Official CryptoTalk Thread

How to Buy/Exchange Crypto/Wallets + Information

If on Coinbase to Binance

- Go to Binance
- Click Deposit/Withdraw
- Find ETH/LTC/BTC coin you have, click deposit
- Copy the address it creates

- Go back to Coinbase
- Go to accounts
- Click Send
- Paste address + amount and enter code

- Wait


DEBIT/CREDIT CARDS ARE INSTANT

BANK ACCOUNTS TAKE 7-10 DAYS


If Coinbase to Gdax
- Go to Gdax
- In top left click exchange pair (ETH/USD, BTC/USD, etc)
- Click Deposit
- Find Coinbase transfer and enter information (will be instant and free)


From GDax to Binance
- Go to Binance
- Click Deposit/Withdraw
- Find ETH/LTC/BTC coin you have, click deposit
- Copy the address

- Go to Gdax- Find
- In top left click exchange pair
- Click withdrawal
- Click ETH/BTC/LTC address
- Put in amount + address + 2FA


Coinbase or GDax to Bittrex
- Go to Bittrex
- Click Wallets
- Find your coin (BTC/ETH/LTC)
- Click plus sign
- Copy Adress

- Go back to Coinbase/Gdax and follow previous steps




(I do not do much on Cryptopia, Poloniex, or Gemini outside of sending coins, but it is a similar process as above)
(To buy coins on aids exchange, it would be similar and depending on exchange I will help)


Types of Wallets

Paper Wallet

Online Wallet, although each coin has different wallets for staking

Coindesk How to Store

What is Staking

Staking

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Proof of Stakes involves buying the coin and keeping in the wallet for a certain fixed period, just like putting money in a fixed deposit for a fixed period. For Fixed deposit, you will be paid an interest as a reward. For Proof of Stake, you will be paid additional coins as a reward.

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From SaintTiger

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Cryptocurrency Exchanges Cryptocurrency exchanges are the apps and websites that allow you to trade the various cryptocurrencies that have been developed. Although there are many exchanges, if you are in the US you can only use certain ones, same for those overseas. Right now the 4 popular crypto exchanges in my opinion are:

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Coinbase- if I could illustrate it on a map Coinbase would be the start point and end point for your crypto endeavors as of today and for the foreseeable future. It is the only exchange for US citizens to covert crypto to and from USD. I’ll go over this later. Coinbase has 3 coins you can trade and invest in, BTC, ETH, and LTC. We call these the major coins because they allow you to exchange and buy alternate crytpocurriency coins (alts) on other exchanges. (Yes I know I left a coin out but I’d rather not give that coin publicity, it’s a blatant ruse).

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GDAX- GDAX is a sister of coinbase. It can do all of what coinbase does except the USD conversions/deposits/withdrawals. It has a little more information and analytics than coinbase and some prefer it over coinbase.

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Binance- Binance may seem like the matrix when first signing up. Binance is the most preferred exchange to trade “alts”. It’s relatively user friendly and has most “alts” you would be looking for. If you are wanting to day trade and have a portfolio mostly of “alts” Binance needs to be your second stop. Binance has a .1% trading fee with withdrawal fees that are calculated based on your crypto.

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Bittrex- Bittrex is another popular exchange. Bittrex handles a large amount of trades daily, the exchange has numerous amount of Altcoins , so users can trade all types of coins. Trading fees are .25% on this exchange.

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Please understand that the process to sign-up for these exchanges are very particular for important reasons. On most exchanges you will be required to verify your id by uploading a picture of some sort of identification card (passport, drivers license). When you sign-up make sure your name matches on everything. Lastly, be patient with exchanges. Some exchanges are faster than others and it’s usually dependent on volume. Wait times for sign-up approval vary from 10 minutes to a couple of days, no way around it. I would not recommend these exchanges if they were shady. In my opinion they are taking the right measures to safeguard your information.
There are a many more exchanges but this allows you to get your feet wet. Now I’ll move on to actually investing. As I mentioned before everything starts and ends with coinbase for those in the US.

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How to buy on Coinbase: Coinbase allows you to attach your credit/debit card or a bank account to the exchange for convient trading. Coinbase will confirm your card or account by making a small transaction (usually $1) and will clear it after confirmed. If you chose to attach your credit/debit card you can send and receive money instantly via coinbase. If you choose to use your bank account it take on average 1 week to fully process. The important thing here is that once you have bought a coin on coinbase that price is locked in after you confirmed buy. Obviously that can be good or bad, depending on how you like to trade, just be aware.

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Cashing Out: This is mainly for those wanting to be alt investors. To cash out your returns from alts you need to do the reverse method of the previous paragraph. Start from your exchange and convert your alt to a major coin. Obtain an address through coonbase. As of right now Coinbase is the only exchange you can cash out with. Send your major coin to coinbase using your address. Sell your coin on coinbase, it should be in your USD wallet. You will then be able to wire it to your bank account. The average limit to transfer is $10k. The important thing to remember here is that when your major coin is in limbo from exchange to exchange the value of it can fluctuate.

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Thank you LSUtoOmaha and DBF for introducing Ethereum to the board and for your research.

1) It's a crypto/digital currency like Bitcoin
2) It's trading at about $80 per unit right now
3) You can buy it pretty easily on coinbase. I signed up and bought within five minutes.

4) You can use your credit card (I'm already thinking of manufactured spending).
5) You can only spend $100 per week via credit card unless you provide picture ID, which I'm a little hesitant to do.
6) There is a 3.5% fee on credit cards

7) You can buy much more by linking a bank account
8) I bought 1.2 unite...if it goes to zero I lost $100. If it turns into Bitcoin then I make a lot of money.

ETA: After adding ID I can now buy $300 per week via Credit Card and $5,000 per week via bank draft. Best I can tell, these limits increase with time and usage.

Now, Let's get rich!