After the Bitcoin news went mainstream, I had family members that decided to do some research on their own (I’m actually proud of them now). They eventually discovered altcoin and couldn’t figure out how to buy certain altcoin using Coinbase. After hours of repeating myself, I was able to get two of them on Binance to buy altcoin. Here is a simplified method of buying altcoin.
From Bitcoin trader to altcoin trader overnight!
Open a Coinbase account
Coinbase is a secure platform for buying, selling, transferring, and storing digital currency.
The first thing you want to do is sign up for a free Coinbase account (yes this is an affiliate link), via the website or mobile app. After your account is created, link your credit/debit card to the account (cards allow for instant transfers). Now you can buy some Bitcoin (BTC) or fractions of Bitcoin. Once the transfer is complete, you are now done with the first step.
If Bitcoin/BTC is too expensive, you can buy Ethereum (ETH) and use the site mentioned below to convert it.
Open a Binance account
Binance is a secure digital cryptocurrency exchange platform.
After you sign up for your Binance account, go to your profile area and get your Binance BTC wallet address to send Bitcoin from your Coinbase account to your Binance account. Make sure you are using the correct wallet addresses or else you’ll lose your money. This transfer should take less than an hour.
The Binance Exchange
After Binance has received your Bitcoins, you should receive an email. Now you can use the Binance platform to trade your Bitcoin for some altcoins such as Ripple (XRP) or Monero (XMR). Do your research on these companies before trading altcoins. And please do not fall for any pump and dump scams from random Youtube and Twitter “gurus” pretending to know the future.
After You Have Bought Altcoin
You are officially an altcoin trader. You can either keep your altcoins on Binance or you can get a desktop wallet, mobile wallet, or hardware wallet to transfer your altcoins, for added security. Some altcoins do not have wallet yet so do your research if you want to be a successful altcoin trader.
Once you understand this entire process, you should look into the alternative Bitcoin exchanges such as CEX or Bitstamp, as a backup.