Crypto Beginners | 4. How to get in, in a nutshell.

n1kofi (48)in #cryptocurrency • 7 years ago (edited)

Hey friends!

Look, I am still working on my Top 5 cryptocurrencies for the final post of my 3-part mini-series called Top 10 Cryptocurrencies according to Omni Finn. However, I'm not quite ready to release it yet due to being a bit of a perfectionist (and because it's the "grand" "finale").

While you are here, would you take a look at this simple quick guide on how to get in the "crypto scene"? I was recently asked this question by a friend and I figured I would share my answer with everyone here.

Don't worry, it's not hard. In fact, it's so easy you can count the steps with your fingers!
(for simplicity I will refer to services I like to use. There are many other services to choose from.)

Disclaimer:
I am not a professional investor or a cryptocurrency expert and this is not investment advice. It is merely my humble opinion and (over)simplified view of how things are in the cryptoverse so take of it what you will and most importantly do your own research!

Step 1.

Register and verify with both Bitstamp and Bittrex (and understand it will take a couple days or even weeks depending on the queue).

You need to send them a copy of your ID and possibly a utility bill or something similar to confirm your resident address. They will guide you through the process. Don't worry, it's easy.

Step 2.

After your verification has cleared, make a SEPA bank transfer to Bitstamp (should clear within minutes). If you live outside SEPA area, you may want to try Coinmama instead. They also accept deposits via credit card ~~whereas Bitstamp doesn't~~. You could also try the international bank transfer but that will likely take much longer.

CORRECTION: Bitstamp does now also accept credit card deposits!

Step 3.

After you have managed to get your money on your first exchange (in this guide that is Bitstamp), buy the coin you want (likely you want Bitcoin at the beginning because it is the most common one to trade with). Bitstamp offers other options too but personally, I like to use Bitstamp only to exchange Euros to Bitcoin.

Step 4.

Transfer your newly acquired Bitcoin to your Bittrex account. You can find you Bitcoin wallet address over at Bittrex by clicking on "Wallets" and then checking the box next to "Hide zero balances."

Be sure to click the plus next to Bitcoin NOT Bitcoin Cash line to make sure your coins will be deposited to the correct address. If you accidentally send Bitcoin to a Bitcoin Cash wallet (or any other than Bitcoin wallet), the coins will be gone like burning cash. Consider yourselves warned!

Step 5.

Once the transfer has cleared, place a buy order for any altcoin Bittrex "B Markets" tab has to offer (to trade against Bitcoin).

You should use the search function, it works well.

Once you are settled on a coin, it is time to place your first order.

Here you will see, how many Bitcoin you have available to trade.

Using the price button, you can select some preset prices such as the lowest and the highest or the latest sale price. Or you can simply key in your own price.

If you want to get the coins right now, I suggest you use the "latest" price option. That way it is very likely your buy order will be completed soon.

You should also put in how much you are willing to spend in Bitcoin. Or you can click the "Max" button to use all available Bitcoin to buy whatever you are buying.

One more option to note is "Good 'Till canceled" For the sake of simplicity, I won't go into this. Just leave it as it is. It simply means your order will be valid till completely filled or canceled by you.

Then click buy and wait for your order to be filled.

Step 6.

After your order is filled, transfer your newly acquired coins to a dedicated wallet.

DO NOT, I repeat DO NOT keep your coins at Bittrex or any exchange. It is not safe.

Those big services are the first ones to be hacked so always keep your investment safe in a dedicated, backed up wallet.

I will make a wallet tutorial later maybe...

Step 7.

Sit back and HODL.

Thank you so much for taking the time to read my post!

If you liked my post, would you leave a comment so I can add you to my network? If you don't like it, would you please tell me to spend my free time on something else down in the comments? Thank you!

Photo credit of the first photo goes to my good friend Photographer Veli-Matti Kantonen.