Hello everybody, so you wanna buy some of those Bitcoins or Alt Coins you’ve been hearing about? Welp, i’m here to get you started.
Step One – Coinbase:
If you’re in the USA, the best place to buy coins for holding or trading, is Coinbase. If you use this link to sign up and make a deposit of $100, we both get $10.
Sign up on Coinbase, link your bank account or debit card and make a deposit.
Bank Account Transfer – These take a week to ten days to complete
Debit Card – Instant Transfer, higher fees
If you plan on trading alt coins, I suggest buying either Ethereum or Litecoin as the transfer fees, aka the cost to send coins from Coinbase to an exchange, is much lower. A great way to assist in deciding on what coin to send is to review the Crypto Coffee Index which shows the average cost and transfer time of the best coins.
If you plan on holding onto Bitcoin, Bitcoin Cash, Ethereum, or Litecoin this is where you can skip to Step Four to learn about long term storage options.
Step Two – Exchanges:
I’m in the USA so here’s the exchanges I use and prefer so far. The main site I use for trading the coins I get at Coinbase is Binance.com (Referral Link). The other site that’s fairly popular that I can access is Poloniex.com.
After signing up and buying some coins on Coinbase you’ll want to move them over to your exchange. Log into your new account on the exchange, go to the “Deposits” section and find the coin you’d like to send from Coinbase. Click the Deposit button next to that coin to obtain your wallet address on the exchange. Take the wallet address to Coinbase > Accounts > Scroll to the coin you purchased and click Send > Input exchange wallet address > Set the amount of coin to send (keep and eye on your transaction fee cost here) > Send
Coinbase will send you an email once the coins ship out of their site and your exchange will notify you when it arrives in your wallet and is available for trading.
Step Three – Trading
I’m not going to get deep into exchanges here. There’s tons of great youtube videos on stock/coin exchanges and how they work. You’ll find the coin you have and what you’d like to buy with it and make orders. When you’re ready for long term storage of coins, we’ll move them out to private wallets.
Update: I’ve added a new article detailing how to use Binance but many of these concepts can be applied to any exchange.
Step Four – Long Term Coin Storage:
Coins have wallets to store your coins in. These can be a wide range of types from programs for your computer or phone or even paper wallets to hold coins “offline”.
When you pick a coin to hold onto long term, you’ll want to get it off the exchange. Leaving money on exchanges is like putting $20 in someone else’s pock and hoping it’s there when you come back later.
Last updated 1/25/18 by Patrick
Coins to look into 12/27/17
If you dig what I do consider using my Referral Links below, most of them help both of us out! Enjoy –