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Against the IFP

Centralizing control over a currency’s infrastructure is a seemingly obvious mistake.

One would think any Austro-libertarian worth their salt would be able to see thru such a charade. Yet here we are, again. Face to face with economic illiteracy. Not garden variety lefist economic illiteracy, but one far more stinging and painful - one which comes from within our own community, rather than from without. 

First, Bitcoiners faced the economic illiteracy of maximalism and small blockers. Attempts to masquerade money’s primary function as value storage (Ammous) or rejecting Menger’s Regression Theorem altogether (Szabo) are luckily demonstrably false. Nevertheless, the shock of our fellow Bitcoiners illiteracy was like an unexpected slap in the face. Suddenly, we were forced to confront the fact that the ignorance of our allies in the fight for sound money, had led them astray. Yet, thru BCH we were thankfully able to keep Satoshi’s dream of peer to peer cash intact. 
Well, crypto anarch…

First Time Buyer's Guide to Bitcoin

Despite the known advantages of cryptocurrency, many people choose to continue using fiat USD. I believe this fact is a consequence of fear - fear of learning something new, fear of uncertainty, and of change in general. Getting started is really a matter of knowing how to obtain crypto, and which vendors qualify as reliable and honest service providers. This article is my account of getting started with this new, advanced technology; bitcoin.

First off, where do you buy bitcoin? There are a few different ways to do this, but some things must be taken into account, like the market price in respect to vendor cost. With bitcoin, this difference can range anywhere from almost nothing to hundreds of dollars per coin. A couple of other things to take into account are method of payment, and the time it takes for your coins to be available for trade. 

The most common methods of payment for bitcoin are as follows. You can pay directly through your bank account, which is linked to a website by verification of identity. Additionally, you can pay via wire transfers, debit card transactions, or cash. Depending on your reason for investing in cryptocurrency, you may want to look at these options differently. Linking your bank account to cryptocurrency can take a little bit of time but makes it easier to pay for cryptocurrency from home or even buy from your phone. The downside to buying with a linked bank account is that government entities and banking institutions can keep track of your purchases, which may not be such a great option depending on your reasoning for investing. Paying with cash is one way of receiving the cryptocurrency directly into your wallet shortly after depositing cash into the vendors account, however this does take time as generally you will have to go to the bank in person and the cost of coins purchased with cash is often higher when compared to purchases made directly via a bank account.

Often times in order to receive your coins immediately you must either pay via bank wire transfer or debit card transaction. The verification process on some websites can be a little tricky and may not be clearly explained upfront. You could end up waiting days, if not weeks to fully access your purchased coins, even if they have already been debited from your account. Websites do this in order to prevent fraud and to protect their customers, however for the new crypto entrepreneur this can be quite the obstacle in efficiently trading your purchased coins. The fees associated with buying, selling, and trading coins can have a drastic impact on your initial investment amount. You may pay $20, $30, or even $40 when purchasing thousands of dollars of bitcoin. Also, the price of bitcoin could drop significantly anytime after your purchase. If you had little to no access to trade your crypto, then you could potentially sustain heavy losses. 

Before just jumping into it I would suggest watching a few videos and reading a few articles concerning the general mechanics of how market prices change. You'll want to become familiar with terms such as overbought, oversold, exponential moving average, volume, Elliott wave theory, closing cost, and relative strength index. You don’t need to be an expert in day trading, but its good to know when a drastic rise or drop in price is just around the corner. In addition to familiarizing yourself with these terms, it’s a great idea to follow crypto experts online. There are a number of people on Twitter and YouTube who will give you a play-by-play breakdown of what is in store for crypto for the coming days and weeks. 

Last but not least, you'll want to secure your cryptocurrency in a reliable, and robustly secure wallet. Wherever you choose to store your currency, (be it on your computer, on a hardware crypto device such as a USB drive, or on an online wallet) be sure that you do not lose any passwords or keys associated with the storage of your cryptocurrency

I cannot stress this enough, there is a possibility that your cryptocurrency becomes inaccessible or will virtually disappear simply due to a forgetful mind. It is wise to test any wallet with small amounts of cryptocurrency prior to dumping a large sum into them. Be certain of your addresses when copying them onto transactions and double check amounts before pressing send. When it comes to cryptocurrency, there is no call center, there is no customer service, once you hit send on a transaction, your money enters the void and the only lifeline you have between you and your cryptocurrency is your certainty in source and destination. 

Below is a list of links to wallet websites, trading websites, crypto experts, and phone apps which I have personally tested and enjoy using. All of these sites have an app, and they are either free or cheap. I hope I've helped you understand what to look out for when getting into cryptocurrency. 

Follow me on twitter for dark satire and pointless self expression: @pop_toy 

Crypto Purchasing: 
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