How exactly do I buy cryptocurrencys? There's so many confusing terms

Stark_Naked
Stark_Naked

How exactly do I buy cryptocurrencys? There's so many confusing terms

Other urls found in this thread:

comfycrypto.wordpress.com/2017/04/24/fueling-the-rocket-getting-started-with-crypto/

Nude_Bikergirl
Nude_Bikergirl

Buy BTC, send to exchange wallet, trade for whatever you want

Sir_Gallonhead
Sir_Gallonhead

There's a huge learning curve, but that's the main reason why crypto is so rare to normies. Still lot's of space to get rich before it's easier to get into altcoins.

King_Martha
King_Martha

There's not a huge learning curve. Lurk for like three days it really isn't that complicated

girlDog
girlDog

Bullshit it's fucking straightforward, it's rare to normies because it isn't real estate.

5mileys
5mileys

Not really,
Coinbase - probably the easiest/most convenient way to buy BTC or ETH with USD
Excnange - for actually buying and selling the cryptocurrencies themselves, Poloniex is the best and highest volume but Bittrex will have the hot and spicy meme coins like PIVX and also good volume
Market Cap - 'Capitalization', the value of all the coins in circulation if you "cashed them out" at once
Wallet - program for storing cc
Sats - Short for Satoshis, the smallest denomination of BTC, ( 0.00000001 )

The site coinmarketcap is also really good for looking at cryptos and getting a general feel for the market

now lurk moar to git gud

iluvmen
iluvmen

what does block mean

CouchChiller
CouchChiller

blocks are individual parts of the blockchain, which is the real technology behind Bitcoin and all cryptocurrencies, and what is primarily driving the growth of their value, you should look up blockchain on youtube to understand the tech itself

Lunatick
Lunatick

If you wanna wait like 2-3 weeks to get verified, I believe Gemini offers lower fees than coinbase.

TreeEater
TreeEater

thanks mate

what are sell walls? also are the graphs people use technical analysis on really accurate

Emberburn
Emberburn

Everything's been pretty easy for me.

Put your info into coinbase. Buy bitcoin.

Put your info into poloniex. Send bitcoin to polo. Buy alt coins.

The only thing that kinda freaked me was the taxes. Thought I'd have to hire an accountant or something. Then I found bitcoin.tax and exported a file from that into TurboTax. It was pretty painless.

I haven't bothered with paper wallets yet. I know I still need to do that for long term positions.

SniperGod
SniperGod

There's really only one true option.

BunnyJinx
BunnyJinx

Technical analysis barely works for traditional stocks. With crypto it's even more ridiculous imho. Focus on finding coins with solid fundamentals (tech, developement team, market cap, etc). Some coins offer actual cool tech and have a future, while some are just pump n dump memecoins. Memecoins can still be profitable as shit though but you gta know the difference

Spamalot
Spamalot

Reminder that in the US, you only have to pay capital gains taxes (~15%) on cryptocurrency earnings if you invested long term (over 1 year).

Otherwise it's taxed like regular income, which you don't want.

farquit
farquit

That reminds me,
Whale - an investor with a significant amount of coins, up to the point that they might even move the market

Sell walls are when a whale puts a huge order to sell at a specific price above or below the current price, to keep the price from moving in that direction
Often a whale may put a huge sell wall above the current price to discourage people from buying and try to manipulate the market to their needs, and then remove it to let the price soar
The market can sometimes eat away sell walls anyway though

Also don't send anything via Bitcoin, it'll take 10,000 years, just buy ETH and send it over it'll take max 15 minutes and you can just exchange it for bitcoin

Deadlyinx
Deadlyinx

It works for stocks if you idiots would quit using it on fucking minute-tick charts. Use weekly and monthly charts like actual adults.

Sir_Gallonhead
Sir_Gallonhead

Also don't send anything via Bitcoin, it'll take 10,000 years, just buy ETH and send it over it'll take max 15 minutes and you can just exchange it for bitcoin

You take an extra quarter-percent hit for exchanging ETH to BTC on Bittrex.

MPmaster
MPmaster

What's the easiest way of buying crypto without getting fucked over by conversion fees?
Every conversion just means more margin I have to earn on the coin to make it profitable.

happy_sad
happy_sad

GDAX. Uses your Coinbase account. Zero fees if you place a "Post Only" limit order and someone takes it. You can buy ETH, BTC, or LTC there with fiat and transfer it wherever else.

takes2long
takes2long

I just wrote this guide because I've been seeing a lot of these threads lately. I hope this helps!

comfycrypto.wordpress.com/2017/04/24/fueling-the-rocket-getting-started-with-crypto/

Skullbone
Skullbone

What wallet do you guys recommend?

Evilember
Evilember

If you are storing under 10 BTC, you are likely fine using online wallets that are a part of the exchanges you are trading on.

BunnyJinx
BunnyJinx

Seriously consider buying & holding until you really need the funds. Do not short sell on margin. TA works, but none of you have enough time to become elite traders, so just buy and hold. If you make a short term trade, make sure you sell it same day whether or not you're in profit. If you are going to trade, consider looking at the monthly / weekly chart and trade in the same direction. Stay away from most price indicators, because they will fuck noobs over.

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