**Guideline Detailing How to Buy, Sell, and Hold Cryptos for Beginners!**
Hello Steemians,
I have created a guideline detailing how to buy, sell, and hold cryptos for beginners.
Personally, I use coinbase, bittrex, and jaxx wallet but keep in mind there are many alternatives. As always, make sure to do your own research as well.
Coinbase: Exchange - App & Website
- Using coinbase, you can buy and sell bitcoin, ethereum, and litecoin. You are able to sell these for USD whenever you wish to do so.
- Navigating the website in order to buy these coins is pretty self-explanatory but call me if you need help.
Bittrex: Exchange - Website
- Using bittrex, you can buy and sell alt-coins.
- To buy alt coins, you have to use bitcoin or ethereum.
- To get bitcoin onto bittrex, you have to send your bitcoin from coinbase to bittrex.
- I will make a note on how to send your bitcoin from bittrex to coinbase and vice versa at the bottom of the email under notes.
- It is very important to note that to buy alt coins on bittrex, you need to use bitcoin that is already on bittrex. Meaning, you cannot send bitcoin on coinbase directly to an alt coin on bittrex. You have to go bitcoin on coinbase --> bitcoin on bittrex --> alt coin
- To buy an alt coin, simply click on the ticker symbol, and scroll down to buy
- That may have sounded confusing but it really isn't. Call if you need help.
- Please note that you can only sell your alt coin for bitcoin. However, you can then send your bitcoin to coinbase and then sell it for USD.
Jaxx Wallet: Wallet - Software
- Wallets are the safest place to keep your coins.
- Jaxx allows you to keep a number of diff coins in its wallet. For example, bitcoin, ethereum, litecoin, dash, bat, etc.
- FYI , there are small fees when transferring your coins from one place to another.
- To send you bitcoin from an exchange to a wallet, follow the same procedure for sending your bitcoin from coinbase to bittrex, however, instead of using the bittrex address, use the Jaxx address.
Notes:
How to send your bitcoin from coinbase to bittrex
- First, go on bittrex and go to wallets at the top of the screen.
- Next, click the plus sign next to bitcoin.
- An address should appear. Copy that address.
- Then, go to coinbase.
- Click on accounts at the top of the screen. Press send and then paste the address from bittrex.
- It may take up to 30 min to send so be patient.
- Once your bitcoin is on bittrex, you will have a balance of bitcoin in bittrex. You are then free to buy any alt coins you wish to buy.
Resources:
- Coinmarketcap.com
- Steemit.com
- Internet in general
Example Advice
From my understanding, you want to invest 5k, which is great. I am not by any means an advisor but my suggestion would be to allocate 3k to bitcoin. 1k to ethereum. and 1k to 4 coins of your choice.
I believe there will be a slight correction in the market in the next week or two, so waiting to buy until the correction may be a good idea. My suggestions on long term alt coins are Ripple, Dash, NEO, and OMG/LISK/STEEM.
The market is very hot right now so I wouldn't be surprised if many of these coins take a dip in the next couple of months. Your best bet is to buy and forget. Hopefully, you will wake up next year with a nice profit. Best of luck, and welcome to the future, brother.
Please keep in mind this is simply my opinion. This is meant to serve as an information.
Cheers!
You broke down this article very well....You should post it on Facebook and instagram.
Thank you for your post. I am using coinbase and bittrex as well but my buy limit on coinbase is only $100 a week. I am assuming I need to verify my identity to increase that. I was thinking about investing 5000 so your break down where to allocate is helpful
Yes, you can increase your limit with verification. Once you send in your ID you should be fine....I like that bc it makes cryptos more regulated.
Yes, coinbase requires you to verify your identification. Once you upload a form of ID, you should be able to increase your limits. And yes, those coins are my favorite long term buys.