Newbie queston alert! I'm from Australia and very new to the world of cryptocurrency. I just registered on Bittrex and on the trading platform Coinigy. The intention is to trade cryptocurrency via Coinigy. Question 1 - for my very first trade, do i have to buy Bitcoin or Etherium and use it to buy other altcoins? 2. How will i get the bitcoin or etherium since you can't use fiat on Bittrex? 3. I think i can use usdt to buy cryptocurrencies but not sure where or how - and to be honest although i've read up on usdt, i feel someone needs to explain the concept to me like i was a 10 year old! 3. If for example, i buy some etherium in my first trade and make a profit, how do i buy more etherium using only the profit? The goal for now is to keep putting back some/most of my profit to trade more currencies. Thanks in advance for your help.
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You can buy bitcoin on various websites like coinmama, coinbase, blockchain.info etc . I personally bought a few from localbitcoin and coinmama. On local bitcoin you can buy it in cash too, but you have to do your research before you meet that person and buy your coins. Secondly, once you buy your bitcoin you can transfer it on bittrex and start trading. Thirdly, If you trade for example NEO/ETH. You buy 1 NEO for 7$ worth ETH and sell it for 11$ you just made 11$ worth ETH on your trade. Hope this helped.
You can create an account with coinjar.com.au trading platform and use BPAY or POLi to deposit money from your Australian bank account into your coinjar account.
If using BPay it can take up to 48 hours for funds to appear in your coinjar account. Once your money is in coinjar, you can buy bitcoin. Move your bitcoins from your coinjar wallet to your bittrex bitcoin wallet and trade.
www.btcmarkets.net is another trading platform popular with Australians.