Jan 24, 2018
In this episode of the podcast Kevin runs solo to help you get started in the cryptocurrency-universe. We had lots of people asking us how to get started via email, twitter & through our VIP community so here it is!
Step 1 – Open Coinbase Account
The easiest point of entry is to buy Bitcoin, Litecoin, Ethereum or Bitcoin Cash via Coinbase. You can access this platform through their app or website. If you click HERE, then you’ll get $10 of free Bitcoin when you buy a minimum of $100.
You will need:
Photo ID such as a driving licence or passport
A credit/debit card to buy your desired cryptocurrency
Step 2 – Open Accounts with exchanges
If you want to buy alt-coins you’ll need to open an account with some different exchanges. The first thing you should do is check on coinmarketcap.com to see where your chosen coins are listed. We’re based in the UK and use the following exchanges ourselves:
Binance.com – wide choice of cryptocurrencies and available in most countries
Bittrex.com – one of the most popular and has many of the major alt-coins. As of today 21.01.18 they’re not accepting new users. Go back and check in a few days.
gdax.com – the same exchange as Coinbase, handy to cash out into euros or dollars if required.
yobit.com – lists some of the newer coins. We have not used this ourselves but if you’re looking at some of the low market cap coins, they might be listed here.
btcmarkets.net – can be used if you’re based in Australia. Lists some of the major coins.
Step 3 – Buy your chosen alt-coins
Simply send either Bitcoin, Litecoin or Ethereum from your Coinbase wallet over to your exchange wallet.
IMPORTANT: Make sure you’re sending from to & from the same type of wallet e.g. LTC wallet > LTC wallet. Also check the trading pairs on your exchange, you can usually swap Bitcoin for your chosen alt-coin on most exchanges.
Step 4 – Decide where your cryptocurrencies will be stored
Hardware wallets are the most secure place to store your Cryptocurrency. Order your Nano Ledge S HERE: https://www.ledgerwallet.com
You can download a software wallet for whichever coin is available, here are a couple we like for Bitcoin & Litecoin
Bread – https://breadapp.com/
Loaf – http://loafwallet.org/
Step 5 – Useful tools & apps
Blockfolio – a really useful app to keep track of your crypto trades and portfolio values
Bitworth – very similar app to Blockfolio but its a little more visually pleasing.
HODL – check average prices in the market and specific prices on exchanges, handy to compare prices when buying coins.
Coincap.io – useful for checking live prices on your desktop/laptop. Not great on mobile!
Coinmarketcap.com – a very in-depth website which contains graphs, source code details, historic trading data, social links, website links, current market cap & prices.
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