Investing Cryptocurrency for beginners
In this guide I will explain how it is possible to multiply any amount of Bitcoins on your possession into a bigger amount without investing more money.I do not hold my self responsibile for your investments, I am not a financial advisor and in this guide you will find only the technic that I use and that works for me.
This post is a work in progress, you should see more detailed explanations and new exchanges support in the near future.
Bellow is a detailed explanation how you can invest in Cryptocurrency focusing on the exchanges Bitfinex and Cryptopia.
I am not an employee of any of this exchanges and I do not hold rights to the images bellow.
First you should select which exchange you want to work with.
For Bitifinex follow the following link to have access to 10%discount on all trades:
The 10% discount is due to you being invited by an affiliated, in this case me, DioAlma. You can latter on invite new investors and get 10% on all their trades as well.
For Cryptopia follow this link:
The benefits are the same as in bitifinex.
The main difference between this two exchanges is that while bitifinex has a much bigger market cap, Cryptopia has much more selection of alt coins to trade with. I advice using both.
To have access to all available Cryptocurrency in the market this is your new best friend:
Coin market cap is not an exchange, it's a website that gives you the information of the value of all crypto sold by all the different types of exchanges.
Bitfinex
Here you can buy and sell different types of crypto, I advice to explore the different options for different types of purchases, being "market" for example a way to buy instantly at the lowest market value and "limit" is where you place an order to buy when it reaches a certain value.
Here you can select the type of crypto you want to trade with.
Easy of access information for all you crypto balances.
If you click Deposit you will be granted access to your wallet public key so you can transfer funds into it.
If you click Withdraw you will be asked the public address of the wallet you are trying to send the Cryptocurrency. See bellow for USD withdrawals.
Here you have access to all the funds available in all your wallets.
Cryptopia
Here you can select the type of crypto you want to trade with.
If you click Withdraw you will be asked the public address of the wallet you are trying to send the Cryptocurrency. See bellow for USD withdrawals.
If you click Deposit you will be granted access to your wallet wallet public key so you can transfer funds into it.
Here you have access to all the funds available in all your wallets
Note: to withdraw USD directly from exchanges you are required to provide your passport or valid ID. Other solutions to convert your crypto into any other type of currency include sales to individuals or withdraw in ATM machines all over the world, please see link bellow: https://coinatmradar.com If you don't have any form of cryptocurrency yet consult the topic "My first wallet".
After you have your main wallet(s) and your account(s) in the exchange(s) you are ready to start trading.
This is where the fun begins, since now you can buy any alt coins you wish with your current Cryptocurrency. So imagine that you invested 100$ and bought 0.03 bitcoins, this bitcoins are now in your wallet and you want to double them!
First thing is that you should send this coins to the wallet connected to the exchange(see instructions above). Then you will be able to browse the available different altcoins in the market and you can purchase any of them using your bitcoins.
For example, yesterday I decided to use 0.02 bitcoins to buy 1 Litecoin. Now I will wait for the Litecoin to increase in value and hopefully very soon I will be able to sell this Litecoin for 0.04 bitcoins or who knows even more depending on the target that I chose to my self.
The Cryptocurrency market is very similar to the conventional market, but because of its volatility fluctuations of 100% in value are quite normal, so the investor can take advantage of this situation independently of the market is going thru a bull stage(up) or a bear stage(down).
DioAlma