Cryptocurrency

Hi, I’m sure many of you are probably sick of answering this question, so apologies in advance.

I’ve been following (not trading) BitCoin for the last year. A few friends have invested in it, and i'd like to know more about it.

I'm interested investing in Ethereum in I have two questions:


01 - What is the best site to buy Ethereum from?

02 - How hard is it to get your money back out if you wanted to sell?

Any other advice would be greatly appreciated.
oo7mlAsked:
Who is Participating?
 
RobertConnect With a Mentor System AdminCommented:
As previous posters said you need to be careful as cryptocurrencies are very unstable they can vary by even thousands in a day.
The process to buy is find a site like coinbase that trades the currencies.
Create an account on their site.
Attach your bank account or credit card.
Purchase the cryptocurrency (you don't need to buy whole coin you can by partial)
After the transaction is complete the cryptocurrency will show in your coinbase account. (transaction can take a while)
They do charge a transaction fee (I haven't seen any that don't) when you buy / sell.
You can also sell through that site or you can use your bitcoin or other currency to purchase items (however as unstable as it is I cant say I would actually spend cryptocurrency to purchase anything.

Also I would recommend you research exactly what Eth, bitcoin, litecoin etc are prior to buying.
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Usman FaridService Desk AnalystCommented:
Famous website to buy it from is Coinbase.

You can get instant transfer in your account using coinbase if you decide to sell it.

Also, Crypto is very risky business. You got to be very careful.

Try platforms like PLUS500 and Etoro for intraday.
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EirmanChief Operations ManagerCommented:
From what I heard on business programs, RIPPLE is tipped to the next best cryptocurrency.

Don't borrow to invest in cryptocurrencies.
Don't invest any money you are not prepared to loose completely.
Don't believe me or anyone else - no one really knows - no one can predict -
it's all guesstimates & speculation.
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oo7mlAuthor Commented:
Thanks for your help.

What is the buying process. Can you not just buy in dollars and get your crypto currency?
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EirmanConnect With a Mentor Chief Operations ManagerCommented:
Can you not just buy in dollars and get your crypto currency?
Of course you can - I have never bought crypto currency so I can't advise.
Here are some links to get you started.

https://ripple.com/
https://www.cnbc.com/2018/01/08/ripple-xrp-market-cap-bigger-than-bitcoin-if-price-hits-7.html
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oo7mlAuthor Commented:
Thanks, I am well aware of the risks, and i've been watching the markets for some time. I just don't know much about the purchasing process.
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EirmanChief Operations ManagerCommented:
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btanConnect With a Mentor Exec ConsultantCommented:
01 - What is the best site to buy Ethereum from?
You are buying Ether which is the cryptocurrency of Ethereum (a blockchain). Can buy in any of the Ethereum Exchanges. See summary of steps
1.Register at an exchange
Register at your chosen exchange by submitting a few personal details. Full identity checks are often included later in the process when a deposit or withdrawal is made.

2.Complete KYC/identity checks
Before/after depositing, or prior to withdrawal, exchanges must carry out “Know Your Customer” (KYC) and Anti-Money Laundering (AML) checks. Exchanges will require proof of address and photo identification to proceed.

3.Choose a deposit method
Each Ethereum exchange will offer their own banking methods. These are often a mix of bank wire transfers, SEPA, credit/debit card or PayPal payments. Each exchange will typically charge a fee for each deposit method; fee details are usually found in the footer of the exchange’s website.

4.Make a deposit in US dollars, Euros etc
Deposits will take from as little as 24 hours to several days to arrive in your exchange account. Deposit times will vary from exchange to exchange and the deposit method chosen.

5.Buy Ether with your deposited funds
Once your fiat currency has arrived in your exchange account, you can use this currency to purchase Ether. Beginner friendly platforms such as Coinbase have made this process very simple. Exchanges which make purchases easy have been marked above with a tick symbol under “Beginner Friendly”.
Another means is via a “peer to peer” route to purchasing Ethereum, avoiding KYC and AML and in many cases, purchasing larger quantities. Note
Whilst this activity may be frowned upon by your country’s regulators, it is possible to do so – at your own risk – through an online peer to peer exchange like LocalBitcoins.com. This route first requires the purchase of Bitcoin, which is then exchanged for Ether. Setting up a Bitcoin wallet is much the same as the process above, and a list of trusted wallets can be found on Bitcoin.org. Bitcoin can then be exchanged for Ether anonymously through ShapeShift.io. However each transaction is limited to a maximum amount (typically a few thousand dollars in value).


02 - How hard is it to get your money back out if you wanted to sell?
Not hard but your strategy should be subjected to your own personal risk tolerance. Many investors choose to buy and hold Ethereum for the long term, predicting that the price will rise in the years ahead. Given the volatility of Ethereum, those looking to buy may want to consider “dollar cost averaging”; spending the total investment amount in chunks over X period of time to acquire Ether at an averaged price.
It is unlikely that Ethereum will disappear anytime soon, but as Ethereum has shown Bitcoin, it is possible for a little-known cryptoasset to become a dominant force in a short period of time. Purchasing Ethereum to exchange for other cryptoassets like Ripple (XRP) and Ethereum Classic (ETC) is a good way to hedge against the unexpected failure of any given coin.

Before purchasing Ether, it’s essential to become familiar with wallet software and transactions. An Ethereum wallet is a piece of software that “stores” your Ether funds. Ethereum wallets could be a desktop application, a mobile/web app, a hardware/paper wallet or an online exchange. One of the driving forces behind Ethereum adoption is the low transaction fees. There is no harm in sending a negligible amount of Ether in order to test your understanding of the process and that all of the details are correct. This will ensure that everything goes smoothly when sending larger amounts.

Reference - https://ethereumprice.org/how-to-buy-ethereum/
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Thomas BernalConnect With a Mentor Director of SalesCommented:
Coinbase makes it very simple to buy and sell Crypto. I have put very little in Litecoin, Ethereum, and Bitcoin. I was interested, so I figured I would test the waters. Like it has been said it is risky. You have to buy into the idea you will lose that money, but it is also exciting to see some profits throughout the time.

With Coinbase, you can purchase with a debit/credit card or you can do a direct withdraw from a bank account. It is a very simple app. Be prepared for delays when you are trying to sell/buy if the value is high/low.
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oo7mlAuthor Commented:
Thank you.

I was told that in order to buy Ether with dollars, I had to buy BitCoin first, then use the BC to buy Ether... hence I lost interest because there were so many moving parts.

Is it possible to just buy Ether with a debit card on Coinbase?
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Thomas BernalDirector of SalesCommented:
Yes, you can buy all three of the listed Crypo’s listed on the app with debit/credit card. You do not use bitcoin to buy the others.
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btanExec ConsultantCommented:
Buy Ether with your deposited funds and that is the common way. You can also go for online peer to peer exchange like LocalBitcoins.com to exchange Bitcoin, if you have, for Ether. Strictly speaking it is trading and not using BC to buy Ether. The Exchange rate (below as example) still applies. Can catch my earlier post too.
https://www.bestchange.com/bitcoin-to-ethereum.html
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oo7mlAuthor Commented:
Thanks for your help everyone.

I've bought Ether via Coinbase.

I'm also looking to buy Neo, and then that's it for a while.

Two Last Questions

01 - Neo is not available via Coinbase. Can anyone recommend the easy way to buy it.

02 - is there any app that I can see my portfolio and value together?

I use Trading View put your funds are not listed in there.

Thanks again for all of your help.
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btanExec ConsultantCommented:
Can go through exchange of Bitcoin to ANTshares. One can still buy NEO at Bittrex and a few other exchanges. Binance is one exchange that is newer but is also trading NEO.

https://chaseohlson.com/how-to-buy-antshares/

Can consider online portfolio tracker and its apps that lets you integrate with Coinbase, Bittrex, and more.

https://coingenius.co/portfolio
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oo7mlAuthor Commented:
Does anyone know if there are any exchanges still accepting sign ups. I have tried all of the main ones, but they have all closed signups.
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btanExec ConsultantCommented:
To use almost any exchange you will need to give them a lot of personally identifying information. It is strange if they rejected sign up without valid reasons. This whole process will take between 1 to 3 weeks depending on the backlog of unprocessed applications. Any issues with your documents. If they have to contact you about a problem it will really slow your application down. Possible exchanges included https://news.bitcoin.com/bitcoin-beginners-cryptocurrency-exchange-use/
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btanExec ConsultantCommented:
To use almost any exchange you will need to give them a lot of personally identifying information. It is strange if they rejected sign up without valid reasons. This whole process will take between 1 to 3 weeks depending on the backlog of unprocessed applications. Any issues with your documents. If they have to contact you about a problem it will really slow your application down. Possible exchanges included https://news.bitcoin.com/bitcoin-beginners-cryptocurrency-exchange-use/
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oo7mlAuthor Commented:
Thanks, they did not reject me... they simply have closed their sign up pages.
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btanExec ConsultantCommented:
If Coinbase does not sign up then I guess it may be due to the cautious approach to avoid surge in registration and deter opportunitistic fake registration. Such attempts to be differentiated may not bw straightforward hence one way is to restrict registration.  doubt we will want to consider other unknown exchange too.
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oo7mlAuthor Commented:
I'm already signed up to Coinbase, and that is fine... however I can't buy Neo on Coinbase, so I need to sign up to another exchange too.
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oo7mlAuthor Commented:
Tried Biance and it was closed too... thanks I'll try the other one now.
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btanExec ConsultantCommented:
For author advice
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