Wednesday, January 3, 2018
Jumping Into Bitcoin
My husband and I have been hearing about Bitcoin for a while now. He heard about it too from colleagues at work. We decided to look more into it and bought a few just to try. It's pretty interesting and exciting. We also watched the documentary about it on Amazon Video (free with Prime) - The Rise and Rise of Bitcoin. Apparently, many have already jumped into it and made good money. An interesting analogy about cryptocurrencies was mentioned in the film. It is comparable to what happened with the traditional mail and the email. This means the real money (fiat money) will be replaced with or dominated by cryptocurrency. I recommend you to do your research on cryptocurrencies and about trading them. This post is just to share our experience. We are not expert at all, just a regular couple trying to make a little bit of money from Bitcoins.
Here are the steps:
1. Create an account with coinbase.com and buy Bitcoin (BTC) with your credit/debit card or bank account. If you intend just to buy and sell Bitcoin, Ethereum, Litecoin or Bitcoin Cash, you can stop here. If you intend to trade other cryptocurrencies that cannot be bought with real/fiat money, proceed to the next step.
2. Create an account with binance.com or coinexchange.io. After registering, find out your Bitcoin deposit address and copy it. It usually is a long combination of numbers and letters.
3. Back to Coinbase, click on the Accounts tab. You will notice the BTC Wallet will reflect how much bitcoin you have. Click the send button and you will be prompted to enter amount and address of where you want to send your Bitcoins (that is your Binance or Coinexchange deposit address). There will be a few to several confirmations needed to complete this transaction. It might take an hour or more depending how busy the market is.
4. Back to Binance or Coinexchange. After receiving the Bitcoin you sent from Coinbase, you will be able to buy the currency you intend to trade.
It is confusing at first but be patient and seek support or help if needed. Read FAQs from the sites too. Join Facebook Groups of the currency you bought (yes, there are groups you can join for discussions and support). Think of when emails are just starting to be popular, it seemed complicated but look at it now - it is so easy to use and manage emails.
(Disclosure: This post contains Affiliate links.)
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