Up and Coming Crypto Coins

Upcoming Crypto Coins

Bitcoin is the first decentralised digital currency, as the system works without a central bank or single administrator. Transactions take place between users directly, without an intermediary.

However, there are several other crypto coins emerging in the digital marketplace. So, which coins are becoming worthy of future consideration for investors? Here are some of the newer online currencies to explore in the up and coming crypto currency landscape:

Ethereum is an open-source computing platform and operating system featuring smart contract functionality. Ether is a crypto currency generated by the Ethereum platform. Ether can be used to compensate participant mining nodes for computations performed.

Tezos is decentralised and governs a true digital commonwealth to facilitate formal verification which boosts the security of smart contracts. The Tezos block-chain claims it will underpin secure, decentralised applications, and smart contracts, while avoiding some of the political and technological problems which earlier efforts such as Bitcoin and Ethereum have faced. However, the Swiss Tezos Foundation is currently being sued in the United States by Bitcoin investors. The Tezos Foundation is under investigation over allegations of mismanagement and false marketing.

Litecoin is a peer-to-peer crypto currency, and is based on an open source cryptographic protocol, which is not managed by any central authority. This crypto coin is nearly identical to Bitcoin.

 

Monero is an open-source crypto currency that focuses on privacy and decentralisation. It uses a public ledger to record transactions while new units are created through a process called mining. Monero aims to improve crypto currency by obscuring sender, recipient, and amounts on every transaction made, as well as providing equal opportunity in the mining process.

Pascal Coin is the first crypto coin designed to work without a historical operations requirement, and yet is still able to control double spending, or check balance. Unlike other crypto currencies, the block-chain can be deleted at any time, and will continue working perfectly. It uses a “SafeBox hash”, modified each time a new block is generated. Pascal Coin is being marketed as crypto currency for humans, not only for geeks! It is very similar to a bank, using easy to remember accounts instead of cryptographic addresses, and requires having a personal account to receive and send coins.

There are a multitude of options out there in the vast and changing world of online crypto currencies. So, how does one get started? Going to a local bank won’t help. A bank account logged into and ready as needed to register on crypto currency exchange web sites, such as https://www.kraken.com/, is a good option. There a multitude of web sites to get started and there are even more crypto currencies to invest in.

In the future, crypto currency will likely challenge the status quo of traditional banks as crypto coins increasing flood the digital marketplace.

For more information, visit Bob Pattni.

[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