The RFD - Cryptocurrency Mega Thread

Deal Addict
Jun 20, 2011
1908 posts

The RFD - Cryptocurrency Mega Thread

*** Do not blindly follow strange links / twitter accounts that offer you something. Make sure it's the official site/twitter account of the crypto. Tons of scammers out there with all the crypto hype ***

Instead of the instructions getting buried in the bitcoin/eth thread I typed out the basics here so it can be on post #1 that people can reference.

TLDR! Just get me started!

1. Register on an exchange like Coinbase or one of your choosing
2. Buy using credit card on Coinbase
3. Purchase ETH (not BTC due to high fees and transfer times, unless you go from Coinbase to GDAX to wherever)
4. Transfer ETH to whichever exchange you settle on, for example Binance.
5. On the exchange, locate correct pairing for the crypto of choice and ETH. So for example if you wanted to buy ICON (ICX), click on ICX/ETH.
6. Enter in Buy order. Voila.
7. Leave on exchange or send to a wallet (Be aware of withdrawal fees)
8. Withdrawals, you can sell XYZ coin to ETH or BTC, move it to QuadrigaCX and opt to have a ETF withdrawal.

Binance has their own coin, BNB which you can purchase and when doing trades it will use that “coin” for your fees. This is slightly cheaper and it prevents “dusting”. Dusting happens when you enter in an order and the exchange takes the fee from the trade. The order was for 1000, but you end up with something like 999.97654. When you use BNB, you prevent that and actually get your 1000.

What is cryptocurrency?
Cryptocurrency is a digital/virtual asset. Cryptocurrency is not regulated or controlled by any bank or government. All transactions are recorded on the blockchain. Data is stored across a network, so it’s not susceptible to exploitation by hackers or central failure.

Where can I buy cryptocurrencies?
There are numerous exchanges that trade in Bitcoin or ETH (Ethereum). Alternative cryptocurrencies aren’t as easy to acquire. However, there are exchanges where you can convert BTC or ETH to Alts.
Here’s a short list. There are many more.
Binance -
Bitstamp -
Coinbase - -
Cryptopia - - Don't use Breach as of Jan 14, 2019
Etherdelta -
Gemini -
Kraken -
Kucoin -
QuadrigaCX - - Don't use refer to post #833 - Creditor arrangement issue

Where do I store my crypto?
Cryptocurrencies are digital so it’s a completely different approach when it comes to storing it verses a typical bank. You use a private key for transactions that need to be securely stored. DO NOT EVER GIVE OUT YOUR PRIVATE KEY.
There are several different types of cryptocurrency wallets:
Desktop wallets – For example Rippex for Ripple.
Online wallets - Cryptocurrency keys are stored online by exchange platforms like Binance or Coinbase and can be accessed from anywhere. Exchanges can be hacked and some have in the past, for example Youbit in South Korea which filed for bankruptcy.
Mobile wallets – For example, Jaxx or Electrum.
Paper wallets - Some websites offer paper wallet services, generating a piece of paper with two QR codes on it. One code is the public address at which you receive cryptocurrency, and the other is your private address you can use for spending. * for more info on why you might see another wallet called mycrypto please see post #754
Hardware wallets - You can use a USB device like the Ledger Nano S or Trezor. If you buy from a re-seller and not direct please make sure the device or recovery has not been tampered with. Recovery sheet shouldn't be pre-filled!
Read post #154 in this thread for more details along with a picture of a fake recovery sheet.

How do I figure out what to buy?
1. Does it have a whitepaper?
2. Who and how is the Dev team?
3. Is there any backing or partnerships?
4. Is there a finished product? If not, how far along are they?
5. Is there potential for growth? What’s the supply like? What’s the price?
6. How is their marketing? Any media attention?
7. Does it solve real world problems or is it fluff?
8. Do they have competition in the same class?

Should I diversify?
As in the stock market, crypto has different classes. Most will say yes to diversification. There are many, but here are some examples:
Privacy coins: PIVX, Monero, Dash
Proof of Stake coins: NEO, NAV, LISK
Game and entertainment related: Digibytes, Tronix, Funfair
Payment platforms and decentralized exchange: OmiseGO, ARK
Currencies: Dash, Ripple, NEM, LTC
Smart contracts / Dapp platform: Ethereum, NEO, EOS
Tangle: IOTA

Crypto and the Canada Revenue Agency:
"Tax rules apply to digital currency transactions, including those made with cryptocurrencies. Using digital currency does not exempt consumers from Canadian tax obligations.
This means digital currencies are subject to the Income Tax Act." ... rency.html

Mobile Apps:

Terms you will run into:
ATH - All time high (price)
Bagholder - People that purchase during ATH and are stuck after the price lowers
Dapp - Decentralized Application
FIAT - Government currency like the dollar
FUD - Fear, Uncertainty, Doubt
FOMO - Fear of missing out
HODL - Also known as "Hold" or the misspelling of "Hold.
ICO - Initial Coin Offering. Think of this as an IPO for stocks.
MEW - MyEtherWallet
Mooning - It means the price going up like crazy, astronomically.
Satoshi - Smallest unit of a bitcoin. Some investors talk in Satoshi's instead of USD.
Weakhands - Those who cannot be patient and sell at loss when the market is down
Whale - Someone that has massive holdings in crypto. You'll see this term associated with market manipulation.
Whitepaper - Document / Guide that describes the crypto protocol in detail

For those wondering what I’m holding: ICX, IOTA, REQ, TRX, VEN, XLM, XRP

The Coinmarketcap site is awesome for tracking the price, volume, circulation, supply and market cap of most existing cryptocurrencies. You can also find out on which exchange a currency is listed by clicking on the “Markets” tab of the crypto you selected.

Always enable 2FA. Never give out your secure address. Always double check the address you are sending to. Don’t invest what you are not willing to lose. Don’t be drunk/high and make trades.
Last edited by DDHLeigh on Jan 31st, 2019 9:02 pm, edited 8 times in total.
1372 replies
Penalty Box
User avatar
Jul 11, 2008
4368 posts
Away from RFD idiots
Did you really have to create another thread?

Whale : syne.
Deal Addict
Jun 20, 2011
1908 posts
China on the move in 2018? Good news for VeChain?

"Although cryptocurrency exchanges were banned from China in September this year, the country has always taken a positive attitude toward central bank digital currency and blockchain, actively carrying out relevant research.

In Feb. 2016, for example, People's Bank of China (PBOC) president Mr. Zhou Xiaochun admitted during an interview that the Chinese government has been investigating the adoption of CBDC for a long time. On Dec. 27 of that year, blockchain was written into the "13th Five-Year Plan for National Informatization." The government affirmed the value of blockchain, and it has since risen to the level of our national science and technology strategy.

Technically, China is ready to launch the first CBDC, as the PBOC has set up a dedicated digital currency research group in 2014 to study both digital currency issuance and the business operation framework that would need to support the launch of such technology.

In January 2017, China's central bank successfully tested the digital notes exchange platform."
Deal Addict
Jun 20, 2011
1908 posts
mathiewannabe wrote: Did you really have to create another thread?

Whale : syne.
Relax, I asked a mod to merge the threads...
Nov 1, 2013
304 posts
so, a very important question is - Why US govt has not banned bitcoins etc. when it is obvious that it is the currency of choice for cyber criminals, anonymous transactions and money laundering?
Deal Addict
Feb 22, 2007
2018 posts
I appreciate the thread. Thank you
Deal Addict
Aug 6, 2004
1488 posts
Great thread, much needed Smiling Face With Open Mouth

For Step 8, withdrawals, you said to sell coins to BTC/ETH and then ETF them after moving to QuadrigaCX.Why does this step need to be done, can't I withdrawal directly from whatever exchange I'm using if the capability is there?

I've registered with both Quadrigacx and Kraken, and from what I can tell, Kraken allows for withdrawals to my bank account.
Sr. Member
User avatar
Dec 21, 2007
725 posts
bobor wrote: Great thread, much needed Smiling Face With Open Mouth

For Step 8, withdrawals, you said to sell coins to BTC/ETH and then ETF them after moving to QuadrigaCX.Why does this step need to be done, can't I withdrawal directly from whatever exchange I'm using if the capability is there?

I've registered with both Quadrigacx and Kraken, and from what I can tell, Kraken allows for withdrawals to my bank account.
Lots either don't deal in fiat (they just will let you buy and sell one crypto for another), or they don't allow for Canadians to sell due to laws/legal issues. I know Coinbase used to let you sell, but now it says that option is restricted in Canada/to Canadians.
I am the Stig's brother's cousin's friend's former roommate.
Deal Addict
Jun 20, 2011
1908 posts
The Bank of England plots its own bitcoin-style digital currency:

"The Bank of England could green light its own Bitcoin-style digital currency as early as 2018, The Telegraph can disclose.
A research unit set up by the Bank is investigating the possible introduction of a crypto-currency linked to sterling.
If approved, a virtual currency issued by the bank would pave the way for a revolutionary shake up of high street banking." ... -currency/

Adoption like this will really change finance landscapes. Imagine if the Bank of Canada showed interest. More adoption is great for crypto.
Deal Addict
Jun 20, 2011
1908 posts
Here's your chance to get some FREE altcoins - TRX. Sign up is a pita, but if you can do it you'll hopefully get a large amount per the quote from Justin Sun in the Forbes article. I was able to sign up using Firefox. Others have tried Chrome. While others had to use a VPN.

The token of the TRON platform, TRONIX, tracks users’ entertainment behaviors and shares credit data with apps within the TRON network.

TRX has additional values of information storage and identification, with records about user acquisition and TRX spending stored in the blockchain. Core information will be accessed by all TRON apps, acting as the only credential for users to play in the global entertainment system.

While TRON will support all kinds of virtual currencies, as the official currency of the platform, TRX will be used for the conversion and circulation of the entire world’s virtual currencies in TRON.

Per the Forbes article: ... 57cfc67064

Sun boldly added: “We are very confident that TRON will reach a target of one million wallets registered within a year. The first million registered users will be rewarded with considerable TRX tokens by registering on the TRON platform.”

Official site:

1. Click on Regist upper right
The 1st box is email
The 2nd box is nickname (2-12 characters with no spaces)
The 3rd box is password
The 4th box is password confirmation.

2. Solve captcha by sliding the button and solve the puzzle
3. Click on the blue button and you are registered.
4. Check spam or inbox to activate email
5. Make sure the Gold/Yellow box at the upper right corner is activated. It should be grey after you click it.
If you see "Your account has been activated" then it should be all good.

So after the sign up it is just a wait and see. If you go to the site and there is a Chinese pop up announcement, just reload the page.
Deal Addict
User avatar
Jul 6, 2010
3064 posts
Thanks for the instructions, the other thread is great but the first post definitely needs all the FAQs. 20% of the posters are asking how to get started and I guess OP is not around.
Deal Guru
Apr 8, 2013
10204 posts
Definitely needed a new thread. Smiling Face With Sunglasses

Besides BTC. What is your Top 5 pick for 2018.

1. Ether
2. Ripple
3. Monero
4. Stellar Lumens
5. Cardano
Sr. Member
User avatar
Dec 28, 2010
619 posts
I realize this is not directly linked to finance or investing but anyways. I switched to and Binance asked for a Google Authenticaion. I have Binance set up on a laptop and somehow the Google Authentication code is wrong according to Binance.

I did change my password on Binance and for that reason they don't allow withdrawls for 24 hrs.

How can I find out what I'm doing wrong with the google authentication? I was able to convert Ethereum to XVG but I cannot withdraw. Is this because I changed the password on Binance or because I'm overseeing something in the google authentication?

My other question is whether Bittrex is better, I find Binance a bit clunky and freezes up a lot.
Do you want to meet the love of your life? Look in the mirror. | Byron Katie