Ok so here are the answers to everyone’s questions. Recently, my messenger app has been spammed by messages: "How to buy bitcoins?", "How to buy Ripple?", "How are you investing in crypto currencies?", "Which crypto currency should I invest in at this time because bitcoin is too high now?", "How do I transfer different currencies?", “I think this is a scam, what do you think?”, “How are YOU investing money in crypto?” (and many more).
I try to answer as many question as I can in this post. Before you read further keep this in mind that high risks are involved in these kind of investments and one can lower the risk by investing in multiple places (multiple platforms). By the way, I won’t suggest anyone where to invest, I’ll just share where I am investing and if you invest in the same platforms and lose money don’t message me saying you lost money because of me … LOL.
Let me start by sharing the platforms I use:
Coinbase: Let you buy Bitcoin, Litecoin and Ethereum by transferring money from your bank account (takes 7-9 days) or using a credit/debit card (instant purchase but higher fees). Coin base has a mobile app that makes it easier to buy and sell the 3 crypto currencies.
GDAX: Owned by Coinbase. Lower purchase fee than Coinbase. And unlike Coinbase, GDAX charges you no transferring fees
Gemini: Another platform like Coinbase that allows you to buy bitcoins and ethereum (no litecoin). Unlike Coinbase, Gemini doesn’t have a mobile app and the user interface is a little difficult to use for first time users. (fees are lower than Coinbase)
(These are the only platforms I use to buy bitcoin, ethereum and litecoin)Bitconnect: 1% interest daily on your investment (Approx. 30% return per month) For this you can contact me because It’s impossible for me to explain everything here.
HashFlair: Bitcoin cloud mining contract. Return on investment depends of the difficulties of mining bitcoins. At this time, ROI is about 59-61 days.
Genesis mining: Another cloud mining service (located in Iceland) I stopped using it because ROI is better on hashflair)
Bittrex: Other crypto coin (alt coins) including Ripple, Dash, NEO, etc can be bought here. You can’t buy these alt coins using your bank account. The only way to buy these coins is to through bitcoins. So you would have to use Coinbase or any other exchange to buy bitcoins first and then transfer those bitcoins here and using bitcoins you can buy these other coins.
Binance: I use this to buy IOTA (because it’s not available on Bittrex). This exchange has many other coins)
MY OWN MINING RIG: Building my own mining rig just for fun. ROI is worse than many cloud mining sites but it should be a good learning experience.
Transferring currencies from one exchange to another is not difficult at all. You get a deposit address from one exchange (a hex decimal string) and send coins from wallet on the other exchange to that address.
There are three types of wallets:
- Online wallets
- Hardware Offline wallets
- Paper Wallets
(Rest for the next post….!!! lol)