As at March 2016, I derailed using Bitcoin because I never even knew what it was like. And again, I hated to leave my comfort zone of using e-wallets such as Perfect money, Advanced Cash and so on.
But, since the first day, I summed up courage and used Bitcoin, still in 2016. I don’t remember the last time I went to sites like PM, ST or even Skrill.
Like me, yours can be the fear of being scammed as I was.
If that is you, or you don’t just understand how to buy bitcoin from anywhere. I will show you all you need to know here in a few seconds.
First of all, this tutorial will focus more on centralized exchanges like Changelly, CEX, Coinbase and etc.
But before, that, you want to know what qualifies a great crypto exchange first. I will show you below.
OVERCOME FEAR & BUY ALL CRYPTOCURRENCIES ON YOUR OWN
This is the truth. All you need to do is give what you HAVE and get what you don’t HAVE. That is how to buy cryptos online.
For an example, if I have $200, and I need $200 worth of BTC, all I will need to do is give out my $200 and receive Bitcoin equivalent of the $200.
HOW TO – FIAT TO CRYPTO
I want to Buy Ethereum on Coinbase for $400 (fiat)
1. I will go over to Coinbase exchange.
2. I will Create an Ethereum wallet address still there.
3. I will request to buy $400 worth of Ethereum
4. I will send them my Ethereum wallet address.
5. I will transfer the $400 (fiat) to Coinbase exchange.
When they acknowledge my $400 deposit,
6. They will send the Ethereum Crypto straight to my wallet.
That is all.
It might not mean much I get it. But, this is the very thing that put fear in people. They don’t just know how to figure it out.
All right. Having seen how to go about fiat-to-crypto transaction
Let’s see how to overcome fear and transact crypt-to-crypto.
HOW TO – BUY DASH FOR BTC
I have $2,000 BTC in my wallet, and I need to buy DASH Crypto.
1. I will create a Dash wallet first. I can use my Ledger, Trezor or go to CoinPayments and create it for free.
2. I will go to Changelly crypto exchange and request to buy DASH with $2,000.
3. I will create the request.
When the request is acknowledged, they will send their Bitcoin wallet Address for me to deposit the $2,000 BTC I have.
4. I will go to my Bitcoin wallet and transfer the $2,000 worth of Bitcoin.
When the transaction is completed.
5. Changelly (crypto exchange) will send the DASH crypto straight to my wallet.
That is it.
I have just made a Crypto-Crypto; Bitcoin-Dash transaction.
One Practical example: How to buy Ripple, Dash and over 75 Cryptos from Home.
HOW TO AVOID EXIT SCAM ON CRYPTO EXCHANGES
Most at times, scams are not experienced here (centralized exchanges), but on 2p2 exchanges. So, the only thing you want to avoid here is being sniffed and phished due to your negligence.
See below on how to guide all those.
My mission was to show you how to buy cryptocurrencies using both fiat/crypto and crypto/crypto pairing on centralized exchanges.
Well, I don’t know the number of people that were in my shoe of not knowing how to go from left to right in buying cryptocurrencies.
If you are one of such. Know that the post might just be ONLY for you. I was there so I am not ashamed to create a solution to those that might have a similar issue.
To this end, I am confident that this tutorial will help at least one beginner. If like me you think it will, please forward it to a beginner you think it might help further.
Now, do you know any other way of doing this on a centralized crypto exchange? If yes, please comment below.