Today’s post will be a bit more technical than the others. It is still in my “Daily Life” category, well because this is what goes on in my life.
Ever since I heard about cryptocurrency I have been interested. I always thought that I didn’t have the money to invest, and I haven’t done the research. You know, talked my self out of it. Well the day has finally come where I have invested in it. I had to jump through a series of hoops to find an exchange market that dabbled in the currency that I wanted, but I found one and we should be all good.
It is super easy to use Coinbase, but it only works with the main currencies Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Since I want to invest in Ripple I needed a way to exchange what I bought from Coinbase to what I want. So I scoured the internet finding an exchange site that would let me convert Ethereum to Ripple. Some of the ones I looked at were impossible to get to because there is too much traffic to the site. the sites are litterally down or not accepting new member at this time. the main exchange that my friends use is Bittrex.com and that would be great except I can’t get in. I found a very suitable alternative in Binance. Binanace.com is on online exchange where I can take my Ethereum from Coinbase and deposit it. Once deposited I can buy Ripple with my Ethereum. Once I have my Ripple I would like to store it offline, so I have found a desktop wallet to store it in, but the catch with Ripple right now is that you must keep 20XRP (the abbreviation for Ripple) in the wallet at all times. You can’t remove it, at least not yet. Once it gains popularity you may be able to take it all out, who knows. The main thing is that you don’t want the exchange site to crash while your money is in there or you will just lose it. With the offline wallet you get a code that can recover your XRP if anything were to happen. Going one step further you can store your XRP on a physical drive similar to a flash drive. This is by far the safest way to store it for longer periods of time.
If this all sounds like alien gibberish, it isn’t far off. This has been one of the most confusing things I have ever done. The reason I am buying one currency and exchanging it for another is simple at its core. I am expecting XRP (Ripple) to grow the most and right now it is fairly cheap. One Ripple is currently $3.12 where as one Ethereum is $997.05. Basically I can buy a fraction of an Ethereum, or multiple full Ripples. Both will do well in the market and I think are here to stay but I want to get in with the up and comer. If you are interested in looking at any of these stats you can find them here: Info
If you aren’t sure of what these currencies are follow these links to learn more:
The big thing with this is not to put in money that you don’t want to lose, like most stock traders will tell you. I ran the numbers and found that I had a little bit that I could scrape together to try this out. I know a few friends of mine that have made thousands. Ripple may never be as big as Bitcoin but it will grow, and I should be fine. For me it is just an experiment/new hobby to try out. I mean lets be real I have spent hundreds on video games that never even have a chance to make me money. At least this has an opportunity to get me ahead haha.
If you have any questions for me I’ll try to answer them, but I am by no means a pro when it comes to this stuff. Also If you are invested in any cryptocurrency, please share your experience with me!
Thats all folks! See ya tomorrow! 😀 😀