Donate Bitcoin Cryptocurrency
You can now support New Car Spin with a gift through cryptocurrency such as Bitcoin, Etherium, Ripple, Litecoin, and many more!
The main reason for digital coins is simple: no intermediaries. That means your donation goes directly to New Car Spin without any middle party taking a 5% cut. Your donation will be immediate. In as few as 15 minutes, cryptocurrency is transferred from your wallet into the wallet of New Car Spin. There are no currency exchange fees, so if you're in Canada, Mexico, Switzerland, Australia, etc., your donation is the exact value you specify.
Even if you're new to cryptocurrency, please continue reading. This is not financial or investment advice. However, these are pointers based on recent experience.
Your donation can be completely anonymous, and it will be used to pay for everything required to run a YouTube channel built around car reviews. This includes:
- Cameras and Accessories
You can get started in 3 easy steps:
- Buy Bitcoin: To use your debit card (a credit card may impose cash advance fees) to purchase bitcoin:
* Try Cash App using my code and we’ll each get $5! FXPLCHW
Configure your Square Cash app for "withdrawals" so that you can send bitcoin in $1 increments to anyone else with a wallet. This will require you to go through an id verification where the app will have you take photos of both sides of your driver's license and you'll be asked to take a selfie. Most New York registered crypto companies now require this step.
- Donate: Using any of the following links to send your cryptocurrency gift to the New Car Spin wallet.
To donate crypto coin, you must first have a digital wallet. Digital wallets are used to store cryptocurrency, and they are also used to move coins between two parties. There are two types of wallets, sometimes called "hot" and "cold," which are terms for "online" and "offline."
"Hot" or online wallets are prone to hacking, so if you have a hefty value stored in your wallet, it's at risk to hackers.
"Cold" or offline wallets are essentially external hard drives or thumb drives with special screens and buttons to authenticate you as the owner. The cold wallet is offline and inaccessible to hackers but you can misplace it just as easily as your car keys. Because of this, your wallet has 12 special words that only you will know. These 12 words are called the "private key." Never share your private key. If you lose your cold wallet, you can simply buy another cold wallet and restore your cryptocurrency by using your private key.
If you remember hearing Mt. Gox in the news a few years ago, you'll recall they were hacked. Essentially, everyone who kept their crypto in Mt. Gox (a cryptocurrency exchange) lost their coins when the exchange was hacked. All of the hot wallets were breached and the coins were stollen. Because crypto can be anonymous, there's no way to recover or reverse transactions. All of the users who left coins at the exchange simply woke up to find nothing left. Cold wallets prevent this when you transfer your coin off the exchange to your device. Ledger and Trezor are just two examples of cold storage.
Buying actual Bitcoin
However, don't let this discourage you from having some new-age fun. Please, only consider diving into digital currency if you can afford to lose. Not all companies accept US debit cards. Coinbase is popular and insured, but in January 2018, most US banks blocked transactions. You still have alternatives.
You'll hear a lot about Bitcoin because that's the easiest currency to purchase with existing currency. Bitcoin is the daddy, with several ATM machines and companies claiming to convert your cash into crypto. But be careful! There are many scams out there to prey on you. First off, do your research. If you see a company claiming to be a service, treat is like suspicious spam email. Check for typos. Is there a company address? Do they say they are registered? Can you find reviews on them? Did you read the reviews on them first?
Each company will have a fee for the purchase of bitcoin. Because bitcoin is volatile, you'll often see slightly different pricing or even a minute transaction fee in the form of bitcoin. Square Cash doesn't charge fees, but they do pad the Bitcoin price by about 2.3% to make up for volatility in case there's a swing between your quote and the actual transaction execution. Keep in mind that your purchase of bitcoin, when it executes, is instant and not reversible.
There's news about coins being suspect. There are all the Initial Coin Offering (ICO) schemes out there. It's been said that only 8% of all new coins make it past 16 months. If you're new to cryptocurrency, stick with the big names: Bitcoin, Etherium, Litecoin, and Ripple.
Once you have bitcoin in your wallet, you need to setup an account at an exchange. There are several out there, but the main ones are Binance, Bittrex, itBit, and Kraken. Each exchange has their own fee structure for doing coin swaps. Basically, it's pennies for most transactions. But once you're on an exchange, you can trade bitcoin for etherium. You need an exchange because you can't pay someone in etherium if you only have bitcoin. If you try to pay someone in etherium with your bitcoin, it will evaporate because the "cryptology" between the two are incompatible.
I would suggest other exchanges, but based on findings, it's best to check out before you jump in. One case in particular is cex.io. Their site looks reputable and they've been is business for years, but I came across an article that put me off.
Again, this is not advice, but my experience. Firstly, you'll notice that Bitcoin is the main crypto to buy from ATM machines and purchasing agents. The first coin was bitcoin. Most cash machines transfer directly to bitcoin. Therefore, bitcoin, while volatile, is still the major coin. Based on this, there is a handful of other coins that can be purchased around the world with cold, hard cash. These coins are the vital coins because this is where the money comes into crypto. Basically, you might be tempted to place $100 on a 2 cent coin. Don't. The major coins sound expensive, but if you start out with a $50 investment and play around with spreading across the major coins, you'll discover your own strategy.
At the time of this writing, here is additional information to help you deep-dive into crypto.