Getting Started with Crypto


#1

#start

Wooot??? You did not install the Status Mobile App on your phone yet? Do it right now!
Write down your recovery seed and store it in a safe place!

#connect

Connect with three or more people by entering their Contact Code in the Status Mobile App:
Home tab -> + -> Start new chat -> Enter contact code

#transact

Request or send some ETH and SNT from and to a contact within the Status Mobile App.

#store

Get and setup your hardware wallet (Nano Ledger S, Trezor, …)
Store your recovery seed safely!

#earn

Receive your salary (or a part of it) in crypto. Find more information here: https://sites.google.com/status.im/status-people-team/working-here/crypto-payments

Collect a bounty by contributing code on Status OpenBounty: https://openbounty.status.im

#buy

Buy some ETH from a friend, colleague or on an exchange.

For exchanges, try https://coinbase.com or https://bity.com. Pass their KYC procedures and exchange some fiat to crypto. Don’t leave substantial amounts on any centralized exchange! Transfer a bit of ETH to the Status Mobile App and the larger amounts to your hardware wallet.
Privacy hint: Ethereum transactions are public. You can look them up here: https://etherscan.io Whoever knows your public key (your Ethereum address), can trace your transactions.

#gift

Instead of gifting a flower bouquet or some booze, better transfer a Cryptokitty, ETH or SNT to your friend, neighbor, girlfriend, mother, father, siblings, uncles, aunts, and grandparents, bowling club fellows, waiter, landlord, tax advisor, nurse… well, encourage everybody to download the Status Mobile App and get them started with crypto.
Be a pioneer! Encourage them to do spread the word.

#invest&contribute

Participate in a crowdsale of a future-changing project. Find one here: https://icobench.com
Try to avoid the scams. Mind your risk ability and risk willingness.

#buidl

Deploy your own token and experiment with smart contracts.
Try https://embark.status.im and browse https://www.ethereum.org to find out how.

#learn

There is much more to crypto than digitally transferring and storing money. Fall into the rabbit hole of crypto and become mad about it.
“We’re all mad here.” – Lewis Carroll, Alice in Wonderland.
Understand crypto and engage in discussions on how to apply it to make 1) things better and 2) better things. Do some research. Start by googling your questions.

#shareourvalues

Read and internalize the Status Values! Find them here and join the discussion:


#2

Expense Reimbursement in Crypto

An idea for crypto adoption which was expressed by several core contributors of Status, would be to distribute expense reimbursements in crypto. Introduction of this procedure would be an intermediate step before salaries are mandatorily paid in crypto. Full salary payments in crypto will be required to achieve the transition of the Status organization to a decentralized structure.

The advantages of expense reimbursements in crypto could be that people

  • get blockchain tool practice by collecting crypto and managing their holdings regularly,
  • are currently more comfortable to transact in smaller amounts than going all-in with their full salaries,
  • might not have to face significant tax challenges, as the crypto payments offset value-equivalent reimbursement entitlements.

What are the additional advantages, respectively disadvantages of the suggestion?


Transparent Expenses
#3

I think this is a great idea. The only tax implication I can think of would be capital gains - if there was a large shift in price between receiving the crypto payment and the price when doing something with it (converting to fiat or moving elsewhere)- but since the amounts are small it’s unlikely to be a factor.

For me personally, I found a solution to use crypto in the UK to pay for my shopping (food, clothes) so I would be happy to receive crypto expenses, and I have an immediate utility for it.