uilt on blockchain technologies, Cryptocurrencies and their underlying architecture have already fundamentally changed the entire world! Now is the time to learn and get started in a new industry that is so strong. You owe it to yourself to know how to make things secure while you are totally new to cryptocurrencies!
On this blog, I will teach you a quick and easy Step by step how to buy and secure any cryptocurrencies number. Your learning journey starts with an introduction to trading practices such as Coinbase and Binance. You'll learn how to properly set up and link these crypto-currency exchanges with your bank so you can use FIAT to convert it back and forth, you will get to buy common cryptocurrencies such as BitCoin, Litecoin and Ethereum. And all the other altcoins including Ripple, Stellar, Cardano, Tron, etc.
Once you have mastered the ability to buy and pass cryptocurrencies securely, you learn how to protect your digital assets securely in a software wallet. Upon having mastered the prospect of securely buying and transferring of cryptocurrencies, you learn how to safely store your digital properties in a software wallet.
"If you are a beginner, It might not be good idea to skip even the slightest detail that I input on this article."
These are 4 basics I will teach you.
- Setting up a SECURED "Coinbase" Account. -
- Purchase your first Cryptocurrency such as Bitcoin or Etherium. -
- Transfer your cryptocurrency to other exchanges where you can buy more cryptocurrency or altcoins .-
- Lastly is to SECURE your cryptocurrency assets in a Software wallet. -
"If you manage to finish these 4 simple steps, you can rest assured you are safe unless, it is an inside job, you know what I mean. So finish everything to find out why. Especially for beginners."
-Setting up a SECURED 'Coinbase' Account.-
☼ Make sure you double check the link if it is really "Coinbase.com" because Hackers and Scammers tend to create a similar websites.
☼ Now that you have had reached the original "Coinbase.com" it's now time to create an account.
☼ Use a secured Verification Email and Phone Number to add extra level of security. When it comes to security you must go all out since we never know what's coming. #NeverUnderestimateThePotentialOfOtherPeople! It is also useful especially when you are withdrawing a large amount from your Coinbase. Since Coinbase tend to send Security Verification Message to notify you and to approve or to disapprove the withdrawal.
☼ After the Verification stuff, you are expected to be asked for a bit more of your information. (Answer Honestly) Since this is the way Coinbase checks Whether to Approve or Dissaprove your account.
☼You should also expect that Coinbase will ask for your Driver's license or Some valid Id. But do not fret, the purpose of the Id is for validation, security, and safety of your account. (You can choose options on how you will send your Valid id, It's either WEBCAM, MOBILE CAMERA, or FILE UPLOAD.
☼ Once you are directed to the Dashboard, Scroll down and click "Payment Method"
☼There are Different options that will pop up: Bank account, Usd account, Debit or Credit card, or Wire Transfer.
- Bank Account - This options let's you purchase cryptocurrency in coinbase. Please take note that you wont have instant access to the Cryptocurrency you purchased. It might take several days. Therefore, this Option is good for people who are doing a long-term investment in cryptocurrency.
- Usd Account - This option let's you store usd funds on coinbase which means you can instantly buy cryptocurrency with the funds. And if you are to sell cryptocurrency here, you can transfer the funds either on your Bank Account or Usd Account which makes it buy additional cryptocurrency faster.
- Debit or Credit Card - This option let's you purchase cryptocurrency in coinbase and have instant access to the Cryptocurrency you purchased. Which means that you will be able sell it nor transfer it to another exchange.
Please take note that some credit card companies aren't supported but any kinds of debit kinds should be working without a problem.
- Wire Transfer - This option let's you transfer funds from your bank account to coinbase. It is the best option when considering a large amount to transfer.
Sometimes even you follow all these instructions, there are still times that let's just say somebody has acquired your Coinbase account. So to increase security and make it for harder for someone to gain access on your account.
(COMMERCIAL BREAK: You must never open your coinbase account on unknown devices, only trust your own device when we talk about important stuff.)
Now let's put a Two Factor Aunthentication, which means when you log in on your account, you will still need to input a Special Code to access the account.
☼ Go to Settings -> Security -> Enable Aunthentication
After you receive the code on your mobile, Enter that code. And now you are expected to see a QR code. After that it's time to download an Authentication app on your phone. There are many apps but I recommend you "Google Authenticator" to be 100% sure of the legitimacy. You can download it on IOS or ANDROID store.
Once it is installed it's time to open it and click the Icon -> Scan Barcode -> Take a picture of the Qr code on your other device. -> Finalize the Aunthentication and it's done.
Remember that after you create the account, Try login in again for validation if you can login back and test the Security Measures. Now that our SECURED 'Coinbase Account' is finished. Let's move on to the next step.
- Purchase your first Cryptocurrency such as Bitcoin or Etherium. -
☼ Go back to dashboard and you will be able to see different kinds of prices and price histories.
☼ After analyzing the Prices and the Price histories, It's time to buy. Press the BUY/SELL button next to Dashboard.
☼ Now the next step is pay attention to the Cryptocurrency that you can exchange to each one. You wouldn't want to purchase the wrong one. And make sure when you find the right one (DOUBLE CHECK) If you are really getting what you wanna purchase.
Now it's time on what Payment Option you wanna make (If you skipped, read on top regarding the explanation of each Option.) After that, you are now all set.
To buy with fiat, It shows you how much let's take Ethereum as a sample.
So you've decided to convert 100 usd to ethereum -> 100 USD = 0.41110466 ETH
It shows you how much you'll be getting. Now that it's all set you can now continue to purchase. (By the way, There is also a Recurring option -> Just Check the Repeat this buy and choose when it will purchase again.)
☼ After the purchase, you can go back to the dashboard to check your Balance.
Now that you got your Cryptocurrency, It's now time to take a look at how we can sell our cryptocurrency and transfer it back to fiat and our bank account (Bank Transfer Optional) Only if you want to put your cash back into your bank but you can still keep it on Coinbase so that you could continue to find where you are gonna be doing the Buy, Sell, Transfer again.
☼ Now it's time to sell the cryptocurrency you have gotten.
Press BUY/SELL - > Go to the Sell tab to see how much Cryptocurrency you got on each wallet. Then you can do the same step as when you bought the cryptocurrency.
Since we are here to earn money let's not put our Cryptocurrency on the bank but to buy more Cryptocurrency.
(There are many to choose from of exchange where you can purchase different cryptocurrency or alt coins. So if there is a particular currency you are interested in, all you have to do is look at what exchange is offering that cryptocurrency )
- Transfer your cryptocurrency to other exchanges where you can buy more cryptocurrency or altcoins .-
☼ Let's take Binance for example. First if ofcourse you have to create an account, Like what you did to Coinbase, Do the same at Binance. Make sure you activate every protection Binance has to offer as possible. (Same for every account you will make everywhere)
After that It's time to transfer our Coinbase Currency to Binance
☼ After maximizing the security of your Binance account or Your chosen one. But let's take Binance as a sample.
On top you will see Funds -> Balance. There you would see the Different kinds of Cryptocurrencies or All available for purchase. If you can't find your desired Currency, you can use search bar.
☼Let's say you are taking Etherium for example. Click Deposit. After that you are expected to see the deposit screen showing the deposit address. Copy the address then go back to Coinbase and Press Accounts -> Send -> Enter the Address and Choose the amount Continue. Make sure you have (DOUBLE CHECK) the address if it is correct. (Take note that you cannot send to the Wrong Cryptocurrency nor Address. If you do BYE BYE! And imagine a large amount. RIP!) Now that everything is good it's time to send. Bamm!! Anyways, It can take up to several minutes before it arrives. So patience is a virtue!
Now Beginners, It seems like you made it this far. Good job! you get 3 Suns for that ☼ ☼ ☼.
☼Now that we have cryptocurrency on our wallet, it's time to buy some crypto in binance. So the first thing you'll do is Click Exchange in top and press Basic.
(Yes, I understand you are new so seeing those Random Stuff on your screen right now so it is normal for you to be confused.) But if you are familiar with Exchanges, This is gonna be a walk in the park and you aren't gonna need to watch this and skip to the last part. And for you guys who aren't familiar just watch the video below. For easier understanding with visuals.
- Lastly is to SECURE your cryptocurrency assets in a Software wallet. -
Now that you have finished and understand how to purchase and transfer different crypto currencies between exchanges. Let us move on how to secure your digital assets in a software wallet. There are tons of software wallets out there where you can store your digital assets. hardware, software, there is even a paper wallet.
☼Let's start with Jaxx.io - A software wallet. Go to Jaxx.io then download the file depending what your device. Available on Ios, Android, Mac, and Windows. You can download it as same as downloading an ordinary file. After installing, Open the file.
☼ There will be 2 options either Create a Wallet or Recover a Wallet (If you had used this before)
☼ Ofcourse don't be too excited! Before you send Assets make sure you can recover your wallet whein if the time comes that you somehow lost your devices. You can restore it again.
☼ Click MENU on top -> Backup wallet. You are expected to see Phrases. (Save it Offline, Whatever it is make sure to secure those 12 words depending on how large you are protecting) Well it's okay to overract sometimes, As long as you know it will definitely the best option to protect something. (Anyone can access your account on any device if they have your Phrases) So it is best to keep those words out of the computer whether it's offline and online.
☼It's now time to create a wallet. Click Menu on top, then manage wallet. (Clarification: Turning off the other crypto wallet is fine and doesn't remove the asset.) But I suggest you only turn on the wallets that you are gonna use to avoid mistakes.
☼After that go back to dashboard and you are expected to only see the wallet that is turned on and click the wallet that you are going to use. then there should be an option Either SEND or RECEIVE.
☼ So repeat the process where you sent the ETH from Coinbase to Binance. Copy the Address of the Jaxx.io, Go to Coinbase, Accounts, Send, Insert address, Insert amount, Double Check, Accept, And We ARE DONE!
If you manage to stay up until the end which is here, Congratulations! You just learned how to Setup an account and maximize it's Security. Learned how to transfer exchange and secure your Digital Assets. Just follow these and you'll not face problems again in terms of Security and Protection. (You are also free to explore other sources. This tutorial is just giving you tips and ideas)
Hope you enjoyed and learned from this tutorial. ^_^
