Here are some key concepts to get up and running with Crypto:
When you go to another country, you (usually) have to exchange your local currency to that country’s currency to spend value when you’re there – same with crypto but once exchanged, it’s universal so long as someone has a computer or smartphone and is willing to accept that crypto as payment. Countries who have outlawed it find the value of said cryptocurrency to increase rapidly by doing so
For those in the US (where I am currently), only a few exchanges convert U$D directly (Coinbase and gemini) and those exchanges only sell a very limited set of altcoin (other cryptocurrenies from Bitcoin – in the case of coinbase, only BTC, LTC, ETH, and BCH – just introduced)
Not all exchanges support the Altcoin you might want (but exchanges like binance and bittrex have very wide support)
Path to buying:
1. Buy local currency (U$D) to BTC (BTC most widely accepted for conversion to altcoin on exchanges with ETH close behind)
2. Once purchased, send BTC/ETH to desired Exchange where it can be utilized to convert to desired altcoin otherwise keep BTC with original exchange and “hodl” (hold)
3. Purchase desired altcoin with BTC/ETH balance
4. Buy the dips and “Hodl” (insider term for HOLD or have resilience to hold through the drops because there are many – very turbulent market)
To recap:
Buy bitcoin, litecoin, ethereum, or bitcoin cash at USD to crypto exchange (coinbase or Gemini), Open account on binance or other exchange that has the altcoin you wish to purchase, (binance, bittrex, kraken, etc).
Since these exchanges do not have direct USD to crypto option you have to send your bitcoin, litecoin… etc to the exchange from coinbase or gemini. To do this, you open binance (or other) account and under funds, you choose deposit(receive) BTC/ETH etc… Copy the address that binance (or other exchange) provides (***BE VERY CAREFUL!!! because sending to the wrong address might lead to losing the money permanently***). You then switch back to coinbase (or gemini) and “send” your bitcoin from there to binance (or other). To do this on coinbase,go to “accounts” section and “send”.
Once the send has been confirmed, the digital currency will be transferred to your other exchange’s wallet and available to spend on other currencies.
Bitcoin and Ethereum are the main ones used for conversion to others so it’s best just to buy those two if you with to trade it immediately
***USD to BTC/ETH Exchange is slow (even to usd wallet)***
It takes days (week) to buy bitcoin and even send USD to the USD wallet on coinbase (don’t know how gemini compares yet). I have been lucky the BTC has risen significantly both times I purchased directly but you might want to send USD to wallet first to prevent seeing your BTC value drop and not having a chance to redirect it or cash out for a week that it takes to become available (you will also miss out if it grows)
Hope this clears things up and is helpful on your journey to currency decentralization.
Disclaimer: This is not in any way to be construed as financial advice “this is just a dude on the internet, talking about cryptocurrencies”
Long live the blockchain!
