Welcome to According to Hank’s Crypto-Guide
On this page you will find a range of tips, links and tools to help you establish and build a portfolio of Bitcoins and other crypto currencies. The goal of this website is to get you started in the crypto world. Starting is the hardest part and cryptos can be very intimidating for new comers. I hope i can help you start your journey.
Bitcoin is a virtual currency that allows people to send each other payments over the internet. A payment made in bitcoin is secure, the transaction is fast, and does not require the involvement of a bank. Transactions are recorded on a permanent ledger that is shared across a network of thousands of computers. The technology behind this ledger is called blockchain technology, and allows for a level of privacy and security, and resistance to hacking and fraud. Everyday advancments are made in the crypto world making it faster and more efficient.
Bitcoin as an Investment
When Bitcoin was first developed and introduced to the world in 2009, it had no real value in dollar terms. Since Bitcoin’s creation public interest in the technology has created a desire among people to collect it, store it, mine it, and spend it. One of the most well known stories is that of a man who bought 2 pizzas for 10,000 BTC, now worth over 100 million, talk about hindsight being 20/20!!
In the first quarter of 2011, the price of a single Bitcoin reached $1US for the first time. By the end of 2016 it was just under $800.
Today, in 2018, the market price for a single Bitcoin is over $10000 and has many people running around in a manic trying to get in while the going is good!
How to obtain Bitcoins
Bitcoins can be obtained by a number of means. They can be bought from people privately or on crypto currency exchanges; they can be collected as a reward for viewing ads via coin faucets or they can be mined with special machines and programs, many of which are free! Two excellent microfaucets to get started are FaucetHub and Coinpot.
Storage of Crypto Coins
Crypto currencies, including Bitcoin, have become increasingly valuable over time, and so the methods for storing them have necessarily become more secure. When a single coin was only worth a few pennies, people saw little need to store them securely. Nowadays, with the price of coins reaching into the hundreds or thousands of dollars, it is a little different. Coinbase is an good standard wallet, it holds Bitcoin Cash, Ethereum, Litecoin, and Bitcoin
Virtual coins such as Bitcoin, Ethereum, Litecoin and others, are stored in digital wallets; small apps or programs located on a person pc or even a smartphone. These wallets are digitally encrypted with passwords and private keys so that only the legitimate owner has access to the coins held inside them.
Technically speaking, the coins are not held inside the wallets but instead, their ownership is indelibly recorded in the public, permanent ledger that removes the need for a central bank. Wallets provide a way to access a person’s balance of coins held on the ledger, and therefore MUST be protected from hackers and other threats. Creating a backup of your wallet keys is crucial in protecting your investment.
The information on this website is not financial advice. The purpose is to educate you to getting started collecting Cryptocurrency. This website contains links to other websites that we do not control. We may receive payment when you visit those websites but we cannot control the content on them. You are encouraged to do your own research before investing in any bitcoin or crypto currency websites. (Affiliate Disclaimer) (Disclaimer)