Newbie questions crypto thread

adamf133

Pigeon
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
 

MikeS

Pelican
adamf133 said:
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.
 

Blancpain

 
Banned
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?
 

Noir

Pelican
Gold Member
Blancpain said:
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.
 

Aer

Woodpecker
Technical question - how does binance work? I see everyone posting their portfolios but I already have all my investment into bittrex and coinbase.
 

TrifeLife

Woodpecker
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
 

the-dream

Kingfisher
@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?
 

Aer

Woodpecker
the-dream said:
@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.
 

adamf133

Pigeon
MikeS said:
adamf133 said:
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.
 

Blancpain

 
Banned
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.
 

davyjose

Robin
Can anyone recommend an exchange that actually works? Using Coinbase at the moment and they're a mess - customer service is non-existent and I need a lot of questions answered.

This seems to be a situation replicated with the likes GDAX, Kraken, Spectrocoin and others. I've heard stories of orders not being placed, withdrawals going missing and other such stuff.

I've just signed up to Binance and sent off verification but I've no idea how long that will take. Any recommendations to a solid exchange that actually does what it says on the tin would be great.
 

Adonis

Pelican
Gold Member
davyjose said:
Can anyone recommend an exchange that actually works? Using Coinbase at the moment and they're a mess - customer service is non-existent and I need a lot of questions answered.

This seems to be a situation replicated with the likes GDAX, Kraken, Spectrocoin and others. I've heard stories of orders not being placed, withdrawals going missing and other such stuff.

I've just signed up to Binance and sent off verification but I've no idea how long that will take. Any recommendations to a solid exchange that actually does what it says on the tin would be great.

You can trade and withdraw up to 2BTC/day on Binance without verification.
 

glugger

Woodpecker
Blancpain said:
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.

A fork is like a company breaking up into two separate companies. The coins may have similarities but they don't interact at all.
 

davyjose

Robin
Adonis said:
davyjose said:
Can anyone recommend an exchange that actually works? Using Coinbase at the moment and they're a mess - customer service is non-existent and I need a lot of questions answered.

This seems to be a situation replicated with the likes GDAX, Kraken, Spectrocoin and others. I've heard stories of orders not being placed, withdrawals going missing and other such stuff.

I've just signed up to Binance and sent off verification but I've no idea how long that will take. Any recommendations to a solid exchange that actually does what it says on the tin would be great.

You can trade and withdraw up to 2BTC/day on Binance without verification.

Cool, but Binance have no facility to buy crypto with fiat. Whats the best way to do this?
 
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