Getting Started for Individuals

Getting Started Accepting Cryptocurrency for Your Business

Know that if you create a wallet for yourself, you can use that address to receive any cryptocurrency payment from anyone with nothing more needed.  However, for individuals that wish to integrate a website or point-of-sale equipment with a payment platform, that process is slightly more complicated.

The Litecoin Foundation themselves have created a website to assist with getting business to accept Litecoin.  Just click here:  Pay With Litecoin.

A list of available services that will help your business integrate with Litecoin.

Dash's website includes a list of payment processors that will help you get Dash integrated with your business.

Some other popular payment processors that accept cryptocurrency are GoCoin and BitPay.  Both accept Bitcoin.

A new service CoinPayments.Net purports to accept over 85 different digital currencies.

Here are some more excellent How-To's from Medium.com.

And, of course after you finally integrate a cryptocurrency into your payment processor, get a really cool LED sign at

HODL Empire to advertise it to the world!

You'll probably need some legal advice concerning compliance and blockchain, and The Crypto Lawyers seems to be a good place

to go for assitance!

Before we begin, I can not stress enough that there is simply no substitute for doing your own research.  Learn about the coins, exchanges, and merchants before attempting to tackle this on your own.  If you haven't read the important definitions, coins, and exchanges web pages I highly recommend that you do so before proceeding any further.

The below is from my experience only.  As Kraken was one of the first exchanges registered to do business in my state, they are my trading platform of choice.  The general rules below, however, will apply almost universally.

  1. Set aside some money with which to trade.  I do not recommend starting with less than $100 because of wire transfer costs.

  2. Create an account on the exchange of your choice, ensuring that they are registered to do business in the country (and if applicable, state) in whcih you reside.  I am not responsible if you are charged with any tax avoidance crime

  3. Setup 2 Factor Authentication (2FA) on your account.  Use an app like Google Authenticator or Authy.  DO NOT use text messaging.

  4. Once registered on an exchange platform, you may need to progress through several "tiers".  Each tier allows you to conduct different levels of business.  For example., the below applies to Kraken (note that there are NO SIGN-UP FEES AT ALL!)...most of the information provided is to comply with AML and KYC laws, and is for your own protection.

    • Tier 0:  You hold an account, but can not deposit or withdraw.

    • Tier 1:  You can trade only between digital currencies.  Account funding is also done only through digital currencies.  You can not withdraw or deposit fiat currency.  To be registered for this requires your full name, date of birth, country of residence, and phone number.

    • Tier 2:  Limited deposits and withdrawls for both fiat and digital currency, requires address verification.

    • Tier 3:  Same as Tier 2 but with much higher limits on deposits, withdrawls, and trading.  Margine trading allowed.  Requires a Government-issued identification, verified proof of residence (utility bill), social security number, and a verified identification photo (it is definitely worth it t5o get Tier 3 certified for Kraken in my opinion). 

  5. Fund your account. 

    • via Wire Transfer:  This usually takes the form of a bank wire transfer and should take no more than 20-30 mintues.

      • Navigate to the Kraken funding page, and select US Dollars for deposit.  Initiate a wire transfer.  You will get account numbers, and transaction numbers to be provided to your bank. 

      • Go to your bank site and initiate a wire transfer.  NOTE THAT A WIRE TRANSFER IS NOT AN ACH TRANSFER.  Wire transfers are committed immediately, and usually have a service fee of $25-$50.  ACH transfers are usually fee and are done in batches (think direct deposits).  Check what your exchange requires, but for Kraken a WIRE transfer is required.  Enter the account number that Kraken gave you into your bank site.  With all wire transfers there should be a "notes" field.  Enter the exchange's transaction ID in this field.  When the wire transfer goes from your bank to the exchange, it will be easy for the exchange to know whose account to deposit the funds into.

  6. Once the exchange shows your deposit is available, you can create either a market order (which will buy your coin of choice for the current market price), or you can set a limit order (to buy the coin of your choice once the price drops to the point you specify ... if ever).

  7. After you have watched your digital currency hopefully increase in value, tie your bank account to the exchange, trade the digital currency for fiat, and withdraw your local fiat currency into your bank account.  Profit!

Getting Started Mining Digital Currency

  1. Determine the digital currency you want to mine, and whether mining is possible with the hardware you currently own.  A great place to start is the Mining For Coins page.

  2. Go online, download the wallet software, and create a wallet for that currency.  Make sure to store your private keys in a safe place!  Another option here, is to get an account on an exchange and generate a wallet address there.  Note that this is not as secure as using your own wallet.  For more information, please check out the "Things I Wish I Had Known..." blog post.

  3. Purchase additional hardware if necessary.  Again, the Mining For Coins has links to the most profitable miners.

  4. Create an account on a mining pool.

  5. Point the payouts to the wallet that you created in step #2 above.

  6. Create a "worker" on the mining pool.

  7. Point the mining hardware/software to the mining pool's web address using the worker name and password that you created in step 6 above.  This will vary with each miner setup as their software implementations are different.  Note, though, that each miner can be pointed at ANY mining pool which mines the currency which you select.  Bitmain especially would love for you to believe that you can only point their miners at the Bitmain mining pool.  This is simply not true, and the Antminers can be pointed at any pool.

 
HODL Empire

DISCLAIMER

 

This site is for informational purposes only.  Please conduct your own research and invest wisely.  A website link on this website in no way represents an endorsement of any kind, or any validation that the services or products available on that website are suitable for your purposes.

Most individuals will find throughout the course of their research that different communities associated with different coins are very passionate about their coin and its underlying technology.  We strive always to remain as impartial as possible.

The information provided on this website does not constitute investment advice, financial advice, trading advice or any other sort of advice and you should not treat any of the website's content as such. Coins Demystified does not recommend that any digital currency should be bought, sold or held by you and nothing on this website should be taken as an offer to buy, sell or hold a digital currency. Please consult your financial advisor before making any investment decisions.

Coins Demystified will strive to ensure accuracy of information listed on this website although it will not hold any responsibility for any missing or incorrect information. You understand that you are using any and all information available here AT YOUR OWN RISK.

The price of digital currencies are very highly volatile. It is common for prices to increase or decrease substantially in a single day. Although this could mean potential huge profits, this also could mean potential huge losses. DO NOT INVEST ALL YOUR MONEY IN DIGITAL CURRENCIES. Only invest money which you are willing to lose. Digital currency trading may not be suitable for all users of this website. Anyone looking to invest in digital currencies should consult a fully qualified independent professional financial adviser.