How to start with cryptocurrency! #Bartcardi

in #crypto4 years ago (edited)

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Fast and simple explanation

Here is some immediate help for free! Open a Coinbase account, attach a bank account or credit card to make  initial purchase of coin. Verify your account using driver’s license  and utility bill. Verification takes some time so you will have to be  patient. Coinbase is where you will be purchasing your initial coins  using dollars that you will then use for trading on the exchanges. 

 Once verified on Coinbase buy Ethereum (ETH) using credit card or  bank withdrawal. Credit card is instant but has much lower limits. Bank  withdrawal is 3-5 business days but allows a much larger amount. The  reason you want ETH instead of Bitcoin (BTC) is that it has lower fees  to purchase than BTC and most exchanges will allow you to buy the coin  of your choice using ETH.

  Next, you want to open a GDAX account which is an exchange owned by  Coinbase. You can trade for other coins here but the real reason you  want this is so that you can transfer coins in from Coinbase and out  from GDAX to the exchange of your choice, free of charge. Simply create  your GDAX account using same credentials as Coinbase and then when you  click deposit, select Coinbase as the source.  Lastly, set up an account with Binance or any other exchange you  like. Find the address for the ETH wallet at Binance then go back to  GDAX to withdraw. Enter your Binance ETH as the wallet destination. The  transaction is initiated immediately but takes several minutes and  sometimes hours to complete. My experience is that it’s typically done  in 10-15 minutes though.  

Once the funds have arrived at Binance click on Markets. Select the  coin you want to buy. In this case let’s assume Ripple. Select the  ETH/XRP trading pair. You will see the price of Ripple (XRP) in  fractions of an ETH coin with an estimated dollar value next to it.  Purchase the quantity you like at market value or by setting a limit  order, which is essentially specifying how many you want to buy and at  what price. If someone else is willing to sell at that price the order  will go through. 

 Last step is to setup a wallet for long term storage of your coin.  Ripple has a decent free wallet called Toast Wallet. Download it onto  your computer or as a iOS app. Follow the instructions to setup the  wallet and copy the address. This is where you will be sending your XRP.  

 Go back to Binance and withdraw the XRP, listing your Toast Wallet  address as the destination. Now hold on to your investment and watch the  price periodically which you can do on Binance itself or on a website  called coinmarketcap.com. I suggest not checking too obsessively as it  can lead to impulse trades.best strategy for someone starting out is to  buy and hold a coin that you believe in for the long term. 

 Lastly, make sure you research anything you choose to invest in. Read  the white paper, check out the dev and executive teams, read up on news  and the roadmap, and determine if you think that coin has a  future/usecase.  Hope this helps!  

Edit: I would suggest you start with a small amount until you get  comfortable with the process. Also make sure you turn on 2FA on any  service you sign up for. Be very careful when transfering coins,  especially into exchanges, if you enter the wrong info you could lose  your investment.  
 

Disclaimer: Pictures aren't mine

  Written and created by Bartcardi   

Check out my profile Bartcardi  

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I believe there is a peronal touch here and i made something that is complex easy to use. I also put image sources with my post. Just not with my personal image because i made that myself. Still appreciate the feedback.

Nice info, plain and well spelt out... This really would help for newbies wanting to enter into crypto trading

Indeed maybe their are not alot of newbies on steem, but i hope i hit the right search words to connect to the search engines. so newbies who are not on steemit can still read this and in the mean time connect to steemit. Won't make alot of money i guess but still helping people right.

Well laid out.
Good work

thanks for sharing @bartcardi :)

Thanks for commenting

You're welcome bro @bartcardi :) keep on posting!

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Congratulations @bartcardi, this post is the ninth most rewarded post (based on pending payouts) in the last 12 hours written by a User account holder (accounts that hold between 0.1 and 1.0 Mega Vests). The total number of posts by User account holders during this period was 2905 and the total pending payments to posts in this category was $6776.84. To see the full list of highest paid posts across all accounts categories, click here.

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Great to see my post in the top 10 posts of the day!

I think your Post is for a big group of people very helpful!
Thx for making this Website for us!
Upvote when your in my opinion @alokkamboj

Thanks for the reaction!

I'm a newbie and this is a big help. Thanks.

No problem mate!

Nice information about trading brother @bartcardi

Hope you will also like and upvote my work with full power @captainpkgautam

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