BRAND NEW to Cryptocurrency but determine to win!! I have questions!! Thanks you

[polaris409]

I am new to the world of crypto currency in general but have been reading about them and following for some time. I had to take that time to first solidify my regular investments. Now that I have those in place and my other savings where I want, the extra funds are now to be used for this new market.


So my first thing on top of all things is security... period. I work in a field that makes me fully aware of how important it is.

So my first thing to do today was purchase a Ledger Nano S - Hardware Wallet. Understandably it does not hold all individual currencies but it does hold the main ones currently.

I have read (https://medium.com/@nellsonx/how-to-properly-invest-in-bitcoin-blockchain-and-other-cryptocurrencies-in-2017-32d59e2ff435) backwards and forwards a few times including the breadcrumb sites also mentioned.

My questions are below:

1. I have $2K currently to play with that is fully available for this and ONLY this. To my understanding, I thought you had to purchase a full coin but it appears that you can invest in shares just like you do with stocks. Is this true?

2. Is alt coins really bad or a bad investment? For example investing in Ripple, is this a dumb decision (Im very black and white). Understanding any investment can be bad but WHY would a alt coin be a bad investment outside of it simply being someone developing nonsense hoping to scam you out of funds?

3. For a beginner, is there a recommendation site for buying/selling? I signed up with Coinbase but have seen a list of many (https://www.bestbitcoinexchange.io/)

4. I plan to practice the most indepth security I can. Time is of the essence and from the CIA (Confidentiality, Integrity, Availability)  triad, I am focused on CI with availability coming in 3rd so I really liked the breakdown presented here (https://medium.com/@nellsonx/how-to-properly-store-bitcoins-and-other-cryptocurrencies-14e0db1910d) -- so could you please tell me if this is legit or would it be better to follow another strategy.



At this point, I am still reading while now awaiting my hardware token but I dont want that to stop me from investing no so I will look to invest then transfer my keys and etc to the Ledger Nano once it arrives.

I want to say thank you in advance because I haven't been this excited since I was in college and I wrote my first C++ program SOME YEARS ago.

Point me in the direction of any/all documents as I have my GOOD glasses on and my mind prepared for learning by firehose.

[achow101]

1. I have $2K currently to play with that is fully available for this and ONLY this. To my understanding, I thought you had to purchase a full coin but it appears that you can invest in shares just like you do with stocks. Is this true?

You do not need to buy full coins. They are divisible down to 8 decimal places, so you can buy any fraction of a coin down to 8 decimal places. There is no need to buy one full coin.

4. I plan to practice the most indepth security I can. Time is of the essence and from the CIA (Confidentiality, Integrity, Availability)  triad, I am focused on CI with availability coming in 3rd so I really liked the breakdown presented here (https://medium.com/@nellsonx/how-to-properly-store-bitcoins-and-other-cryptocurrencies-14e0db1910d) -- so could you please tell me if this is legit or would it be better to follow another strategy.

While hardware wallets can provide you with some of the best security, they almost always require that you use a SPV wallet, which are less secure than full node wallets. That is simply due to very few full node wallets existing and even fewer of them supporting hardware wallets.

[kolloh]

2. Is alt coins really bad or a bad investment? For example investing in Ripple, is this a dumb decision (Im very black and white). Understanding any investment can be bad but WHY would a alt coin be a bad investment outside of it simply being someone developing nonsense hoping to scam you out of funds?

No one really knows whether a particular altcoin will be a good or bad investment. altcoins tend to be very volatile and you should be sure to your research before purchasing any of them.

3. For a beginner, is there a recommendation site for buying/selling? I signed up with Coinbase but have seen a list of many (https://www.bestbitcoinexchange.io/)

Coinbase is probably the easiest option depending on your location. It should be pretty easy to get started and purchase coins through them. You could also look to see if you have any Bitcoin ATMs in your area.

[honestis.network]

2. Is alt coins really bad or a bad investment? For example investing in Ripple, is this a dumb decision (Im very black and white). Understanding any investment can be bad but WHY would a alt coin be a bad investment outside of it simply being someone developing nonsense hoping to scam you out of funds?

1 Don;t put all eggs into one bucket.
2 https://icostats.com/
3 good luck

[italianMiner72]

1 Don;t put all eggs into one bucket.

this is the main tip!!!!
diversification is the solution to survive.
never risk all your bucks in the same place...
if you don't look like a gambler...

[Kakmakr]

By saying, you bought "tokens" or "shares" it looks like you are not invested into buying bitcoins directly. Do you have the private key for those coins? The general rule of thumb is, if you do not control the private key, then you own nothing. This is why people lose money in Crypto currencies.

Some people use services like Coinbase to buy bitcoins or a fraction of it and then they transfer those coins out of these services to a address where they own the private key. The hardware wallet is a good start, just make sure you make several backups of the seed. ^smile^