Cryptocurrencies

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With so much going on in the crypto world it's hard to know if you're connecting to the legitimate coin, token, exchange or app. I use CoinGecko to navigate this world.

CoinGecko.com tells me info about the Coin/Token, Exchange and company, major events, developments

With such a huge volumes of coins, tokens. exchanges, etc it's easy to fail. So some warnings:

1. When you're moving crypto, send a small amount first and make sure it gets 'there'
2. If the coin/token name or code looks the same but isn't exact then it's NOT the same. Like BTCM is NOT BTC
3. Only use exchanges where they require you to complete your ID. If they don't care about KYC (Know-your-customer) then they're not legit
4. If you use a wrong wallet address when you're moving crypto you’ll probably lose the money forever
5. Never put in more than you can afford to lose. NEVER

It's crypto so you know everyone else in this knows far more about how to breach security or scam you so take security SERIOUSLY!

Yes, when they give a wallet address or access code and tell you to record it somewhere secure then DO IT! Record it in 552 places, some of them digital, some of them actual pen and paper. Don't be another person who left it on file and now that file is lost.

Use Two-factor authentication (2FA) . If the digital wallet/exchange doesn't use 2FA or similar then don't use them. Use 2FA on your email too.

Do NOT use social media accounts to connect to your crypto world.

Swap is when you want to exchange one crypto currency for a different one or swap back to USD/AUD/EUR or some other Fiat currency.

You typically swap in exchanges. But exchanges only accept and swap with specific cryptos. Use CoinGecko to see which exchanges accept your crypto and what trading pairs they have setup. For example, BTC, probably on all exchanges. But if I wanted to swap BTC for CEL then there's a smaller number of exchanges who accept CEL.

The exchange may not use the term 'SWAP'. They may call it 'Convert', 'Trade' and MANY others

Anytime you want to move crypto to a new wallet, even if it's yours, or swap it for another crypto, there's going to be fees. Most are a percentage of the starting amount, some have a minimum fee, some may need you to pay that fee in a different crypto coin/token OH and sometimes there's gas fees you will be charged. 

When you're swapping you need to wait until a buyer/seller is found who will match to your amount. Could take 1min, 1 day, 1 week. The larger the amount the more impact the price and the amount of time. If the swapping pairs are more obscure then this may also impact time and cost. The longer the time then also the more likely you are to have slippage

Tax. In Australia the ATO considers crypto as an asset and falls under the Capital Gains Tax Treatment.

A crypto coin or token can be thought of as similar to a regular currency like USD/AUD/EUR/CAD/etc.

Blockchain can be thought of a similar to a software or computer operating system.

HODL - a common reference for Hold on for Dear Life but is probably a mistype for hold.