Post: Would someone be able to make a 'beginners guide to buying Cryptocurrency"?
01-02-2018, 01:07 PM #1
Alt
Banned
(adsbygoogle = window.adsbygoogle || []).push({}); As the title says, would someone be able to make this?*
I wouldn't mind investing some money in*Cryptocurrency but I honestly don't know where to start and whats legit or not.
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01-02-2018, 07:55 PM #2
Tustin
Balls of Steel
Okay, so assuming you know nothing about cryptocurrency, here's where to begin:

Coinbase is probably your best starting point. It allows you to convert your fiat into a few select coins. Coinbase offers Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. If you were to buy one of these, I'd recommend either Ethereum or Litecoin. These are decent coins to hold, but a lot of people (including myself) have found lots of profits and luck with alt-coins, which is what Ethereum and Litecoin were at one point but have now mostly became their own thing. These are coins that are trying to fix issues that other coins have, such as huge transaction fees and transaction times. At this stage, your best bet is to just do research. You can use Coin Market Cap (You must login or register to view this content.) and play around with the filters to find some lesser known coins. If something catches your eye, look it up and read articles, watch videos, check out their website and anything else you can to find out exactly what they're offering. At that point you just have to use your judgement to decide if it's worth investing in or not. You must login or register to view this content. and even You must login or register to view this content. are decent places to look for shilled coins that people are hyping up. Just keep in mind that some shilled coins can be complete shit and not worth investing in at all but this makes it so you don't have to look at Coin Market Cap or whatever else trying to find some good options.

Buying these alt coins is a bit more involved than just converting fiat to crypto. You'll have to buy them on exchanges and not all exchanges have every coin. Some coins might only be available on one exchange which can make investing in newer coins more difficult. But once you find an exchange with whatever you're looking to buy on it, you'll need to send some crypto to that exchange so you can buy your alt coin. Some exchanges only allow Bitcoin, some allow Ethereum and Litecoin but you'll have to convert them to Bitcoin on the exchange, and some exchanges allow you to buy alt coins with Bitcoin, Ethereum and Litecoin directly; it really just depends on the exchange. Typically, you'll want to avoid transferring Bitcoin between wallets because at the moment, transaction fees and wait times are stupid long. Ethereum and Litecoin are much cheaper and much faster to send which is why you should try your best to find an exchange that lets you buy alts with them. Binance (You must login or register to view this content.) is one I would recommend the most that lets you do this.

At this point, you should be ready to buy whatever coins you want. I probably forgot to include some shit but hopefully this helps you decide if it's something you want to do or not. Feel free to ask any questions and I can try my best to help.

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01-03-2018, 01:35 AM #3
Kam
Investor - Future Millionaire
Originally posted by Tustin View Post
Okay, so assuming you know nothing about cryptocurrency, here's where to begin:

Coinbase is probably your best starting point. It allows you to convert your fiat into a few select coins. Coinbase offers Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. If you were to buy one of these, I'd recommend either Ethereum or Litecoin. These are decent coins to hold, but a lot of people (including myself) have found lots of profits and luck with alt-coins, which is what Ethereum and Litecoin were at one point but have now mostly became their own thing. These are coins that are trying to fix issues that other coins have, such as huge transaction fees and transaction times. At this stage, your best bet is to just do research. You can use Coin Market Cap (You must login or register to view this content.) and play around with the filters to find some lesser known coins. If something catches your eye, look it up and read articles, watch videos, check out their website and anything else you can to find out exactly what they're offering. At that point you just have to use your judgement to decide if it's worth investing in or not. You must login or register to view this content. and even You must login or register to view this content. are decent places to look for shilled coins that people are hyping up. Just keep in mind that some shilled coins can be complete shit and not worth investing in at all but this makes it so you don't have to look at Coin Market Cap or whatever else trying to find some good options.

Buying these alt coins is a bit more involved than just converting fiat to crypto. You'll have to buy them on exchanges and not all exchanges have every coin. Some coins might only be available on one exchange which can make investing in newer coins more difficult. But once you find an exchange with whatever you're looking to buy on it, you'll need to send some crypto to that exchange so you can buy your alt coin. Some exchanges only allow Bitcoin, some allow Ethereum and Litecoin but you'll have to convert them to Bitcoin on the exchange, and some exchanges allow you to buy alt coins with Bitcoin, Ethereum and Litecoin directly; it really just depends on the exchange. Typically, you'll want to avoid transferring Bitcoin between wallets because at the moment, transaction fees and wait times are stupid long. Ethereum and Litecoin are much cheaper and much faster to send which is why you should try your best to find an exchange that lets you buy alts with them. Binance (You must login or register to view this content.) is one I would recommend the most that lets you do this.

At this point, you should be ready to buy whatever coins you want. I probably forgot to include some shit but hopefully this helps you decide if it's something you want to do or not. Feel free to ask any questions and I can try my best to help.


To add on to this, you don't have to use Coinbase. I don't trust them at all. Fuck Coinbase. After what they did with BCH and marketing it up to $8.5k, I will never buy from them again. You can use a Paypal to ETH exchange and have that sent to a coin exchange such as Bittrex or Binance. From there, you can sell that ETH for Bitcoin and most Altcoins are traded against BTC, meaning you purchase them with Bitcoin. However, earning a listing on Bittrex is difficult if you are a new and upcoming coin. So you can use Binance as well. Bittrex requires a basic verification which is just your age, name, DOB, and phone number. Binance requires no verification and has a lot of coins that aren't listed on Bittrex.

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Tustin
01-03-2018, 01:40 AM #4
Tustin
Balls of Steel
Originally posted by Kam View Post
To add on to this, you don't have to use Coinbase. I don't trust them at all. Fuck Coinbase. After what they did with BCH and marketing it up to $8.5k, I will never buy from them again. You can use a Paypal to ETH exchange and have that sent to a coin exchange such as Bittrex or Binance. From there, you can sell that ETH for Bitcoin and most Altcoins are traded against BTC, meaning you purchase them with Bitcoin. However, earning a listing on Bittrex is difficult if you are a new and upcoming coin. So you can use Binance as well. Bittrex requires a basic verification which is just your age, name, DOB, and phone number. Binance requires no verification and has a lot of coins that aren't listed on Bittrex.


Good info, except I'd just ignore Bittrex right now since they still won't allow new registrants. I don't know how their backend is so bad that it takes them a month to fix it but I think most people (especially new investors) are just sticking with Binance.
01-03-2018, 05:03 AM #5
Kam
Investor - Future Millionaire
Originally posted by Tustin View Post
Good info, except I'd just ignore Bittrex right now since they still won't allow new registrants. I don't know how their backend is so bad that it takes them a month to fix it but I think most people (especially new investors) are just sticking with Binance.


Im a bit worried right now with Bittrex. I used my real name but a fake DOB and you probably have heard about the accounts getting locked. Binance is definitely the better choice but they don’t offer every coin that’s on Bittrex, no exchange really meets my needs perfectly which sucks.
01-03-2018, 06:06 AM #6
Originally posted by Tustin View Post
Okay, so assuming you know nothing about cryptocurrency, here's where to begin:

Coinbase is probably your best starting point. It allows you to convert your fiat into a few select coins. Coinbase offers Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. If you were to buy one of these, I'd recommend either Ethereum or Litecoin. These are decent coins to hold, but a lot of people (including myself) have found lots of profits and luck with alt-coins, which is what Ethereum and Litecoin were at one point but have now mostly became their own thing. These are coins that are trying to fix issues that other coins have, such as huge transaction fees and transaction times. At this stage, your best bet is to just do research. You can use Coin Market Cap (You must login or register to view this content.) and play around with the filters to find some lesser known coins. If something catches your eye, look it up and read articles, watch videos, check out their website and anything else you can to find out exactly what they're offering. At that point you just have to use your judgement to decide if it's worth investing in or not. You must login or register to view this content. and even You must login or register to view this content. are decent places to look for shilled coins that people are hyping up. Just keep in mind that some shilled coins can be complete shit and not worth investing in at all but this makes it so you don't have to look at Coin Market Cap or whatever else trying to find some good options.

Buying these alt coins is a bit more involved than just converting fiat to crypto. You'll have to buy them on exchanges and not all exchanges have every coin. Some coins might only be available on one exchange which can make investing in newer coins more difficult. But once you find an exchange with whatever you're looking to buy on it, you'll need to send some crypto to that exchange so you can buy your alt coin. Some exchanges only allow Bitcoin, some allow Ethereum and Litecoin but you'll have to convert them to Bitcoin on the exchange, and some exchanges allow you to buy alt coins with Bitcoin, Ethereum and Litecoin directly; it really just depends on the exchange. Typically, you'll want to avoid transferring Bitcoin between wallets because at the moment, transaction fees and wait times are stupid long. Ethereum and Litecoin are much cheaper and much faster to send which is why you should try your best to find an exchange that lets you buy alts with them. Binance (You must login or register to view this content.) is one I would recommend the most that lets you do this.

At this point, you should be ready to buy whatever coins you want. I probably forgot to include some shit but hopefully this helps you decide if it's something you want to do or not. Feel free to ask any questions and I can try my best to help.


mfw Tustin forgets the greatest one: Dogecoin.
01-03-2018, 06:13 PM #7
Originally posted by Alt View Post
As the title says, would someone be able to make this?*
I wouldn't mind investing some money in*Cryptocurrency but I honestly don't know where to start and whats legit or not.


Personally i recommend You must login or register to view this content.
Supported Currencies:
Etherium
Bitcoin
Bitcoin Cash
Dash
Litcoin
ETC
XRP (Ripple - Currently skyrocketing in value)

Also a thing that caught me out, you can buy a "sell position" or a "buy position".
A sell position means you get money if the value of the currency goes up (opposite to what you expect)
A buy position is what is expected and you get money if the value of the currency increases.

Careful you don't buy a sell position by accident.

Also don't invest money you can't afford to lose!

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