If we look back to 2011 when Bitcoin was only 30 cents and 100$ USD could get you 333.33 bitcoins would you have invested? The answer is most likely to be no; why? Because you had no clue of what bitcoin was. This was the similar case of every cryptocurrency amateur, they were just mining “something” that they then could exchange for some other stuff, like the person who spent 10k btc for pizza, and yeah that pizza today is worth over 150.000 USD. Back to 2018, most of you know what bitcoin is and how it works, what a block chain is and why it is important., I’m not getting into too many details about how it works and why, as the title says, this is a simple article to get started on how to trade or hold (HODL) your favorite coins If you are reading this, you are not too late to get in the game, cryptocurrency is still something new and refreshing, some may say it’s the “revolution” of the currency as we know it, it’s not centralized and it cannot be manipulated in any way In the crypto world we have a king, right now the king is Bitcoin, it’s the coin with most market cap and trade volume at this moment (refer to https://coinmarketcap.com/) but we also have a prince: Ethereum this 2 coins have been the reference pairs on most trades we see happening on the market, they are the strongest and most solid coins (yes we also have litecoin but this is not an article about coins)
So, knowing that we have 2 pairs to take reference from, most of newcomers think they just need to buy bitcoin or ethereum and wait 5 years until BTC or ETH grows, that’s one way of looking at the cryptoworld, let me show you the fun way: THE ALTS. The word “altcoin” is an abbreviation of “Bitcoin alternative,” and thus describes every single cryptocurrency except for Bitcoin, they are variation of bitcoin, most of them change some little things and others revamp what Bitcoin did. So, you might be thinking, how do I start in cryptocurrency? Why is everyone talking about bitcoin? People started to talk mainly about bitcoin when it jumped to 11k not so long ago in 2017, its getting mainstream attention and that is good for us, but there is a small detail, you cannot buy Altcoins with
USD or EUR, you need BTC or ETH.
So, you want to make some money and you have some sitting in your bank giving you 1% interest each month? What if I tell you can get up to 200% ROI in a WEEK with that same money? First step is exchanging that money for BTC or ETH (remember I told you those 2 are the strongest coins and are the pairs used in most trades) you can find an exchange website that takes EUR or USD for BTC or ETH (We will be using Coinbase for this guide)
Go ahead and create an account at Coinbase
(https://www.coinbase.com/join/5a2b128abeb2df0229e176e2 this link will give you 10$ on BTC on your
first purchase) complete the verification process and make your first purchase of BTC or ETH (I recommend using ETH since it has cheaper fees and faster transaction times between platforms) Once you have your ETH or BTC its time to create an account on another platform that trades Altcoins We will be using https://www.binance.com/ Once you have your account on binance, the next step is to send ETH or BTC from coinbase so we can
buy Altcoins.
Go to Coinbase and click on ACCOUNTS:
(reference image)
You are going to click on SEND, its going to ask for a BTC or ETH wallet addres, the amount (either on usd
or on ETH/BTC) and for an additional message.
Now this is REALLY important, you are going to log on https://www.binance.com/ and you are going to
click on FUNDS
Then on DEPOSIT/WITHDRAWLS
A large coin list will appear, you are going to find either BTC or ETH (depend on what you are sending
from Coinbase) once you find the coin you are going to send from coinbase, click on DEPOSIT
The following will appear:
Copy the Address that is your WALLET ADDRES
Now that you have your wallet address, go back to coinbase and complete the sending process copying
the wallet address we just got from Binance.
It should take about 20-30 minutes for you to receive the coins on binance, once you have them you can now start
buying/selling your favorite altcoins, every coin you buy is going to be stored on binance wallet, you can withdraw them to your personal wallet at any time. To sell, it is the same process but on the inverse, you sell the coin you bought for either BTC or ETH on Binance, withdraw the BTC or ETH you gained to Coinbase (same process as depositing but now you are going to click on withdraw on binance and receive on coinbase) and then sell the BTC/ETH for USD/EUR on coinbase.
I hope this article has helped you to start in the cryptoworld, remember to always study the coin you are
going to invest in. Think of it like a company stock, why would you invest in that company?
Smart money makes the most money.