What Does the Future Hold for Bitcoin

Future of Bitcoin

The year 2017 was a monumental year for the cryptocurrency ecosystem. In January 2017, Bitcoin prices rose almost 2000% from $1,000 to more than $19,000 in December. The same year saw Ripple, Litecoin, Ether and other leading cryptocurrencies experience similar spikes as well as the emergence of new cryptocurrencies.

Image result for bitcoin

The year 2018 could be another breakthrough year for cryptos. Here are some of the top predictions:

1. Bitcoin’s value will continue to rise

Image result for bitcoin

The increase in the value of Bitcoin last year makes its growth and dominance unstoppable. Despite being volatile – which increases the chances of melt-downs – the belief is that Bitcoin will still be a market leader through 2018.

2. Financial institutions will get involved

Image result for Chicago Board Options Exchange In December 2017, the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME) announced that they would start trading in Bitcoin futures. This move will not only bring cryptocurrencies closer to traditional financial markets in 2018 but will also add legitimacy to the crypto.

Goldman Sachs was one of the first companies to consider clearing futures for its clients. The company is also set to establish a cryptocurrencies trading desk by mid-2018. Other institutions are expected to follow suit since most clients are demanding access to cryptocurrencies.

3. The rise of new platforms

Image result for Ethereum Today’s leading platforms, Bitcoin and Ethereum, face numerous challenges which make us question their long-term capabilities. Bitcoin transaction times range from 10 minutes to several days and transaction fees have risen to more than $4.75 per transaction. The worst part is that the fees are expected to increase as more people join the network. Mining Bitcoins on a world-wide scale consumes a lot of power – about the same as Denmark. Some even claim that in two years time mining Bitcoins will consume more electricity than the whole world uses today.

As people become increasingly aware of the downsides to Bitcoin and Ethereum, they will search for alternatives leading to the rise of other platforms. 2018 will see the launch of new platforms such as Cosmos, ICON, Polkadot, Aion, and Chia. These platforms could help address critical issues of interoperability, scalability, and governance.

4. ICOs will professionalise and attract professional investors into the market

Image result for Ethereum ICOs

Last year, large amounts of capital were raised via ICOs with projects such as Tezos and Filecoin raising more than $200 million in just one round of funding. This year, investors are expected to get involved with this new type of funding. This will call for further transparency and business validation, bringing the ICO process closer to conventional venture fundraising. Platforms such as Balanc3 – provides crypto firms with accounting and reporting software – and CoinList – screens and selects blockchain companies – will emerge to support this trend.

5. Increased regulations globally

Professionalising ICOs will go hand in hand with increased regulation across the world. In 2017, the United States ruled that ICOs should be regulated accordingly and certain cryptos classified as securities. The same year also saw South Korea and China ban ICOs.

Image result for regulations crypto

Over the course of 2018, other countries are likely to follow suit. The UK, for instance, is currently planning to regulate cryptocurrency together with counter-terrorism and anti-money laundering rules forcing customers to reveal their identities when performing certain transactions.

With Bitcoin and other cryptos increasing in value and showing a lot of resilience in the market, it is evident that they’re here to stay. Cryptocurrency enthusiasts will, therefore, have a lot to expect this year.

Written by Bob Pattni

Where Can You Spend Crypto In The UK

The arrival of cryptocurrencies sparked mixed reactions among many people. A bigger percentage of people were sceptical about it but with time, cryptocurrencies such as Bitcoin managed to win the hearts of many investors and traders. Bitcoin was the first crypto to ever be used. However, after its release, plenty of other cryptos emerged. Despite a lot of criticism on the pioneering cryptos, the emergence of others clearly showed the determination and the brighter future cryptos would have in the economy. Presently, plenty of people are in the crypto business and this has attracted the major retailers and other online businesses. Cryptocurrencies can now be accepted as a means of payment across the UK, just like the normal currency.

Who Accepts Cryptocurrencies.

Image result for cryptocurrency

In the UK, there are plenty of well-known business that are accepting crypto transactions. One of the major industries that are actively involved in crypto exchanges is the gambling industry. There are a lot of online casinos where players are able to bet using cryptocurrencies. An even better part of it is that there are emerging online casinos that strictly use cryptocurrencies. This offers a chance for cryptocurrency users to spend their cryptos for business and leisure purposes.

Gambling aside, some retailers have realised the potential that cryptocurrencies come with. For this reason, they too have embraced it and anyone with a cryptocurrency can trade with them. You might even be surprised, the first official Bitcoin valuation, which occurred in 2010, is considered to have been a transaction that led to two pizzas being traded for 10,000 Bitcoins. This transaction didn’t mean that Bitcoin was meant for buying pizza alone. Today, Bitcoin, Etherium, Ripple and Litecoin among other cryptocurrencies can be used to purchase various goods and services online. Web hosting services, clothing and accessories sellers, Charity contributions, Electronics sellers and Marketplaces among other many areas provide a convenient way to spend cryptocurrencies. Some of the retailers that accept cryptos include 5wire.co.uk, AntMiners.co.uk and AFK Apparel.

The Cryptocurrency Market.

The biggest place where you can spend crypto is in the cryptocurrency market. The cryptocurrency market is constantly getting popular, and this provides a lot of people with endless profit opportunities. The profits arise majorly from trading cryptos.

Image result for cryptocurrency Most people might be worried when they first encounter cryptocurrencies. Apart from being able or knowing where to spend cryptos, most people do not even know how to acquire the currencies. However, it’s easy to buy cryptocurrencies and once acquired, one can invest in the crypto market. Investing in crypto markets is one of the best ways to spend cryptocurrencies. Whether the cryptocurrencies prices are falling or rising, one can still be able to profit. Previous experience is usually not necessary to accomplish winning cryptocurrencies trades.

Bob Pattni

Will Ethereum Take Over From Bitcoin As #1?

Are there Possibilities of Ethereum Taking Over from Bitcoin?

Bitcoin has continued to be the most talked about currency to date. However, the market’s second popular cryptocurrency, Ethereum is growing at an alarming rate. It has been predicted that the Ethereum market cap will overtake that of Bitcoin before this year ends. Ethereum has exhibited a much richer developer ecosystem that is growing rapidly. This is the reason why Ethereum’s price has continued to escalate more aggressively than that of Bitcoin.

Is a New Challenger Looming?

Bitcoin’s value has risen by over 500% since last year. Currently, it is trading at 7,059 Euros, which is over ten times the value of Ethereum. However, Ethereum has not been left behind. Its growth is even faster than that of Bitcoin. Currently, it is worth more than 20 times the value it held just last year. Also, Ethereum has continued to creep into Bitcoin’s market. This is despite the fact that Bitcoin’s market has risen to almost half its 90% stake in just four months. Within this span, it has also reached four times its market share to a staggering 30%. If this trend is anything to go by, it will not be surprising to find Ethereum leading in the next few months.

Ethereum Catching Up to Bitcoin

Ethereum has continued to claim that it comes with numerous advantages. The most important one is the fact that it acts as a smart contract system. With it, you can build decentralised apps on its blockchain. This creates a mutually stimulating effect that helps increase its value.

Image result for ethereum

Soon, Ethereum will be the leading and most sought-after network on the outside of the crypto world this year. It is also likely that it will go unchallenged by upcoming technologies like IOTA, EOS and Raiblocks due to its big lead on its newer projects. There are numerous reasons as to why this is likely to happen, including those highlighted next.

Some big projects that have been underway in the previous years will eventually be launched on the Ethereum net. A number of them are very promising, such as Melonport and Augur. These bear a huge disruptive power individually. For example, Melonport can disrupt fund arena and make Fidelity outdated.

Image result for ethereum

Ehereum has gained over 90% market share in tokens. Although there is the likelihood that it might lose some of its token front ground, most of the new projects are expected to run on it. Ethereum is obviously going to continue struggling to keep up with the rising numbers of transactions every day. This will be helped by the upgrades of the Ethereum major network.

Those getting into the crypto world will learn about it through Dapps. This means that they will stop being speculators and become users. Dapps will be utilised as only the second step to familiarising themselves with the technology. Since it is expected that Dapps will be run on Ethereum in 2018, this will make it the most talked about technology.

When Ethereum finally finds its opportunity in the market this year, its performance is going to be very solid, making it very valuable. Although there might be some fluctuations in the pricing just like with Bitcoin, Ethereum will eventually get stable and establish trust. This will translate to a higher value in the future.

Bob Pattni

What Does The Future Hold For Litecoin?

What Does The Future Hold For Litecoin?

Image result for litecoin If Bitcoin is the gold standard currency in the field of cryptocurrencies, Litecoin can definitely aspire to be silver. This currency has many advantages, such as the fact that it is completely decentralised, and provides peer to peer transfers at practically zero cost. Created by Charles Lee and released in 2011, Litecoin was actually intended as an improvement on Bitcoin, however. Whether you believe it to be better than Bitcoin or more of a handy backup option to Bitcoin, there is no denying that Litecoin’s future looks very promising indeed.

Future projections for the value of Litecoin

Image result for litecoin Throughout 2017, Litecoin’s value rose by a whopping 8, 000%. If it continues this upward trend, it is likely that Litecoin will continue to be a strong competitor for Bitcoin, even though Bitcoin will remain the default option for cryptocurrency users and will continue to take up most space in news items about cryptocurrencies. Though Litecoin started to 2018 at a price of over £217 it then fell by February 2018 to just over £87. This slump was a common trend with cryptocurrencies, however, and it is important to bear in mind that at the start of 2017 one Litecoin was valued at just $4.33 which is around £3 so this currency has seen massive overall growth. Bitcoin, Ethereum and other key players in the cryptocurrency sector experienced a similar slump. In the near future, then, the fortunes of Litecoin are likely to be characterised by a series of troughs and peaks but by an overall increase in value.

Will traders continue to purchase Litecoin?

Image result for litecoin The short answer is: yes. Even traders who are extremely loyal to Bitcoin will often purchase Litecoin. Litecoin are very quick to mine (taking around 2.5 minutes each) which is one reason why they are popular, particularly on fast moving markets. However, one disadvantage is that it is more difficult to purchase Litecoin than it is to purchase Bitcoin (which can usually be purchased using a major denomination of centralised currency such as pounds sterling or US dollars). The easiest way to purchase Litecoin is by using Bitcoin, and this looks likely to remain to be the case for the foreseeable future. That means that Litecoin’s success is highly dependant on the success of Bitcoin, indeed we can describe the future of Litecoin as being somewhat parasitic on the future of Bitcoin.

In sum: the future of Litecoin

Litecoin continues being the ‘second sibling’ to Bitcoin. But, it is a very strong second sibling, growing in value (despite a few ups and downs) which will continue to attract traders and investors who are seduced by its quick time frames or who are simply seeking to diversify their portfolio and branch out from Bitcoin from time to time.

Bob Pattni

Cryptocurrency predicting the future

Cryptocurrency: predicting the future. – a blog post by Bob Pattni.

Predictions are a shaky business at best. Predictions about something as unpredictable as Cryptocurrency are even more so. But as we come to the end of 2017 and look forward to 2018, what predictions can the experts make that we should be paying attention to?


1. Bitcoin and Ethereum are here to stay.

Image result for bob Pattni bitcoin and ethereum

Most people who are enthusiastic about Cryptocurrency appear to agree that Bitcoin and its newer rival Ethereum have staying power, though they may be more bullish on one versus the other. Although Bitcoin is outperforming Ethereum in the marketplace at the moment, expect Ethereum to continue to rise and for the gap between the two to narrow.

2. As yet unknown coins will hit the big time.

Bitcoin and Ethereum may have stolen the show at this point, but the innovation won’t end there. Expect more winners on the horizon, which also means there’ll be more losers so invest your money carefully!

Kathleen Breitman is hopeful that Tezos, her own blockchain bet, will fill a niche – and there’s some evidence to suggest she could be right. She and her project’s developers are designing Tezos to automatically push software updates out to the network, thus, in theory, avoiding the divisive feuding over upgrades that has wracked systems like Bitcoin over the past few years.

No one can say how many tokens and coins and blockchain protocols will eventually win out, but the experts seem to think there’s room for a multitude: so there could be more winners out there in the future that we just don’t know about yet. However for 2018, I’d suggest Tezos as the one to watch; while Ethereum continues to be a safe bet for investment.

3. Some people will get burned.

For the time being, Cryptocurrency might seem like a fantastic way to raise a lot of money quickly and with few questions asked. Will this lead to riches for some? Undoubtedly—and it already has. And rip-offs for others? Again yes, and again it probably already has.

There’s also a presumption that black market deals and insider trading are rife within Cryptocurrency transactions as its very nature of being unregulated attracts an unsavoury element. Although this doesn’t cover all Cryptocurrency transactions its undeniable that it does hold true for a proportion of them. So regulation is likely to come, and will likely be welcomed by the vast majority.

4. Cryptocurrency will give Silicon Valley and Wall Street a run for their money.

In a world where anyone can participate as an investor online, physical location matters much less. In the long run, what use is your bank manager or even your bank if you never need to use them to trade money?

Projects are already getting funded via Kickstarter and other similar Online methods. Breitman said she that when she set up Tezos’ token sale, she aimed to get as many people who wanted to participate in the ecosystem to contribute.” The company raised more than $200 million to date and, according to her, more than 30,000 Tezos wallets have been opened.

Will Cryptocurrencies ever replace banks and financial institutions though? It’s unlikely, even in the long run, however they will make a serious dent in the traditional power of these service providers by coming to rival them in terms of buying power.

5. Regulations will stick.

Elena Kvochko, chief information officer of the security division at Barclays, said that her bank has had talks with regulators about Bitcoin, blockchains, and their ilk. The rule-sticklers appear to be open to the idea as long as “know your customer” laws are obeyed, although it’s still early days.

Meanwhile, as governments settle on their own sets of rules, countries like Switzerland, Singapore, and Estonia are jostling to develop frameworks that easily accommodate the new technology. They’re seeking to displace geographic incumbents and become hubs for a new wave of business financing.

Until the new laws are created and decided upon, go for a policy of total honesty and keeping track of all your transactions. Honesty is, after all, always the best policy.

6. Speculation will subside as “killer apps” take hold.

As Cryptocurrency prices fluctuate wildly, speculators have been having a field day. However, there’s reason to believe the markets will become more stable, as Bitcoin gradually has over the past couple of years (despite its still big price swings).

In order for these computer coins to catch on big-time, they need a use-case that beats traditional money. And that’s where the new wave of Crypto apps, making it easier and more accessible to everyone, is going to really help this new currency take hold.

Of course Cryptocurrency is an international currency that crosses borders in the blink of a keystroke, so apps will have to be developed hand-in-hand with the developing laws and regulations within all countries of the world.

7. Cryptocurrencies will pressure traditional payment methods to improve.

Whenever a consumer swipes or dips a credit card, payment processors charge a fee.

Cryptocurrency could be the cause of big changes in traditional payment methods – changes we’re all going to feel the benefit from..

One potential outcome of the adoption of alternate systems, like Bitcoin, is to provide companies with the impetus to improve their services. Bitcoin it will make banks move toward the real cost of handling these transactions. It could also affect changes in companies like Amazon and Google in the future and the way they charge customers.

As I said at the beginning, a crystal ball to predict things with is going to be very murky at best. But the above points give a good synopsis of where the Crypto market is heading and what’s coming up for us.

_Written by Bob Pattni _

Cryptocurrency, will it fail or is it here to stay?

Will Cryptocurrency last, or will the recent backlash by mainstream media and a few big names have a long-lasting effect and be the beginning of the end for the new wave that is Cryptocurrency?

Cryptocurrency and its rise can be said to be a new type of revolution. And as we know from history, revolutions last. They change things, and nothing’s the same afterwards. That’s cryptocurrency.

It’s only feared by those who don’t understand its flexibility, its use and its purpose. And I suppose that’s why as a currency it’s mostly been embraced by savvy entrepreneur and tech types: open minded, able to see possibilities, not afraid of change. Imagine being able to buy or sell a house or car without any middle-man. Imagine making a crypto transfer for business goods to any country in the world, and the transfer of funds is free, or close to free; you can mutually agree what cryptocurrency to deal in, and almost as soon as you press the button, you’ve done the deal.

Let’s put it another way – you’re buying your shopping using a cryptocurrency that you know is going up in value as you shop, and that your shopping is actually helping it to gain value. When you get back home and check your cryptowallet, you find that your cryptocurrency value is worth more than it was before you spent some of it on your shopping: so you’ll basically be eating for free that week!

All of this, and far more is happening right now. It is mainly happening to clever people. To people with a level of focus that allows them to learn some new things that are not really that difficult to learn. It is happening to those who would rather do something than watch reality TV.

It is happening, currently, to just a fraction of the population, but word is spreading, and the revolution is gaining force.

Some key facts you may not have known:

  1. There are already hundreds of millions of people stocking and using cryptocurrencies;
  2. The distributed nature of blockchain technology  makes government control next to impossible – you can shut down one exchange or platform in your jurisdiction, and another two will spring up in its place in areas where you have no jurisdiction, and those holding or wanting to buy or exchange cryptocurrency will just go elsewhere, even if they have to do it through proxy servers to remain anonymous.
  3. The anonymity of blockchain transactions means that your private keys are yours alone, and unless you give them up, nobody, from a central bank to a government agency can touch your coins.
  4. People like having and using cryptocurrencies! They like looking in their wallets and seeing the value of their investments rising. They like that their profits cannot be monitored. When you buy coins from all over the world, certified by anonymous blockchain miners who could be anywhere, nobody can track your transactions.

So Cryptocurrency is more than just a flash in the pan. It’s not just the latest dotcom bubble that’s going to burst. It’s here to stay because the very people who use it most are the type of people who make things to last. We’re inventing ourselves a new civilisation here, and it’s not about to stop any time soon.

What is Bitcoin, And What Does it Do

Covering the Basics: What is Bitcoin, And What Does it Do?!

Article by Bob Pattni, Cryptocurrency expert.

It’s the question I’m most often asked when I tell people what I do for a living. ‘Oh’ they say, looking puzzled. Then, politely but still very puzzled, comes the same question time after time. ‘But what is a Bitcoin? What does it do?’

I’ll answer this here in the same way I answer it in conversation – quite lengthy, but in as plain English as I’m capable of giving!

Firstly, you’re going to need to understand – just briefly – what cryptocurrency actually is. A cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure the transactions and to control the creation of additional units of the currency.  It’s is a medium of monetary exchange like normal currencies such as USD, but designed for the purpose of exchanging digital information through a process made possible by certain principles of cryptography. 

Okay so far?! Great. Now you understand the basics, let’s look at Bitcoin.

Bitcoin was created in 2009 by an unnamed individual or group of individuals known by the pseydonum of Satoshi Nakomoto. It’s a digital and global monetary system and is now a recognised form of currency. It allows people to send or receive money across the internet, even to someone they don’t know or don’t trust. Money can be exchanged without being linked to a real identity.

The mathematical field of cryptography is the basis for Bitcoin’s security. It’s not controlled by any country or bank, rather anyone can ‘mine’ for Bitcoins using specialist computer equipment to solve mathematical equations online and gather the currency.

Simply put. It’s money. Online, digital money that you can use in real transactions and is now recognised in nearly every country worldwide.

Bitcoins are electronic currency, otherwise known as ‘cryptocurrency’. Bitcoins are a form of digital public money that is created by painstaking mathematical computations and policed by millions of computer users called ‘miners’.

Bitcoins are, in essence, electricity converted into long strings of code that have money value.

But What Do Bitcoins Do?!

They do the same things as other money does – buy and sell goods or commodities. Bitcoins are completely virtual coins designed to be ‘self-contained’ for their value, with no need for banks to move and store the money.

Once you own bitcoins, they behave like physical gold coins: they possess value and trade just as if they were nuggets of gold in your pocket. You can use your bitcoins to purchase goods and services online, or you can tuck them away and hope that their value increases over the years.

Bitcoins are traded from one personal ‘wallet’ to another. A wallet is a small personal database that you store on your computer drive, on your smartphone, on your tablet, or somewhere in the cloud. Bitcoins that you win by ‘mining’ go into your personalised wallet, and are there for you to spend.

Sound complicated?! Then it’s probably not for you. But if you’re a ‘tecchy type’ then this is something you should really be thinking of investing in. For your next step, read all about what equipment you’ll need to invest in and how to get started ‘mining’.

_written by Bob Pattni_

Factors That Influence The Value Of Bitcoin

Factors that Influence the Value of Bitcoin

Bob Pattni

The following are the factors that influence the value of Bitcoin:

  1. Demand: The increasing demand day by day is leading to appreciation in the value of bitcoin.
  2. Supply: The supply is reducing every second due to increased difficulty in mining that goes up and up. There can only be 21 million coins ever, out of which a large portion is lost already that can’t be recovered.
  3. Awareness: More and more people are getting aware about it, they wan’t their bit of the coins too.
  4. Digital Growth: More and more users of internet will demand more coins.
  5. Halving: The block reward that a miner gets for mining eventually get half after reaching a particular level. At present it is 25 coins per 10 minutes (approx) that is going to be half by July 22, 2016.
  6. Electricity: Mining has a variable cost in form of electricity that goes high and high. So more cost means more value for the bitcoin.
  7. Complex Hardware: Now it is a big game that needs a complex and specialized hardware called ASIC Miner. It is produced in very less quantity, the best in the class is AntMiner S9 that got sold out in 2 minutes at the launch early this June.
  8. Competition: More and more people are getting into mining that increase the difficulty thereby taking the value higher.
  9. Hoarding: The supply is controlled by large players like what happens in Diamond. They have the holding capacity for years, so scarcity leads to more value.
  10. Up Trends: Appreciation leads to more demand as people think it will go up and will continue to go up.

I have mentioned all the factors, if you can add up more, please mention in comments.

How to Invest in Cryptocurrency

 

So you are looking to invest in Cryptocurrency? First things first, you will need your bank account logged into and ready as you need to register on Cryptocurrency exchange websites in order to buy, you cant go to the local bank and buy any.

There a multitude of websites to get you started and there are even more Cryptocurrencies to invest in but we have to start somewhere so I will be explaining how to buy Ethereum from Kraken.

Step 1

Make your way to Kraken which is where you will buy the Ethereum from.

Step 2

Register an account with Kraken

Register an account with kraken

Register an account with kraken

Step 3

Verify the email that was sent to you, if you don’t do this then you cant use the account effectively.

Step 4

Click on the Funding tab, then the currency you wish to deposit (GBP in this case), this should being you to the correct screen, if not, click on deposit then GBP.

Deposit GBP with kraken

Deposit GBP with kraken

Step 5

Choose the option of deposit that is cheapest for you. This will depend on your Bank and their fees for each type of deposit.

Step 6

Scroll down and follow the instructions given to deposit money to your account.

Step 7

Once you have the money in your account, click the Charts button at the top right to get a feel for the price of ETH at the moment. The charts will show when the last buy order was, how much it was for and how much ETH was bought was bought. Using the order book located at the bottom of the page, you can see all the people wanting to buy ETH and for how much. This allows us to undercut people and buy ETH before them.

Ethereum buy and sell

Ethereum buy and sell

Step 8

Now that we have a price for ETH, we can make out first order. Click the Trade tab on the left, then new order. Fill out how much ETH you wish to buy and at what price per ETH. If the Total GBP doesn’t exceed how much is in the account, click the BUY button and an order will be opened below. Once someone sells ETH to you, you’re done!

Step 9

Congratulations, you have just made your first step into the Cryptocurrency World.

Step 10

Read our “How to sell and deposit your Cryptocurrency” guide.

[Guide]Creating a wallet for Ethereum

Multiple Options

There are many ways to create a wallet for Ethereum. I will go over the two simplest ways so that you can start mining or trading as soon as possible.

Option 1 – My preferred method when mining to a wallet

This website is a godsend for a lot of Ethereum users, not only because you can create a wallet directly form their website in seconds, but because you can also download their plugin for Chrome (and Firefox?) which allows you to see your balance with the click of a button.

Let’s start by going to MyEtherWallet:

https://i0.wp.com/www.shaun-morgan.com/wp-content/uploads/2017/01/Generate-Ethereum-Wallet.png?resize=650%2C477

MyEtherWallet Homepage

Enter your password (you should write this down somewhere safe as if you forgot the password, there is no other way to access your wallet)

Next you will also want to download the Encrypted JSON file and print the paper wallet:

https://i2.wp.com/www.shaun-morgan.com/wp-content/uploads/2017/01/Wallet-Generated.png?resize=650%2C436

This is a test wallet, not my personal one.

Multiple backups of the wallet file itself is crucial if your aim if for long term use of this wallet and it will contain a substantial amount of money. These will be used to find your wallet (you will still need the password to access the funds). You can put the JSON in a password protected rar file and back it up online as a good measure along with copies kept on other computers or external hard drives. It always better to be safe than sorry.

Now that you have your wallet, the “Save your address” line shows the actual address used to send money to the wallet. If you are mining, this is the address that you will use for the pool to send the Ether to.

MyEtherWallets website can now be used just like a normal bank account, allowing you to send money to any other Ether address you want.

Option 2 – The logical next step after mining your coins to your MyEtherWallet

If like me, you have set up a wallet using MyEtherWallet, then after a few weeks you will have accumulated some Ether and may want to sell it or trade it for Bitcoins(or something else). This next option will go over creating a wallet with Poloniex (for creating a wallet with Kraken, use my previous article which shows how to generate a wallet there)

Firstly, go to Poloniex and login/register:

https://i1.wp.com/www.shaun-morgan.com/wp-content/uploads/2017/01/Poloniex.png?resize=650%2C363

Poloniex Exchange Page

When you are logged in you are greeted with the Exchange page, at the top right, mouse over “Balances” and click “Deposits and Withdrawals”. You will be taken to this page:

https://i0.wp.com/www.shaun-morgan.com/wp-content/uploads/2017/01/Balances-Deposits-and-Withdrawals.png?resize=650%2C366

Balance, Deposit and Withdrawal Page

Type “Eth” in the box top right of the table. Click “Deposit” then click “Show deposit Address” and you will have your Wallet on Poloniex.

https://i0.wp.com/www.shaun-morgan.com/wp-content/uploads/2017/01/Searching-for-Eth.png?resize=650%2C368

Ethereum Deposit Address

All you need to do now is visit MyEtherWallet or use the Plugin and send however much you want to the address above that you were given. Double, triple and quadruple check all details before confirming. Best practice is for your first time, move the smallest amount possible so you can get a feel for what to do and how long to expect the transfer to take.

Thanks for taking the time to view this article, if you see any problems, let me know on my Twitter page which can be found above.

Written By Bob Pattni