I’ve been getting my feet wet in the crypto world. I invested a small amount that I am willing and able to totally part with if anything happens in the volatile world of cryptocurrency and blockchain. I hesitate to even call it investing as cryptocurrencies are highly speculative and pretty much nobody knows much about it.
So why would I get into this? Because I believe in the blockchain technology behind it and I also enjoy watching the markets and trading from time to time. Bitcoin could be worth $100,000 one day or it is highly possible bitcoin and all the alt coins get totally wiped out in the next few years.
I’m not a registered investment advisor so take this all with a grain of salt, along with anyone else you talk to. Even a professional because everyone’s advice is filtered through their beliefs and values so you need to do what is in line with your own beliefs and values. Most investment advisors would not even talk with you about cryptocurrencies as even Warren Buffett thinks it is a big waste of time. If the Oracle of Omaha is against crypto that is a big red flag and has swayed a lot of my own optimism about it.
Despite all this I still choose to play in the crypto world for the reasons I mentioned above. For people who do want to get into crypto the first place most get started is with Coinbase. It is an online platform that brokers exchanges of the main cryptos Bitcoin, Bitcoin Cash, Ethereum, and Litecoin and has over 13 million users. From there if you want to get into alt coins and make trades there are other exchanges that have access to more coins. Three of the top ones are Global Digital Asset Exchange (GDAX – a product of Coinbase), Bittrex and Binance. The one I use is Binance.
Here’s how I transfer funds from my Coinbase account to Binance so I can make trades with other coins:
Go to your Coinbase account and then at the top of your screen select accounts.
If you’re on mobile then Accounts will be at the bottom of your screen.
Choose the cryptocurrency that you want to send from your wallets.
Now you have to enter the address that is found in your Binance account.
If you’re on mobile tap on the little paper airplane icon on the top right hand side of your screen.
Then enter the amount you want to send.
To find this address go into your Binance account
Select funds at the top of your screen (or at the bottom if you’re on mobile) and then tap on deposits withdrawals.
On mobile it’s just Deposit at the top.
Tap on deposit on the cryptocurrency you’re transferring and then get the deposit address.
Enter the deposit address that you just got right under recipient in your Coinbase.
Choose the amount you want to send.
On mobile add the address that you just got and then hit send and you’re done!
Hit continue and make sure to check all the details of the transaction and then complete the send.