So, yesterday, you bought your first Bitcoin, perhaps some Ethereum too. Very good. If you didn't, not to worry, because today, you can still do that, maybe even at better prices, and buy a couple of altcoins. Today.
Let's jump right in. Tomorrow we'll be moving all holdings to a couple of crypto wallets. Then, on day four, we'll set up tracking portfolios on desktop and smartphone. For today:
- You'll move a portion of your stake in Bitcoin from the fiat exchange you bought it from, to a crypto-only exchange where you use that Bitcoin to buy alts.
- Then you'll buy two separate altcoins I've chosen in order to demonstrate moving to wallets tomorrow.
- Then you'll relax. You'll have holdings in Bitcoin, Ethereum (if you opted for that), and two altcoins. Give yourself a round of applause.
This of course depends on the stake you took in Bitcoin. If very small, then perhaps you only want small amounts, like $10 each in the alts. If you did $100 in Bitcoin, then perhaps $15 or $20 each.
If you got a hefty portion of Bitcoin, you can of course do what you like, but you still might want to limit yourself to $50-100 in each alt.
For purposes of this exercise, I'll move $100 worth of Bitcoin to a crypto-only exchange, then split it 50/50 between the two altcoins.
Here's three decent crypto-only exchanges I'll list. Of course, you're welcome to find another. They all essentially operate on the same sort of trading principles, it's just the look and feel that's going to be a bit different. However, once you master one of them, you'll be able to use any of them with relative ease.
Pick one. The two altcoins I've chosen are both listed at Bittrex and Poloniex...but not Binance. Binance is crazy easy to open an account on, but does not list the two coins I've chosen. But if that's your only option, then in order to get the most from tomorrow's move-to-wallets exercise, you'll want to pick one alt that you can store in the Jaxx wallet, and one alt token you can store in MyEtherWallet. You can look at my portfolio for some ideas.
OPEN AN ACCOUNT
For this, we're going to use Bittrex. Pretty much like anywhere.
Be careful with Bittrex, they are highly security conscious, so answer all fields with the exact correct info. I suggest just keeping with a standard account for now, not enhanced.
Once in, this is the part of the menu you'll be using.
This is the menu item you'll be using all the time to both get Bitcoin to Bittrex, and then to buy alts.
Make sure 'hide zero balances' is unchecked. Then type 'btc' for Bitcoin in the search, and note it on the list.
Now, you're going to click on the + image to the left of Bitcoin.
SEND BITCOIN TO YOUR EXCHANGE
Once you've clicked on the + you'll get this pop-up.
Now, if you're one of the ones who used Abra on your phone to buy Bitcoin, or, you have the Coinbase app, then you can simply send with your phone by scanning the QR code. Make sure you scan the one from your own Bittrex account and not the one above, unless you really want to send your $100 to my account, with my sincere gratitude. :)
Prior to ever sending any crypto anywhere, just prior to hitting send, simply verify that the first and last 4 characters of the send-to address match your receive address precisely. Rule of thumb.
Now, if not using your phone the easy way, then open another tab in your browser and bring up Coinbase, click on Accounts and check that your Bitcoin that you bought yesterday, or earlier today, is still there.
Now you click Send. Then, pop over to your Bittrex tab and copy your address into your clipboard if you haven't already, and then paste it into the send
Enter the fiat amount or BTC amount you want to send, do the quick first-and-last-4 verification of your Bittrex send-to address, click continue, then go through the confirmation process depending on what authentication you're using.
Now, you wait. Could take 10 minutes to show up in Bittrex, could take an hour. On average in my experience, about 15-20 minutes when I'm paying the network fee. We're not worrying about prices and fees though, today.
LET'S BUY ALTCOINS
Alright, your BTC has shown up in Bittrex and looks like this.
Now let's buy some Augur (REP). Make sure 'hide zero balances' is unchecked, type either the coin name or symbol into the search, you'll see this if they list the coin.
Click on the clickable trading symbol, REP, which will bring up a chart and lots of other info, plus the trading section.
You should always, always, always trade with limit orders. If you use a market order, you have the potential to get killed if you are selling and there's an enormous price drop you didn't catch between the time you last looked and when your sell order went to the book. Always use limit orders.
However, in order to usually buy very quick, simply click on the price dropdown and click Ask or Last, which matches you up usually instantly. It's saying you'll take the same price as the last filled trade or you'll take the price being asked at the time you click it.
Buying two (2) REP consumes about 0.005 BTC, about half the stash we sent from Coinbase. Your amounts may vary, of course, depending on the stake you want.
So, go ahead and click + Buy Augur. You should fill about right away. Sometimes, for large orders relative to price (like 2,000 of a coin selling for 1c), you'll often get a series of partial fills until your entire order is filled.
Alright, now repeat the same process for Civic (CVC).
170 CVC is about $50 currently. Alternatively, if you've placed your order for REP and just want to use all your BTC remaining at Bittrex, then after clicking Last or Ask for price, you can click Max for units of CVC to buy.
...And you're done, rockstar status.
Tomorrow, we'll move all Bitcoin and REP to the Jaxx wallet and all Ethereum and CVC to MyEtherWallet.
Don't be late.
See The Cryptocurrency Resource Library — A Complete Up-To-Date Index of All The Most Important Stuff.