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New to crypto currencies , done some research. Now some small questions please.

Hey guys,

So like all of you Ive been spending the last few days reading and listening to a lot. This reminds me of the dot com bubble where a lot of people made money, the smart ones kept most of it, the others lost and there were many like me that did nothing and got nothing. Anyways here is my understanding and questions in point form.

1-You need to have access to an exchange and for Canadians it seems QuadrigaCX and EZBTC are the go to sites for Canadians. I chose Quadriga and am still awaiting approval 8 days later but in retrospect EZB might have been better I think due to all the Altcoins?

2-I also need some type (cold,hot) wallet to store my money. I think exchanges are solely to get in get out transactions. Its much more secure to have a wallet. Im thinking of using something like JAXX or Bread wallet toast wallet. I prefer ease of use and security. Im not interested in anything fancy. Suggestions?

3- This is where Im a little iffy and not to sure.I think Bitcoins, Ethreium, Litecoin, Ripple coin etc are all forms of "currency"
Bitcoins is like the pioneer and like the USD in that its the most popular and accepted one? Ripple coin looks attractive to me. Usually you need to have one of these forms of coins in order to buy things like Cardano, Tron, Bat, Verge (those were the ones I was looking to buy). Now it seems that these are more like "companies" and not the same as what I said earlier as Bitcoins, Litecoins, Ripple, which are coins/currency? Now where Im confused is I think many of these "companies" use a different currency and technology? So I would need to have 3-4-5 different wallets to buy, Cardano, Tron, etc? This where I get confused with the interaction. Lets say I first start by doing a $500 EMT from TD Bank to Quadriga, then I can convert to bitoins, lets say I transfer half to my Jaxx wallet for safekeeping and the other half ($250) I want to buy BAT and TRON. What do I do from here? Can you please help me? Thanks :)

Comments

  • barehunterbarehunter Member Plus
    Once you get bitcoin from Quadriga you can send however much to wherever. Jaxx seems ok and supports a lot of coins. I think you can use an ethereum wallet for eth based tokens which I suspect bat and tron are but someone else can chime in about this. I'm not into Eth and all it's illegitimate offspring.
    You will have to sign up with an exchange or exchanges to buy coins/tokens you mention. It's straight forward funding your exchange accounts with bitcoin. Once that is done buy whatever you want with btc.
  • PradaPrada Member
    Thanks for responding. So does it work like this?

    I got approved at EZBTC. This will be my primary exchange I guess because I can link my TD Bank account and put money in. From there I can buy from a few choices Bitcoins, Eth, Rippel etc. Seems with Bitcoins its universal but it too fluctuates in value. Once I have Bitcoins I could transfer them to another exchange like Kucoins or Biance which has a bunch of Altcoins that EZBTC doesn't right? So unless EZBTC has the crypto currency I want I would have to transfer Bitcoins (or other coin) to another exchange where I CAN buy the crypto?

    So for example lets say I want to buy TRON. First I would transfer Canadian $$ from TD to EZBTC, I convert to Bitcoins, no need to put into a wallet because right away I would transfer the Bitcoins to my Kucoins account (don't have one yet). From there I would purchase TRON using my available Bitcoins. If I want to hold I put my TRON into a TRON compatible wallet. Now in lieu of TRON lets say I wanted to get VERGE instead. I would do the exact same thing except this time I would need to hold it in a VERGE compatible wallet? Finally if down the line I decide to sell my VERGE or TRON for a profit, I would do the reverse. So move from my TRON wallet to Kucoins, tranf to Bitcoins, trans to EXBTC and then to my TD bank account?

    Thank you :)
  • PradaPrada Member
    @CoinGuy really? lol
    I guess my next step is to research where I want to invest and which wallet is best compatible.
    P.S Ive read some of your posts, thank you for your generosity in taking the time in answering. I hope I can help others when I get the hang of things. :)
  • PradaPrada Member
    Hey guys just a quick question, Im still waiting for my EZBIT EMT to go through. However in the mean time Im doing some reading and researching. Some of the coins Ive highlighted are PRL, SONM, CARDANO WABI. Im going with a what value does the company provide and a good buying time (dip). Anways I know that some can only be bought with BTC others with ETH and that I will need a wallet for almost every single one of them? I think foe instance Cardano has its own unique wallet and some cryptos use the same wallet so I can just use JAXX. Is that correct? So my question is that Im going to use an old finance adage which is diversification to decrease risk. Can I buy small amounts of these aforementioned coins? So like $50 worth of PRL, $75 worth of Cardano etc? I want to start off small so that if I make a mistake or get hacked I don't lose big. Thanks
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