First you need to buy Bitcoin or Ethereum to begin, I recommend Ethereum because the transaction process is faster than bitcoin, Litecoin also works!
Pick a website for buying. I’m using Coinbase (You can use the link and when you spend $100 (€86) you will get 10$ worth of bitcoin)
Why Coinbase? This is the easiest platform where you can buy crypto.
1. I have Bitcoin / Ethereum now what?
For the people who bought cryptocurrency from Coinbase now head to pro.coinbase.com otherwise skip to part 3.
2. Deposit
Click on the deposit button, choose the amount and you are ready to go.
3. Website Exchange
If you search the web, you are going find a lot of platforms for Cryptocurrency exchange and literally, for every single website, there is a negative and positive comment. However, I’m using Binance. Don’t worry just follow my lead in the pictures below after account creation!
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Congratulations! You bought a Cryptocurrency! But don’t freak out if you cant find your crypto. It takes some time for the transaction to be complete.
From exchange to Cryptocurrency wallet
First, you need a hot or cold wallet to store you Cryptocurrency.
Differences:
Hot: The hot wallet is like checking your bank account status. It’s vulnerable, even though you have more than one verification. If you plan to use small amounts of currency, go for the hot one. People keep small amounts of crypto in hot wallets when they want to trade fast or for purchasing stuff.
Cold: Looks like flash memory but it is configured to work only when it is plugged to the PC. It’s safe because it’s offline even if you have virus on your Computer
Wallet conclusion: Hot wallets are connected to the internet, while cold wallets are not. Active traders have both. However, when I started buying and selling Crypto, I bought a cold wallet. ( Ledger Nano S )
Transaction Process
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You are going to see a list of all available Cryptocurrencies listed on Binance.com
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Click on Submit and you are done!
Of curse, you can put a wallet address to other website exchanges or a person. Be careful what address you are sending to and are they supporting ADA? Always do a double address check before sending it. DO NOT BLIND SEND!
( I was using ADA currency as an example! You can do this tutorial with any Cryptocurrency )