Ok, so you got bitten by the cryto bug and don't want to miss out on the action. Or you figured Bitcoin has better odds of making you a millionaire than Mega Million lottery or gambling (I certainly think so) - or you are a sound investor and just want to diversify. Whatever be your rationale (I am sure you would have thought through it) - it's now time to execute your plan.
In the post below, I will explain step by step procedure to start investing in cryptocurrency likes Bitcoin.
1. Create an account in Coinbase (link)
It literally just asks you name, email and password. You should get an email (almost immediately) which will have a link for your to verify the email. When you click on that and provide your state of residence - you are in.
2. Transfer Money
In order to buy anything, you would need to transfer some $$ to your coinbase account. In-order to transfer fund, it will ask you for some basic information (address, DOB,etc.).
a. Once you log-in, click on accounts and then scroll down to "USD Wallet". Select "Complete Account"
b. Enter your basic information
c. Click on "Verify your identity" at the top
d. Fill out additional information. It will then say "Identify verified" in most cases. If not, you will need to provide additional documentations as mentioned
e. Enter your phone number for 2 factor verification
f. Tada!- link your bank account or provided credit /debit card details. Note: There is a fee charged with Credit card usage
It will take 4-5 days for the money to come in. Once the money is credited, move on to the next step.
3. Trade using GDAX to not pay any transaction fee in buying / selling concurrency
Go to www.gdax.com and sign-in with your coinbase credentials. Gdax and Coinbase are both operated by the same entity with the only difference being GDAX is the exchange while coinbase provides better user experience.
Once you see the homepage of GDAX (aka trading view) - on the left side there will be "Deposit" which would let you move your money from the coinbase account to GDAX instantly and without any charge.
Once you are have money you in GDAX, get ready to roll the dice!
4. Start making money!
You are all set to buy/sell altcoins! There are 2 ways of buying Bitcoin here.
1st is buying at market price which is instantaneous - just enter the amount of USD you want to spend and it will buy the equivalent bitcoin for you. They will charge a transaction fee of ~0.25% (not at all bad compared to Coinbase fees)
2nd option (what I do) is buy at a set price where GDAX does not charge any transaction fee.
a. You click on "Market" in the trading view of GDAX
b. Enter the amt of BTC and price for each BTC you are willing to pay.
c. Make sure when you expand the "Advance" option, "Post Only" is checked"
What this will do is place your order in the exchange ledger and when it finds a seller willing to sell bitcoin at that price aka market price of bitcoin reaches your ask price, the trade will be executed and you will get your bitcoin without any transaction fees!
Note: The link provided is a referral link thereby giving both of us free bitcoin worth $10
If you have any questions, feel free to comment below and if you found this post useful, please upvote!
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