Playing with cryptocurrencies in vietnam

Blockchain and cryptocurrency in world of arbitrage

A few notes for my friends who ask how do I buy and sell

Trading

Vietnamese people need to register on:

• https://remitano.com/vn?ref=mark_vnn

You can link a Vietcom bank to this exchange in about 6 hours, then it takes only 1 hour to transfer money to your wallet at the exchange.

Once you have money at the exchange you can hold it in USA Dollars.

For UK people, we use Gemini or Coinbase.

• https://www.coinbase.com

From here you will need to look at the markets, to find coins you want to trade in:

• https://coinmarketcap.com/all/views/all/

When you decide what coin to buy you select it and go to the Markets tab which will show a list of sources to buy the currency from, we call these exchanges.

The next step is to register on that exchange. Please note some exchanges take longer than others to register with. Some exchanges hold more currency than others.

Wallets

A wallet is set up automatically for you on an exchange, it has a unique key for you to identify your wallet and is used to show where your currency is located. You can create your own wallet, but you must be careful, if you loose your key then you may loose access to your funds. A wallet is required for each currency. I use wallets to store my coins in my own computer which I keep offline to prevent hacking, we call this ‘‘cold storage’’

Then you can transfer your US dollars to an exchange, most likely it would be something like this:

• transfer money from bank to exchange to buy Ethereum, e.g. coinbase exchange

• now enter the wallet address at your other market exchange where you wish to buy currency, e.g. on binance you would go to ‘‘Funds’’ menu and then select ‘‘Deposit’’

• This will give you a long code called a deposit address ‘‘Deposit Address’’ ** e.g. 2322323f36a3a78fVM8m3239900

• Then go to your account on Coinbase buy some Ethereum and select ‘‘Send’’ ** you will need to enter the address above exactly…

• This will transfer your funds to the market trading account on binance where you can then start to buy new cryptocurrencies of other types, e.g. Cardano

Costs

Everytime you move a coin from a wallet to an exhange or perform an action with it, then you pay a small charge, in Ethereum we call this ‘‘Gas’’

Risks

There are big risks with currencies:

• https://www.theguardian.com/technology/2018/jan/07/bitcoin-crypto-currencies-mcafee

But research well and you can minimise the risks.

Be careful with ‘‘initial coin offerings’’ ICO. These are new cryptocurrencis that are created, check to see what they are linked to, what is the product, how many assets to they hold (e.g. property portfolio, gold or bitcoin)