Here at bitGuru we’ve been getting a lot of messages from people new to the cryptocurrency world and asking for tips on how to get started.
We know it can be very confusing and often overwhelming learning all this new information, so we’ve decided to create this handy guide for those hesitant in buying for the first time.
Before we begin, investing is a risk and it’s wise to invest only what you can comfortably afford to lose. Overall, the most popular cryptocurrencies tend to be following an upward trend, even though they can be incredibly volatile, taking enormous plunges at times. Keep calm, make good calculated decisions and you should come out in profit.
Buy some Bitcoin! Bitcoin is the most widely used cryptocurrency when it comes to buying altcoins from exchanges. There are exchanges that use other cryptocurrencies, Ethereum being another popular one, but Bitcoin is most widely accepted.
Coinbase have limits for new buyers which you must be aware of, but the price is pretty much on par depending on demand. We like to follow the rule that we use Coinbase as standards, but if our limit has been reached, we go to Local Bitcoins.
Deposit your Bitcoin onto an exchange. This is very simple to do. Create an account on a cryptocurrency exchange. Bittrex is great and supports almost every altcoin there is. There are many others to choose from but to explain we will use Bittrex.
So you have your Bittrex account and your Bitcoin, now it’s time to send them from Coinbase to your Bittrex account. First, find your Bitcoin wallet receiving address by clicking the + next to Bitcoin as shown below.
Copy it and open up Coinbase. Making sure you’re sending from your Bitcoin wallet, paste the in the Bittrex wallet address and click send!
Fees are not included when sending from Coinbase. You should be shown the fee amount in Bitcoin (BTC) when trying to send. You must deduct the shown fee from the total amount you’re trying to send.
Warning – ONLY SEND BITCOIN TO A BITCOIN ADDRESS OR YOUR CRYPTOCURRENCY MAY BE LOST!
Your deposit should be confirmed within about 20 minutes, do not worry if it doesn’t appear right away, as long as you’ve inputted the right address and sent the right currency, it will appear just not instantly.
Now you have your Bitcoin, you can browse the markets on Bittrex and buy any of the cryptocurrencies you desire.
So as an example, let’s say you want to buy NEO. You open the BTC/NEO market on Bittrex, scroll down and see the above page.
The 4 red circles are what you need to take note of. 1 is the total amount of BTC you have to spend. To buy it all at once just click on the text in circle 1 and Bittrex will plug the total into circle 4, as well as amending box 2 showing how much NEO you will be buying.
Lastly you will need to select your Bid amount. Look at the order book below and clicking on an attractive bid will automatically implant this number into box 3 for your bid. Make sure it’s a competitive bid otherwise your order will not fulfil.
Good ‘Till Cancelled just means that your bid will stay open until you cancel it. Because markets are so volatile, if the price is not competitive enough and lower than other people’s bids, your order will not be fulfilled until the market price matches.
When your order has been fulfilled, you should see your NEO in your wallet and the buy is complete.
It is a good idea at the end of the day to move all your cryptocurrencies into an offline wallet for the best security!
Happy trading and see you all on the moon!
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