The easiest way by far to get started with crytpos is to purchase Bitcoin (BTC), Etherium (ETH), and/or Litecoin (LTC) using Coinbase. (You can then use Bitcoin and Etherium to exchange for almost any other Coins and Tokens that you want to invest in. More on that in future videos.)
You can use debit card, ACH or wire transfers with Coinbase. Your weekly limits will grow as you use the site. If you want to purchase larger amounts of BTC or ETH quickly, set up an account with Gemini.com. There are no limits on Wire transfers once your account is setup and verified.
IF you don’t have an account yet, use the following link and we’ll both get a bonus $10 worth of BTC when you spend $100 or more.
If you’d like to review Coinbase fees, CLICK HERE.
There are better places to store your cryptos than Coinbase! Or any other exchange for that matter. It’s a great way to purchase, but not the best place to store your investment. (we’ll talk about how to send things into a wallet in the next section.)
You do not need to go set up all of the following wallets at once. I recommend downloading the Exodus Wallet first until you NEED to do more to accommodate other coins and tokens.
Every wallet has an address. If you want to send Bitcoin to someone, that person needs to have their own wallet. You’ll need to get their address in order to send BTC to their wallet.
In most cases you’ll be sending BTC or another coin or token from one of your own wallets or exchange wallets (like coinbase) to another one of your own wallets or exchanges. There are a few important things to remember:
The Exodus wallet has an exchange function built into it. This means for example that you can send Bitcoin from your Coinbase into your Exodus wallet and then exchange it for some OmiseGo tokens or EOS tokens right inside the wallet without having to set anything else up. Very handy.
NOTE: ALWAYS backup your wallets. As soon as you open your Exodus wallet, follow the instructions to back it up. Keep a hard copy of the backup phrase as instructed.
TIP: The password management app 1Password, is also good for keeping a copy of wallet keys, passcodes and whatnot “in the cloud”. It’s secure and affordable.
For exceptional security, purchase the MyGoldUSB at MyGoldUSB.com.
Similar features to Exodus, but works across multiple platforms including mobile.
Many of the coins you’ll want are actually Tokens built on top of the Ethereum network. These are known as ERC20 tokens. The My Ether Wallet (MEW for short) allows you to store Ethereum and your ERC20 tokens in your wallet. Examples of ERC20 tokens include Veritaseum, Populous, Pillar, TenX, and many more. More about MEW in the next video!