Ok, I bought Bitcoin on coinbase... Now What?

in #bitcoin7 years ago

Now that you got a piece of the pie you may be anxiously checking the price seeing if your recent investment has gained anything. Might have even seen it go down since you bought it at 10k.

BE PATIENT.

Millionaires are not made over night. Don't put in more that what you can afford to lose. So with that being said lets dive straight into where to store your crypto. (Bitcoin, Ethereum, etc)

Storing your crypto on Coinbase is something you want to avoid. Nothing wrong with buying it from there, but its just not a safest place to keep your digital currency. Why? Because you are giving them access to your private keys. Potentially if Coinbase got hacked then they could take off with your money.

So where should I keep my Bitcoins?
Keep your crypto in either a hardware wallet (Trezor, Ledger nano s, or Ledger blue)
or theres free wallets for the smaller investor with a secure computer (Exodus, Jaxx, or Mycelium)

Setting your Coinbase account to buy weekly is a good idea even if its only $10. I will usually transfer it over once $50 is available.

Depending on how you bought your crypto (card or bank account) it may not be available to you for a week.
Buying with a card has higher fees, lower weekly limits, and you get the crypto right away.
Buying with a bank account is lower fees, higher limits, but your crypto wont be available for a week.

Why would people use a card then? Credit card can be used if your'e trying to meet a minimum spend on a travel card for points. Another great reason is if you wanted to trade the bitcoin for another alt coin that is not available to purchase on Coinbase. When purchasing alt coins timing is key and sometimes you cant wait a week specially with some that have 200% gains in 24 hours.

So how do I trade my Bitcoin for Alt Coins?
I personally use Bittrex.com, I also have an account at Kraken, and Poloniex that rarely get used.
The biggest market to trade is in Bitcoin, so there will be more alt coins available to purchase with Bitcoin.
So send your Bitcoin from either Coinbase or your Wallet(Exodus, Jaxx, or Mycelium) to the corresponding wallet in Bittrex.
ONLY SEND BITCOIN TO YOUR BITCOIN WALLET.
You will lose your coins if you send it to the wrong wallet, double check everything before and send over a small amount first make sure it arrives then send the remainder.

Now the hard part, which alt coin to buy. Here's the paved road and where you'll have to do your own research and get behind alt coins that you believe in and that have real world applications.

My personal favorites are: GNT, SALT, ETH, PTOY, and FUN for long term.

Once you got the winner picked out not you can buy it with bitcoin, if its short term gains then leave it on Bittrex so you can trade it easily, if your'e holding it long term then stash it safe in your wallet.