What are cryptocurrencies, and why should you care?
Cryptocurrencies are an exciting technology which have helped break down barriers to commerce imposed by governments and ethnic monopolies. Popularized by libertarians and drug dealers, they later became necessary for criminals of the thought variety, like your humble correspondent. Despite all of my dealings being legal and honest, I have been unable to find a credit card processor for my website ever since communists started a riot in Charlottesville, Virginia back in August of 2017, and blamed their carnage on white people, as is their pattern and practice. Ever since, I have been limited to cryptocurrency for the vast majority of my business dealings. As a result, I’ve tried hard to promote them to my audience so we could continue serving one another’s interests.
So I wrote a lengthy introduction to these exciting technologies which I titled the Alt Right Cryptocurrency Crash Course, and set up a page to help people keep an eye on market conditions. I later realized that I had perhaps overloaded some readers with too much information with those documents, and so today I’d like to provide you with a less comprehensive version that can get you started.
I am a big fan of Monero. Bitcoin started off providing a great deal of anonymity in comparison to more traditional financial tools. However, as Bitcoin became more entwined with traditional finance, and law enforcement took a greater interest in Bitcoin transactions, that anonymity became compromised. Monero, Dash, Zcash, and Verge have stepped up as “Privacy Coins” to meet market demand for the anonymity Bitcoin once promised. Whereas Bitcoin maintains a transparent ledger on the web that anyone can see, privacy coins use a variety of techniques to obfuscate the contents of their ledgers from prying eyes, while maintaining transaction integrity for users.
It is important to note that crime is not the only reason one might want some privacy in their financial dealings. Anyone who disagrees with communists these days is considered a Nazi by the communists, and communists have begun tracking the Bitcoin transactions of their political enemies as a result. With the rise of Antifa violence across the country, government has become a secondary concern for those right of center.
Dash and Zcash have optional privacy mechanisms, while Monero’s are always on. This makes Monero my pick. Verge has not gained enough traction in the market to be the subject of much discussion at the time of this writing.
Buying and Selling Cryptocurrencies
Sadly, the appeal of Monero to the criminal element keeps it off many major exchanges that deal in fiat currency.
Kraken is the only regulated, US accessible trading platform that lets users buy Monero with US dollars that I am able to use (Poloniex might work for you, but they don’t serve residents of New Hampshire). Verification there can be time consuming, but once you are level three verified you can finance your account with a wire transfer and buy a variety of cryptocurrencies including Dash, Zcash, and Monero using dollars. You can also sell your crypto there, and cash it back out to your bank via wire transfer.
The other option is to buy more widely accepted cryptocurrencies. You can then trade these for Monero and other privacy coins on a crypto only exchange like Binance.
Uphold.com has fees associated with it, but I would go so far as to say this is the easiest and fastest way I’ve found to buy cryptocurrencies with fiat outside of Coinbase. You can fund your account with ACH, a debit card, or a credit card. Once funded you can buy Bitcoin, Bitcoin Cash, Ethereum, Dash, and even gold bullion. You can withdraw to your bank account using ACH transfer for a $3.99 flat rate.
Gemini.com is a trading platform where you can buy and sell Bitcoin and Ethereum with US Dollars. Verification involves providing identification documents, and making a wire transfer to confirm your bank account. Once your bank account is confirmed you can fund your account using ACH transfers. This is probably the most cost efficient method of buying and selling cryptocurrencies, though it lacks selection.
The BitPay Visa Card is a must have for any cryptocurrency enthusiast. You can instantly trade Bitcoin for dollars which become available immediately on your card for withdrawal at ATMs or use online or in stores.
Glidera.io makes it easy to buy and sell Bitcoin with ACH bank transfers with no fees, though the exchange rates can be less than favorable depending on conditions. It also takes a few days for transactions to complete, since Glidera does not hold any money for its users.
Coinbase is the world’s most popular way to buy and sell Bitcoin, Ethereum, and Litecoin. They make it very easy, accepting ACH transfers, debit, and credit cards. The downside of Coinbase is they are entirely too interested in what you do with your money. A lot of people have been banned from this platform, including political figures who Coinbase disagrees with.
Wallets are the software you use to handle your cryptocurrencies.
Sadly, Monero has not yet been built into any major multicoin wallets yet. You can get the official wallet at GetMonero.org, use a web based wallet at MyMonero.com, and try the Moneruju app for Android.
Keeping track of it all
If you really get into this stuff, you’ll end up having different types of assets in different places. At which point, you’ll want help tracking your portfolio.
BitUniverse is a great app for Android which you can connect to your accounts on exchanges like Binance. It will track all your assets and trades and give you near real time updates on the total value of your assets, along with how much you’ve gained or lost over time.
Cointracker provides similar functionality on your desktop, and can even help you with your taxes.