Like all posts you'll find here in the burgh: This isn't an endorsement of any asset, trade, method or service. Do your own homework. Only risk what you can lose.
Presented with permission, this post summarizes an awesome, practical blog I read last week (link at the end).
We all know FOMO. Some of us trade. Others HODL. When our crypto capital needs a boost, what do we do? Buy from friends? Earn STEEM? Both good options, but not always viable in a pinch.
This is a simple way to turn cash into cryptoassets and participate in the next phase of the boom. (Notice I didn't say anything about which way the market is heading.)
Must have:
- [x] an email address
- [x] cash (USD)
- [x] a phone that can receive texts (not a burner)
- [x] a BTC or LTC wallet address (QR code is best)
- [x] access to a crypto ATM (RockItCoin or Coinsource)
Step 1:
Open a trading account.
Most people use Coinbase, but it's not a great place to buy altcoins. The author of my source blog uses Livecoin (they don't require ID or SSN), but STEEM no longer trades there. Top exchanges for STEEM include Bittrex and Poloniex.
Below is the Livecoin account open screen.
Step 2:
Find the BTC or LTC deposit address in your trading client, and open the QR code on your phone (or print it).
Continuing with the Livecoin example, tap Deposit at the top of the page when logged in. On the next page (shown below), search “BTC” or "LTC" and tap the Deposit button (see red arrows). This reveals your wallet address and QR code.
Step 3:
Take your cash to a crypto ATM. They require phone number verification (with a numeric code sent to you via text). Choose Bitcoin or Litecoin, and scan the corresponding QR code from Step 2. Deposit a minimum of $20 (at rockitcoin ATMs), and get a receipt.
IMPORTANT: Make sure you use the QR code that corresponds with your BTC or LTC selection or you will lose your money!
That’s it. Your trading account will soon reflect an incoming transaction. Once validated on the blockchain, you can trade (or HODL) the cryptocurrency pairs (e.g. STEEM/BTC) offered on your exchange.
Source blog: Accessing Altcoins in 3 Steps
Comment below if you know an easier or safer way to access the crypto markets, or see risks I didn't mention. Please don't spam referral links or coin recommendations.