New to Cryptocurrency, Eager and lots of questions

[Keen4]

Hey everyone,

I wanted to a minute to create a post and hopefully get some helpful tips and advice from some members that have more experience and knowledge in the cryptocurrency than myself, which is probably every one on this site.

I've spent a few studying this world so far and it has been a lot of information to learn in such a short time. I've watched online videos and have listened to a few audiobooks to try to get a better idea. While all these helped me learn lots about cryptocurrencies...it probably raised more questions than I originally had. I have a few that I can think of on the spot written below. If you could help me out with this and any addition info would be AWESOME.

Trading:

• So far I know of Coinbase, Kraken, and Polonix as trading platforms. Which one of these is recommended to be explored as a newbie?
• Am I able to enter into any platform and begin trading by funding my accounts with my local currency or do I need to have Bitcoins or other Cryptocurrencies to be able to fund a trading account

• Fee Schedules - What are these and how do they work? the concept of Taker and Maker is confusing.

Mining:

• Is it worth taking the time to mine for Bitcoin or other currencies? My understanding so far from some sources is that the competition in mining is way too high and the chances of making any money in it is very low. If mining is worth the time...where do I begin?

Bounties:

• I read a posted that said the coins received from bounties can be a waste of time and not worth anything. Is this on a case by case basis or standard across all of them
• I saw that many coins are not offered on the trading platforms I found. Does that mean that any coins earned through bounty campaigns can't be sold since they are too new to be traded on any platform?

I actually have lots of other questions that I just can't think of right now, but i think this is a good start.

thanks for your help!

[1714918992]

1714918992

[1714918992]

1714918992

[lecomputer]

I am new to this too, but thought I'd share what I know...

It depends what country you are from. I am from the UK, and coinbase was the easiest way to get some money into Bitcoin, Eth and LTC, but with fees as I first used my debit card. I would not recommend that in the long run due to fees, but its a good way to get started and play around.

As most exchanges dont accept GBP, but deal with Euros or USD, I had to use Revolut, a banking app as a go between to transfer larger amounts into my coinbase account. There are guides on how to do that.

GDAX is owned by Coinbase and you can use the same login details. The difference is that they have few or no fees. So if you want to buy the major coins, transfer your money instantly from Coinbase to Gdax from within GDAX and buy from there. Also use GDAX to move BTC etc. to your wallet or to other exchanges.

If you want to trade in other Alt coins, then you need different exchanges. I have signed up to Binance which is the becoming very popular. Bittrex is one of the most popular but they arent taking new signups now because there are too many people trying!

Make sure you enable 2fa security on all your accounts including the email you used to sign up. Also make sure you back up the QR codes when enabling 2fa...at the point where you are meat to open Google authenticator and scan the code, print it or take a screenshot. This way if you lose your phone or it dies you can get back in. Without 2fa you are at serious risk.

Thats as much as I can tell you for now

[JumboStrike]

Bounties:

• I read a posted that said the coins received from bounties can be a waste of time and not worth anything. Is this on a case by case basis or standard across all of them
• I saw that many coins are not offered on the trading platforms I found. Does that mean that any coins earned through bounty campaigns can't be sold since they are too new to be traded on any platform?

I actually have lots of other questions that I just can't think of right now, but i think this is a good start.

thanks for your help!

According to bounties... Well it can be a waste of time and can have some value. Now There is two different things between bounties and Airdrops.
You get bounty depending on facebook, twitter followers number, your forum rank. Newbies is not allowed to participate, Jr. Members gets worse rewards and Hero membvers gets most of the reward. If you manage to complete Hero, get lots of followers and friends on other social media you can make quite a lot.
Also you have to select good campaigns. Coins which has a big potential of growing in price.

[Keen4]

I am new to this too, but thought I'd share what I know...

It depends what country you are from. I am from the UK, and coinbase was the easiest way to get some money into Bitcoin, Eth and LTC, but with fees as I first used my debit card. I would not recommend that in the long run due to fees, but its a good way to get started and play around.

As most exchanges dont accept GBP, but deal with Euros or USD, I had to use Revolut, a banking app as a go between to transfer larger amounts into my coinbase account. There are guides on how to do that.

GDAX is owned by Coinbase and you can use the same login details. The difference is that they have few or no fees. So if you want to buy the major coins, transfer your money instantly from Coinbase to Gdax from within GDAX and buy from there. Also use GDAX to move BTC etc. to your wallet or to other exchanges.

If you want to trade in other Alt coins, then you need different exchanges. I have signed up to Binance which is the becoming very popular. Bittrex is one of the most popular but they arent taking new signups now because there are too many people trying!

Make sure you enable 2fa security on all your accounts including the email you used to sign up. Also make sure you back up the QR codes when enabling 2fa...at the point where you are meat to open Google authenticator and scan the code, print it or take a screenshot. This way if you lose your phone or it dies you can get back in. Without 2fa you are at serious risk.

Thats as much as I can tell you for now

That's awesome. Thanks for taking the time to share.

Are you only trading coins yourself or do have any other ways that you get more coins

[lecomputer]

I am just in it as a longer term investment. I nearly invested a year ago and backed out due to naysayers. Now I don't want to feel the same in a year!

I don't imagine I'll get into all the alt coins or trading. I think I'll stick with the big coins and hope they continue to appreciate and hold their place in the coming years

[SFR10]

Mining:

• Is it worth taking the time to mine for Bitcoin or other currencies? My understanding so far from some sources is that the competition in mining is way too high and the chances of making any money in it is very low. If mining is worth the time...where do I begin?

It depends on the amount you're willing to invest. If it's less than a 100k, go with mining other crypto-currencies instead. In case you choose to go with mining, you should always re-invest half of the profit (at least), if you want to keep up with the competition. Also a lot other factors should come into play, like electricity rate and few other things...
You can start from this website (make sure to check the links in the ending part): https://en.bitcoin.it/wiki/Mining