a href="https://www.youtube.com/watch?v=5A15THpM8_I&list=PLcTvlhIStejKZKyTL2tddk2KWlYBt0kho&index=13">the same way as this tutorial video ow this video explain</a>. Deposit your Bitcoin into Exodus:</p> <ul> <li>Go to Coinbase and click the <strong>Send</strong> tab. </li> <li>Now on Exodus, click the <strong>Wallet</strong> tab - then click <strong>Bitcoin</strong></li> <li>Hit the receive button </li> <li>Copy the bitcoin address (the long string of numbers and letters)</li> <li>Double check the address is correct. </li> <li>Paste in the '<strong>Recipient</strong>' box (where it says 'Email, or bitcoin address')</li> <li>Click '<strong>Use Max</strong>' and make sure it says your 'BTC wallet' then hit send.</li> <li>It will send fairly quickly, but not instantly! Don't freak out! Allow at least a few minutes for it to go through. </li> </ul> <p>Keeping your money off of exchanges like Coinbase, and on your computer (via Exodus), and creating strong passwords are the best steps you can take to keeping everything safe. You can be even more secure with a 'paper wallet' or 'hardware wallet' which I won't explain here. Using exodus is way more secure as someone would need to have physical access to your computer to steal your funds (hacking into someone's computer via the internet is very difficult and not likely). As opposed to a website (exchange site like Coinbase) where if someone guesses your password they can steal your money. <br> </p> <p><strong>Taxes</strong></p> <p>If you sell your bitcoin you will pay Capital Gains tax, as if you sold a house, or a car. There are different amounts based on how long you've held the Bitcoin without selling. If you start trading Bitcoin for other cryptocurrencies, with the new tax bill you are supposed to pay taxes on every trade. My favorite site for taxes, and tracking your trades is <a href="https://cointracking.info/">Cointracking.info</a>, <a href="https://bitcoin.tax/">Bitcoin.tax</a> is also popular. These sites will help you during tax time to figure out what you need to do. <br> </p> <p><strong>Final Thoughts</strong><br> This is the path I used to get started, which is the result of lots of googling, however I encourage you to <strong>do your own research</strong>. My initial investment did lose money (I bought in at bad prices), however now I am significantly up on my investment. I have however moved on to trading other cryptocurrencies which is kinda where the faster money is at. So don't expect immediate increases in value, it is kind of a long term thing that will go up and down, but far better than stocks or other investments. Now is also a great time to invest, you are still early even though the price seems astronomical. Maybe once I get better at trading smaller cryptocurrencies I will write another post. If you're interested past Bitcoin, check out <a href="https://coinmarketcap.com/">coinmarketcap.com</a> and see all the coins and projects happening. These are coins listed by "market cap" or general size in price. Investing in just Bitcoin is still a great move. Like I said it is extremely early still. It could be worth exponentially more as more people buy and use it. It has been through a lot of ups and downs already and has stood the test of time. Keep up do date with Bitcoin/cryptocurrency news. It's interesting and could really shake up the world. <br> </p> <p><strong>PS</strong><br> <a href="https://steemit.com/steem/@tuck-fheman/what-is-steem">What is this Steem site? </a><br> It's a great new social networking site with it's own cryptocurrency. I think it's most similar to <a href="https://medium.com/">Medium</a> and <a href="https://www.reddit.com/">Reddit</a>. You can make money posting, liking (or 'curating') content. The dollar amount below this post reflects real USD but in crypto form. It can be converted to real dollars (maybe I'll make another post about this too, although there are many already). </p> </html> |
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"parent_permlink": "bitcoin",
"author": "hitek",
"permlink": "what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-1-25-18",
"title": "What is Bitcoin? How to invest and secure it: Beginner's guide for friends, family with 0 experience - Updated 1/25/18",
"body": "<html>\n<p>This article will be updated as things change, in order to keep everyone up to date - Cryptocurrency moves fast. You should know immediately that you don't need to buy a full bitcoin. I think this is a big reason people tune-out initially. You can buy $1 of bitcoin which would be .000089 Bitcoin. 1 Bitcoin can be split into 1 million pieces. </p>\n<p> <br>\nI started investing in cryptocurrency (Bitcoin is the first and biggest cryptocurrency) in late June of 2016. I first heard about Bitcoin from a tech-savvy friend a year or two ago, and then heard about it again on a podcast. Whenever I hear about something from two people I trust, I run my googles. I’ve become obsessed ever since spending multiple hours a day researching this new world. I feel comfortable enough to start writing a basic guide to help friends and family, and maybe some Steemit people get started (But if you’re on Steemit already this may not be for you). I am an artist/designer with no experience in investing or finance, just interested in tech - so full disclosure this is just coming from a dude that’s been googling non-stop, this is not financial advice. This should serve just as a jumping off point, I would highly suggest doing your own research. </p>\n<p><br>\n<strong>The idea of virtual money feels sketchy to me...</strong><br>\nLets briefly talk about the history of money. Thousands of years ago we had the barter system, where we traded things for other things… cows for chickens, silk for tools etc. Thousands-to-hundreds of years ago we started using precious metals in the form of coins and bars. Hundreds of years ago we started using paper money, a Chinese invention. In America it used to be backed by gold “the gold standard” - that went out the window in the 70s. This paper money system, or 'Fiat' money system, is controlled by the Federal Reserve (central bank of The United States) and carried out through the banks. In recent decades credit cards have become popular, we also now have Paypal and Venmo for transferring money, this is all still fiat money in different forms. The fiat system is liable to crash, as we've seen with depressions and recessions. It's very complicated to the average person and can be manipulated by banks, governments, and the super rich. Bitcoin is just the next form of money, and many people believe it and other cryptocurrencies will be a huge development for mankind, as it doesn't need a bank or government to control it's value, keep it safe, and its worth the same everywhere (technically). <a href=\"https://www.youtube.com/watch?v=NrDxXa4MggU\">I think this is a good promo video for Bitcoin. </a><br>\n</p>\n<p><strong>What is bitcoin, how does it work, and why is it different? </strong><br>\nBitcoin is a decentralized anonymous (however not fully anonymous anymore) currency system. Bitcoin is not a company. It is a technology that is now baked into the internet, and is improved and kept alive by a large community of people from around the world. Bitcoin was invented in 2008, a couple weeks after the US financial collapse. There are only 21 million bitcoins that can exist, no more can be created (inflation-proof). Which is why the value of each coin keeps rising, as more people start buying and using bitcoin. Every single bitcoin transaction is stored in thousands of computers cryptographically making fraud impossible without changing the records in every computer which is currently impossible. This decentralized storage/\"ledger\" system of transactions is called blockchain. The blockchain technology system of making thousands of copies and spreading them out could revolutionize many things and is quite exciting. These videos will explain blockchain and bitcoin better than me:</p>\n<p><a href=\"https://www.youtube.com/watch?v=Da9Q57vov_c&list=LLz9FXk-4XFWMQuIUUXxMgoQ&index=15&t=2s\">Video - What is Bitcoin?</a></p>\n<p><a href=\"https://www.youtube.com/watch?v=8o9QxMxhTp8&index=3&list=LLz9FXk-4XFWMQuIUUXxMgoQ\">CNBC video on blockchain</a></p>\n<p><a href=\"https://www.youtube.com/watch?v=r43LhSUUGTQ&index=4&list=LLz9FXk-4XFWMQuIUUXxMgoQ\">Here's another good video explaining 'Blockchain' in 2 minutes</a><br>\n</p>\n<p>So again, basically Bitcoin and other cryptocurrency is the future of money, a new form that doesn't need banks, and doesn't care what country you live in, has very low fees (small %s of bitcoin is paid to \"miners\" who run their computers to process transactions), and you can't print up more bitcoin because the total amount is fixed in the code. Other cryptocurrencies have different uses, added technologies and benefits that Bitcoin doesn't have. It will be especially great for poorer people with no bank account, or countries with a corrupt bank system, and everyone basically :). Sending money through banks sometimes take days-weeks to clear, especially between country borders and have high fees. We’re in a complicated banking system that nobody understands anymore. We all just have a common agreement and trust that paper money is worth something. If we all trust bitcoin is worth something (There's $552 Billion worth of confidence as of today) and is useful, just like we all trust paper money is worth something, bitcoin will soar, and you will benefit from being an early adopter. <br>\n</p>\n<p>You should watch this documentary called <a href=\"https://www.netflix.com/title/80154500\">\"Banking on Bitcoin\" on Netflix </a>which is a good history lesson, and this <a href=\"https://www.youtube.com/watch?v=hyPa0IgTYXo\">BBC Documentary on youtube </a>which does a better job of explaining the technical aspects of it.<br>\n</p>\n<p><strong>Is there anything that can destroy Bitcoin, or make the price go down drastically? </strong>There are maybe three things I see as a possible threat. The first two are not very likely, the last is the most likely, but not a real threat.</p>\n<p> 1. Bitcoin not being able to handle the large amount of growth. There has been a ton of people buying bitcoin lately, which has made transactions very expensive, and the speed of the network very slow. This has made Bitcoin really more of a store of value like Gold, than a currency to be exchanged. This has caused groups of people in the Bitcoin community to \"fork\" bitcoin, and basically create their own new Bitcoins, out of frustration for no majority consensus on what to do. So essentially there is no governance system which is a problem. Bitcoin can be \"forked\" because the code is open-source. So now we have Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond. These coins are smaller groups of people trying to improve Bitcoin in some way. If you hold the original bitcoin you get these coins for free which is great, but also water's down the Bitcoin brand. In my opinion, I think the Bitcoin \"Core\" community will make the original Bitcoin better, it's just a slow process because they are trying to do the best job. Bitcoin has the strongest group of developers that work on it for free, who are rich already, and just want it to succeed. I have faith it will improve. These other Bitcoin's are a quick fix, and most will probably not live too much longer. This has not stopped people from buying bitcoin really. Most people just are buying Bitcoin to just store away anyways, not to buy coffee with.</p>\n<p>2. Bitcoin becomes illegal in the US and Korea. The biggest cryptocurrency markets are Korean and the US. China was a large market but recently they banned it and we saw the price go down 30%, however it bounced back up incredibly as if it never happened. This would cause people to sell their Bitcoin driving the price down, but would not get rid of it. Bitcoin is baked into the internet at this point and cannot be eliminated, just as you can't stop people from sharing music. The US nor Korea would do this probably because they don't want to stifle innovation. We can definitely expect some kind of new regulations from both the US and Korea, but probably just on taxes and ICO's (which I won't explain here). China will be back though, this will also increase the price whenever they figure out how they want to regulate it. </p>\n<p>3. A smaller problem but still significant, is that Banks will decide they don't want to interact with sites like Coinbase, which turn fiat dollars into Bitcoin. In this scenario, people will probably just switch banks that do let them buy Bitcoin, or people will use sites like LocalBitcoins to purchase Bitcoin with cash, P2P. <br>\n</p>\n<p><strong>How do I buy bitcoin or other cryptocurrencies?</strong><br>\nThe most popular and trusted site/way to convert your 'fiat' (dollars) to cryptocurrency (bitcoin) is <a href=\"https://www.coinbase.com/join/595176c6c3431300c77c52c0\">Coinbase.com</a>. Coinbase has a license to operate in New York which is an important note for my NYers, most other sites do not have a license (the government is now catching up with crypto and there are some new regulations). Sign up for an account, the process is easy. <a href=\"https://www.youtube.com/watch?v=5A15THpM8_I&list=PLcTvlhIStejKZKyTL2tddk2KWlYBt0kho&index=13\">Here's a step by step video if you need help. </a>It will ask for your SSN, and other personal information. This is part of the \"Know Your Customer\" anti money laundering law. This should not deter you from buying. <br>\n<a href=\"https://www.coinbase.com/join/595176c6c3431300c77c52c0\"><strong>Please use my invite code for Coinbase if this article has been helpful to you. You and I both get $10 if you use my link, which will probably cover your fees! </strong></a><br>\n<strong>- Important note: Make a strong password!!</strong> Use a program like <a href=\"https://www.dashlane.com/\">Dashlane</a>that can store all your passwords. You will accumulate many passwords getting involved with crypto. Write all your passwords down in multiple secure places too, preferably not digital. You should have crazy passwords for your crypto things, ideally something like this: ;YnP*TVf?b}&Zq. Convenience is not more important than keeping your money safe. This new crypto world is under constant attack from hackers and you need to protect yourself. Don't make yourself a low-hanging fruit, with an easy password like \"Yourdogsname123\", or a password you use on other sites. You are the bank now! and it comes with some responsibility. You will need to connect your debit card or bank account to start buying. Your buying limit will be less using a card. You will have to enter your SSN which will feel sketchy but this is normal, and is also required when you buy stocks. Now <strong>Enable 2-factor authentication-</strong> Click on <strong>Settings</strong> then <strong>Security</strong> and you should see it. Follow the steps, it requires you downloading the <strong>Google Authenticator</strong> app. This is <strong>very important</strong> for securing your account. It makes the hacker's job much more difficult. You should also have 2-factor authentication enabled on your email! - so a hacker can't do \"forgot your password\". </p>\n<p><br>\nAfter creating your account and signing in you will see \"<strong>Dashboard</strong>...<strong>Buy/Sell</strong>...<strong>Accounts</strong>...<strong>Send</strong>...<strong>Tools</strong>...<strong>Settings</strong>\" Tabs. <br>\nClick on <strong>Buy/Sell -</strong> Here you will purchase your Cryptocurrency using your linked <em>Payment Method</em> (bank account or credit/debit card). You will see three options for Bitcoin, Ethereum, and Litecoin. I suggest just buying Bitcoin for now. Ethereum and Litecoin are also great coins, currently the 2nd and 5th largest cryptocurrencies, but I won't go into the differences here. <br>\n</p>\n<p><strong>Putting in your first buy order - and getting the best price</strong><br>\nReally any price is a good price in the long run, and by long run I mean 6 months, a year.. 5 years.. 10 years who knows how fast/much it will go up. However you want the best price right!? Cryptocurrencies are highly volatile and unpredictable. As I'm writing this, bitcoin is $3,398/per coin (now $11,200. it was 19K recently, so it's a great chance to buy cheap now - 1/25/18). It could easily drop down or skyrocket. Good chart readers on youtube or whatever can make accurate predictions sometimes but even the best have a high % of inaccuracy. I can’t stress enough how much “<strong>Dollar cost averaging</strong>” is important for buying. This basically means not spending all of your money at once. Here is some strategy: </p>\n<ol>\n <li>Split up your allotted amount of money you have to spend in pieces. I would suggest minimally splitting it into 4 pieces which is aggressive but okay if you plan to keep investing. 10 pieces is conservative, and/or if you don’t plan on investing more in the near term. </li>\n <li>Buy with one of the pieces on a schedule. This can mean buying every Friday (which is statistically the best day to buy). Or buy once a week when the price is a little lower. The price has gone up so fast lately, I might advise you to spend your pieces faster, maybe every couple days now- <strong>this is especially relevant now as Bitcoin is very cheap. Buy low, Sell high! Sounds simple, but most people do the opposite. If you believe in Bitcoin you shouldn't be nervous. If you are nervous it means you either don't believe in Bitcoin, or haven't learned enough about it yet. </strong></li>\n</ol>\n<p>The point is to just get an average buy in price. Bitcoin is very volatile and it’s hard to get the lowest price. </p>\n<ul>\n <li>A more advanced method would be to wait for a crash or “correction” in the price and scale your buys bigger as it goes lower. This is riskier for a few reasons: Bitcoin is going viral basically and there’s no telling how high it will go before coming down. Price corrections have been less and less severe over time. This also requires knowing the market better and anticipating a correction. So this method is not for beginners and you may wait for a price that never comes...</li>\n</ul>\n<p>Don't drive yourself crazy checking the price every two seconds after you buy. Bitcoin/cryptocurrency is brand new and it's a roller coaster. You should just feel confident that it has promise, and will rise in value over time. You increase your confidence by learning more about cryptocurrency. Investing in cryptocurrency in 2018 is like investing in the .com bubble in the 90s. With that said,<strong> don't invest any money you're not ready to lose. </strong><br>\n</p>\n<p><strong>Note on other cryptocurrencies on Coinbase:</strong></p>\n<p>I love Ethereum, and I recommend buying some after you've researched it, to start creating a portfolio of cryptocurrency. I will not explain how it is different from Bitcoin here. I do not recommend buying Bitcoin Cash or Litecoin. Litecoin is the better of the two though.</p>\n<p><br></p>\n<p><strong>How do I safely store it?</strong><br>\nYou can technically just keep it in your Coinbase 'wallets' (<strong>Accounts</strong> tab) however exchanges like Coinbase (while FDIC insured) are not as secure as holding it offline on your computer or on a hardware wallet. Hardware wallets like <a href=\"https://www.ledgerwallet.com/\">Ledger Nano S</a> or <a href=\"https://trezor.io/\">Trezor </a>are the most safe. I personally own a Ledger Nano S, but both companies are equally great. I highly recommend buying one, if you have more than a couple months pay in cryptocurrency. </p>\n<p>I recommend the <a href=\"https://www.exodus.io/\"><strong>Exodus</strong></a> wallet for your computer which is second best to a hardware wallet. Go to the 'Download' page, via button on the upper right hand corner of the page. Download for your Windows, Mac or Linux computer. <a href=\"https://www.youtube.com/watch?v=98xeDpl-TXY\">Here is a tutorial video direct from Exodus,</a> Watch that video but you'll be depositing funds into the account <a href=\"https://www.youtube.com/watch?v=5A15THpM8_I&list=PLcTvlhIStejKZKyTL2tddk2KWlYBt0kho&index=13\">the same way as this tutorial video ow this video explain</a>. Deposit your Bitcoin into Exodus:</p>\n<ul>\n <li>Go to Coinbase and click the <strong>Send</strong> tab. </li>\n <li>Now on Exodus, click the <strong>Wallet</strong> tab - then click <strong>Bitcoin</strong></li>\n <li>Hit the receive button </li>\n <li>Copy the bitcoin address (the long string of numbers and letters)</li>\n <li>Double check the address is correct. </li>\n <li>Paste in the '<strong>Recipient</strong>' box (where it says 'Email, or bitcoin address')</li>\n <li>Click '<strong>Use Max</strong>' and make sure it says your 'BTC wallet' then hit send.</li>\n <li>It will send fairly quickly, but not instantly! Don't freak out! Allow at least a few minutes for it to go through. </li>\n</ul>\n<p>Keeping your money off of exchanges like Coinbase, and on your computer (via Exodus), and creating strong passwords are the best steps you can take to keeping everything safe. You can be even more secure with a 'paper wallet' or 'hardware wallet' which I won't explain here. Using exodus is way more secure as someone would need to have physical access to your computer to steal your funds (hacking into someone's computer via the internet is very difficult and not likely). As opposed to a website (exchange site like Coinbase) where if someone guesses your password they can steal your money. <br>\n</p>\n<p><strong>Taxes</strong></p>\n<p>If you sell your bitcoin you will pay Capital Gains tax, as if you sold a house, or a car. There are different amounts based on how long you've held the Bitcoin without selling. If you start trading Bitcoin for other cryptocurrencies, with the new tax bill you are supposed to pay taxes on every trade. My favorite site for taxes, and tracking your trades is <a href=\"https://cointracking.info/\">Cointracking.info</a>, <a href=\"https://bitcoin.tax/\">Bitcoin.tax</a> is also popular. These sites will help you during tax time to figure out what you need to do. <br>\n</p>\n<p><strong>Final Thoughts</strong><br>\nThis is the path I used to get started, which is the result of lots of googling, however I encourage you to <strong>do your own research</strong>. My initial investment did lose money (I bought in at bad prices), however now I am significantly up on my investment. I have however moved on to trading other cryptocurrencies which is kinda where the faster money is at. So don't expect immediate increases in value, it is kind of a long term thing that will go up and down, but far better than stocks or other investments. Now is also a great time to invest, you are still early even though the price seems astronomical. Maybe once I get better at trading smaller cryptocurrencies I will write another post. If you're interested past Bitcoin, check out <a href=\"https://coinmarketcap.com/\">coinmarketcap.com</a> and see all the coins and projects happening. These are coins listed by \"market cap\" or general size in price. Investing in just Bitcoin is still a great move. Like I said it is extremely early still. It could be worth exponentially more as more people buy and use it. It has been through a lot of ups and downs already and has stood the test of time. Keep up do date with Bitcoin/cryptocurrency news. It's interesting and could really shake up the world. <br>\n</p>\n<p><strong>PS</strong><br>\n<a href=\"https://steemit.com/steem/@tuck-fheman/what-is-steem\">What is this Steem site? </a><br>\nIt's a great new social networking site with it's own cryptocurrency. I think it's most similar to <a href=\"https://medium.com/\">Medium</a> and <a href=\"https://www.reddit.com/\">Reddit</a>. You can make money posting, liking (or 'curating') content. The dollar amount below this post reflects real USD but in crypto form. It can be converted to real dollars (maybe I'll make another post about this too, although there are many already). </p>\n</html>",
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2017/11/26 18:48:24
| parent author | |
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| author | hitek |
| permlink | what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-11-26-17 |
| title | What is Bitcoin? How to invest and secure it: Beginner's guide for friends, family with 0 experience - Updated 11/26/17 |
| body | <html> <p>This article will be updated as things change, in order to keep everyone up to date - it's a fast paced world. You've maybe learned how much Bitcoin has gone up in price recently which is why you're interested and reading this. You should know immediately that you don't need to buy a full bitcoin. I think this is a big reason people tune-out initially. You can buy $1 of bitcoin which would be .00011 Bitcoin. 1 Bitcoin can be split into 1 million pieces. </p> <p><br> I started investing in cryptocurrency (Bitcoin is the first and biggest cryptocurrency) in late June of this year. I first heard about Bitcoin from a tech-savvy friend a year or two ago, and then heard about it again on a podcast. Whenever I hear about something from two people I trust, I run my googles. I’ve become obsessed ever since spending multiple hours a day researching this new world. I feel comfortable enough to start writing a basic guide to help friends and family, and maybe some Steemit people get started (But if you’re on Steemit already this may not be for you). I am an artist/designer with no experience in investing or finance, just interested in tech - so full disclosure this is just coming from a dude that’s been googling non-stop, not a professional advisor or anything (although they don’t really exist yet in crypto). This should serve just as a jumping off point, I would highly suggest doing your own research. <br> </p> <p><strong>The idea of virtual money feels sketchy to me...</strong><br> Lets briefly talk about the history of money. Thousands of years ago we had the barter system, where we traded things for other things… cows for chickens, silk for gold etc. Thousands-to-hundreds of years ago we started using precious metals in the form of coins and bars. Hundreds of years ago we started using paper money. In America it used to be backed by gold “the gold standard” - that went out the window in the 70s. This paper money system, or 'Fiat' money system, is controlled by the Federal Reserve (central bank of The United States) and carried out through the banks. In recent decades credit cards have become popular, we also now have Paypal and Venmo for transferring money, this is all still fiat money in different forms. The fiat system is liable to crash, as we've seen with depressions and recessions. It's very complicated to the average person and can be manipulated by banks, governments, and the super rich. Bitcoin is just the next form of money, and many people believe it and other cryptocurrencies will be a huge development for mankind, as it doesn't need a bank or government to control it's value, keep it safe, and its worth the same everywhere. <a href="https://www.youtube.com/watch?v=k0HmrSfJwhU&index=13&list=LLz9FXk-4XFWMQuIUUXxMgoQ">Okay now get hyped off this video (warning: its a little dramatic but check it out...)</a></p> <p><br> <strong>What is bitcoin, how does it work, and why is it different? </strong><br> Bitcoin is a decentralized anonymous (however not fully anonymous anymore) currency system. Bitcoin is not a company. It is a technology that is now baked into the internet, and is improved and kept alive by a large community of people from around the world. Bitcoin was invented in 2008, the same year as the US financial collapse. There are only 21 million bitcoins that can exist, no more can be created. Which is why the value of each coin keeps rising, as more people start buying and using bitcoin. Every single bitcoin transaction is stored in thousands of computers cryptographically making fraud impossible without changing the records in every computer which is currently impossible. This decentralized storage system of transactions is called blockchain. The blockchain technology system of making thousands of copies and spreading them out could revolutionize many things and is quite exciting. These videos will explain blockchain and bitcoin better than me:</p> <p><a href="https://www.youtube.com/watch?v=Da9Q57vov_c&list=LLz9FXk-4XFWMQuIUUXxMgoQ&index=15&t=2s">Video - What is Bitcoin?</a></p> <p><a href="https://www.youtube.com/watch?v=8o9QxMxhTp8&index=3&list=LLz9FXk-4XFWMQuIUUXxMgoQ">CNBC video on blockchain</a></p> <p><a href="https://www.youtube.com/watch?v=r43LhSUUGTQ&index=4&list=LLz9FXk-4XFWMQuIUUXxMgoQ">Here's another good video explaining 'Blockchain' in 2 minutes</a><br> </p> <p>So again, basically Bitcoin and other cryptocurrency is the future of money, a new form that doesn't need banks, and doesn't care what country you live in, has very low fees (small %s of bitcoin is paid to "miners" who run their computers to process transactions), and you can't print up more bitcoin because the total amount is fixed in the code. Other cryptocurrencies have different uses, added technologies and benefits that Bitcoin doesn't have. It will be especially great for poorer people with no bank account, or countries with a corrupt bank system, and everyone basically :). Sending money through banks sometimes take days-weeks to clear, especially between country borders and have high fees. We’re in a complicated banking system that nobody understands anymore. We all just have a common agreement and trust that paper money is worth something. If we all trust bitcoin is worth something (There's $288 Billion worth of confidence as of today) and is useful, just like we all trust paper money is worth something, bitcoin will soar, and you will benefit from being an early adopter. <br> </p> <p>You should watch this documentary called <a href="https://www.netflix.com/title/80154500">"Banking on Bitcoin" on Netflix</a>, or <a href="https://www.youtube.com/watch?v=Zc41H8oqPik">here on youtube</a>, So you get a history on it. I don't think it does the best job of simply teaching how it works, but its a great for learning the history of it and how it became popular. </p> <p><br></p> <p><strong>Is there anything that can destroy Bitcoin, or make the price go down drastically? </strong></p> <p>There are only two things I see as a possible threat, both of which I think will not affect the price much long term. </p> <p>1. Bitcoin not being able to handle the large amount of growth. There has been a ton of people buying bitcoin lately, which has made transactions very expensive, and the speed of the network very slow. This has made Bitcoin really more of a store of value like Gold, than a currency to be exchanged. This has caused groups of people in the Bitcoin community to "fork" bitcoin, and basically create their own new Bitcoins, out of frustration for no majority consensus on what to do. So now we have Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond... Bitcoin cash is the only legitimate one, which I suggest buying actually down the line for you all. But basically Bitcoin is no longer a good currency, which has opened the doors for other coins to be a good currency. A currency that is fast and cheap, that you could buy a cup of coffee with. This has not stopped people from buying bitcoin however. Most people just are buying Bitcoin to keep anyways, not to buy coffee with.</p> <p>2. Bitcoin becomes illegal in the US and Korea. The biggest cryptocurrency markets are Korean and the US. China was a large market but recently they banned it and we saw the price go down 30%, however it bounced back up incredibly as if it never happened. This would cause people to sell their Bitcoin driving the price down, but would not get rid of it. Bitcoin is baked into the internet at this point and cannot be eliminated, just as you can't stop people from sharing music. The US nor Korea would do this probably as they're not communist, and don't want to stifle innovation. We can definitely expect some kind of new regulations from both the US and Korea, but probably just on taxes and ICO's (which I won't explain here). China will be back though, this will also increase the price whenever they figure out how they want to regulate it. </p> <p><br></p> <p><strong>How do I buy bitcoin or other cryptocurrencies?</strong><br> The most popular and trusted site/way to convert your 'fiat' (dollars) to cryptocurrency (bitcoin) is <a href="https://www.coinbase.com/join/595176c6c3431300c77c52c0">Coinbase.com</a>. Coinbase has a license to operate in New York which is an important note for my NYers, most other sites do not have a license (the government is now catching up with crypto and there are some new regulations). Sign up for an account, the process is easy. <a href="https://www.youtube.com/watch?v=5A15THpM8_I&list=PLcTvlhIStejKZKyTL2tddk2KWlYBt0kho&index=13">Here's a step by step video if you need help. </a>It will ask for your SSN, and other personal information. This is part of the "Know Your Customer" anti money laundering law. This should not deter you from buying. </p> <p><br></p> <p><a href="https://www.coinbase.com/join/595176c6c3431300c77c52c0"><strong>Please use my invite code for Coinbase if this article has been helpful to you. You and I both get $10 if you use my link, which will probably cover your fees! </strong></a></p> <p><br></p> <p><strong>- Important note: Make a strong password!!</strong> Use a program like <a href="https://www.dashlane.com/">Dashlane</a>that can store all your passwords. You will accumulate many passwords getting involved with crypto. Write all your passwords down in multiple secure places too, preferably not digital. You should have crazy passwords for your crypto things, ideally something like this: ;YnP*TVf?b}&Zq. Convenience is not more important than keeping your money safe. This new crypto world is under constant attack from hackers and you need to protect yourself. You are the bank now! and it comes with some responsibility. You will need to connect your debit card or bank account to start buying. Your buying limit will be less using a card. You will have to enter your SSN which will feel sketchy but this is normal, and is also required when you buy stocks. Now <strong>Enable 2-factor authentication-</strong> Click on <strong>Settings</strong> then <strong>Security</strong> and you should see it. Follow the steps, it requires you downloading the <strong>Google Authenticator</strong> app. This is <strong>very important</strong> for securing your account. It makes the hacker's job much more difficult.<br> After creating your account and signing in you will see "<strong>Dashboard</strong>...<strong>Buy/Sell</strong>...<strong>Accounts</strong>...<strong>Send</strong>...<strong>Tools</strong>...<strong>Settings</strong>" Tabs. <br> Click on <strong>Buy/Sell -</strong> Here you will purchase your Cryptocurrency using your linked <em>Payment Method</em> (bank account or credit/debit card). You will see three options for Bitcoin, Ethereum, and Litecoin. I suggest just buying Bitcoin for now. Ethereum and Litecoin are also great coins, currently the 2nd and 5th largest cryptocurrencies, but I won't go into the differences here. </p> <p><br> <strong>Putting in your first buy order - and getting the best price</strong><br> Really any price is a good price in the long run, and by long run I mean 6 months, a year.. 5 years.. 10 years who knows how fast/much it will go up. However you want the best price right!? Cryptocurrencies are highly volatile and unpredictable. As I'm writing this, bitcoin is $3,398/per coin (now $9,477). It could easily drop down or skyrocket. Good chart readers on youtube or whatever can make accurate predictions sometimes but even the best have a high % of inaccuracy. I can’t stress enough how much “<strong>Dollar cost averaging</strong>” is important for buying. This basically means not spending all of your money at once. Here is some strategy: </p> <ol> <li>Split up your allotted amount of money you have to spend in pieces. I would suggest minimally splitting it into 4 pieces which is aggressive but okay if you plan to keep investing. 10 pieces is conservative, and/or if you don’t plan on investing more in the near term. </li> <li>Buy with one of the pieces on a schedule. This can mean buying every Friday (which is statistically the best day to buy). Or buy once a week when the price is a little lower. The price has gone up so fast lately, I might advise you to spend your pieces faster, maybe every couple days now. </li> </ol> <p>The point is to just get an average buy in price. Bitcoin is very volatile and it’s hard to get the lowest price. </p> <ul> <li>A more advanced method would be to wait for a crash or “correction” in the price and scale your buys bigger as it goes lower. This is riskier for a few reasons: Bitcoin is going viral basically and there’s no telling how high it will go before coming down. Price corrections have been less and less severe over time. This also requires knowing the market better and anticipating a correction. So this method is not for beginners and you may wait for a price that never comes...</li> </ul> <p><br></p> <p><strong>Don't drive yourself crazy checking the price every two seconds after you buy. Bitcoin/cryptocurrency is brand new and it's a roller coaster. You should just feel confident that it has promise, and will rise in value over time. Investing in cryptocurrency in 2017 is like investing in the .com bubble in the 90s. With that said, don't invest any money you're not ready to lose. The best thing you can do is learn more about Bitcoin and cryptocurrencies.</strong><br> </p> <p><strong>How do I safely store it?</strong><br> You can technically just keep it in your Coinbase 'wallets' (<strong>Accounts</strong> tab) however exchanges like Coinbase are not as secure as keeping it in a 'wallet' on your computer. I recommend the <a href="https://www.exodus.io/"><strong>Exodus</strong></a> wallet. Go to the 'Download' page, via button on the upper right hand corner of the page. Download for your Windows, Mac or Linux computer. <a href="https://www.youtube.com/watch?v=98xeDpl-TXY">Here is a tutorial video direct from Exodus,</a> Watch that video but you'll be depositing funds into the account <a href="https://www.youtube.com/watch?v=5A15THpM8_I&list=PLcTvlhIStejKZKyTL2tddk2KWlYBt0kho&index=13">the same way as this tutorial video ow this video explain</a>. Deposit your Bitcoin into Exodus:</p> <ul> <li>Go to Coinbase and click the <strong>Send</strong> tab. </li> <li>Now on Exodus, click the <strong>Wallet</strong> tab - then click <strong>Bitcoin</strong></li> <li>Hit the receive button </li> <li>Copy the bitcoin address (the long string of numbers and letters)</li> <li>Double check the address is correct. </li> <li>Paste in the '<strong>Recipient</strong>' box (where it says 'Email, or bitcoin address')</li> <li>Click '<strong>Use Max</strong>' and make sure it says your 'BTC wallet' then hit send.</li> <li>It will send fairly quickly, but not instantly! Don't freak out! Allow at least a few minutes for it to go through. </li> </ul> <p>Keeping your money off of exchanges like Coinbase, and on your computer (via Exodus), and creating strong passwords are the best steps you can take to keeping everything safe. You can be even more secure with a 'paper wallet' or 'hardware wallet' which I won't explain here. Using exodus is way more secure as someone would need to have physical access to your computer to steal your funds (hacking into someone's computer via the internet is very difficult and not likely). As opposed to a website (exchange site like Coinbase) where if someone guesses your password they can steal your money. </p> <p><br></p> <p><strong>Taxes</strong></p> <p>If you sell your bitcoin you will pay Capital Gains tax, as if you sold a house, or a car. There are still no laws for how to pay taxes on trading other cryptocurrencies besides Bitcoin. The IRS is likely just not paying attention enough yet. Conservative people pay tax on every trade, less conservative people only pay taxes on the bitcoin which is converted to dollars, and put into their bank account. My favorite site for taxes, and tracking your trades is <a href="https://cointracking.info/">Cointracking.info</a>, <a href="https://bitcoin.tax/">Bitcoin.tax</a> is also popular. These sites will help you during tax time to figure out what you need to do. I will update this article again before tax time. <br> </p> <p><strong>Final Thoughts</strong><br> This is the path I used to get started, which is the result of lots of googling, however I encourage you to <strong>do your own research</strong>. My initial investment did lose money (I bought in at bad prices), however now I am significantly up on my investment. I have however moved on to trading other cryptocurrencies which is kinda where the faster money is at. So don't expect immediate increases in value, it is kind of a long term thing that will go up and down, but far better than stocks or other investments. Now is also a great time to invest, you are still early even though the price seems astronomical. Maybe once I get better at trading smaller cryptocurrencies I will write another post. If you're interested past Bitcoin, check out <a href="https://coinmarketcap.com/">coinmarketcap.com</a> and see all the coins and projects happening. These are coins listed by "market cap" or general size in price. Investing in just Bitcoin is still a great move. Like I said it is extremely early still. It could be worth exponentially more as more people buy and use it. It has been through a lot of ups and downs already and has stood the test of time. Keep up do date with Bitcoin/cryptocurrency news. It's interesting and could really shake up the world. <br> </p> <p><strong>PS</strong><br> <a href="https://steemit.com/steem/@tuck-fheman/what-is-steem">What is this Steem site? </a><br> It's a great new social networking site with it's own cryptocurrency. I think it's most similar to <a href="https://medium.com/">Medium</a> and <a href="https://www.reddit.com/">Reddit</a>. You can make money posting, liking (or 'curating') content. The dollar amount below this post reflects real USD but in crypto form. It can be converted to real dollars (maybe I'll make another post about this too, although there are many already). </p> </html> |
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"author": "hitek",
"permlink": "what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-11-26-17",
"title": "What is Bitcoin? How to invest and secure it: Beginner's guide for friends, family with 0 experience - Updated 11/26/17",
"body": "<html>\n<p>This article will be updated as things change, in order to keep everyone up to date - it's a fast paced world. You've maybe learned how much Bitcoin has gone up in price recently which is why you're interested and reading this. You should know immediately that you don't need to buy a full bitcoin. I think this is a big reason people tune-out initially. You can buy $1 of bitcoin which would be .00011 Bitcoin. 1 Bitcoin can be split into 1 million pieces. </p>\n<p><br>\nI started investing in cryptocurrency (Bitcoin is the first and biggest cryptocurrency) in late June of this year. I first heard about Bitcoin from a tech-savvy friend a year or two ago, and then heard about it again on a podcast. Whenever I hear about something from two people I trust, I run my googles. I’ve become obsessed ever since spending multiple hours a day researching this new world. I feel comfortable enough to start writing a basic guide to help friends and family, and maybe some Steemit people get started (But if you’re on Steemit already this may not be for you). I am an artist/designer with no experience in investing or finance, just interested in tech - so full disclosure this is just coming from a dude that’s been googling non-stop, not a professional advisor or anything (although they don’t really exist yet in crypto). This should serve just as a jumping off point, I would highly suggest doing your own research. <br>\n</p>\n<p><strong>The idea of virtual money feels sketchy to me...</strong><br>\nLets briefly talk about the history of money. Thousands of years ago we had the barter system, where we traded things for other things… cows for chickens, silk for gold etc. Thousands-to-hundreds of years ago we started using precious metals in the form of coins and bars. Hundreds of years ago we started using paper money. In America it used to be backed by gold “the gold standard” - that went out the window in the 70s. This paper money system, or 'Fiat' money system, is controlled by the Federal Reserve (central bank of The United States) and carried out through the banks. In recent decades credit cards have become popular, we also now have Paypal and Venmo for transferring money, this is all still fiat money in different forms. The fiat system is liable to crash, as we've seen with depressions and recessions. It's very complicated to the average person and can be manipulated by banks, governments, and the super rich. Bitcoin is just the next form of money, and many people believe it and other cryptocurrencies will be a huge development for mankind, as it doesn't need a bank or government to control it's value, keep it safe, and its worth the same everywhere. <a href=\"https://www.youtube.com/watch?v=k0HmrSfJwhU&index=13&list=LLz9FXk-4XFWMQuIUUXxMgoQ\">Okay now get hyped off this video (warning: its a little dramatic but check it out...)</a></p>\n<p><br>\n<strong>What is bitcoin, how does it work, and why is it different? </strong><br>\nBitcoin is a decentralized anonymous (however not fully anonymous anymore) currency system. Bitcoin is not a company. It is a technology that is now baked into the internet, and is improved and kept alive by a large community of people from around the world. Bitcoin was invented in 2008, the same year as the US financial collapse. There are only 21 million bitcoins that can exist, no more can be created. Which is why the value of each coin keeps rising, as more people start buying and using bitcoin. Every single bitcoin transaction is stored in thousands of computers cryptographically making fraud impossible without changing the records in every computer which is currently impossible. This decentralized storage system of transactions is called blockchain. The blockchain technology system of making thousands of copies and spreading them out could revolutionize many things and is quite exciting. These videos will explain blockchain and bitcoin better than me:</p>\n<p><a href=\"https://www.youtube.com/watch?v=Da9Q57vov_c&list=LLz9FXk-4XFWMQuIUUXxMgoQ&index=15&t=2s\">Video - What is Bitcoin?</a></p>\n<p><a href=\"https://www.youtube.com/watch?v=8o9QxMxhTp8&index=3&list=LLz9FXk-4XFWMQuIUUXxMgoQ\">CNBC video on blockchain</a></p>\n<p><a href=\"https://www.youtube.com/watch?v=r43LhSUUGTQ&index=4&list=LLz9FXk-4XFWMQuIUUXxMgoQ\">Here's another good video explaining 'Blockchain' in 2 minutes</a><br>\n</p>\n<p>So again, basically Bitcoin and other cryptocurrency is the future of money, a new form that doesn't need banks, and doesn't care what country you live in, has very low fees (small %s of bitcoin is paid to \"miners\" who run their computers to process transactions), and you can't print up more bitcoin because the total amount is fixed in the code. Other cryptocurrencies have different uses, added technologies and benefits that Bitcoin doesn't have. It will be especially great for poorer people with no bank account, or countries with a corrupt bank system, and everyone basically :). Sending money through banks sometimes take days-weeks to clear, especially between country borders and have high fees. We’re in a complicated banking system that nobody understands anymore. We all just have a common agreement and trust that paper money is worth something. If we all trust bitcoin is worth something (There's $288 Billion worth of confidence as of today) and is useful, just like we all trust paper money is worth something, bitcoin will soar, and you will benefit from being an early adopter. <br>\n</p>\n<p>You should watch this documentary called <a href=\"https://www.netflix.com/title/80154500\">\"Banking on Bitcoin\" on Netflix</a>, or <a href=\"https://www.youtube.com/watch?v=Zc41H8oqPik\">here on youtube</a>, So you get a history on it. I don't think it does the best job of simply teaching how it works, but its a great for learning the history of it and how it became popular. </p>\n<p><br></p>\n<p><strong>Is there anything that can destroy Bitcoin, or make the price go down drastically? </strong></p>\n<p>There are only two things I see as a possible threat, both of which I think will not affect the price much long term. </p>\n<p>1. Bitcoin not being able to handle the large amount of growth. There has been a ton of people buying bitcoin lately, which has made transactions very expensive, and the speed of the network very slow. This has made Bitcoin really more of a store of value like Gold, than a currency to be exchanged. This has caused groups of people in the Bitcoin community to \"fork\" bitcoin, and basically create their own new Bitcoins, out of frustration for no majority consensus on what to do. So now we have Bitcoin Cash, Bitcoin Gold, and Bitcoin Diamond... Bitcoin cash is the only legitimate one, which I suggest buying actually down the line for you all. But basically Bitcoin is no longer a good currency, which has opened the doors for other coins to be a good currency. A currency that is fast and cheap, that you could buy a cup of coffee with. This has not stopped people from buying bitcoin however. Most people just are buying Bitcoin to keep anyways, not to buy coffee with.</p>\n<p>2. Bitcoin becomes illegal in the US and Korea. The biggest cryptocurrency markets are Korean and the US. China was a large market but recently they banned it and we saw the price go down 30%, however it bounced back up incredibly as if it never happened. This would cause people to sell their Bitcoin driving the price down, but would not get rid of it. Bitcoin is baked into the internet at this point and cannot be eliminated, just as you can't stop people from sharing music. The US nor Korea would do this probably as they're not communist, and don't want to stifle innovation. We can definitely expect some kind of new regulations from both the US and Korea, but probably just on taxes and ICO's (which I won't explain here). China will be back though, this will also increase the price whenever they figure out how they want to regulate it. </p>\n<p><br></p>\n<p><strong>How do I buy bitcoin or other cryptocurrencies?</strong><br>\nThe most popular and trusted site/way to convert your 'fiat' (dollars) to cryptocurrency (bitcoin) is <a href=\"https://www.coinbase.com/join/595176c6c3431300c77c52c0\">Coinbase.com</a>. Coinbase has a license to operate in New York which is an important note for my NYers, most other sites do not have a license (the government is now catching up with crypto and there are some new regulations). Sign up for an account, the process is easy. <a href=\"https://www.youtube.com/watch?v=5A15THpM8_I&list=PLcTvlhIStejKZKyTL2tddk2KWlYBt0kho&index=13\">Here's a step by step video if you need help. </a>It will ask for your SSN, and other personal information. This is part of the \"Know Your Customer\" anti money laundering law. This should not deter you from buying. </p>\n<p><br></p>\n<p><a href=\"https://www.coinbase.com/join/595176c6c3431300c77c52c0\"><strong>Please use my invite code for Coinbase if this article has been helpful to you. You and I both get $10 if you use my link, which will probably cover your fees! </strong></a></p>\n<p><br></p>\n<p><strong>- Important note: Make a strong password!!</strong> Use a program like <a href=\"https://www.dashlane.com/\">Dashlane</a>that can store all your passwords. You will accumulate many passwords getting involved with crypto. Write all your passwords down in multiple secure places too, preferably not digital. You should have crazy passwords for your crypto things, ideally something like this: ;YnP*TVf?b}&Zq. Convenience is not more important than keeping your money safe. This new crypto world is under constant attack from hackers and you need to protect yourself. You are the bank now! and it comes with some responsibility. You will need to connect your debit card or bank account to start buying. Your buying limit will be less using a card. You will have to enter your SSN which will feel sketchy but this is normal, and is also required when you buy stocks. Now <strong>Enable 2-factor authentication-</strong> Click on <strong>Settings</strong> then <strong>Security</strong> and you should see it. Follow the steps, it requires you downloading the <strong>Google Authenticator</strong> app. This is <strong>very important</strong> for securing your account. It makes the hacker's job much more difficult.<br>\nAfter creating your account and signing in you will see \"<strong>Dashboard</strong>...<strong>Buy/Sell</strong>...<strong>Accounts</strong>...<strong>Send</strong>...<strong>Tools</strong>...<strong>Settings</strong>\" Tabs. <br>\nClick on <strong>Buy/Sell -</strong> Here you will purchase your Cryptocurrency using your linked <em>Payment Method</em> (bank account or credit/debit card). You will see three options for Bitcoin, Ethereum, and Litecoin. I suggest just buying Bitcoin for now. Ethereum and Litecoin are also great coins, currently the 2nd and 5th largest cryptocurrencies, but I won't go into the differences here. </p>\n<p><br>\n<strong>Putting in your first buy order - and getting the best price</strong><br>\nReally any price is a good price in the long run, and by long run I mean 6 months, a year.. 5 years.. 10 years who knows how fast/much it will go up. However you want the best price right!? Cryptocurrencies are highly volatile and unpredictable. As I'm writing this, bitcoin is $3,398/per coin (now $9,477). It could easily drop down or skyrocket. Good chart readers on youtube or whatever can make accurate predictions sometimes but even the best have a high % of inaccuracy. I can’t stress enough how much “<strong>Dollar cost averaging</strong>” is important for buying. This basically means not spending all of your money at once. Here is some strategy: </p>\n<ol>\n <li>Split up your allotted amount of money you have to spend in pieces. I would suggest minimally splitting it into 4 pieces which is aggressive but okay if you plan to keep investing. 10 pieces is conservative, and/or if you don’t plan on investing more in the near term. </li>\n <li>Buy with one of the pieces on a schedule. This can mean buying every Friday (which is statistically the best day to buy). Or buy once a week when the price is a little lower. The price has gone up so fast lately, I might advise you to spend your pieces faster, maybe every couple days now. </li>\n</ol>\n<p>The point is to just get an average buy in price. Bitcoin is very volatile and it’s hard to get the lowest price. </p>\n<ul>\n <li>A more advanced method would be to wait for a crash or “correction” in the price and scale your buys bigger as it goes lower. This is riskier for a few reasons: Bitcoin is going viral basically and there’s no telling how high it will go before coming down. Price corrections have been less and less severe over time. This also requires knowing the market better and anticipating a correction. So this method is not for beginners and you may wait for a price that never comes...</li>\n</ul>\n<p><br></p>\n<p><strong>Don't drive yourself crazy checking the price every two seconds after you buy. Bitcoin/cryptocurrency is brand new and it's a roller coaster. You should just feel confident that it has promise, and will rise in value over time. Investing in cryptocurrency in 2017 is like investing in the .com bubble in the 90s. With that said, don't invest any money you're not ready to lose. The best thing you can do is learn more about Bitcoin and cryptocurrencies.</strong><br>\n</p>\n<p><strong>How do I safely store it?</strong><br>\nYou can technically just keep it in your Coinbase 'wallets' (<strong>Accounts</strong> tab) however exchanges like Coinbase are not as secure as keeping it in a 'wallet' on your computer. I recommend the <a href=\"https://www.exodus.io/\"><strong>Exodus</strong></a> wallet. Go to the 'Download' page, via button on the upper right hand corner of the page. Download for your Windows, Mac or Linux computer. <a href=\"https://www.youtube.com/watch?v=98xeDpl-TXY\">Here is a tutorial video direct from Exodus,</a> Watch that video but you'll be depositing funds into the account <a href=\"https://www.youtube.com/watch?v=5A15THpM8_I&list=PLcTvlhIStejKZKyTL2tddk2KWlYBt0kho&index=13\">the same way as this tutorial video ow this video explain</a>. Deposit your Bitcoin into Exodus:</p>\n<ul>\n <li>Go to Coinbase and click the <strong>Send</strong> tab. </li>\n <li>Now on Exodus, click the <strong>Wallet</strong> tab - then click <strong>Bitcoin</strong></li>\n <li>Hit the receive button </li>\n <li>Copy the bitcoin address (the long string of numbers and letters)</li>\n <li>Double check the address is correct. </li>\n <li>Paste in the '<strong>Recipient</strong>' box (where it says 'Email, or bitcoin address')</li>\n <li>Click '<strong>Use Max</strong>' and make sure it says your 'BTC wallet' then hit send.</li>\n <li>It will send fairly quickly, but not instantly! Don't freak out! Allow at least a few minutes for it to go through. </li>\n</ul>\n<p>Keeping your money off of exchanges like Coinbase, and on your computer (via Exodus), and creating strong passwords are the best steps you can take to keeping everything safe. You can be even more secure with a 'paper wallet' or 'hardware wallet' which I won't explain here. Using exodus is way more secure as someone would need to have physical access to your computer to steal your funds (hacking into someone's computer via the internet is very difficult and not likely). As opposed to a website (exchange site like Coinbase) where if someone guesses your password they can steal your money. </p>\n<p><br></p>\n<p><strong>Taxes</strong></p>\n<p>If you sell your bitcoin you will pay Capital Gains tax, as if you sold a house, or a car. There are still no laws for how to pay taxes on trading other cryptocurrencies besides Bitcoin. The IRS is likely just not paying attention enough yet. Conservative people pay tax on every trade, less conservative people only pay taxes on the bitcoin which is converted to dollars, and put into their bank account. My favorite site for taxes, and tracking your trades is <a href=\"https://cointracking.info/\">Cointracking.info</a>, <a href=\"https://bitcoin.tax/\">Bitcoin.tax</a> is also popular. These sites will help you during tax time to figure out what you need to do. I will update this article again before tax time. <br>\n</p>\n<p><strong>Final Thoughts</strong><br>\nThis is the path I used to get started, which is the result of lots of googling, however I encourage you to <strong>do your own research</strong>. My initial investment did lose money (I bought in at bad prices), however now I am significantly up on my investment. I have however moved on to trading other cryptocurrencies which is kinda where the faster money is at. So don't expect immediate increases in value, it is kind of a long term thing that will go up and down, but far better than stocks or other investments. Now is also a great time to invest, you are still early even though the price seems astronomical. Maybe once I get better at trading smaller cryptocurrencies I will write another post. If you're interested past Bitcoin, check out <a href=\"https://coinmarketcap.com/\">coinmarketcap.com</a> and see all the coins and projects happening. These are coins listed by \"market cap\" or general size in price. Investing in just Bitcoin is still a great move. Like I said it is extremely early still. It could be worth exponentially more as more people buy and use it. It has been through a lot of ups and downs already and has stood the test of time. Keep up do date with Bitcoin/cryptocurrency news. It's interesting and could really shake up the world. <br>\n</p>\n<p><strong>PS</strong><br>\n<a href=\"https://steemit.com/steem/@tuck-fheman/what-is-steem\">What is this Steem site? </a><br>\nIt's a great new social networking site with it's own cryptocurrency. I think it's most similar to <a href=\"https://medium.com/\">Medium</a> and <a href=\"https://www.reddit.com/\">Reddit</a>. You can make money posting, liking (or 'curating') content. The dollar amount below this post reflects real USD but in crypto form. It can be converted to real dollars (maybe I'll make another post about this too, although there are many already). </p>\n</html>",
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2017/11/15 23:37:18
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}hitekpublished a new post: my-most-important-crypto-investment-and-trading-advice-for-beginners-11-15-172017/11/15 23:37:18
hitekpublished a new post: my-most-important-crypto-investment-and-trading-advice-for-beginners-11-15-17
2017/11/15 23:37:18
| parent author | |
| parent permlink | cryptocurrency |
| author | hitek |
| permlink | my-most-important-crypto-investment-and-trading-advice-for-beginners-11-15-17 |
| title | My Most Important Crypto Investment and Trading Advice for beginners - 11/15/17 |
| body | <html> <p><strong>This is my list of the best advice I have received, and things I've learned, in the short but profitable 4 months in the Crypto world. I'm by no means an expert, or financial advisor, but maybe this can help you if you are also new.</strong></p> <p><br></p> <p>- Get in the game. Even if it is just $20 bucks. You can buy fractions of Bitcoin. Don't let this opportunity pass you by. You will not learn as well from just sitting on the sidelines and watching. </p> <p>- Do not invest any money you are not ready to lose! The crypto market is not only incredibly volatile, but has a high learning curve, and is not user-friendly yet. There are a myriad of ways for you to lose your money. ie. buying too high - selling low, emotional trading, investing in bad coins, not having a diverse portfolio, being too diverse where you make no money, making weak passwords, losing passwords, computer crashing with crypto wallet on it, keeping all of your money in the same place, mis-typing a cryptocurrency address. The risk of you making a mistake is much greater threat than the risk of being hacked, or something happening with an exchange. </p> <p>- You will likely lose money in one of different ways mentioned above. Don't beat yourself up about it, this stuff is complicated. Your mess-up is your tuition fee for learning how to invest in this stuff. You will win by just staying in the game, and making better and better decisions. </p> <p>- Get a password helper like <a href="http://dashlane.com/">Dashlane</a> (which I use) or <a href="http://lastpass.com/">lastpass.com</a> - or be very organized about your passwords. Print out a copy or write down everything on paper. Try not to keep digital copies of this stuff, especially don't send your passwords/private keys via email or anything on the internet. YOU ARE THE BANK NOW. There is nobody to help you if you lose your money. You are in control of your money, which is a revolutionary thing, but also comes with responsibility. <br> - Learn as much as you can about Cryptocurrency in general, and the specific coins you hold. You will be able to sleep better at night with your investment, if you are informed.</p> <p>- Figure out how cryptocurrency investing fits into your lifestyle. If you don't have time to check on it- Play it safe and just invest in Bitcoin, and other coins you have heavily researched. Figure out how many you're comfortable holding. Be diverse but not too diverse. Always be heavy in Bitcoin, especially right now. </p> <p>- You'll naturally start investing because of fundamental analysis, but you should be hungry to learn technical analysis. </p> <p>- Be patient in general. But especially about getting the right buy price. If you don't get the price you want, or if you missed the moon-mission, move on to the next coin. Don't buy the top!</p> <p>- "Dollar Cost Average." your buying - Especially with Bitcoin. Statistically Friday is the best day to buy. Buy every Friday with a small sum of money you can afford. I like to spend half that money on Fridays, and half I save for a big price correction. </p> <p>- Sometimes it's good to hedge your bets against the majority... Bitcoin Cash might be a good buy right now....</p> <p>- Don't fall in love with any coin. Even Bitcoin could fall at some point. Getting emotionally attached to a coin can cloud your judgement. </p> <p>- Make a plan. Have a specific price target to buy, and have a reason to buy it there. Have a specific price or indication to sell. Don't sell all at once if you got a good price in the beginning. Use stop losses. </p> <p>- Cut your losses quick. Don't hang on to something if it doesn't work out as planned, you will get burned. There are tons of coins mooning everyday. The quicker you cut losses the more chances you have to try again. </p> <p>- Be quick to adapt to new trends, and be open to new coins and exchanges. </p> <p>- Record your progress. In a spreadsheet, or try <a href="http://cointracking.info">cointracking.info</a>. Maybe keep a trade journal, or notes. Maybe record a big trading event, how you played it, and how it turned out. </p> <p>- Develop a trade strategy. When you find one that works for you. Repeat it. Go with that and perfect it. Experiment with a separate and smaller pile of money. </p> <p>- Teach others about cryptocurrency. By teaching others you will solidify your knowledge, and grow the community.</p> <p><br></p> <p>Shoutout to <a href="https://www.youtube.com/channel/UC_S5FBcMfrFbeV1ZRa3dJmA">Cryptocurrency.market</a>, <a href="https://www.youtube.com/channel/UC4nXWTjZqK4bv7feoRntSog">Coin Mastery</a>, <a href="https://www.youtube.com/channel/UCnePINazJJpbn9FWaq_skQA">Bitesizebitcoin</a>, <a href="https://www.youtube.com/channel/UCCatR7nWbYrkVXdxXb4cGXw">Datadash</a>, <a href="https://www.youtube.com/channel/UCwIj7tC3t6XXWzmHS26XD5g">Chasethatcoin</a> - For all the helpful videos</p> </html> |
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}hitekclaimed reward balance: 1.446 SP2017/11/11 16:42:21
hitekclaimed reward balance: 1.446 SP
2017/11/11 16:42:21
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}hitekunfollowed @chainstudy2017/11/11 16:41:27
hitekunfollowed @chainstudy
2017/11/11 16:41:27
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}hitekunfollowed @sirwinchester2017/11/11 16:34:48
hitekunfollowed @sirwinchester
2017/11/11 16:34:48
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}hitekfollowed @philakonecrypto2017/11/11 16:34:15
hitekfollowed @philakonecrypto
2017/11/11 16:34:15
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}hitekreceived 1.446 SP author reward for @hitek / what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-11-2-172017/11/09 23:25:45
hitekreceived 1.446 SP author reward for @hitek / what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-11-2-17
2017/11/09 23:25:45
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}hitekupdated their account properties2017/11/09 04:09:15
hitekupdated their account properties
2017/11/09 04:09:15
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}hitekfollowed @boxmining2017/11/09 04:06:09
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2017/11/09 04:06:09
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}2017/11/03 04:51:42
2017/11/03 04:51:42
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2017/11/03 04:51:39
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| author | steemitboard |
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| body | Congratulations @hitek! You have completed some achievement on Steemit and have been rewarded with new badge(s) : [](http://steemitboard.com/@hitek) Award for the number of upvotes received Click on any badge to view your own Board of Honor on SteemitBoard. For more information about SteemitBoard, click [here](https://steemit.com/@steemitboard) If you no longer want to receive notifications, reply to this comment with the word `STOP` > By upvoting this notification, you can help all Steemit users. Learn how [here](https://steemit.com/steemitboard/@steemitboard/http-i-cubeupload-com-7ciqeo-png)! |
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2017/11/03 02:12:48
| voter | khukutapeva |
| author | hitek |
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2017/11/03 02:12:48
| voter | zemlyakovo |
| author | hitek |
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2017/11/03 02:12:42
| voter | zinukrain |
| author | hitek |
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2017/11/03 02:12:24
| voter | robrbt |
| author | hitek |
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2017/11/03 02:12:24
| voter | zakha |
| author | hitek |
| permlink | what-is-bitcoin-how-to-invest-and-secure-it-beginner-s-guide-for-friends-family-with-0-experience-updated-11-2-17 |
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Voting Power100.00%
Downvote Power100.00%
Resource Credits100.00%
Reputation Progress14.27%
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}Account Metadata
| POSTING JSON METADATA | |
| profile | {"about":"Indoor gardening expert, Crypto investor","location":"New York","name":"Hitek","website":"http://cityplantz.com"} |
| JSON METADATA | |
| profile | {"about":"Indoor gardening expert, Crypto investor","location":"New York","name":"Hitek","website":"http://cityplantz.com"} |
{
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Owner
Single Signature
Public Keys
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Active
Single Signature
Public Keys
STM5S9mDWs1SD5zXZvpj16v9QYCpZHqVxQsLHpQqqNEvt8dV6y3A81/1
Posting
Single Signature
Public Keys
STM82qZcqeNFsbfqGbHpsuwAgzcwG94eBRBF6Lqr59umsyyRVN8VW1/1
Memo
STM7KoXvwViFJ8ycH4SnpXXaTHaPfkZ2sYUTQYERDegqV6ydLiv1H
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}Witness Votes
0 / 30
No active witness votes.
[]