Dec
22
2017

Crypto Currency Trading Info

Starting with a disclaimer: i’m still a noob on this topic also, but have spend some time to get to known some of the basics.
So as usual, do your own research before investing money on anything. Also this article will be edited every now and then to keep it updated.

 

How is this related to Unity and GameDev?

There are already coins targeting gaming markets, and one partnership with Unity+Gamecredits, enjin coin is coming up with Unity plugin and more to come..
But for most part, I think you’d also prefer early retirement, if you missed the original bitcoin train. 🙂 *Although you could also lose all your money too 🙁
Side note: Steam stopped using bitcoin recently due to high transfer fees, slow transactions and high price volatility..

 *Latest Update: 22.12.2017 Whole market is going down, good time to buy when prices start settling in..

How To Get Started On Crypto Trading

  • Register to some of the Exchanges listed below
  • You might have to submit ID documentation to verify your account, before you can deposit money
  • After deposit, you can purchase coins. Either by Market price (buying at the lowest price that someone is selling) or Limit Order (you set the price you want to pay, you’ll have to wait for the price to hit that value and to have someone sell it). You can see Order Book list in the page, it shows what people are buying and selling
  • After you have some coins, you can hold on to them as long as you want (and hopefully have increase in the coin value), or you can buy & sell daily to make smaller profits from price changes

Exchanges (to buy/sell/trade)

  • Binance : Has large selection of coins available, website is not pretty though
  • HitBTC : Nice easy to use website, has builtin trollbox chat (never take any buying advice from there, thats why its called trollbox). Large selection of coins and even ico’s
  • CoinBase : Large, supposedly safe and popular (but some complains about high fees. Note: GDAX Exchange is part of coinbase, but has lower fees)
  • Cex.IO : Can easily deposit money with debit/credit card. Only has few cryptocurrencies (BTC, ETH, BCH, BTG, DASH, XRP, ZEC..) and often higher coin prices than elsewhere
  • Cryptopia : Huge amount of alt coins available
  • Bitfinex : Largest exchange, but having bad reputation recently, so there are fears that it might even go down.. Check first whats the current situation before joining
  • CoinMotion : Small exchange in Finland, but they are planning to expand into Europe next year (selling only bitcoin for now)

Passive Income Exchanges

  • KuCoin : If you own their kucoin shares, you get share of their exchange profit!

Prices

Interesting Coins

  • Personally i’ve purchased anything from the coinmarketcap top30 list, and few random small coins just to collect, in case they ever go up.
    To name a few: Ripple, IOTA, Cardano, NEM, EOS, Stellar, NEO, TRON, Verge.. so far they have been going up nicely, luckily purchased few weeks ago when they were cheaper.

Mining

  • MinerGate : Easy 1 click mining GUI (cpu & gpu mining, even mobile app mining is possible, but all of these are probably not profitable in home use..)
  • WhatToMine : Stats for what is the best coin to mine
  • CoinWarz : Stats for what is the best coin to mine

News (good or bad news can heavily affect coin prices, so need to keep up with the news)

Apps

  •  CoinStats : Quick view of coin prices. Add your own portfolio for free (below 5k value). Android & iOS

Common vocabulary

  • FOMO : “Fear Of Missing Out”. When people see bitcoin price rising, they want to jump in quickly, even at high prices, which can cause prices to raise even faster, but after the peak, those same people might lose money when price goes down.
  • FUD : “Fear, uncertainty & doubt
  • Buy The Dips : If coin price goes down, you can buy it when its cheap (and then can sell it when its higher)
  • Whale : Big buyer, they can even affect prices by buying or selling high amounts of coins at a time
  • Pump and Dump : Price getting artificially pumped up, others will notice it and jump in (FOMO), then the ‘pumpers’ sell of their coins at profit
  • Hodl : “Hold”. Buy and hold has been the best strategy for most coins. Long term investment, waiting for the value to raise even more.
  • ATH : All Time High. When coin reaches new record price.
  • Sell Wall / Buy Wall, Orderbook : See this article | See video
  • EW  :  Elliot Wave
  • Position : If you buy coin at price 100, that is your entry position. Then you can hold it, or sell that higher price position, say, you sell at 120, that is your exit position and you made small profit
  • Arbitrage : Coin price can be different on each exchange, so there is possibility of buying it cheaper at one place, and selling higher price on another place. Problem comes from slow transactions, transaction fees.
  • ICO : Initial Coin Offering. Should consider most of these as money-grabs.. If you want to invest, look for quality idea/product that solves some actual problem, good team members, their activity in social media, is their github dead or has actual progress etc. There are websites to show basic info in a glance: Coincheckup

Chat

Misc Links

FAQ

  • Feel free to post questions in comments (not that i could answer all, but can point to some resources hopefully)

Get Free Coins ! Wohoo 😮

  • Post in the comments section some best resources to follow! (could be crypto-people in twitter, youtube channels, technical analysis tutorials, new coins etc.)
    Best ones will be rewarded with some random alt-coins!


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