Where to start - absolute basics to get started

Yeahyeah42 wrote: »

Hi there
I am new to this subject and have no idea where to start - have read some of the threads but really do not understand them have no background in financials or investing. How does on go about investing a small amount in shares etc? Is there some sort of online account to do this? How do you withdraw funds etc. What about tax declarations and all that with revenue. Wondering if someone could explain just the very basics to get started. Just realised this is posted in cryptocurrency should really be in investments and markets sorry

Get an exchange account.

Binance and Coinbase probably the two easiest as you can use major credit cards to fund your account.

Use my referral links above and you'll get $8.50 free from Coinbase

Then its 'get reading and watching time' and learning the ropes. Lots of YouTube content.

I'd start with The Coin Bureau on You Tube

How this helps

Yeahyeah42 wrote: »

Thanks very much I will study the videos - I looked at binance at 1st glance and bear in mind I haven’t started yet! It has a bit of a gambly feel to it? Am I right or wrong?

Binnace is no gambling site

What you trade is the gamble

If you can't trade then maybe find a project that you've done your homework on, buy its token and hold for the medium to longterm hoping for it to be a success.

Yeahyeah42 wrote: »

Thanks -
I looked at the first video on coin base for beginners - but he had me lost within a few minutes- terms like alt coin? It sounded like and takers and makers etc etc will have to read up on it - but he may as well have been speaking Chinese - I get that you “deposit” some money maybe via your bank car then “buy” some wierd currency - he mentioned “avalanche” then what “trade” it - that’s the fundamental I don’t get as in how do u actually make money lol - I must be dim if everyone else understands it lol

Any coin that is not Bitcoin is known as an Alt coin

Yeahyeah42 wrote: »

Ok I have read a beginners guide and have a small grasp now - I’m thinking it boils down to buying at a lower price and selling at a higher at its most fundamental? But I haven’t used coinbase or binance yet - but say if I deposit 100 euro- will that buy me a bit coin? Thought like 1 Bitcoin is like 10000 euro or something?? So are you buying like a .0001 of a Bitcoin then looking to sell it on? Has anyone here made a simple trading transaction in the course of a day? What profit was made and could they just withdraw funds to their bank account in”fiat” currency ie. euros? Curious to see

yes, you can buy fraction of coins rather than full coins. for example bitcoin is divisible to 1/100,000,000 of a coin, which is called a satoshi.
yes, you can buy a coin or fraction of 1 and sell it seconds later. crypto is volatile but not so volatile that people would be buying something at breakfast and converting back to euros by dinner time. keep in mind there's transaction fees involved also. do a hell of a lot more reading as you actually sound like a troll with some of the questions. selling something at a higher price than you bought it for is how you make profit. it's a pretty simple concept.

I set up coinbase last week, just put in €50 to practice lodging money, buying and then selling some bitcoin. My plan is to buy €1000 bitcoin ( say €100 each day for 10 days) and then leave it sit for a number of months or a year or so. I lodged the money direct from my bank card to coinbase, was straight forward. However, when I went to withdraw to the same Visa debit card I lodged with, it kept saying "Unfortunately, your withdrawal could not be completed. If you wish to make another withdrawal, please try again or add a new payment method". Tried numerous things like deleting the card and reconnecting, made no difference. So I have gone and set up a paypal account and the money went to paypal yday and now is in the air between paypal and my bank hopefully. Is this a cheaper albeit slower way of moving money? To be honest, the speed of moving money into and out of coinbase is not overly critical to me.

Main Q:
Is coinbase non pro suffice for a beginner?
Whats the best way to put money into and out of coinbase. Direct from bank card/send into and out of coinbase via paypal? Or maybe revolut?
Is it cheaper to buy €1000 in one go than say 10 seperate batches of €100.

Thanks in advance.

bs2014 wrote: »

Main Q:
Is coinbase non pro suffice for a beginner?
Whats the best way to put money into and out of coinbase. Direct from bank card/send into and out of coinbase via paypal? Or maybe revolut?
Is it cheaper to buy €1000 in one go than say 10 seperate batches of €100..

1. Yes, but the fees are high
2. SEPA
3. That depends on what price an asset is from day to day

Yeahyeah42 wrote: »

Thanks that was useful information - the binance page looks quite complex but as you said just dip your toe in - would have thought just keeping your balance and accumulated profits if any in the exchange account would be safe enough right? Unless they were hacked but will give it a go - lots of jargon around it and the order book in binance looks complicated - bit like those ticker tape things you see on the stock market which to me may as well be an alien dialect but will see how it goes. I beginning to grasp a bit the concept of the pairings EUR/Btc market and all - it feels a bit like Betfair in some ways? Anyway will see how it goes

Binance is a bit intimidating even for more seasoned folks because they have so much visual clutter. I use it for some alt coins.

I started out with Coinbase originally. The interface is clean, good app and simple to use but the fees are higher. It is definitely designed with new users in mind. There is a pro version which has slightly lower fees. So I might recommend that but they are notorious for crashing when there is a lot of activity in the markets. I would use Kraken the most now days.

How much you leave on the exchange is up to entirely how comfortable you are. Hacking is unlikely for the big exchanges but it is possible. Check Mt Gox for example. Smaller exchanges have major breaches also. You will see the saying "not your keys not your coins". If the coins are on the exchanges then they are their keys and not yours. I'm not scaremongering. Some people withdraw immediately to a wallet. Others let it accumulate for a period of time and then withdraw in a single batch.

When I started off a number of years ago I left everything on exchanges partially because I didn't know what I was doing partly because Coinbase are one of the biggest exchanges so i figured they would be safe.

Yeahyeah42 wrote: »

I’ve read a few of the other threads and can see some of my questions I would have asked answered already by other noobs - ie. the obvious one how to withdraw profit made from crypto into hard cash to your bank account - seems like in a lot of cases it needs to pass thru an intermediate “ wallet” designed to hold many types of crypto. Again it appears to me without actually having deposited yet or attempting a trade that people are dealing with “fractions” of bitcoins given 1 Bitcoin is equivalent to many thousand euro or maybe I’m talking s**te?

Going back to cash again is a fools game imo, it's inflationary while bitcoin has limited supply which is something you need to read up on.

Keller Bear wrote: »

Binance is a bit intimidating even for more seasoned folks because they have so much visual clutter. I use it for some alt coins.

I started out with Coinbase originally. The interface is clean, good app and simple to use but the fees are higher. It is definitely designed with new users in mind. There is a pro version which has slightly lower fees. So I might recommend that but they are notorious for crashing when there is a lot of activity in the markets. I would use Kraken the most now days.

How much you leave on the exchange is up to entirely how comfortable you are. Hacking is unlikely for the big exchanges but it is possible. Check Mt Gox for example. Smaller exchanges have major breaches also. You will see the saying "not your keys not your coins". If the coins are on the exchanges then they are their keys and not yours. I'm not scaremongering. Some people withdraw immediately to a wallet. Others let it accumulate for a period of time and then withdraw in a single batch.

When I started off a number of years ago I left everything on exchanges partially because I didn't know what I was doing partly because Coinbase are one of the biggest exchanges so i figured they would be safe.

When you say leaving it on the exchange, do you mean buying via coinbase and just having it sit there?

I bought €250 worth, can see my portfolio is this amount worth of Bitcoin, is it not automatically in a holding wallet already?

Whats the difference between this and withdrawing it to a more secure wallet?

Keller Bear wrote: »

1. Yes, exactly.
2. It is held at the address of the exchange but important to remember it is not your address. An IOU of sorts until you withdraw from the exchange.
3. If Coinbase was to be hacked and millions stolen, if you keep your coins on the exchange then you will be caught up in it. Coinbase have a dedicated wallet called Trust (havent used so can't say anything good or bad) but if you were to set that up and generate an address, private seed phrase etc. You would be able to withdraw to that address knowing that you and only you have access to it. Coinbase could have a breach and you would not be affected. Much like your bank account, you will need to be secure when logging in, anti virus, malware checks etc. and not going about telling people your seed phrase then you should be fine.

If you are keen on buying and holding for years then it will make sense at some point to get a wallet. If you are interested in day trading or maybe selling within a couple of months then an exchange might be fine. Up to you.

Where can I find the Coinbase trust wallet? And how do I get this?

Keller Bear wrote: »

If you were do a SEPA with AIB at 9am you would expect it to clear around lunch time. And yes you will need card reader.

Not sure if you mean by using PayPal as your exchange...if yes then you will never be able to withdraw the coins. Unless PayPal change their plans then they will always be holding them. Same goes for Revolut.

I left money on there for a long long time and still have money on them but yes they are safe

I cannot for the life of me understand how to buy on Bilaxy. I have seen this layout on other platforms but have never interacted until this morning.
I transfered my €15 worth of USTD from Binance to Bilaxy which went very smoothly!
I then wanted to use my 17 or so USDT to buy XGG but in the end only managed to buy 1 XGG !

How the crap do I use all me USDT to buy XGG, I can't figure it out. As you can see from the attachment I have 16.878195 USDT

Thank you