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Newbie questions crypto thread
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sonoran_ Offline
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Post: #51
RE: Newbie questions crypto thread
i want to buy alts and ive created accounts with multiple exchanges ( kraken, poloniex, bittrex, binance, okex) but all are awaiting verification, some since 3 months ago.

Is it a good idea to put put my BTC into bittrex and start buying alts with that BTC and not worry about the withdrawal limit of 0 at this point?
12-12-2017 11:51 PM
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Sebastian Offline
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Post: #52
RE: Newbie questions crypto thread
Where can I buy BCT or ETH? (few grands)

I deposited money into coinbase/gdax, they say it can take 3~5 business days or some are longer?

this is ridiculous. I can send stack of cash to SF faster than this.....
12-13-2017 12:51 AM
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Adonis Offline
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Post: #53
RE: Newbie questions crypto thread
(12-13-2017 12:51 AM)Sebastian Wrote:  Where can I buy BCT or ETH? (few grands)

I deposited money into coinbase/gdax, they say it can take 3~5 business days or some are longer?

this is ridiculous. I can send stack of cash to SF faster than this.....

Read my post at the end of Page 1, its an ACH type of transaction and thats just how long it takes. From bank to bank or bank to coinbase.

If you're jonesing for it that bad you can buy $400 with a card and have it right away but buy ETH because it has faster transfers than BTC.
12-13-2017 02:33 PM
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DJ-Matt Offline
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Post: #54
RE: Newbie questions crypto thread
I'm about to buy my first bit of crypto, should I buy bitcoin or litecoin? Seems like litecoin might continue going up at a faster pace than bitcoin right now.

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(This post was last modified: 12-13-2017 05:15 PM by DJ-Matt.)
12-13-2017 05:15 PM
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Roosh Offline
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Post: #55
RE: Newbie questions crypto thread
(12-13-2017 05:15 PM)DJ-Matt Wrote:  I'm about to buy my first bit of crypto, should I buy bitcoin or litecoin? Seems like litecoin might continue going up at a faster pace than bitcoin right now.

If you're a newbie, I'd buy Litecoin first, because you can actually move it around without having to worry about pending transactions, delays, and what the ideal sending fee should be. Once you get comfortable buying/moving/storing Litecoin, try small buys of Bitcoin. Right now it's very expensive to move around.

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12-13-2017 08:37 PM
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palsofchaos Offline
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Post: #56
RE: Newbie questions crypto thread
Does anyone use a hardware wallet or have one to recommend? I was thinking of getting the nano ledger.
12-13-2017 10:25 PM
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churros Offline
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Post: #57
RE: Newbie questions crypto thread
[Image: Screen_Shot_2017-12-13_at_11.34.28_PM.jpg]

Can anyone explain where the USD value comes from, if the altcoin is not purchasable via fiat?

When the three values diverge, what kind of arbitrage opporunities arise?

And why exactly should one pay attention to total volume in eth/btc, how could this affect the price?
12-13-2017 11:42 PM
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cycl0ne Offline
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Post: #58
RE: Newbie questions crypto thread
(12-13-2017 10:25 PM)palsofchaos Wrote:  Does anyone use a hardware wallet or have one to recommend? I was thinking of getting the nano ledger.

Recently received a nano ledger. Once I get my head around it i'll answer any queries you may have
12-14-2017 04:11 PM
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MikeS Offline
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Post: #59
RE: Newbie questions crypto thread
I'm not sure if this little "trick" has been mentioned before in this thread.

Coinbase appears to be the entry point for many crypto newbies (myself included when I started a few months ago and still with my latest investments). One of the problems with transferring Bitcoin to your own wallet is of course the high fees, particularly obnoxious if you're only making small investments.
However if after you have bought BTC from Coinbase, you then log into GDAX - the Coinbase exchange, I didn't need additional verification from what I recall, I just went and logged in with my Coinbase credentials - and make an instant and free BTC deposit from your Coinbase account, you can then withdraw BTC (or ETH or LTC) to an external address, like your wallet, at no cost. GDAX covers the fees.
12-14-2017 07:55 PM
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SamuelBRoberts Offline
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Post: #60
RE: Newbie questions crypto thread
(12-13-2017 11:42 PM)churros Wrote:  [Image: Screen_Shot_2017-12-13_at_11.34.28_PM.jpg]

Can anyone explain where the USD value comes from, if the altcoin is not purchasable via fiat?

When the three values diverge, what kind of arbitrage opporunities arise?

And why exactly should one pay attention to total volume in eth/btc, how could this affect the price?

USD value is calculated by taking the current price of BTC and multiplying it by the number of satoshis the coin costs.
These values will never diverge in any meaningful way.

Rising volume is a sign that the current trend is accelerating. Volume was my favorite tool when I did active trading.

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12-15-2017 11:52 AM
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churros Offline
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Post: #61
RE: Newbie questions crypto thread
(12-15-2017 11:52 AM)SamuelBRoberts Wrote:  Rising volume is a sign that the current trend is accelerating. Volume was my favorite tool when I did active trading.

Thanks man. Could you elaborate on this?
12-15-2017 02:38 PM
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adamf133 Offline
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Post: #62
RE: Newbie questions crypto thread
Some Key Qs i'm sure newbies would be keen to know:

- How do you buy other coins outside of btc, eth, lit that are on coinbase/gdax?

- Does coinbase charge to withdraw your fiat? and do you get fiat fro exchanging coins to cash on gdax?

- why does anybody bother using coinbase with its fees when you have gdax same company with lower charges?

- what is a wallet, how would you get one for monero etc? what is the best online wallet?

- is shapeshift good to exchange coins? what is the iexec address and token refund address that it asks for?

Thanks
(This post was last modified: 12-17-2017 04:17 PM by adamf133.)
12-17-2017 04:16 PM
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treypound Offline
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Post: #63
RE: Newbie questions crypto thread
(12-13-2017 05:15 PM)DJ-Matt Wrote:  I'm about to buy my first bit of crypto, should I buy bitcoin or litecoin? Seems like litecoin might continue going up at a faster pace than bitcoin right now.

Hope you bought litecoin
12-17-2017 08:29 PM
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MikeS Offline
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Post: #64
RE: Newbie questions crypto thread
(12-17-2017 04:16 PM)adamf133 Wrote:  Some Key Qs i'm sure newbies would be keen to know:

- How do you buy other coins outside of btc, eth, lit that are on coinbase/gdax?

- Does coinbase charge to withdraw your fiat? and do you get fiat fro exchanging coins to cash on gdax?

- why does anybody bother using coinbase with its fees when you have gdax same company with lower charges?

- what is a wallet, how would you get one for monero etc? what is the best online wallet?

- is shapeshift good to exchange coins? what is the iexec address and token refund address that it asks for?

Thanks

- Sign up for one or more other exchanges. I'm using Bittrex for altcoin trading, they have a lot of pairs with BTC and ETH. Other popular exchanges (if I've paid well enough attention, I've only been doing this for a few months) include Bitstamp and Binance. But there are many others, including some smaller ones you might need if you want to catch some new, rising altcoins.

- Coinbase has a proper exchange called GDAX (I was able to sign in and start using GDAX immediately with my Coinbase login, but I've heard that some people now require additional account verification).
If you make an instant deposit from your Coinbase account to your GDAX account, you can then withdraw from GDAX to any external BTC/ETH/LTC address with no fees.

- Personally for some annoying technical bank reasons I'm unable to use my bank accounts to deposit Euro to GDAX (or Coinbase), so I've had to go through Coinbase, buying BTC/ETH with credit card, which I then deposit to my GDAX account for trading or the above mentioned free transfer.
I'm sure other people have similar or different reasons.

- Regarding wallets I'll let the more experienced posters here give you more detailed advice. But basically a wallet is your access pass - holding your private keys - to your cryptocurrencies stored on the blockchain.
Online wallets (or storing on exchanges if you're not actively trading) are generally not recommended as you then usually aren't in full possession of your private keys nor in charge of your security.
The safest option is a so called hardware wallet - like Trezor or Ledger Nano S - a USB device you connect to a computer or phone. I don't have experience with these yet, though a Nano S is on my christmas wish list.

- I've used shapeshift a couple of times (from within the multi coin Exodus desktop wallet). It's easy, but you're not likely to get the best exchange rates. I can't answer the other parts of this question.
(This post was last modified: 12-17-2017 09:10 PM by MikeS.)
12-17-2017 09:07 PM
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DJ-Matt Offline
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Post: #65
RE: Newbie questions crypto thread
(12-17-2017 08:29 PM)treypound Wrote:  Hope you bought litecoin

I did, bought a whole coin @ 275, now that my other 250 finally cleared in coinbase I should get more LC, although I was hoping for another price dip.

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12-17-2017 09:41 PM
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Swell Offline
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Post: #66
RE: Newbie questions crypto thread
What is RVF's census of digatrade?

https://digatrade.com/

I am 99% sure I will use QuadrigaCX.

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(This post was last modified: 12-18-2017 12:31 AM by Swell.)
12-18-2017 12:26 AM
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Blancpain Offline
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Post: #67
RE: Newbie questions crypto thread
Who are the blue chips of this thing? There are over 1300 cryptos out there, I'm pretty sure a majority of them are junk. But there are also some which add value, like Ripple, Monero, Ethereum.

Can someone make a list of 20 decent cryptos which can be considered the blue chip of the blockchain technology?
12-18-2017 08:33 AM
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Noir Offline
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Post: #68
RE: Newbie questions crypto thread
(12-18-2017 08:33 AM)Blancpain Wrote:  Who are the blue chips of this thing? There are over 1300 cryptos out there, I'm pretty sure a majority of them are junk. But there are also some which add value, like Ripple, Monero, Ethereum.

Can someone make a list of 20 decent cryptos which can be considered the blue chip of the blockchain technology?


There's plenty lists like this.

Go to coinmarketcap and sort by how long they have been around, juxtapose that with marketcap, check google search term frequency, subreddit membership etc. etc.

Literally millions of ways, go for it.
12-18-2017 09:29 AM
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Aer Offline
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Post: #69
RE: Newbie questions crypto thread
Technical question - how does binance work? I see everyone posting their portfolios but I already have all my investment into bittrex and coinbase.
12-18-2017 03:09 PM
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TrifeLife Offline
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Post: #70
RE: Newbie questions crypto thread
I am having a tough time finding a channel to acquire altcoins right now, as I only have a coinbase account, live in new york state, and many popular exchanges are either not accepting new registration or taking forever to verify new users.

Anyone able to help?

edit: other questions
can the process of depositing to an exchange be skirted
do I need to set up cryptocurrency wallet(s) other than coinbase
(This post was last modified: 12-19-2017 10:05 AM by TrifeLife.)
12-19-2017 09:33 AM
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the-dream Offline
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Post: #71
RE: Newbie questions crypto thread
@Aer Binance is pretty much the same as Bittrex but generally lists coins a lot earlier. I think that maybe you are talking about Blockfolio though, not Binance?
12-19-2017 10:03 AM
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Aer Offline
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RE: Newbie questions crypto thread
(12-19-2017 10:03 AM)the-dream Wrote:  @Aer Binance is pretty much the same as Bittrex but generally lists coins a lot earlier. I think that maybe you are talking about Blockfolio though, not Binance?

Exactly. Just realized my mistake.
12-19-2017 10:16 AM
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adamf133 Offline
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Post: #73
RE: Newbie questions crypto thread
(12-17-2017 09:07 PM)MikeS Wrote:  
(12-17-2017 04:16 PM)adamf133 Wrote:  Some Key Qs i'm sure newbies would be keen to know:

- How do you buy other coins outside of btc, eth, lit that are on coinbase/gdax?

- Does coinbase charge to withdraw your fiat? and do you get fiat fro exchanging coins to cash on gdax?

- why does anybody bother using coinbase with its fees when you have gdax same company with lower charges?

- what is a wallet, how would you get one for monero etc? what is the best online wallet?

- is shapeshift good to exchange coins? what is the iexec address and token refund address that it asks for?

Thanks

- Sign up for one or more other exchanges. I'm using Bittrex for altcoin trading, they have a lot of pairs with BTC and ETH. Other popular exchanges (if I've paid well enough attention, I've only been doing this for a few months) include Bitstamp and Binance. But there are many others, including some smaller ones you might need if you want to catch some new, rising altcoins.

- Coinbase has a proper exchange called GDAX (I was able to sign in and start using GDAX immediately with my Coinbase login, but I've heard that some people now require additional account verification).
If you make an instant deposit from your Coinbase account to your GDAX account, you can then withdraw from GDAX to any external BTC/ETH/LTC address with no fees.

- Personally for some annoying technical bank reasons I'm unable to use my bank accounts to deposit Euro to GDAX (or Coinbase), so I've had to go through Coinbase, buying BTC/ETH with credit card, which I then deposit to my GDAX account for trading or the above mentioned free transfer.
I'm sure other people have similar or different reasons.

- Regarding wallets I'll let the more experienced posters here give you more detailed advice. But basically a wallet is your access pass - holding your private keys - to your cryptocurrencies stored on the blockchain.
Online wallets (or storing on exchanges if you're not actively trading) are generally not recommended as you then usually aren't in full possession of your private keys nor in charge of your security.
The safest option is a so called hardware wallet - like Trezor or Ledger Nano S - a USB device you connect to a computer or phone. I don't have experience with these yet, though a Nano S is on my christmas wish list.

- I've used shapeshift a couple of times (from within the multi coin Exodus desktop wallet). It's easy, but you're not likely to get the best exchange rates. I can't answer the other parts of this question.

Thanks Mike - I use the revolut card to transfer euros to coinbase for free (from the uk) worth looking in to.
12-19-2017 10:32 AM
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Blancpain Offline
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Post: #74
RE: Newbie questions crypto thread
Bitcoin keeps getting forked, as someone who knows a thing or two about the stock market it looks to me this is exactly the same as a company issuing new shares, thus the shares get diluted.

Dilution is most common in penny stocks. Usually this ends in a disaster where investors lose their money.

Now lets say there are 16 million bitcoins out there, after the fork there is also 16 million bitcoin cash and 16 million bitcoin gold, so this effectively triples the total amount of coins in circulation.

The biggest investment thesis for bitcoin was that there will only be 21 million in existence, but with the forks thats not the case. It's not different than printing new money with a different name . Correct me if I'm wrong.
(This post was last modified: 12-20-2017 07:10 AM by Blancpain.)
12-20-2017 06:57 AM
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MaceTyrell Offline
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Post: #75
RE: Newbie questions crypto thread
I could bypass the fund-upload lag by just buying an Amex gift card and using that to buy on GDAX?
12-20-2017 08:25 AM
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