Coinbase

[james.hendrickson]

All,

Been using Coinbase for the past four months. If you're looking to get started in crypto, it is a pretty solid option.

The interface is built a lot like a more traditional brokerage, so its easy to execute trades. They also have a pretty nice "free crypto" program, where you watch videos and answer some quiz questions - in return you'll get a few bucks worth of crypto for each correct quiz. If you're cash constrained, this is a decent way to build a crypto portfolio.

Coinbase also has a pretty good library of articles on some basic crypto concepts, such as "What is staking?, "Who is Satoshi Nakamoto?", and 'What is Ethereum?".

Here is what the main interface looks like on desktop. The mobile version is pretty much the same.

All in all, it's a good platform for beginners.

If you have a few spare hours and want to jump into the world of crypto, signing up and reading some of the articles isn't a bad way to spend an afternoon.

[james.hendrickson]

And...I totally just picked up a few more bucks of the latest crytocurrency on Coinbase....just for taking a couple of quizzes.

Seriously, if you're cash constrained and want to get into crypto, Coinbase is a great place to start.

[james.hendrickson]

And picked up more rewards today...not much, but I'll take it.

[bjl584]

I don't understand crypto at all.
I know a few people who own Bitcoin and they don't really seem to understand it either.

James,
Do you know what makes crypto work?

[james.hendrickson]

I don't understand crypto at all.
I know a few people who own Bitcoin and they don't really seem to understand it either.

James,
Do you know what makes crypto work?

BJ, several things make it work.

First, In general cryptocurrency is a way of settling transactions without using a third party. So, if you have a blockchain system you don't need a bank to settle your transactions, the blockchain uses computing based consensus or other proof to settle the transaction. You just don't need the middleman any more.

Second, in a lot of crypto marketplaces, the interest rates are based on supply and demand, they therefore provide more accurate information about the actual risks involved in borrowing and lending money. In contrast, interest rates in the traditional economy are set by central planners - like the Fed.

Third, speeds to settle transactions are much faster. You're talking seconds instead of days.

Fourth, its less expensive to use crypto to move money. Using a traditional system, you could pay something like 5% of a total transaction to move money internationally. Crypto generally does this for far less.

Fifth, crypto puts rights into the hands of owners. Crypto is semi-anonymous at this point. So you don't have a lot of problems with peoples accounts being cancelled because of political pressure or because they're doing something a prevailing government or social group doesn't like. The reality is sometimes fully expressing yourself as a human person involves doing things others do not like.

Fifth, crypto is where the money is these days. On a purely practical level, when you see opportunities where there is a lot of money sloshing around, get in front of them and get a chunk if you can. So, even if you think all the other reasons are bogus, the fact that crypto is attracting a ton of capital means that investors should take notice. Its simply where the money is these days.

There is a massive diversity in cryptocurrencies. Some of them work like money - like bitcoin. Others work like stocks, they're tokens or ownership units in a particular blockchain or cryptocommunty or system.

[amarowsky]

I been DCA'ing a little bit into crypto. (to stem off of our Risk thread in another channel). I do like that once you stake ETH , you're rewarded with 5% interest rate towards the new ETH-2. Currently just speculative gambling, but these things do seem to be developing more functional uses. (sounds like NFT's are still gaining steam, even though I'm not really involved w/ them. They're supported on the ETH blockchain).

[james.hendrickson]

I've switched to using the Brave browser so I can earn BAT, and I've also switched search engines to start using Presearch as my search engine. Presearch pay you in PRE tokens, which are convertible to USD at .27 cents per token.

Why not get paid for the time you spend on the internet?

[james.hendrickson]

Picked up a few more crypto bucks with Coinbase earn. Who knows if any of this stuff will be worth anything one day...but boy a lot of the concepts sure do sound great...decentralized scalable networks, serverless apps, proof of relay.

[james.hendrickson]

And I just got a few more bucks from Coinbase earn.

If you are not in line for this free money, you should be.

[Atretes1]

And I just got a few more bucks from Coinbase earn.

If you are not in line for this free money, you should be.

How much of a hassle is crypto with tax reporting?

[LivingAlmostLarge]

Crypto used to be hard to report but it's getting easier.

[james.hendrickson]

Picked up another bounce on Coinbase yesterday.

If there is free money happening, its best to get in line.

[james.hendrickson]

And yet more free crypto, coinbase is decent if you're cash constrained but want to get assets.

[QuarterMillionMan]

A big thanks to James, I just did this and earned $19 in 19 minutes adding Stellar Lumens, Clover, and the Graph.

[james.hendrickson]

@QMM, well one thing to think about is...the coinbase earn program has a couple of dynamics.

First, a lot of those coins are efforts that Coinbase is investing in - so coinbase chooses these specific coins because they have a vested interest in broadening demand and awareness for those particular investments.

Second, they want to get you hooked into their system. So, this is basically like a crypto "free sample".

These aside, if you're aware of this, you can make decisions accordingly.