View profile

How to Buy Your First Crypto-Baby With Minimal Fuss

Revue
 
Welcome to The Block. I’m Jeremiah Lewis, crypto-enthusiast and early adopter. This is a weekly email
 

The Block

February 7 · Issue #14 · View online
Weekly curated #cryptocurrency news and commentary.

Welcome to The Block. I’m Jeremiah Lewis, crypto-enthusiast and early adopter. This is a weekly email digest comprising one or two short topical essays followed by a manageable collection of curated links.
If you know anyone who’d be interested in this kind of content, forward this email, or they can subscribe here. I love feedback, so don’t hesitate to email me.

The Doors - The End (original) - YouTube
Is It The End, My Friend?
Of course not! Because despite all the negative news, despite the recent bludgeoning the cryptocurrency market has taken, we’re still in the green as far as total gains. For Bitcoin, it’s up over 700% from last year. For many alt-coins, it’s a similar story.
It only sucks if you invested, like, three weeks ago. That would be bad…
… unless you don’t need the money you invested. And you didn’t need it, right? RIGHT? Because you ought to only invest money that you can afford to lose. Same with stocks, bonds, index and mutual funds, derivatives, etc. Basically, don’t invest unless you’re willing and able to lose it without committing suicide.
But think about it in these terms: When bitcoin hit $10,000 and then $20,000, you may have wished you bought at the low, low prices of $100-$6,000. Well…
This most recent downturn has offered something you might not have imagined was possible just three months ago:
The chance to purchase crypto at reasonable prices! That’s what we’re discussing today. I’m going to keep it short and sweet so you can get those KYC forms filled out ASAP on your favorite exchanges so you can start your little crypto family like you’ve always dreamed.
Ready to get started? Let’s go.
Buying Crypto the Easy Way
This is a guide to buying altcoins, since buying Bitcoin or Ethereum (or Litecoin, for that matter, is as easy as setting up an account on Coinbase).
Step 1: Buy Bitcoin
If you haven’t already, create an account on Coinbase. You’ll also want to make sure you set up 2-factor authentication using Google Authenticator, for security reasons.
Once your account is set up, link your bank account (or your debit card). Don’t bother with your credit card–the fees are too high, you shouldn’t leverage your credit that way, and most CC providers are either not allowing cryptocurrency purchases or are charging it as “cash advance” which carries even higher fees on top of the additional Coinbase fees.
Note: Debit card/Bank account purchases will take 4-5 days to process.
Step 2: Set up account on an exchange.
Any will do, though I suggest a reputable one like Binance or Bittrex. You’ll want to set up 2-factor authentication again, for security.
Once you’re logged in, go to your “Funds” link and click on “Balances.” You should see a long list of currencies. Find the Bitcoin currency, and then select “Deposit.”
Step 3: Find and Copy your Bitcoin Address
It’ll be labeled “BTC Deposit Address” and will look like a random string of numbers. It’s just like an email address or a bank account number. Copy the address.
Step 4: Send your Bitcoin to yourself
From Coinbase, go to Accounts and then click Send on your Bitcoin wallet (assuming your deposit has gone through and it now contains some Bitcoins).
In the box that pops up, paste the Bitcoin address that you copied from your exchange wallet into the Recipient address and enter an amount in BTC or USD. It will give you the option to send the maximum amount by calculating all the fees, to make it easy for you. Hit Continue. You may be asked to enter in your 2-factor authentication code, depending on the level of security you set up.
Note: It may take from 10 minutes to an hour to arrive, but you can monitor the transaction on the blockchain to see how many confirmations it has at any given time. Just use the link Coinbase provides.
Step 5: Verify your Bitcoin balance on the exchange.
Go back to your Funds page. Once it’s showing the amount you sent, you’re ready to start trading for altcurrencies. Click on the Exchange link to get started.
Step 6: Trade!
Make sure you’re using a BTC pairing by clicking the BTC button next to “Favorites.” Then type in the currency you want to trade for in the search box. Select the exchange pairing that comes up.
On the bottom middle of the screen, below the center chart, you should see two transaction boxes, one for buying, the other for selling.
In the Amount input of the “Buy” box fill in the amount of Bitcoin you want to exchange–it should automatically calculate how many of the alt-currency you can purchase at the market price for your amount of Bitcoin.
Click “Buy” and watch your market order fill.
Step 7: Verify the Trade.
Go back to your Balances page. You should see a decreased (or zero) balance for Bitcoin and however many coins you just bought should also appear.
Step 8: Celebrate.
You just did something only 1 in 10 Americans knows how to do!
Link Roundup
Bitcoin’s Substantive & Technical Road to $100K
Bitcoin price could hit $50,000 this year, experts say
Will U.S. stocks suffer the same fate as bitcoin?
Speaking of lightning…
Coinbase
Our engineering team has begun the final testing phase of SegWit for Bitcoin on Coinbase.

SegWit compatible Bitcoin sends/receives will be available for customers in the next few weeks.

We previously wrote about SegWit on our blog: https://t.co/3YPQPkYy4C
If you need to get caught up on the whole SegWit/Lightning Network thing, here’s a primer:
SegWit and the Lightning Network Explained
If you know about SegWit and Lightning Network already but are a complete n00b when it comes to the crypto vernacular, Wall Street Journal has you covered. HODL for your lambos…
The Wall Street Journal
Today on Snapchat: HODL, when Lambo and moon: You, too, can speak bitcoin. https://t.co/DvY2X1bnlo https://t.co/KRrR1htp7i
English Baroness starts cryptocurrency that allows people to invest in venture capital propositions
Crypto-shmypto. Give me gold!
How to buy gold bullion instead of crypto
Wrap Up
That’s it for this week. As always, thanks again for reading. If you find this newsletter useful and interesting and you think someone else would enjoy it, please forward it to them. You can always subscribe or read back-issues here.
Did you enjoy this issue?
If you don't want these updates anymore, please unsubscribe here.
If you were forwarded this newsletter and you like it, you can subscribe here.
Powered by Revue