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Thread: Crypto Altcoin Basics

  1. #1
    Bio-Active's Avatar
    Bio-Active is online now AR-Hall of Famer
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    Lightbulb Crypto Altcoin Basics

    Crypto Altcoins Basics 101

    How many of you have interest in crypto and how it works?

    1. Everything starts with some sort of exchange and moving purchased altcoins to a wallet.

    2. The most popular exchange is Coinbase (Gdax) but there are others like Coin-mama, Localbitcoins etc...

    3. Once you create an exchange account you need to either link your bank account to it or a credit card to purchase altcoins. One way around using an exchange is looking for a Bitcoin ATM in your area. You can convert USD directly to altcoin and send to your wallet from the ATM. Takes about 2 minutes and I see the funds in my wallet almost immediately.

    4. Once you have purchased altcoins you want to move them from your exchange wallet to a secure wallet like Blockchain. If you used Coinbase to buy Bitcoins then use Gdax to move them to your secure wallet. Gdax is coinbase but charges less fees to move your coin. Most exchange wallets monitor everything you do and are under heavy restrictions so moving to a secure wallet is always the way to go.

    5. Now with that said Blockchain only supports Bitcoin, Ether. There are other wallets that support much more like Binance. This is a really good one that has lots of different altcoins and there current value.

    6. So if your interested in other altcoins the easiest way to purchase those are by buying Bitcoin or Ether and then converting it to other coins by sending the Bitcoin or Ether to your Binance wallet.

    7. So in short use either Coinbase (Gdax), Coinmama or the Bitcoin ATM to purchase Bitcoins or Ether. From there either move them to Binance to invest them or move exchange them. Later they go to Blockchain to pay bills.

    8. If you are unsure of a transfer from wallet to wallet use blockchain.info copy the wallet addy you moved the funds to and you can see the transaction pending there ---> Blockchain Support

    9. Here is the link---> Blockchain.info

  2. #2
    Donthate is offline New Member
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    Thank you for the info

  3. #3
    MegaMeatMan's Avatar
    MegaMeatMan is online now Junior Member
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    Quote Originally Posted by Donthate View Post
    Thank you for the info
    It's all so confusing to me. I guess I just need to jump in with both feet and get wet. Only way I'm gonna learn. Westren Union is killing me. A $360 order cost me$40 just to send. Can't even get money Gram to accept a transaction anymore. In fact can't even get Westren Union to either if over a grand unless I go to the mother store in my city.

    Sent from my SM-G892A using Tapatalk

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