Corey Stedman is a co-founder and director of Node Capital, a global technology company that applies data science to Cryptocurrency. Node Capital has developed a range of products applicable to the industry including: Pouch, an application that monitors and manages cryptocurrency wallets with the goal of assisting users to calculate and reconcile values of their cryptocurrency assets in real-time.
In this episode, Corey gives us the basics of getting started in Cryptocurrency.
Highlights from this episode:
Setting up an account
- To set up an account to buy and sell cryptocurrency within 15 minutes, go to any of the following options: coinbase.com , bitstamp.net, gemini.com. Purchases can be made with debit card, credit card or ACH.
- When you open your account with an initial dollar value, you can do one of two things:
- Buy & hold, so it can grow in value (similar concept to buy stocks)
- Buy and send to someone’s unique wallet address. (There’s wallet software for iOS and Android)
- If you want to use cryptocurrency for everyday things, like sending money to family:
- Convert to Fiat (although most exchanges don’t deal with Fiat directly.)
- Go an exchange to covert to cash & deposit into bank account.
- Find merchants who accept cryptocurrency directly.
Getting the terms right:
- Blockchain is the foundation on which Cryptocurrency is built on.
- Bitcoin, Etherium (aka Ether) are forms of cryptocurrencies eg. (US dollar, Pound Sterling)
Fun fact: M-Pesa the first digital currency was started in Kenya
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