Friday, 17 November 2017

Cryptocurrency for Dummies - Part 4 (Guide to start investing in Cryptocurrency)

Ok... Now you've breeze through the past 3 parts and got yourself mentally prepared. And you want to get started? Alright. Let's waste no time.

Step 1: Get your wallet ready and make a game plan
Just like your chosen hero, do remember to hatch a plan! If you're healer, please do not go charging to your enemies! Likewise, if you're a charger, please do not hide behind a healer >.< 

Ah yea. Just before I forget wallet. There's many wallets available in the market. You may wish to google more about it. I feel that the safest still, is still Hardware Wallet like Trezor and Ledger which cost $200 and $110 respectively. There's also software wallet available like Jaxx, Exodus etc. whereby you can download the application onto your desktop and smartphone and that's where you store you coins! 






Step 2: Fiat to Crypto Exchange
What's a Fiat-Crypto exchange? It's just like any brokerage houses out there, which serves as an exchange for you to change your cash into stocks. In this case, you're cashing in not for stocks, but for cryptos. 

There's quite a range of Fiat-Crypto exchange that you'd be able to find online such as CoinHako, Coinbase, Luno, Gemini and more. Do check on the fees for the various exchange, some exchanges are charging their customers a big price tag for each transaction (I'll be kind to not name them out)

Personally, I'm using Gemini and among the other contenders they're currently offering the lowest charges. However, deposits are only allowed in USD. This also means that you'll have another step in between, which is to remit USD to your Gemini account, which personally I'm using DBS for the remittance. It's also really fast, taking less than a day for the sum to be reflected in your Gemini account.

Gemini allow you trade with USD/BTC, USD/ETH, ETH/BTC, BTC/ETH, ETC/USD, BTC/USD.

How to read XXX/XXX?
Example 01: USD/BTC
In this case, it means that you're selling USD and buying BTC

Exmaple 02: ETH/BTC
This means that you're selling ETH and buying BTC

Here's a simple guide for you if you're planning to use Gemini and have no idea on how the remittance can be done!

1. After you've created your account on Gemini, select "Transfer Funds" on the top and click on "Deposit into Exchange, USD (Bank Transfer)

Do check your email as Gemini will be sending you an email on the account to transfer to and the reference number to key in for your remittance.  

2. Login to your DBS/POSB iBanking. Hover your cursor around "Transfer" and select "DBS Remit and Overseas Transfer"  


 3. Key in the details as follow. 





Gemini charges only 0.25% as exchange fee

4. Wait! Give them some time. Once it's ready, Gemini will send you an email to inform you when your funds are ready! If you've deposited in the morning or early afternoon, you should be receiving your funds in your Gemini account by 9 or 10pm when the US bank opens.

Here you go. There you'd be able to find yourself with some BTC and ETH to kickstart your journey!! It's best to start with ETH/BTC to 'feel' how it is like in the crypto world before venturing into some alternative coins!


Step 3: BTC/ETH - Alternate Coins
Once you're ready to venture into the alternate coins like ETC, Ripple, Monero, Dash, IOTA, NEMS etc. Similarly, there's a wide range of exchanges that offers such services like Bitfinex, Bittrex, Shapeshift.

Personally, I'm using Changelly.
It works by sending your ETH/BTC to their wallet. Next, provide your alternate coin wallet address and once it's ready, they'll deposit it into your alternate coin wallet.




Bonus:
You may wish to visit websites like
Coincap.io, CryptoCompare for the list of crypto, volume, price movements, market cap.
Blockfolio on App Store. I personally find the portfolio function pretty useful.
CryptoWatch for live charts

As the week is ending, I will soon write about my experience as a crypto trader for the past week. The journey thus far has been rather interesting, rewarding and I've learn pretty much stuffs, that I would have never learnt as an investor. So which hero did I choose?

P.S: I've an affiliate link for Changelly.

Note: Investing in cryptocurrency is very risky. Please do your due-diligence before any actions. Having that said, I'm prepared to lose every cents that I've input into the crypto world should anything fall through. I do not recommend investing in cryptocurrency.

Read:
Cryptocurrency? I'm in too
Cryptocurrency for Dummies - Part 1 and a short story
Cryptocurrency for Dummies - Part 2 (Rules for crypto-investing?)
Cryptocurrency for Dummies - Part 3 (When do you start?)
Cryptocurrency for Dummies - Part 4 (Guide to start investing in Cryptocurrency)