Todd's Tips for Bitcoin & Cryptocurrency Newcomers

 

Starting your Cryptocurrency portfolio

My steps to buying Bitcoin, Ethereum and Litecoin in the UK using a Debit card or Bank Transfer.

  1. Go to Coinbase.com <- This is an affiliate link, we both get $10 of Bitcoin free :)
  2. Create an Account
  3. Add your Debit Card or Bank Transfer funds (Better for larger amounts)
  4. Verify your account with a photo and a form of ID
  5. Buy Bitcoin, Ethereum or Litecoin straight from your Debit card.

 

My steps to buying Altcoins, Ripple, NEM, Stellar etc

To buy Altcoins such as Bitcoin Cash, Ripple, Stellar, NEM and many others, you will need to use an exchange.

The two exchanges I use are Poloniex and Bittrex

  1. Create an account with your chosen exchange. Verify with a form of ID and photo to be able to withdraw larger amounts.
  2. Transfer your Bitcoin, Ethereum or Litecoin from Coinbase to your wallet address on your chosen exchange.
  3. Place a buy order on an Altcoin of your choosing.

My tip for transferring currency to an exchange is to buy Litecoin. Litecoin is quicker and incurs less fees than Bitcoin. I would then convert this Litecoin to Bitcoin on the Exchange to then buy my desired Altcoin.

 

General Tips

  • You've heard this one before... Buying and trading crypto is like gambling, only invest what you can afford to lose!
  • Storing your coins. Unless you are actively trading, don't leave your coins on an exchange. You just need look up Mtgox and Cryptsy (I lost a few on Cryptsy).
    • A more secure method of storing is to use a software wallet. Many coins offer their own wallets, but there are wallets which support holding multiple types of coins. Have a look at the Exodus wallet, it also has a built in exchange!
    • For even more security, this is usually for high value amounts, you can use a paper wallet or hardware wallet. Have a look at some of the Hardware Bitcoin Wallets on Amazon
  • Research before you buy. Don't buy something you know nothing about. Go find the whitepaper on the coin and give it a little read. Or, take to the web, maybe even Reddit and see what sort of community is behind the coin.

 

More tips coming

 

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Todd Dakin Founder and Developer

Todd Dakin
Founder & Developer

Getting fed up with updating a spreadsheet to work out our portfolios sparked the idea of My CrypTotal