Getting Started Guide: Buying, Investing, and Trading Crypto Currency Bitcoin

Here are a set of basic steps for getting started buying, investing, and trading crypto currencies such as Bitcoin, Ethereum, Litecoin, and the alt coins.

Intended for USA residents wanting to use fiat dollars. Not to be considered financial advice.

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Step 1: Create a Coinbase Account and Fund via Wire or Bank ACH.
http://bit.ly/2HIMIC9

Be sure to complete the Verification steps all the way to Level 2. As for funding, it is suggested to do a larger Wire vs. ACH because it's faster, typically 1-2 days, ACH can take a week to get all setup. However, for amounts less than $10k, ACH is fine, but because the time delay you may miss the buying opportunity you want, so if using ACH be sure to fund ahead of time.

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Step 2: Move Funds from Coinbase to GDAX (the trading platform operated by Coinbase).
https://www.gdax.com

After funds arrive in Coinbase go to GDAX, and click the "Deposit" button on top left of screen, you will see some options, select the one that says "Coinbase Account". Follow the steps and move the desired balance from Coinbase to GDAX.

While you can buy BTC, ETCH, and LTC directly on Coinbase with your USD account balance, the fees are very high and the exchange rate is poor. Think of buying directly on Coinbase like "the buying cryptos for dummies" route, simple but pricey - maybe OK if you're just doing less than $1k. Moving your funds from Coinbase to GDAX is free and you get free trades unless you do Market orders, which are not recommended.

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Step 3: DYOR Do Your Own Research
http://bit.ly/2utaikU

Create a free Tradingview chart analysis account so that you can follow the price action of your targeted assets. Studying the charts will allow you to identify optimal entry and exit points for your purchases.

See Step 8 below for more on DYOR.

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Step 4: Make a Crypto Purchase with your GDAX USD Account Balance.

Now that your funds are in GDAX, you can put in your first order! It is suggested to use a Limit order, not Market, and of course after DYOR (doing your own research).

Using the "Select Product" menu in top left corner, you can choose the different USD trading pairs available. Meaning those cryptos can be bought directly with your USD account balance and you don't first have to change into Bitcoin and then buy your desired crypto currency.

So, for example, you can choose LTC/USD to buy Litecoin directly with USD.

That's it!

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Optional advanced, next steps:

Step 5: Setup a Binance Account to Trade Alt Coins.
http://bit.ly/2Bf6wxa

Buy BTC/USD on GDAX. Withdraw your BTC from GDAX and send to your Binance BTC deposit address. You can then trade the various BTC/alt coin pairs on Binance.

When ready to cash out, sell your alt coins back to BTC, withdraw BTC, send to your GDAX BTC deposit address, then sell the BTC for USD on GDAX, and finally (optionally) withdraw your USD to your bank account.

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Step 6: Get a Hardware Wallet:
https://amzn.to/2GgFNje

If you want to HODL (slang term for holding cryptos long term) you will want to secure your cryptos offline and off the exchanges. This means your cryptos cannot be stolen or compromised while you are not actively trading them. Think of a hardware wallet like a safe deposit box might be used to store some gold or silver bars.

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Step 7: Crypto Supported Credit Card
http://bit.ly/2orDrHw

Allows you to spend your cryptos without ever exchanging them back to USD. Keep your crypto in crypto, and buy things that are priced in USD at regular stores using the credit card.

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Step 8: DYOR Do Your Own Research Continued
http://bit.ly/2pQv09g

Doing your own research allows you to be a player in the game instead of a pawn. Don't get rekd! One of my favorite ways to perform due diligence is to create a feed of influencers in the space which I can survey to keep a pulse on the latest alpha.

The above link is to a curated Twitter list that I put together title "Crypto Currency". The members of the list span the gamut from technical analysts, chartists, executive management, tokens, foundations, news, and just about everything else #crypto related.