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      "body": "The video explained why Wikileaks has an interest in Bitcoin. It did not explain why bitcoin has value, nor did it explain what gives it value other than fluff (eg. Freedom of expression, how your money is used, a reward).\n\nYou need to go into more detail on what gives bitcoin its value as a cryptocurrency. Is it demand, anonymity, easy of access, decentralisation? Also you need to address the effects on Bitcoin's value as an intangible currency, I would say compare a fiat currency with bitcoin, and explain the differences and what give each of them their specific value.",
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      "body": "@@ -2536,24 +2536,25 @@\n ng a project\n+,\n  to sell to \n@@ -2632,33 +2632,16 @@\n d to be \n-currencies to be \n used thr\n",
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      "body": "@@ -1354,16 +1354,46 @@\n  discuss\n+ examples of cryptocurrencies,\n  traits \n",
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      "body": "@@ -1480,18 +1480,19 @@\n cies.%0A%0A%0A\n-**\n+## \n Examples\n@@ -1522,10 +1522,8 @@\n ects\n-**\n %0ATo \n",
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      "body": "## Summary\n\n* There are many factors that have not been considered regarding the risk of cryptocurrencies.\n* Currencies need to satisfy three conditions to be currencies; have a unit of account, be a store of value and be a medium of exchange. Most if not all cryptocurrencies do not satisfy the final condition.\n* Most projects within the cryptocurrency market have a lot of barriers that need to be overcome to survive.\n* It is hypothesized most cryptocurrencies researched have a major flaw. Cryptocurrency investors want the price to increase, and users of the product associated with the cryptocurrency want the price to decrease as it would lower operational costs.\n\n![large_a9d01e2f-5405-4bfd-bb89-e0b015fcc750.png](https://steemitimages.com/DQmSyLYXZRQVXxGH3xBxRXAKUqDL2T6JNSCL5MrNeeLctG5/large_a9d01e2f-5405-4bfd-bb89-e0b015fcc750.png)\n\n\n\n\n## Introduction\nCryptocurrencies have had a lot of problems in the past month, with the demise of Bitconnect, the blocking purchases of bitcoin by financial institutions such as banks and the ban of cryptocurrency marketing. The investors within the cryptocurrency market still believe certain projects that are currently being worked on will be successful. However, there are many factors that have not been considered regarding the risk of cryptocurrencies, including their major flaw. \n\nThis blog will discuss traits of a currency, the barriers of cryptocurrency projects and a hypothesis on the major flaw of most cryptocurrencies.\n\n\n**Examples of Cryptocurrency Projects**\nTo put these projects into context, some of these projects researched are shown below. Most of the founders of cryptocurrency projects have created companies for their respective projects. \n* Dash is trying to be a faster version of bitcoin (whereby bitcoin uses a currency and tracks all bitcoin payments on a block chain).\n* OmiseGO wants to design an inexpensive way to conduct financial transactions.\n* WaBi seeks to design a system for users to test if products are authentic and not counter fit.\n* Ripple is a project that is designed to support quick transaction between financial institutions in cryptocurrency or tokens that support fiat currencies.\n* Bitconnect was primarily a project where investors who held bitcoin could invest their bitcoin into Bitconnect by exchanging their bitcoin for Bitconnect, and reinvesting that Bitconnect to increase the interest paid to an investor in Bitconnect. \n\n\n## Traits of a currency\nCryptocurrencies are created by people running a project to sell to a market and use with their project. These cryptocurrencies are designed to be currencies to be used through a computer. However, given that the cryptocurrency market is using these coins more as a store of value, they may be no longer seen as a currency.\n\nFor a financial medium to be a currency, it needs to satisfy all three of the following conditions.\n* A unit of account: A currency needs to have a unit of measurement to represent its value. For example, the Japanese Yen is counted in Yen. \n* A store of value: A currency needs to be able to be stored and used later. For example, $1 USD, if stored in a bank for five years, should be able to be spent as $1 USD (excluding inflation or interest).\n* A medium of exchange: A currency needs to be something that people buy and sell from one another. For example, you can give $2 to a supermarket, and they will give you a carton of milk.\n\n*The cryptocurrencies researched have been the top 200 on coinmarketcap.com as of 28th of January 2018 (coinmarketcap.com, 2018).\n\nAll cryptocurrencies researched satisfy the first condition. Most cryptocurrencies researched satisfy the second condition, since some are not used at all. However, most if not all cryptocurrencies do not satisfy the last condition.\n\nCryptocurrencies will most likely not be generally accepted as a medium of exchange for three reasons.\n1. All cryptocurrencies researched for this article do not have any way to put downwards pressure on their coin’s prices (i.e. reduce the price of their coin). If prices go too high (eg. Bitcoin reaching around $18,000 USD in December, this lead to fees exchanging Bitcoin drastically increasing).\n\n2. Not enough trust. There is not enough trust in cryptocurrencies to be used as a currency due to their fluxuations in price. It is doubtful, people will use a cryptocurrency as a medium of exchange if there is a chance the currency can drop by a large amount daily (roughly +5%), with respect to a fiat currency (eg. USD) for no apparent reason, as seen in the past year from May 2017 to present. \n\n3. Too much is held as a store of value. A currency is considered healthy if it is being used often for everyday exchanges. Most cryptocurrencies on the market are not being used for their purposes involving the project they are assigned to. They are used as a store of value for investors. Thus, as a result, these coins are not used as a medium of exchange.\n\n\n## The barriers of cryptocurrency projects\nAn asset should increase in price the more value it either adds or can add to a given section of a market. There has been a lot of hype over the projects that cryptocurrencies are associated with. However, there are a lot of risks a project will need to overcome to be successful. These risks are outlined below with regards to a project management life cycle.\n\n*Graph 1: Product development life cycle stage with respect to cost and time*\n![F1_PLC-4BasicPh.gif](https://steemitimages.com/DQmW4Wm7MoVzFS59AncyiNFAD57hVZnEZac96NP6L4jN4DR/F1_PLC-4BasicPh.gif)\n(Adams and Brandt 1978)\n\n*Concept stage*\n* Relevance: A project may become irrelevant by not fully solving the problem it was designed to fix, another project solves the problem better, another project is more cost effective, investors loose interest or the costs to implement the project are too high.\n* Technology Obsolescence: The block chain technology may be eclipsed by other forms of technology. For example, there may be no need for Ripple, if there is a faster method of transacting finances between institutions without using block chain.\n* Time: In the time it takes the project to fully develop, another project or a better system may have been developed, which would mean, the longer the project takes, the more susceptible the project will be to threat of new entrances or substitute products or services.\n\n*Development stage*\n* Funds: A project may run out of funds whilst developing their project. They may increase their funds by asking for investors or selling cryptocurrencies to investors. They may even not get enough funds to initially start the project in some cases.\n* Costs: Since most projects are using cryptocurrencies to generate revenue, how will the project create a revenue stream? Will the demand the project is targeting generate enough revenue for the project to be profitable overtime? What if the project is going into a market with lots of competitors (eg. Dash and Bitcoin), will it be able to maintain a competitive edge and compete? Have the project owners planned for a situation if the demand increases for their services or product? How would the project make changes to meet this increase in demand?\n* Demand: A person or group or company must be incentivised enough to buy or rent (as a service) the use of these projects. This may not happen due to companies not being interested in the project, too much change, too much risk from change, security concerns or even the price of using or buying the project being too high.\n* Scope: How well will this project solve the problems that the project is trying to solve. After a project’s development stage, could the problem have changed enough to have the project less relevant than it was when being developed?\n* Marketing: Will potential clients want to deal with a product when the price for using the project (i.e. the coin’s price) heavily fluctuates with the market?\n\n*Execution stage*\n* Ongoing costs: Would the project have enough funds to continue to run effectively? How much memory, processing power, skilled employees, office space and funds are now required to run the project minimally and optimally?\n* Revenue streams: How will the project gain revenue apart from through cryptocurrencies offered? What other revenue streams will the project be utilizing to generate revenue?\n* Demand Changes: Will the plan to increase the scale of the project if demand increased be sufficient? What if there are costs that have not been accounted for or the costs of computer processing parts is too expensive for the project to upgrade given its revenue streams?\n\nThere are a lot of risks associated with these kinds of projects, especially since most of these projects are independent of a major financial backer.\n\n\n## Hypothesis on the major flaw of most cryptocurrencies\nThe main way cryptocurrency investors invest into these projects that are offering cryptocurrencies, is by buying the coin that is associated with that project on a public market. For example, to support Ripple's project, someone would purchase XRP on a website that has an open market where one can trade fiat for XRP.\n\nSince a cryptocurrency investor is taking this coin and holding it, they are using this coin as a store of value. Holding a value of cryptocurrency means there is less of that cryptocurrency being traded, which means the price increases due to the coin becoming scarcer, because there is now less of that cryptocurrency being traded in the market.\n\nIf some institution, person or group was using a project’s cryptocurrency, they would want the cost of the coin to decrease, because it will decrease their operational costs for using the project. The more a client relies on the project, the greater the desire to have a reduction in the price of the cryptocurrency being used.\n\nHowever, the price is controlled by the market, not the company in charge of the project. Having the price of using a project's systems is completely regulated by who controls the currency. In this case it is the cryptocurrency investors. This means, users of a project will have to deal with cryptocurrency investors wanting to increase the price of the coin to increase their profits. This directly increases the operational costs for the users of the project.\n\nThere is now a situation where investors who bought cryptocurrencies want the price to increase, but users of the project want the price to decrease. This puts the two most important groups in regards to a project's cryptocurrency price, namely the cryptocurrency investors and the users of the project, with opposing goals. Therefore, the struggle for price between these two groups will reduce the demand for that project if there is a chance operational costs for projects dramatically increase as we have seen from May 2017.\n\n## Conclusion\nIn conclusion, all cryptocurrencies researched seem to not abide by the third rule of a currency. There are many barriers which must be overcome to succeed, and a major flaw of most cryptocurrencies is, the users of the project and the cryptocurrency investors will always have opposing goals for the value of the cryptocurrency associated with a project.\n\nIn this writer’s opinion, most of the projects should be praised for trying to find solutions to real world problems. However, the way in which they have gone about acquiring funds may lead to a conflict between two parties that may be detrimental to projects using its cryptocurrencies in a public market.\n\n## References\nAdams, JR and Brandt , 'SE 1978, 'Organisational Life Cycle Implications for Major Projects', *Project Management Quarterly*, Vol 9, no. 4, p. 32 - 39.\n\nBitInfoCharts 2018, Bitcoin Avg. Transaction Fee historical chart, retrieved 14th February 2018,  https://bitinfocharts.com/comparison/bitcoin-transactionfees.html.\n\nCoinarketcap.com 2018, ‘Historical Snapshot – January 28, 2018’, retrieved 29th of January 2018, https://coinmarketcap.com/historical/20180128/. \n\nFulton, T n.d., ‘Whitepaper’, *github.com*, retrieved 14 February 2018,  https://github.com/dashpay/dash/wiki/Whitepaper.\n\nPoon, P et al. 2017, ‘OmiseGO Decentralized Exchange and Payment Platform’, *OmiseGo Team*, retrieved 14 February 2018, https://cdn.omise.co/omg/whitepaper.pdf.\n\nRipple n.d., 'Solution Overview', *Ripple*, retrieved 14 February 2018, http://whitepaperdatabase.com/ripple-xrp-whitepaper/.\n\nWaBi n.d., ‘WaBi – crypto token for safe consumer products’, *WaBi*, retrieved 12 February 2018,  https://resources.wacoin.io/WaBI_Whitepaper_ENG.pdf.",
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      "body": "Thank you :)",
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      "body": "<html>\n<p><strong>Summary</strong></p>\n<ul>\n  <li>Bitcoin has been growing in value since its inception, skyrocketing since the start of May 2017</li>\n  <li>Asset bubbles form when a majority of people hold a lot of an asset as an investment</li>\n  <li>As a result, bitcoin is current not functioning like a currency</li>\n  <li>There are floors in the block chain technology being used as a currency</li>\n  <li>Since bitcoin is in a bubble, most alt coins are in a bubble</li>\n</ul>\n<p><br></p>\n<p><img src=\"https://imgsafe.org/image/f853c29096\"/></p>\n<p><br></p>\n<p><strong>Introduction</strong></p>\n<p>Upon writing this blog, Bitcoin has gone from $1974 USD from the 1st of January to $13,100 USD from the date of posting this blog. That is a 19.6 times increase in price. Other alt coin have increased to match bitcoin's rise. A lot of financial commentators believe bitcoin is in a bubble, and the price of bitcoin will burst sometime soon. This blog will discuss the price history of bitcoin, how asset bubbles form, the bitcoin bubble, bitcoin is not a currency, bitcoin as a store of value, the floors of the bitcoin block chain and other alt coins bubble.</p>\n<p><br></p>\n<p><strong>Summarised price history of Bitcoin</strong></p>\n<p>Below is a summary of the general bitcoin price movements since its inception.</p>\n<p><img src=\"https://imgsafe.org/image/c5d53550af\"/></p>\n<ul>\n  <li>Bitcoin originally released in July 2010 at $0.08 USD per bitcoin.</li>\n  <li>From July 2010 to around October 2013, the bitcoin price rose from $0.08 to $183.</li>\n  <li>From October 2013 to Early December 2013, Bitcoin's price rose rapidly from $200 to around $900 USD. The reason for this is due to investors from China pumping and dumping bitcoin.</li>\n  <li>From December 2013 to around August 2015, the bitcoin price dropped from around $900 to around $230.&nbsp;</li>\n  <li>From August 2015 to May 2017, Bitcoin's price rose from around $230 to around $1,495.</li>\n  <li>On the 1st of April 2017, Japan legalised bitcoin as a legal form of payment. Causing a massive jump in the price from 1st of May 2017 when news started to spread about Japan legislating bitcoin.</li>\n  <li>Throughout the year, bitcoin has been increasing in value from around $1,495 in April 2017 to around $6,778 in October 2017. Bitcoin has had two major \"correction\" to get there in July, September and November.</li>\n  <li>Since October, bitcoin has increased form around $6,778 to currently $18,895 with almost no correction.&nbsp;</li>\n</ul>\n<p><br></p>\n<p><strong>How asset bubbles form</strong></p>\n<p>The general growth if an asset bubble is shown below.</p>\n<p><img src=\"https://imgsafe.org/image/f5bfb19287\"/></p>\n<ol>\n  <li>The people who generally invest here are small groups of investors who have heard of the asset, and people excited for the projects that a certain cryptocurrency is associated with.</li>\n  <li>Here is where you get investors who want to get on board and learn about the asset start buying the asset. Some are there because they are excited about the projects, others are investing just to make money.</li>\n  <li>The final phase of growth, this is when the news of the asset goes mainstream, and people who have no idea about the asset buy it. The most likely reason they will buy the asset is either; to make the gains that the investors who invested in phase 2 made, or the fear of missing out of any gains made. Unfortunately, most of the people who invest have no idea about the cryptomarket.</li>\n  <li>Most likely in this stage, people who have invested from phase 2 and 1 will sell their assets. The massive increase in supply that these investors sell to the market drags down the price. In the case of cryptocurrencies, that will mean the price will decrease, and those who invested at part 3 will be selling off due to the sudden shock of decrease price.</li>\n  <li>Either one of two things are most likely to happen at this point. Firstly, the price could go below the mean then to the mean before the hype. Second, the price will collapse due to the lack of confidence of the asset with the market.&nbsp;</li>\n</ol>\n<p><br></p>\n<p><strong>The bitcoin bubble</strong></p>\n<p>From the 22nd of December, it is fair to say all cryptocurrencies are in a bubble. A bubble occurs when the price of an asset has been inflated in some way. Most of the time, it is human excitement. For example the .com bubble and the tulip bubble, were mainly fueled by human excitement for those assets.</p>\n<p>If you look at bitcoin from a supply and demand perspective. Demand from bitcoin's inception has probably increased due to two factors; the excitement for the block chain technology and the fear of missing out. The fear of missing out is due to the multiples initial investors have made on their money, and that the bitcoin price continued to increase.</p>\n<p>This demand exponentially increased in May 2017 due to the Japanese government legalizing bitcoin as a trading currency. This created two demand in the cryptocurrency economy. Firstly, it created a demand for people to access this new type of currency, increasing the demand for exchanges such as BTCmarkets.com, Coinbase, Coinspot and Bittrex. Secondly, it increased the demand for bitcoin due to its spread into mainstream. From May 2017, the demand for bitcoin has exponentially increased. However, the supply of bitcoin has remained almost unchanged. Due to the demand for a bitcoin increasing the price, people have begun holding onto the bitcoin, rather than spending it like a currency. Holders of bitcoin expect it will continue to increase in price in the future.</p>\n<p>This is where it has hit the current market cap and price shown below.</p>\n<p><img src=\"https://imgsafe.org/image/f59301f56b\"/></p>\n<p><br></p>\n<p>&nbsp;What will crash the cryptomarket? Generally for a bubble to burst, two aspects must be true.</p>\n<ol>\n  <li>Those bullish on the bubble must not believe it is in a bubble.</li>\n  <li>A sudden, unexpected event must occur to shake the market's confidence in the product.<br>\n</li>\n</ol>\n<p><strong>Bitcoin is not a currency</strong></p>\n<p>This is where the problem truly lies. Bitcoin, and other cryptocurrencies are no longer treated as currencies, but as stores of value. A healthy currency is one where the currency is exchanged often for transactions between two buyers. However, these cryptocurrencies are being used as a store of value. Since there is no central body to manage their supply and demand, it is essentially used now an asset, not a currency. The fact that transaction costs are now currently at $55 USD, there seems to be much less of a desire to use bitcoin as a currency.</p>\n<p>So this begs the question, where does the value of bitcoin come from?</p>\n<p><br></p>\n<p><strong>Bitcoin as a store of value</strong></p>\n<p>With shares, you will get a dividend every six months from the company that the shares are associated with. With a bank bond or a treasury bond, you will get a the value of the bond back plus interest at the end of a certain period. Gold is also a good store of value, as it does not rust, and gets its value from its scarcity, and use within jewelry and electronics.</p>\n<p>With bitcoin, the only money you get back, is that someone else is willing to pay for the product at a higher price than you bought it. You do not get a dividend, and if anything, you may get some free coins from a fork of bitcoin.&nbsp;Other cryptocurrencies such as NEO you get some GAS from.</p>\n<p><br></p>\n<p><strong>The floors of the bitcoin block chain</strong></p>\n<p>Bitcoin is not used for any other purpose. The only real value that comes from it is the technology behind it, the block chain.</p>\n<p>Block chain is essentially a legislature of every transaction that has ever occurred with a bitcoin. Every few months, miners must make a legislature of every transaction that is made through bitcoin. Whoever completes the block chain first, or has completed the chain with the most complexity, will be given bitcoins as payment.</p>\n<p>Fatal Floors of the block chain are listed below.</p>\n<ol>\n  <li><em>It only matters who calculates the block chain fastest, not who has the right set of block chains.</em><br>\nMany people are trying to calculate the bitcoin block chain faster than other people, because it only matters who's block chain has been calculated fastest, not who's block chain is correct. In the event both are calculated at the same time, the one that is the most difficult will pass as the correct block chain. So your transaction may never be processed, because there is always a chance during this stage that your transaction gets lost or unwritten in the block chain.</li>\n  <li><em>The more transactions that occur with bitcoin block chain, the longer the block chain will be to put together and for transactions to be processed.<br>\n</em>Even if bitcoin could supply enough coins to meet the demand and keep bitcoin's price remain at $1,000 USD per bitcoin, the length of the block chain that needs to be coded would be enormous due to the huge amount of traffic that needs to be recorded with every bitcoin. It is now to a point where it takes six hours for a transaction of bitcoin to completely register.&nbsp;</li>\n  <li><em>There is a possibility for someone to write the entire bitcoin block chain and remove or add transactions at will.<br>\n</em>If someone has 51% of the hashing power of a coin (i.e. has enough power to be faster than anyone else to code the entire cryptocoin's bock chain), they can write their own version of the bitcoin block chain. This will immediately make a certain coin worthless, bit it only needs to happen once for someone to rob people out of a transaction, then the coin will basically become worthless.</li>\n  <li><em>Power costs and processing power the current bitcoin block chain may not sustain the current rate of block chain processing.</em><br>\nThere is a possibility that if the bitcoin block chain becomes too big, then there will not be enough energy to process the transactions. However, it is more likely that if there is enough power, it just may take a lot more time to process the block chain. Especially with the limits of processing not just being power, but that to process a block chain, graphics cards such as GTX 1080 are used to mine bitcoins and process block chains. Unless there are improvements to these graphics cards, they will also be a limiting reagent to process bitcoin block chains faster or at the same rate.</li>\n</ol>\n<p><br></p>\n<p><strong>Other alt coins bubble</strong></p>\n<p>Bitcoin is essentially the market leader of cryptocurrencies. Most cryptocurrencies have not have enough notoriety to develop into their own niche, so essentially if bitcoin increases or decreases, alt coin will do the same. Bitcoin is also primarily used, in regards to alt coins, to buy certain alt coins that are not accessible to buy with fiat currency such as Veretesium, Ripple and NEO. Most of these alt coins have exploded in price since May 2017 as bitcoin, however most are in a bubble.<br>\n<br>\nMost people are buying these alt coins because they believe these alt coins' projects are going to change the world in some way. But what does the success of the project have to do with the coin? Think about these scenarios for a minute., if the coin is not apart of the project?</p>\n<ul>\n  <li><em>What if the coin is not used for the project?</em><br>\nFor example XRP does not have to be used with the ripple system for transactions and cryptocurrencies. You can just used the software and not use the XRP currency at all.</li>\n  <li><em>What if the coin's value is too high to be a currency?</em><br>\nFor example bitcoin. Bitcoin, at its current price, cannot be used as a properly used currency due to the transaction fees going from $0.35 USD on the 1st January 2017 to $52.183 USD on the 23rd December 2017. This means you cannot use bitcoin for any every day transaction. For some projects, especially bitcoin, it can be detrimental to the ability for the coin to be used in the way it either was intended to be, or is needed to be used.</li>\n  <li><em>Who will take up the project?</em><br>\nA lot of projects sound great, for example Digibyte, FunFare and OmiseGo. However, who will take these projects up? Even if these projects are good, what if a competitor project produces a better product that does not use a coin and does not allow these projects from entering the market?</li>\n  <li><em>Giving nothing in return (eg. dividend)?</em><br>\nNone of these alt coins give anything in return for holding their coin. Some alt coins, such as NEO will give you some GAS depending on how much NEO you hold. However, that is still just giving someone another cryptocurrency. There is no dividend being paid, no rent or interest. The value only increase because someone is willing to pay more than the coin was bought for.</li>\n</ul>\n<p><br></p>\n<p><strong>Conclusion</strong><br>\nIn this writer's opinion, cryptocurrencies are in a bubble. Bitcoin is not being used for its intended purpose, and is now being held by investors who are only hoping bitcoin increases in value due to a seller willing to buy it at a higher price. In this writer's opinion, the block chain may have practical use in some form in the real world applications, such as contracts. However, it does not seem it can be practical in the form of a currency.&nbsp;</p>\n<p><br>\n</p>\n<p><strong>References</strong></p>\n<p>http://www.newsbtc.com/2017/05/02/japan-legalises-bitcoin-price-through-the-roof/, accessed 24 December 2017.</p>\n<p>https://people.hofstra.edu/geotrans/eng/ch7en/conc7en/stages_in_a_bubble.html, accessed 24 December 2017.</p>\n<p>https://bitinfocharts.com/comparison/bitcoin-transactionfees.html<br>\n, accessed 24 December 2017.</p>\n<p>http://cryptocurry.com/news/everything-cryptocurrency-bubbles-know/, access 24 December 2017.</p>\n</html>",
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      "author": "zotello",
      "body": "Can you elaborate please?",
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      "author": "zotello",
      "body": "A fork will increase the price. It increases the opportunities of a coin and thus people value the coin, and the new coin also.",
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      "author": "zotello",
      "body": "A fork will increase the price.",
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      "author": "zotello",
      "body": "You should question what has made Aguar increase in value. Has anything newsworthy come out to make it increase in value, or is it just pumpers and dumpers.",
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      "author": "gr3g0r",
      "body": "Thank you very good answers and I am relieved a little that you can still have confidence in poloniex thx thanks again for the very clear and precise indications!",
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      "author": "zotello",
      "body": "lol all these fanboys.\n\nChina invited the members of Ripple to **discuss** blockchain trends. Nothing has been set in stone, and nothing will be concrete for a long time yet.\n\nWhy you ask? China is very protective of its financial system. Making secure and very transparent regulation for Ripple to operate will take some time.",
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      "author": "zotello",
      "body": "Always have 2FA activated when you can. If someone gets your password, they will not get into your account without your phone.\n\nPoloniex is safe to use, but you will need to do some math to get the orders right, you need to calculate them yourself. Don't be stupid and type buy 0.0001 BTC for 2 ethereum.\n\nAlso don't screw up the address, make sure it is the right address you are sending your coins too, you do not get a second chance when you send BTC if it is the wrong address. Check and make sure the first and last 5 characters you copy pasted in match the address you are sending to. Also send a small amount of coin first so you know you are sending it to a good address and it has processed successfully (eg. you buy $100 BTC, send $2 BTC to that address to make sure it is safe).\n\nThere are two types of storage, hot and cold. Hot storage is where you leave your coins on the exchange. Cold storage is where you keep them somewhere offline like myetherwallet or exodus.\n\nWhen you can, transfer your coins from hot storage to cold. If exchanges go down, they may misplace or loose your money. That will be on you.\n\nAlso if you have any problems with exchanges, be nice to the exchanges. We are currently in an age similar to 1980s for the share market or 2000s for youtube, a wild west. Expect anything, and never invest money you cannot afford to loose.",
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      "author": "steemitboard",
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