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Strategies & Market Trends : The New Economy and its Winners

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To: Elroy who wrote (57604)9/16/2017 6:16:59 PM
From: w0z  Read Replies (1) of 57622
 
Elroy wrote: If you're interested I would suggest opening a Coinbase account and just putting a small amount of money in to learn about things.


I agree regarding Coinbase. There are several ways to do it however with differing fees, execution times, etc. The least expensive is direct transfer from your bank account, which is free of fees. The downside is that you must first set up the account, like adding any direct debit account. This will take a few days as Coinbase sends a couple of tiny deposits which you must confirm. Once set up, you request a withdrawal on Coinbase which typically takes 6-7 calendar days to complete.


Rather than buying Bitcoin, Ethereum or Litecoin (the only 3 coin options) directly on Coinbase, you should sign up at GDAX.com which is Coinbase's trading arm. You can easily transfer $ from Coinbase to GDAX and execute trades there. Fees are a tiny fraction of the fees on Coinbase.com which add up if you're transferring any significant amount of money.


Once you purchase Bitcoin, you then have a decision about storing it. You can leave them on GDAX or transfer them to a personal wallet. For small amounts they are insured and leaving them on deposit is easy, and security is probably OK, especially if you sign up for 2 factor authentication (2FA). For larger amounts you really want the keys stored in cold storage, meaning off the Internet. There are hardware devices that can do this or you can use a paper wallet IF you are very careful how it is created (i.e. not with any online device or connection, such as a WiFi printer).


Coinbase is very convenient and IMHO is the easiest choice for someone just starting...just watch out for the fees! If you decide to transfer funds to a personal wallet, be very careful since some mistakes cannot be reversed. If you know someone locally who does crypto, ask them for help.
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