I have predicted on this blog since 2010 that crypto will replace main stream money and also the political and management systems we use for countries and companies. This will take time to play out.
Since 2009 when crypto first happened we have been in a slow but accelerating transfer of wealth from the old financial system into the world of crypto.
If governments ban it they close the door to what could fuel their next financial big industry. And we seem to have passed the point of that being tried out. Japan bit the bullet and jumped in, everyone is following.
The lines between Governments, Companies and Social networks are continuing to blur, they become similar creatures, each will have its own crypto coin. All are simply forms of social network (or 'infostate' if you read my old blog posts). Governments are loosing their traditional power over companies and countries to become part of a continuum of organisations that represent human social groups.
The below is to get someone started, there is so much more to crypto:
-- prettiest wallet, less secure (because it always uses the same receive address, but ok for small funds) exodus.io
-- more secure and mobile friendly wallet jaxx.io
-- mainstream bitcoin wallet site and good security blockchain.info
how to get:
(Go in staged to play safe, buy a bit every week.. or ideally 'buy the dips' when the price dips, just take some)
-- easy to get small amounts is https://bittylicious.com/
-- For UK bitcoin purchase, http://coinfloor.co.uk has an express buy option which connects direct to brokers (bit like Bittylicious) but the prices are quite a bit lower. Bittlylicious : £2070 Coinfloor: £2008
-- buy from other punters localbitoins.com-- Easy place for Euro bitonic.com
-- list by trade volume of proper exchanges for real buying selling http://coinmarketcap.com/currencies/bitcoin/#markets (xBTCe seems one of the best market for GBP to BTC)
-- main eyeball site to watch to get to know the coins http://coinmarketcap.com
-- news site for getting more upto speed on them https://cointelegraph.com
-- Hold a split of coins.. stuff like bitcoin, dash, ether, gollum, monero and zcash are all interesting.. need to get bitcoin first, then its easy to move over.. the first two wallets i suggested have built in multi crypto support so can exchange the coins they support.
-- Dash, monero, zcash have privacy features which is why some like them, obviously for something to succeed as a form of global money it would need this feature
-- Many services are moving to crypto but in each service there will only be one winner over time. This is the reason to hold a split and move between them as it becomes more clear who is winning.
Re Ether, Bitcoin:
-- Bitcoin has a bug which is not being fixed for political reasons (they have nearly come to an agreement, but not quite) it can only handle 7 transactions a sec.. not enough at present usage.. people have been betting on Ether taking over as it has a more in charge dev team. It can also do much more. Bitcoin has the mainstream mindshare, if the bug gets fixed and I expect it will in time, its price will keep moving up. Then its just down to who integrates privacy first. Ether will always be around as its more than just a currency, its a global computer. (My old post on Ether Ethereum, Bitcoin 2.0 and Web 3.0)
-- Never leave coins with an exchange. Exchanges have been known to get hacked or die of mismanagement.. use an exchange to trade and use a wallet to store.
Types of wallet:
-- coins always live in a blockchain, the user holds the crypto keys to the coins. There are three main types of wallet, 1. there are online wallets (the site never knows the keys or the funds as they encrypt the site eg blockchain.info 2. local apps that access the various blockchains eg exodus.io and jaxx.io 3. download and run the official app for a coin, this can download the blockchain yourself and gives you the most control, but it can be wild west code and you can delete your keys and loose the funds if you screw up. (goto the list at coinmarketcap.com to find the website of any coin and download the official local wallet)
-- The first rule of crypto currency, the press is absolutely clueless on it, take all it says with a huge pinch of salt, most of it is plain wrong some of it is just misleading. This probably goes for most other subjects too.
Some of my early posts on new money and bitcoin:
The State Is Dead, Roll On the Global Free Republic was my original long post on it all just as I realized that new forms of money would replace our old world order. Then had a few more like:
-- Bitcoin fear and Gold, trade in a post central bank world
-- The Infostate And The Colour Of Money