March 2018 Update: The market has been on a serious down slide since it peaked back in Dec 2017, but if you understand the potential behind Cryptocurrencies and the underlining technology you know the time to buy and hold is right now. This article will show you how to start investing into altcoins. Keep reading as we go over one of the simplest (and safest) methods to go long (BUY and HOLD) on to some of these more known, more likely to keep appreciating cryptocurrencies.
The Cryptocurrencies (also known as Digital Assets) we are about to discuss are available for trading on some of the following Exchanges: Coinbase, Binance, CEX, UPBit, Bittrex, Bitstamp and a bunch other.
A few things to consider before moving forward:
- Coinbase asks for the LAST 4 of your SSN and some type of identification. I believe it’s totally safe to hand it out. We were all screwed over by Equifax a few months ago anyway.
- Binance will let you trade a limit of up to 2 BTC unless you finish verification with them as well. They only need IDs.
- Do NOT forget to enable Two Factor Authentication (2FA) for all your Cryptocurrency Accounts.
Buying Ripple (XRP), Cardano (ADA) and/or Verge (XVG).
- Setup a Coinbase account (this is a link with a refferal where you and I both get $10 after you sign up and make your first investment) and download the App to your phone (or use it directly on your web browser).
- You will have limited access to account funding if you don’t finish your registration, so go ahead and do that.
- Setup a Binance account. You can trade in and out of this one up to a 2BTC value. That should be enough for now (unless you want to load up, go all in, bet all the way down to your underwear, etc.)
- Add funds to Coinbase ETH Account (this is also an Ethereum Wallet, but Coinbase calls them Accounts to help the common folk understand Wallets easier). Note: adding funds with an ACH transfer will take you days (I can’t wait for the day Blockchain gets rid of this altogether) so if you want your funds right now, add from a Credit or Debit Card.
- Once your funds have cleared, go to your ETH Wallet and click on the Send button. This is where you will enter your Binance ETH Wallet address to transfer between both exchanges.
- Now go Binance > Funds > Deposit and Withdrawals and find ETH (use the search bar at your convenience). Click the Deposit button, this will give you your ETH Wallet address at Binance, copy it and paste back into the ETH Wallet address field of your Coinbase account.
- Double, no, triple check that everything is correct (on your ETH address) and hit send.
- Back on your Binance account, go to Exchange >Basic and on the top right side of the screen, pick the ETH box and use the search bar to look up “XRP” (or any of the aforementioned coins).
- Select the coin from the list then use the Buy/Sell boxes to trade it. You can also click the percentages buttons to acquire a percentage of the total ETH you now have in your Binance account.
There you have it!
Not as hard as it might seem at first. At some point in the near future (Q1 2018 more than likely) Coinbase should be listing some of these cryptocurrencies, which will make it a lot easier to purchase without much fanfare. For now, do your Due Diligence (research) and get a head start into investing in cryptocurrencies.