Investing

Bitcoin and Ether

  • Last Updated:
  • Nov 18th, 2017 6:49 pm
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Deal Addict
Mar 10, 2005
4514 posts
492 upvotes
Siralex wrote:
Nov 5th, 2017 8:23 pm
Hi Guys,
I've finally gone through this entire thread and also have been doing my own research on blockchains and crypto currencies. Trying to learn as much as I can. I think I'm ready to allocate a small portion of my portfolio into them. I will buy a few and hold them for the long term.
There seems to be some confusion on how best to start with purchasing cryptos so I was hoping people can verify if I have the steps down correctly:

1. Signup on Quadriga, Kraken, Bittrex and Coinbase. After getting verified use Quad as it is the easiest for Canadians to purchase the main cryptos. Keep the other sites as backup.
2. Signup for a Tangerine bank account to send funds Quadriga account
3. E-transfer from Tangerine account to Quad
4. Purchase BTC, ETH and other cryptos on Quad
5. Transfer your crypto off Quad to keep it safe. Use an online wallet to start like Exodus or MyEther. Use a Ledger Nano S to store your crypto offline once you have a decent amount.
6. You can send your cryptos to Bittrex to exchange them for other lesser known currencies?
7. HODL

Looking for feedback if I'm in the right ballpark and what things should be added/removed or can be improved. Thx
You can do all your transactions using Quadriga, Coinbase and Bitfinex. For various reasons I'm not a fan of bittrex (less secure than bitfinex and speaking from first hand experience it does have some support issues).
At the very minimum make sure you enable 2FA on the exchanges.
I didn't think Tangerine was supported on Quadriga(?)
Transfer directly from Quadriga to Bitfinex for buying altcoins (no need to go to the wallet first) - then from Bitfinex to your wallet

Your on the right track, start small to get used to the process. You want to get to a point where your thinking more about which crypto to buy/sell and less so about how to do it.
"Talent gets you in the door. Character keeps you in the room."
Newbie
Sep 6, 2013
65 posts
9 upvotes
Siralex wrote:
Nov 5th, 2017 8:23 pm
Hi Guys,
I've finally gone through this entire thread and also have been doing my own research on blockchains and crypto currencies. Trying to learn as much as I can. I think I'm ready to allocate a small portion of my portfolio into them. I will buy a few and hold them for the long term.
There seems to be some confusion on how best to start with purchasing cryptos so I was hoping people can verify if I have the steps down correctly:

1. Signup on Quadriga, Kraken, Bittrex and Coinbase. After getting verified use Quad as it is the easiest for Canadians to purchase the main cryptos. Keep the other sites as backup.
2. Signup for a Tangerine bank account to send funds Quadriga account
3. E-transfer from Tangerine account to Quad
4. Purchase BTC, ETH and other cryptos on Quad
5. Transfer your crypto off Quad to keep it safe. Use an online wallet to start like Exodus or MyEther. Use a Ledger Nano S to store your crypto offline once you have a decent amount.
6. You can send your cryptos to Bittrex to exchange them for other lesser known currencies?
7. HODL

Looking for feedback if I'm in the right ballpark and what things should be added/removed or can be improved. Thx
Sums it up. I would include Bitfinex and Binance on top of Bittrex (cheaper fees but not as vast of a cryptocurrency selection).

And while QCX is definitely the way to go for CAD/BTC, depending on the amount you plan to deposit, you'd be able to trade Fiat for BTC a lot cheaper using USD exchanges. There are times when QCX arbitrage goes up to $200 CAD over BTC market price (especially during fast movements), in addition to deposit fees (1.5-2.5%), and high trading fees (0.5%, or 0.2% if trading ETH/BTC).
Member
Jul 31, 2017
227 posts
42 upvotes
What if Cryptocurrency is a test from the banks to see if the world can go without cash
Deal Addict
User avatar
Mar 16, 2010
1538 posts
671 upvotes
Hamilton
BritishColumbian wrote:
Nov 6th, 2017 12:11 pm
What if Cryptocurrency is a test from the banks to see if the world can go without cash
That would be like big pharma releasing a cure for everything to see if the world can go without pills.
Member
Mar 4, 2007
353 posts
24 upvotes
Calgary
Thanks guys for the feedback.

Looks like the Money Wire Transfer option is down on QCX...
Newbie
Feb 17, 2014
15 posts
9 upvotes
Calgary
How can cryptocurrencies become a legitimate "mainstream" asset with the security risk so high? It seems like without proper offline wallets it is very easily hacked. There is no peace of mind with leaving your currency online.
Deal Addict
User avatar
Apr 20, 2011
1125 posts
94 upvotes
Is it safe verify your accounts on these exchanges?
I'd rather not have my id floating around and having a equifax scenario happen to any of these exchanges where all customer info is in the wild.
Screw that!Angry Face

Even coinbase uses your info if your in the states to the IRS.Face Screaming In Fear
Deal Addict
User avatar
Apr 20, 2011
1125 posts
94 upvotes
Dpack22 wrote:
Nov 6th, 2017 1:43 pm
Cryptocurrency fund NextBlock scraps plans to go public, underwriter withdraws

Anyone care to shed more light on this?
With it dropping by $800 in the last 72 hours to what it is now...
You can blame them in not getting into a comparable stock/share like asset that can change like the wind?

I can see now how amazon has been holding off on all plans to allow crypto to buy their goods for tha past 3 years.Face With Stuck-out Tongue And Tightly-closed Eyes
Deal Addict
Mar 10, 2005
4514 posts
492 upvotes
TheRock2012 wrote:
Nov 6th, 2017 2:22 pm
Sounds like a shilling to the nth level to cause crypto to dropped from over $10kcdn to $8800 in less than 24 hours.

Welcome to the Cryptoverse. :twisted:
That article is 5 days old so doubt it has anything to do with the current dip
"Talent gets you in the door. Character keeps you in the room."
Deal Addict
User avatar
Apr 20, 2011
1125 posts
94 upvotes
blexann wrote:
Nov 6th, 2017 2:30 pm
That article is 5 days old so doubt it has anything to do with the current dip
Yeah but the news does take that long to trickle down to the ones who are influencing the market when they hear it to do a massive sell off.Smiling Face With Horns
Deal Addict
Mar 10, 2005
4514 posts
492 upvotes
TheRock2012 wrote:
Nov 6th, 2017 2:39 pm
Yeah but the news does take that long to trickle down to the ones who are influencing the market when they hear it to do a massive sell off.Smiling Face With Horns
5 day old news in the cryptoverse is ancient news. This is a long awaited correction that's all.
"Talent gets you in the door. Character keeps you in the room."
Deal Addict
User avatar
Apr 20, 2011
1125 posts
94 upvotes
blexann wrote:
Nov 6th, 2017 2:47 pm
5 day old news in the cryptoverse is ancient news. This is a long awaited correction that's all.
I guess. Before the intended fork I bet.

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