Beginner Breadcrums – Things to do after buying your first crypto for fiat.
So, let’s say that you purchased Bitcoin or Litecoin on some exchange like Coinbase or Bitstamp. These are both big retail style exchanges popular because of their ease of use.
What do you do next?
Try to Download the coins to your own wallet so that you don’t have to trust Coinbase/Bitstamp. (I wouldn’t actually worry about it unless you had a huge amount. Do it for practice.)
2. Make sure the name of the website is spelled correctly and make sure there’s a little lock symbol beside the URL.
3. Download and install wallet.
4. Maybe create a backup. Sometimes you can do this by writing down a list of word that acts as a “seed” and then putting that piece of paper in very safe place. Otherwise, you can find the “wallet.dat” file and put in on a clean flash drive — then store the flash drive somewhere safe.
5. Depending on which wallet you chose, you may have to wait a day or two for the whole blockchain to download. (The blockchain is the ledger which contains a history of ALL transactions.)
6. In your wallet, find a “receive” address and carefully copy it.
7. Send Bitcoin or Litecoin from the exchange to your wallet.
Try Trading other crypto currencies on other Exchanges
If you want access to other coins, you may need to go to Binance, KuCoin, Kraken, Bittrex. There are dozens of options.
1. Open an account on another exchange. If you’re not touching the account with dollars, the procedure is usually as simple as an email verification.
2. (recommended) Enable some sort of 2-factor authentication.
3. On the new exchange, look at “balances” or “deposits” to see the list of coins which you can depot. Carefully copy your Bitcoin or Litecoin deposit address.
4. From where ever you have your crypto, send your Bitcoin or Litecoin to the new exchange. You’ll have to paste in the deposit address from the new exchange. Double check that you’ve copied and pasted correctly.
5. Most exchanges have trading pairs only for BTC and ETH, so if you’re bringing in Litecoin, you may first have to convert it to BTC or ETH before buying something else.
6. If you want to pull your newly purchased crypto coins off the exchange, you’ll have to look into the specifics of how that particular coin works. It can have its own wallet, or can it be a token that sits on top of one of the smart contract platforms like Ethereum, Waves, Cardano, EOS, NEM, or many other. In the latter case, you’d download the wallet of the smart contract platform.
Try Shape Shifter
Shapeshift.io is a sort of exchange which doesn’t require you to create an account. It trades about a dozen different crypto currencies.
You simply select your pair, and provide a receiving address before sending your coins.
You don’t have the hassle of registering with another exchange.