Cryptocurrency 101 - Getting Started

How to Get Started in Cryptocurrency "A beginners guide to trading cryptocurrency from the ground up."

These are the fundamental steps to get you started. Let me know what you think! This is not financial advice. The information contained within and the views expressed are simply my opinions.

STEP 1

To purchase cryptocurrency, you must first convert your fiat money ($USDollar) into crypto coins. The best place to start is Coinbase. Coinbase is an "exchange" in the United States and does insure your deposits. You can safely store your coins in your coinbase account, also called an online wallet or soft wallet.

Download the Coinbase App or go to coinbase.com and create an account. Verify your account. Set up 2fa (two factor authentication) with Authy or Google Authenticator. Link your bank account. This process may take 3 to 5 days.

You can purchase Bitcoin BTC, Litecoin LTC, Ethereum ETH, and Bitcoin Cash BCC on coinbase. You will need BTC, LTC , or ETH to purchase other cryptocurrencies on other exchanges. You can purchase any fraction of a coin, you do not need to purchase an entire coin. Example, you can start with $100.00 worth of Litecoin, which is currently about .5 of a
Litecoin. Purchase your coins. This process will take 5-7 days to complete and the coins to appear in your account.

If you just want to purchase BTC, LTC, ETH, or BCC, then you are all set. Once you have a coinbase account, you will also have a GDAX account. GDAX is an exchange owned by coinbase. If you want to purchase other cryptocurrencies, you will need to create additional accounts on other trading sites.

STEP 2

Set up some accounts at other exchanges. This will allow you to purchase other Altcoins with your BTC, ETH, and LTC. I suggest starting with Binance, Bittrex, and/or Bitstamp. I also suggest you trade on the Litecoin exchanges. The network fees are way less and the confirmation time is much faster than Bitcoin. Setting up and verifying your accounts may take a few days.

STEP 3

Learn to send and receive your coins from your wallet to the exchange. Simply go to youtube and search for the appropriate videos. How to deposit coins on Binance? How to buy and sell on Bittrex? etc...

STEP 4

Buy the Altcoins you want. Then you will want to transfer those coins to a coin specific wallet. Example: You just purchased 1000 XVG. Go to the XVG Verge website and download their wallet and install it on your computer. Once installed, you will need to wait while the wallet synchronizes to the blockchain. I have waited as long as 3 days for some wallets to synchronize. Once you are synced, send your coins from the exchange to your new wallet. Then backup your wallet. It is your responsibility to safeguard your coins. I do not think you should ever leave your purchased coins on an exchange. Transfer them as soon as possible. You just never know if the exchange will get hacked or de-list a coin. Always exercise caution and secure your coins offline. Don't forget to transfer your remaining BFC, LTC, or ETH back to your coinbase wallet.

Resources

If you have questions about a term, how to use exchanges, how to send and receive digital currency, or anything else ... Search for it on #steemit or youtube! More often than not, someone has made a video about it.

To keep an eye on current prices, I recommend coinmarketcap.com and livecoinwatch.com. You can do a great deal of research on these sites. They have links to the coins' webpages and social media accounts, historical data, market cap, circulating supply and so on.

Good Luck & Good Fortune!
@KryptoKev42