My Moon Coin .com

"to the moon!"

Date: 2024-02-29

Getting started with Cryptocurrency

To better assist with knowing what to do when you hear about crypto, read this.

First thing what you need to do is open an account with a digital currency exchange such as coinbase or binance.

With the assumption you start with Coinbase as your first exchange there are a few things you need to know. After creating an account with them you're already one step closer to purchasing your first bit of crypto.

You will need to set up a 2 step verification and download the google authenticator. It isn't required but highl y recommended. This will allow that extra step of verification for you to log in and make it that much harder for anyone else.

Now that your account is established you will have a wallet automatically created for each type of coin Coinbase offers, at the time of this writing it is Bitcoin, Bitcoin Cash, Ethereum and Litecoin. You will use one of these wallets to send or receive funds.

You have the option to use debit cards, credit cards, or use your checking account. The processing time for the debit or credit cards are almost instant. If you use your checking account the processing time can take 7-10 days. Another thing you want to check on is what the fees are for using your credit card. Most banks are either not allowing the transaction or charging you as if it is a cash advance.

With Bitcoin being the flagship cryptocurrency all other coins are known as "altcoins". To learn more about what Alt coins are you should read this article.

After Coinbase notifies you that your funds are available you've done it. You own crypto currency. You can either stop here or explore other ventures with one of the many alt coins out there. Buying and selling altcoins is easy, read more about how it's done on the Binance exchange here. Before you can buy an alt con you will need to know how to transfer funds from your Coinbase wallet to another.

To withdraw from coinbase you can use any of the coins. You will have a wallet from coinbase to withdraw from, then tranfer to binance wallet in the same coin you used. For example, if you decide to use Litecoin (ltc) to withdraw from, you need to transfer to your Litecoin wallet with binance. There are transferring fees from each coin, some are more than others.

Using Binance to purchase altcoins

Once you have your funds in your Binance account, you have more options for what coins you want to invest in. To purchase the coin you need to see what the price is going for. The ideal way to go about it is buy low and sell high, whether it be the same day or 3 years from now.

Binance uses Bitcoin (BTC) as its base coin so you will need to convert your Litecoin (or whatever coin you chose to send from) to Bitcoin to purchase other coins.

The base coin is the primary coin value used. When you log in you will see the coins listed as a COIN/BTC. For example, Tron (one of the coins) will look like TRX/BTC.

Keep in mind the worth of each coin. If you own 2 Litecoin and you purchase Bitcoin, it won't be the same number. It will more than likely be .0000 something. It isn't a scam and you didn't just lose all of your money, this is just the conversion.

When you see the chart and the numbers in red and green and they are moving, it can be intimidating. The red list is what others are selling at. The bottom of the list is the current selling price. This can sometimes fluctuate quickly so you can manually type the BTC value of what you want to buy or sell at.. The green list is what others are wanting to buy in at. The top of the list is what the current buy in price is.

If you want to buy in asap you will type that number in the buy box. If you are looking to buy in less than the going price, type in the price lower in the list. You can also click the number and it automatically puts that number in the buy/sell box. This can be a good or bad thing, just make sure you are watching carefully before clicking the buy/sell button

Now your selected coin(s) is purchased, best thing to do is hodl. Let's be honest, the reason you are doing this is to make money. To make sure you are choosing the right coin, do some research on it before investing too much. If you are just buying to get a feel for it, then buy little at a time and watch and wait.

If you are not feeling good about the coin you chose, you can sell it. Try not to sell it for less than what you bought it at, or you just lost money. It isn't always easy to know when to sell and even if it is the right decision. Its a common mistake to sell a coin that is dropping in value then next day be doubled. By doing your research on the history of the coin, it may help with your decision making, but not always guaranteed. This is where mymooncoin helps out with calculation and helping with that decision.