Websites for Cryptocurrency Beginners
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Today’s article is tailored to brand new cryptocurrency investors. You are probably thinking of becoming an investor and not sure which websites are trustworthy and user-friendly. You probably don’t know how to buy a Bitcoin let alone any other cryptocurrency. I will share with you the websites that I trust when buying Bitcoin and the websites I personally use to convert bitcoins into other cryptocurrencies. These websites are simple to use, you can immediately make an account and they do not ask for personal details other than your email.
But before we move on, I suggest you visit coinmarketcap.com. It’s possibly the most useful resource in researching and keeping track of your cryptocurrencies. On this website, you can find out about a coin’s total supply, the price, the change in price for the day and also the 24 hour trading volume.
Now that you’ve done a little bit of research, let’s get started. If you intend to buy Bitcoin, trade it for a short while and then convert it back into cash, there are three websites that will let you do that. The first one is VirWox.
It’s very quick to make a VirWox account, about maybe two to three minutes. And all they require is your name and email address. You can fund VirWox with a credit card or PayPal, for example. You can fund it right away when you open an account. You can use the links on the left hand side under Exchange to convert your money to SSL first then convert your SSL to Bitcoin. And viola, now you’re a Bitcoin owner.
Keep in mind that transaction fees are quite high. For example, if you place $100 right into VirWox, you can expect to keep only about $85 after transaction fees. However if you’re a long-term buyer, and you’re not expecting to come in and out of trades frequently, the $15 transaction fee, in my opinion, is negligible.
Let’s say you own $85 Bitcoin and you’re now thinking of converting it to Dash, or Litecoin, or Monero. You will need to open an account in a crypto-to-crypto exchange. I advise you to make a Poloniex account if you intend to trade frequently–day trading or swing trading. If you are only going to be trading a few times or you just want to buy and hold some Ethereum, you can try to use Shapeshift.
Let’s try Poloniex first since Shapeshift doesn’t require you to make an account at all. To make a Poloniex account, you just need an email address and your name–within two minutes you can start exchanging your Bitcoin to alt coins. To fund your Poloniex account, go to the balances and fund it with Bitcoin. Click on the Deposit hyperlink, copy the address, and then send Bitcoin to that address. Within an hour to a couple of days you should be able to get your crypto funds in Poloniex. Transferring of Bitcoin takes some time and has nothing to do with Poloniex, but rather the Bitcoin network itself.
On your Poloniex account, click on “Exchange” at the top of the page. Here, you can buy whichever cryptocurrency you like that is listed there using your Bitcoins. For example, if you want to convert your Bitcoin into Dash, you can do that by clicking the tool at the bottom where it says “Buy Dash”. Then go to Deposits and Withdrawals, hit Withdrawal and send it to the address that you want to use. It only took 15 minutes to do it. If you want to do it the other way around, it’s very easy. You can send your Dash to the deposit address and it should show up right away. Then you can convert it back into Bitcoin through the exchange. Which you will then send back to VirWox. Then you convert to US dollars and deposit back into your Paypal account. You could do the complete cycle by just using VirWox and Poloniex. Because you can fund Poloniex with Paypal or your credit card.
Now, for example you want to buy cryptocurrency just once and you don’t want to go through setting up a Poloniex account, then you can use Shapeshift. But you still need to use VirWox to get your $85 in Bitcoin. Go to the Shapeshift website and just choose which crypto you want to trade with. Let’s say you want to convert your Bitcoin to Dash. Click on “Continue”. Put your Dash address in the field. Click on “Start Transaction”. A window with a QR code will come up and then you have to send your Bitcoin which is in your VirWox account to the address that came up. Shapeshift will do the processing and convert it for you. You will then receive it in the wallet address that you’ve provided. You are just going to send them your Bitcoin, convert it, and return it to you. You could likewise do the reverse. You can choose to convert Dash to Bitcoin. Send it to VirWox and send it back to PayPal. And when in VirWox you can convert it to US dollars.
The process takes some time but you can do it on either VirWox and Poloniex or Virwox and Shapeshift. I hope that wasn’t too complicated. These websites are very user-friendly. They don’t ask for personal information and are very reliable. I have used them several times. The Internet seems to trust them too. I hope this will help you get started.
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April 18, 2018 at 01:57PM
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