Step 1: Purchase Bitcoin
- Bitcoin is considered the reserve currency. It can be used as a tool to purchase other crypto currencies of your choice.
- You will have to convert your fiat currency to bitcoin - you can use one of the following services
- ABRA - Mobile application that allows you to purchase bitcoin
- Coinbase\Gemeni - An exchange that will allow you to purchase bitcoin
Step 2: Store Bitcoin
- Common mistake is storing your bitcoin from the exchange you purchased it from. The exchange should be a place to exchange your bitcoin for coins you would like to purchase.. Once you have purchased the coin of your choice you need to send that coin to a "Wallet" for safe keeping.
- Some trusted wallets are: JAXX (Mobile and Internet Based), Abra (Mobile), Blockchain (Internet Based)
Step 3: Purchase Cryptos
- Transfer your bitcoin to a trading exchange (Poloniex, Kraken or Bittrex - these are a few trusted exchanges)
- Purchase other crypto currencies by using bitcoin as buying power and exchange out bitcoin for xxx coin.
Step 4: Transfer the purchased coin to a wallet for safe keeping (JAXX OR Myeitherwallet are good sources)