So, you are tired of sitting on the sidelines during the Cryptocurrency frenzy while your friends are constantly bragging about how much money they are making in Bitcoin, Ethereum and hundreds of other Cryptocurrencies…. but you just don’t know where to start?
You have come to the right place, this is a beginners guide on how to purchase Cryptocurrencies!
Before you proceed, make sure you don’t put any more money into this than you are willing to lose. Research the technology, understand the importance of it and it’s potential to change the world... but also understand the fact that this is still a highly speculative investment that is often considered a bubble.
STEP 1: USD → Cryptocurrency
The process starts by transferring USD into Bitcoin(BTC), Ethereum(ETH) and Litecoin(LTC). The fastest way to do this is via Coinbase. You can download the Coinbase App or create an account on their website. BEWARE, there is a 5% fee on all transfers you make from USD to Coinbase. The solution to avoiding this fee is Gemini, but it will take you a couple of days to get set up, as Gemini takes a bit longer to verify your ID. Gemini is an FDIC insured platform and to get started, you can go online and set up an account, allowing you to buy in with no fees. You need to input identification verification to set up your account which will limit to $500 a day. If you further the ID verification and add your license in settings, you can get much higher limits. These are solid coins to hold for novice investors. If you are looking to trade Altcoins, you will need to transfer to an exchange, like Bittrex for example. This requires more technical know how and you should proceed with caution...
STEP 2: Cryptocurrency → Cryptocurrency Exchange
First, you need to create a Bittrex account, when you are making this account be sure to remember your password, if they give you any other info that they say to keep, document it (don't want to forget password or account details). Also, after making an account It is recommended that you go to your settings and enabling 2-factor Authentication, for added security. You can do this in account settings on Bittrex and just have to download Google Authenticator on your phone to do so. Make sure to save your backup key when you set this up as well, or else losing your phone will make a headache for you.
After this, you need to send your cryptocurrencies from your wallet to Bittrex, let’s say you are using Coinbase. You can do this by sending Bitcoin, Ethereum, or Litecoin from your Coinbase wallet to your Bittrex wallet. Ensure that you send the same coin to the same wallet address on Bittrex (Ex: you must sent ETH to an ETH wallet, BTC to a BTC wallet, and LTC to an LTC wallet. If you send BTC to your ETH wallet, it will be lost, etc...) Same coin → same wallet. Got it?
Here are instructions on how to deposit coins into Bittrex (from Bittrex website):
"In order to deposit coins to Bittrex please follow these steps.
Login and Click Wallets in the upper right hand of the site.
Search for the wallet you are going to deposit to
Click the + next to the wallet
Click "new Address" to generate your address
Please make sure to read the coins deposit instructions if they are available. Some coins require a minimum amount to be sent before they are credited. Some coins will require a message/payment/tag/memo. This means you must send the coins to the address we provide and attach this message/payment/tag/memo to the deposit so we can route the coins to your account. If you do not attach this, you will risk losing these funds
You can now send your coins to this address. Please make sure that you only send the same type of coins to this address. This means if you generated a BTC address you deposit BTC to it and not some other coin. if you deposit a different coin then what the address was generated for you risk losing these coins permanently"
Transfers can take a while sometimes, so don't fret because it wont go into the wallet immediately. It is recommended that you use Ethereum, as it is fast and all transactions on the Ethereum Blockchain can easily be viewed on etherscan.io. It is also recommended that you transfer a small amount before the whole amount, to ensure you are doing so correctly. Once your Ethereum arrives in your Bittrex wallet, you can begin to trade.
STEP 3: Proceed with Caution
Be warned, although Altcoins offer higher returns and the chance to ‘hit a moon’ they also present an opportunity to lose a lot of money, risk is a two way street. You should research projects heavily and invest in ones you believe in that have teams you believe in, judge results and progress on roadmap, read reddit...a lot (good advice lay deep in the comments section). Learn to HODL (Google search hodl) through the valleys and remember you never lose money taking profits. NEVER put more money into an account than you are willing to lose, and most of all - GOOD LUCK (:
Crypto Bull cannot be held responsible for any losses incurred in investments. The content of this site is not meant to be financial advice and is only opinion. Any transactions made in the space should be carefully approached and considered.
