May 5, 2017 06:00 AM
(This post was last modified: May 5, 2017 06:03 AM by Skidy.)
I hear so many people asking questions trying to get started. Why to buy btc, what to buy.. There have been some threads about it already but thought I would give back to the community and create one myself.
What is btc and how does it work?
To really understand how to trade using bitcoin to other crypto currencies, you need to know how the whole process works. The video above couldn't explain it better.
Where can I purchase btc?
Currency Exchange - You can request to exchange PayPal, AGC (Amazon Gift Cards) and all sorts. Be careful you don't get scammed though.
Localbitcoins - A site used by many, well trusted.
Coinbase - I just use this site. I love it, however it does require you to upload ID to the site. Which shouldn't be an issue if you have nothing to hide.
What should I invest in?
This question gets asked day in and day out. There is no harm in asking for other users opinions but at the end of the day its down to you. Investing is gambling. Do not invest what you can't afford.
Take a look at the coinmarketgap website. This will show you a very very large selection of coins and all their information. A very useful site.
In my OPINION (Not everyone will agree) these are a few coins I feel are worth investing into right now for the long run. XRP, STRAT, SYS, MAID and GAME. Don't take my word for it, do your own research on the coins before investing. Look at their project, why is it different from the 100 of other coins out there, what are the developers like. Even things such as looking at their website/twitter feed to see if they have been active, can give you some indication whether its a good coin or just a plain P&D (pump and dump) coin.
How do I start investing?
There are many sites out there but these are the main two.
Poloniex - I started off here using this site and I feel its the easiest to use.
Bittrex - Another great site, you tend to find less popular coins listed on this site.
Simply set up an account (I advice also setting up 2FA), send the btc you have bought from there and start investing.
Keeping track of everything?
When you start creating your portfolio of all your coins you are going to want to track your profits. I would highly recommend a mobile application called Blockfolio (available for both iOS and Android).
Or if you prefer website look at: Coinventory and myaltcoins
Storing Coins
Don't be fooled into thinking those trading websites are safe.. becuase they are most certainly not and there have been many cases where peoples accounts get compromised and you end up losing everything. For the love of god, this is important. So many users are lazy and don't do this.
Find a wallet that supports coin, download that wallet and put your coins in there. Currently, my biggest investment is STRAT and therefore I have all my coins in the official STRATIS wallet.
Advice and useful links?
1) For further explanation on reading graphs, buying etc.. Read this
2) Get off your ass make some bitcoin and invest into your future. - Give this a hard read. This is what got me started and shows you how a little ($1) can make you a hella lot. I ended up investing £400 in total and now have £1550 | ($2006.81)
Proof and what Blockfolio looks like
Spoiler (Click to View)
3) If you want to to set up a mining rig, look at this. If you are interested read how I'm going to make £3.6 a day mining on my main computer.
4) Inspiration. Many many users have started with a very small amount and have built it up over time. A small or large amount can be really worth investing. Even though I have only been in the game for a month and a bit, by looking at graphs and such I feel its a good year to be investing into crypto currencies.
5) Join some groups to help you fill in some of the knowledge gaps and to generally get tips/advice/announcements on coins. There are plenty of good crypto currency groups out there. I am personally apart of 2 on Skype and 3 on Discord. Get involved.
Now that you have read this, go and get involved and do all of your research. Please also give this guide to users who are just starting with all of this.
Check out Skidy's Crypto Currency Guide to get started!
To really understand how to trade using bitcoin to other crypto currencies, you need to know how the whole process works. The video above couldn't explain it better.
Where can I purchase btc?
Currency Exchange - You can request to exchange PayPal, AGC (Amazon Gift Cards) and all sorts. Be careful you don't get scammed though.
Localbitcoins - A site used by many, well trusted.
Coinbase - I just use this site. I love it, however it does require you to upload ID to the site. Which shouldn't be an issue if you have nothing to hide.
What should I invest in?
This question gets asked day in and day out. There is no harm in asking for other users opinions but at the end of the day its down to you. Investing is gambling. Do not invest what you can't afford.
Take a look at the coinmarketgap website. This will show you a very very large selection of coins and all their information. A very useful site.
In my OPINION (Not everyone will agree) these are a few coins I feel are worth investing into right now for the long run. XRP, STRAT, SYS, MAID and GAME. Don't take my word for it, do your own research on the coins before investing. Look at their project, why is it different from the 100 of other coins out there, what are the developers like. Even things such as looking at their website/twitter feed to see if they have been active, can give you some indication whether its a good coin or just a plain P&D (pump and dump) coin.
How do I start investing?
There are many sites out there but these are the main two.
Poloniex - I started off here using this site and I feel its the easiest to use.
Bittrex - Another great site, you tend to find less popular coins listed on this site.
Simply set up an account (I advice also setting up 2FA), send the btc you have bought from there and start investing.
Keeping track of everything?
When you start creating your portfolio of all your coins you are going to want to track your profits. I would highly recommend a mobile application called Blockfolio (available for both iOS and Android).
Or if you prefer website look at: Coinventory and myaltcoins
Storing Coins
Don't be fooled into thinking those trading websites are safe.. becuase they are most certainly not and there have been many cases where peoples accounts get compromised and you end up losing everything. For the love of god, this is important. So many users are lazy and don't do this.
Find a wallet that supports coin, download that wallet and put your coins in there. Currently, my biggest investment is STRAT and therefore I have all my coins in the official STRATIS wallet.
Advice and useful links?
1) For further explanation on reading graphs, buying etc.. Read this
2) Get off your ass make some bitcoin and invest into your future. - Give this a hard read. This is what got me started and shows you how a little ($1) can make you a hella lot. I ended up investing £400 in total and now have £1550 | ($2006.81)
Proof and what Blockfolio looks like
Spoiler (Click to View)
![[Image: 91e49d3438389333d937c0fa0b6f8760.png]](https://i.gyazo.com/91e49d3438389333d937c0fa0b6f8760.png)
3) If you want to to set up a mining rig, look at this. If you are interested read how I'm going to make £3.6 a day mining on my main computer.
4) Inspiration. Many many users have started with a very small amount and have built it up over time. A small or large amount can be really worth investing. Even though I have only been in the game for a month and a bit, by looking at graphs and such I feel its a good year to be investing into crypto currencies.
5) Join some groups to help you fill in some of the knowledge gaps and to generally get tips/advice/announcements on coins. There are plenty of good crypto currency groups out there. I am personally apart of 2 on Skype and 3 on Discord. Get involved.
Now that you have read this, go and get involved and do all of your research. Please also give this guide to users who are just starting with all of this.
Check out Skidy's Crypto Currency Guide to get started!
Code
[url=https://hackforums.net/showthread.php?tid=5615713][color=#1E90FF]Check out Skidy's Crypto Currency Guide to get started![/color][/url]
![[Image: M6MscUn.gif]](https://i.imgur.com/M6MscUn.gif)
