Do you want to learn how to purchase and send bitcoins, and other Alt-coins? Look no further! This is for you!

in #bitcoin7 years ago

bitcoin-1056983.jpg

Short of downloading the entire bitcoin core, there are only a few ways to purchase bitcoin, and other CC's.

Probably the most efficient way to buy bitcoin is from a bitcoin ATM. It pretty much works like your average ATM. You put your hard earned near worthless cash that is almost as untraceable, and used by most criminals, in the ATM, and out comes a little receipt thats what we in the Crypto world call a cold-storage wallet. They have what is known as a QR code, or a black and white square full of little blocks that you can use your phone camera to scan. This QR code is used as akind of transmitter for bitcoin, and CC transactions, usually to send to yours, or a friends wallet. They also have a string of characters, letters, and numbers that could be used instead of the QR code.
ATM's are used for profit, and as a result of how expensive it is to manufacture, especially in this particular circumstance, the fees can be up to 5%.

You can use the link here to find an atm near you: https://coinatmradar.com/

Arguably the most popular way to buy bitcoin, and other CC's, is through the website www.coinbase.com.
The issues with coinbase is that because of the crypto-currency frenzy, it may take a while to actually get an account registered, and once you actually register your account; buying bitcoin, Ethereum, and litecoin is as easy as reading. The problem with actually purchasing the coins is that coinbase takes so long to actually deposit them into your coinbase wallet.
The great thing about coinbase, however, is that they have an exchange called www.gdax.com that you can transfer without having to pay bitcoins outrageous fees (which i'll get into in a letter essay) and, you can transfer it for litecoin ETC. And then transfer them to another exchange, something ill get into in the next paragraph.
Coinbase is practically the gateway to the Alt-coins, and being that, they are very limited in their coins, and although there have been rumors of coinbase accepting, and providing alternative coins, but, such rumors are unsubstantial, and coinbase has been very adamant that they have not committed to any other coins, minus bitcoincash.

So, now youve got your bitcoin, or Ethereum, and you want to invest it into other coins, first we need to find an exchange.
I personally can only speak for one exchange, other than GDAX, which is www.binance.com
Binance has worked perfectly for me, with only a few stumbling blocks. The first one is that you can deposit as much money, or coins as you want, but, until you register your two factor authentication, you will not be able to withdraw any of your coins.
The way around this is changing the time on your computer, or phone depending on what system you're using, downloading a two factor authentication app, the most used 2FA is most likely the Google 2FA, but if you're anything like me, you dont trust Google, so i use authy from the android app store.
I'm sure there are more, and possibly better ones, but this one has worked for me just fine.

You will have to use this app every time you deposit, or withdraw your coins, and you have to be quick, because the code on the 2FA is time sensitive and changes every minute or so.

So, there you have it, my guide to buying and sending bitcoins, and other alt-currencies.

Let me know if this guide has helped, and if you have any other information that would be useful to new comers and myself would be very much appreciated, and remember, dont invest any more than you're willing to invest! We are in totally uncharted territory. People have made a lot of money trading, and people have also lost a lot of money.

Hope this was helpful.

Thanks,
-Jordan

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