Welcome back to the final part of my step by step tutorial to help people starting out in the world of cryptocurrency.
In Part 2 we finished going over how to send your Bitcoin or Ethereum from GDAX to Binance or Bittrex Exchanges.
We went over example 1 on how to purchase an Alt Coin on Binance and we used Cardano (ADA) as our chosen example coin.
Now are going to start with a 2nd Example of purchasing Cardano (ADA) but this time we are going to do it on Bittrex.
First of all here is a recap on how send your BTC from GDAX to an exchange:
GDAX WITHDRAW PROCESS - Sending Bitcoin from GDAX to anywhere
Just like the Binance transfer in Part 2, this time we first go to Bittrex and copy our BTC deposit address.
Once done we now go back into GDAX.
The process of sending our cryptocurrency from GDAX to anywhere will always be the same regardless of which exchange you use in the future.
Each exchange will always issue their own deposit address for the Crypto you are sending.
Here is a sample of what the GDAX home screen looks like when you first log in to it. (logging into coinbase will auto log you into GDAX)
Now as you can see underneath your BTC and ETH balance, there will be a withdraw button.
Go ahead and press withdraw.
You will now see this screen pop:
Now we are sending BTC in this example so click BTC address
You will now see this:
Enter in the amount of BTC you will be sending to Bittrex, then next to it paste the Bittrex Deposit address you copied.
Underneath get your two factor authentication code from your Google authenticator app and type it in.
It will be the Coinbase code in the authenticator app
Press withdraw funds and you are done
BTC can be slow to go across to exchanges so give it about 15-30 minutes to complete the transfer.
Once the transfer is complete your funds will appear on Bittrex and you can now go onto their exchange to purchase Alt Coins of your choice.
Example: Purchase an Alt Coin on Bittrex using your Bitcoin (BTC)
OK, so now your BTC has been sent from GDAX to Bittrex and has safely arrived.
We would now like to again purchase some Cardano (ADA) but this time from Bittrex.
Example 2: Purchasing Cardano (ADA) from Bittrex using BTC
Login to Bittrex and on the home screen in the top left you will see Markets written twice.
One will have a dollar sign next to it and the other will have the Bitcoin sign next to it.
Click on Markets with the Bitcoin next to it and in the white search box, write ADA.
You will then see the Blue ADA Link appear underneath as per below.
Go ahead and press on the blue ADA and you will now be taken into the Cardano (ADA) Market screen.
In the left centre of the screen you will see the Buy ADA trading box.
First step, press on price and a drop down box will appear saying Last, Bid, Ask.
Just press on Last and the most current price of the coin will populate in the box next to it as per picture below.
Now above the Price box just enter in the amount of ADA you want to buy.
If you press the Max button, it will just auto populate the maximum amount of ADA your BTC will allow you to buy.
Once you have settled on the amount of ADA you wish to purchase just press the buy ADA button down the bottom to be taken into the confirmation screen.
Just double check your order and press Confirm.
Congratulations, you now own some Cardano (ADA) on Bittrex.
Ok, so now you are all trained up on purchasing Bitcoin or Ethereum with your AUD and you can now send your Crypto to Exchanges.
Now you know how to send Bitcoin places, lets talk about where NOT to send your Bitcoin.
There are a lot of bad Bitcoin schemes that will either lose you money or outright scam you.
From Cloud Mining schemes, lending schemes or we have special software + we mine schemes.
At their core all of these schemes want you to give them Bitcoin and in exchange they promise you more Bitcoin later.
From complex compounding schemes and contracts that guarantee you win, they will all look very inviting at first.
Don't be sucked in.
Any scheme or program that wants you to give them Bitcoin in exchange for more Bitcoin later is either a Scam or likely to be a Scam.
Ponzi and Pyramid schemes dine out on people new to the Crypto world and Bitcoin is their lure.
My advice would be just AVOID all of them. Don't invest Bitcoin in anything unless you are using it to purchase Alt Coins off an exchange.
If you want to read some horror stories, look up Bitconnect, Davor and USI Tech for just a few examples.
Now you know how to purchase Bitcoin and Alt Coins, it will now be up to you to work out your own strategies for cryptocurrency.
Do you just hold Bitcoin?
Do you spend a little in lots of different Alt Coins?
Do you spend a lot on just a few Alt Coins?
There are many ways you can approach it and a whole lot of Alt Coins out there that are really promising.
Do your research and find the people you like listening to.
On YouTube there are a range of great, good and not so good people to listen to.
It's a personal preference thing but some I enjoy listening to are:
Crypto Love
The Modern Investor
Patrick Corsino
Crypto Club
Doug Polk
Nugget News
Download the Crypto News App onto your phone to keep you up to date with breaking news
The Coin Cap App is a nice easy to use one that will help you keep track of all your Alt Coin purchases.
Reddit is also a handy place to get a feel of what the average punter thinks and some of the Alt Coin forums can be quite amusing.
Last but not least
Coinmarketcap is a one stop shop for all the information you need
That brings us to the end of Part 3 and the end of the Tutorials.
I hope I have made the daunting step into the Crypto World easier for you.
Keep an eye out for my Alt Coin Speed Dating recurring blogs to give you some ideas on different Alt Coins.
Exciting times ahead in the Crypto Universe, prepare yourself for a ride!
Thanks for reading
- Dahmsy