STEEMIT guide: How to buy & sell cryptocurrencies, the EASY way!

in #steemit7 years ago

Hi steemians!

After a few of you guys requested it, I'm finally describing how to buy/sell cryptocurrencies, from your local currency to BTC, STEEM or DOGE and vice-versa, the easy way.

guide_logo.png

Step 1: Register to the exchanger

bunnies

Here, have some bunnies for no reason whatsoever.

So, to start buying various cryptocurrencies and to be able to retrieve the results of our online works we need to use an intermediary that will allow us to buy and sell our cryptocurrencies in real-time, without delays.

After a few days of tests, the easiest one that I've found it's Coinbase.
The registration will take a few minutes and it will require:

  • A picture of a valid ID
  • A valid mobile phone number
  • The obvious email

Yeah, you're forced to identify yourself, but you weren't gonna do anything bad, no?
I'M LOOKING AT YOU RANDOM RANSOMWARE DEV. I'm not helping you. Go away.

Step 2: Add a payment method

cat in cup

I knew you wanted a random kitten in a cup too.

So, proceeding to click the "Buy/Sell" menu entry will redirect you to a form asking for a method of payment, currently there are 2:

  • Bank transfer via IBAN (takes a few days, eventually required to cash-out)
  • Credit/Debit card (instant)

I've personally chosen the 2nd option but there's a thing to be said:
the Coinbase website it's well known and safe, but if you don't trust online people like me, you should go for a prepaid card or a virtual one, if you dont' want to wait for the Bank transfer.

If you'll choose the Credit/Debit card be aware that the name reported on the card has to be the same as the one you have been using during the identification.
AGAIN NOT HELPING YOU RANDOM MALWARE DEV, SO WHY ARE YOU STILL READING??

Step 3: Buy ETH/BTC/LTC

duck in a cup

Yeah you know you wanted a random duck in a cup too.

Now, I know what some of you might be thinking:

BUT SHOTO! I NEEDED XYZCOIN, NOT BTC OR ETH OR LTC!! WHY ARE YOU DOING THIS TO ME!?!?!?!
-random patience-less steemian

Just wait. I'm explaining everything, you'll have your XYZCOINs.

Coinbase allows user to buy ETH/BTC & LTC -fast- and with a low conversion rate.
Once you'll buy one of the 3, you'll be able to convert it paying only the network fees of the currency from where you come from, choose accordingly, but still it's not that much if you buy > 50$, but still, hey, it doesn't make a lot of sense buying < 50$ of any cryptocurrency.

I'm describing how to do that conversion right after this.

So just go on again in the Buy/Sell menu, it'll be like this:
buysell

Just choose the cryptocurrency, the payment method (if you have added more than 1) and the amount.

Here you go! You have just bought ETH/BTC or LTC!!

B-But... you promised me XYZCOINs...
-the random - patience-less steemian

...Yeah, we've arrived at the conversion point.
If you just wanted ETH/BTC/LTC you're good to go to the Step 5

Step 4: Exchanging

dog in a cup

Do I need to say it? You needed the random dog in a cup.

To exchange a cryptocurrency with another one you'll need another exchanger, just like Coinbase but only for cryptocurrencies.

The easiest and with the lowest fees (you'll still have the transaction fees, those are "taxes" you have to pay for transferring digital currencies, to include the transaction in a block, that will be soon be mined by someone to obtain that "price") it's Shapeshift.

You'll be greeted with a page like this:
shapeshift

In the left you an click and choose the currency that you already own and in the right you can choose the currency that you want.

So, let's say I want to convert all my BTCs to DOGEs:
shapeshift2

Click on continue, you'll get a page like this one:
shapeshift3

On the 1st field enter your PUBLIC DOGE address (DON'T EVER SEND YOUR PRIVATE KEY!!)
On the 2nd field enter your PUBLIC BTC address (in case of coinbase it can be found under "Wallet->obtain my bitcoin address")

Click on "I agree" and continue, you'll be redirected to a new page, that'll show you a BTC public address.
You have to send the amount of BTCs you want to convert to DOGE to that address.
Once the payment will be received you'll receive your DOGEs (takes ~1:30h using BTCs, less using other cryptocurrencies, or paying a bigger fee)

To transfer your BTCs to another BTC address using Coinbase, just go to the Send/Request menu:
coinbasesend
..Just enter the public BTC address that shapeshift gave you and the amount you want to send and you're good to go.

Step 5: Reverse

hamster

Damn, you should stop asking questions. You damn needed a hamster in a squirrel cup.

The vice-versa it's pretty simple:

  • are you coming from BTC/LTC/ETH?
    Just send 'em to your Coinbase wallet and go to Buy/Sell, select the Sell Option and you'll receive a page like this:
    sell
    Just enter the amount you want to convert back to EUR/USD/whatsoever and you're good to go!
  • are you coming from XYZCOIN? Just repeat Step 4, converting your XYZCoins to BTC/ETH or LTC and proceed with the method above.

If you added an IBAN you'll be able to send your money to your Bank account using the method described above by selecting it in the "Deposit to" field.

Step 6: Done!

porcupine

No. I'm not repeating myself. Your life is better now because of this porcupine in a cup.

This was my 1st guide on Steemit, I hope you liked it, I spent a few hours writing it and I genuinely hope I made your process of buying/selling cryptocurrencies easier with that :)

Lemme know if you want me to write more about this kind of stuff!

Have fun, and keep steeming!!

P.s. don't ask about the cups. I don't know what happened. It just happened.

-Shoto

Sort:  

Very informative. Thank you for sharing!

Followed :)

Thank you my dear! If you could resteem it so my hours of work doesn't pass ignored I'd appreciate that very much :)

Have a good day!

I will bookmark this for sure. It will help me a lot when I'm ready to cash out my cryptos. One question, do different fees apply between credit card and bank account withdraws ?

Nope, same fees. :)

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