Looking to enter the crypto world? Whether you’re looking to invest in Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Verge, Cardano, TenX, OMG, Ripple, IOTA, NEO or other Altcoins, here is a quick how-to guide to get you started!
Step 0.1: Don’t invest more than you can afford to lose
If you’re thinking of mortgaging your house to buy crypto, leave this page now and never Google ‘Crypto’ again. At this stage, think of a crypto investment as a calculated gamble, and assume that you’re going to lose whatever you invest. Can you take that hit? If yes, then read on.
Step 1: Coinbase
Coinbase is arguably the best service to use to buy Bitcoin, Ethereum, Litecoin and now also Bitcoin Cash. It’s a matter of time before they begin offering soon-to-be mainstream coins and tokens such as Ripple, Verge and OmiseGo (OMG). Registration is pretty quick, you’ll have an account validated within a couple of days, and they accept both credit card transactions and bank transfers.
So head to Coinbase and set up your account.
Make sure to enable 2FA (2 Factor Authentication) which offers an additional layer of security.
Step 2: Open an account on an Exchange
Whilst you’re waiting for your Coinbase account to be validated, or waiting for your bank transfer to go through, open an account on a Cryptocurrency Exchange platform. A cryptocurrency exchange is similar to a stock exchange, except it’s for cryptocurrencies.
This is what you’re going to use to buy your Verge, OMG, Cardano, Ripple, IOTA, NEO, QTUM, and virtually any other decent coin or token in existence.
Binance is the largest exchange and is highly recommended as it offers a great web platform, and smartphone and tablet apps for both Android and iOS.
Make sure to enable 2FA (2 Factor Authentication) which offers an additional layer of security.
Step 3: Buy Bitcoin and/or Ethereum
Before investing in Altcoins (alternative coins), you’re going to need to buy Bitcoin or Ethereum.
Why?
Because most exchanges make it much easier to buy your chosen alternative currency using Bitcoin or Ethereum rather than USD, Euro, etc.
The comparison to this, just to make it easy to understand, is to think back a few years – “Why can’t I use my chickens to buy Apple shares”? Answer: because there’s a more appropriate currency for that.
If you’re looking to hold your Bitcoin or Ethereum rather than invest in altcoins, skip to Step 7.
Step 4: Transfer your Bitcoin or Ethereum to your Exchange
Find your receiving address/wallet in your exchange account, and send your Bitcoin or Ethereum to your Bitcoin or Ethereum wallet respectively.
Step 5: DYOR (Do Your Own Research)
Do your own extensive research on whatever coin or token you want to invest in. Read, read, and read some more. Read thoroughly through their websites, their white papers, their roadmap, what people are saying on forums such as https://bitcointalk.org, and then ask yourself “do I believe in this project?”.
Don’t rely on anyone to tell you what to invest it. Don’t blame anyone for giving you “bad advice”. Do your own research so that you at least know that you’ve taken on the responsibility yourself.
Step 6: Buy your chosen coins/tokens
Now you can use the Bitcoin or Ethereum that you transferred to your Binance wallet to trade. The exchange platform will offer you the facility to buy your chosen coin/token as a fraction of Bitcoin or Ethereum (depending what you’re using).
Step 7: Download a Wallet
This is optional.
Whilst exchanges like Binance and the other larger exchanges take necessary security precautions, they are constantly other attack by hackers trying to get in and steal users’ funds. To avoid this scenario, you could download a wallet to your computer to store your coins. Usually, the official website of the coin or token you’ve bought would offer a number of wallets depending on your platform. You could then transfer your coins from your exchange to your wallet and make transactions from there.
We hope this short guide has given you a better understanding on how to get started with Crypto. Feel free to tip us if it has!:
Verge: D6KQM9RjYTuM6mRiVTTxStofEx45rgDpvv
Bitcoin: 1Mc6yhXHBazVyQAKESkzpzJHxx2hMRENoh
Ethereum: 0x4C34E532f3A60cE39a63EeaF832CfD430e67B40C
Litecoin: LdFvXjedbd3RurPM4JhuseVMrKZVTZXrJv
Disclaimer: This article is not intended to be taken as financial advice. It has been written purely for entertainment purposes. The authors waive responsibility for outdated or wrong information and users of this website hereby accept not to hold the authors responsible or liable for any liabilities arising from use of the information provided.