WELCOME TO THE WORLD OF CRYPTOCURRENCY!
In a world dominated by corruption and fraud by the banks, there’s no better time to take back control of your finances. Cryptocurrencies and their underlying technology(blockchain) allows us to create a transparent, immutable(fraud resistant) system of finance. Spend as much time as you can learning how the technology works as it will be the future of payments. We have created a beginners guide to help you get started buying and selling cryptocurrencies and how to store them safely.
In order to be able to buy, sell and trade crypto, you will need to open an account on either an exchange or a brokerage site.. The sign up process will involve getting verified. This will involve sending pictures of your drivers license or passport. Verification approval can take up to 2 days. Once you have been verified you will be able to buy, sell and trade crypto. Some of the popular and reliable exchanges are listed below and a more detailed description is avaiable on the Exchanges page.
Exchanges are where you can buy different coins, see the history of the individual coins and see real time prices of coins being traded on the market.
For the best real time buy and sell prices and associated fee’s for Bitcoin purchases with different exchanges you can use www.blockcoin.com.au
Buying and selling can be done at a few different places. Below are the most popular.
PLEASE CHECK EACH WEBSITE FOR INDIVIDUAL BUYING AND SELLING FEES.
Coinspot has a huge range of alternate coins, 76 in total. Selling and buying is available in Australia. This is the easiest website to use for beginners.
Coinbase offers Bitcoin, Litecoin and Ethereum. Selling is not available in Australia. USING THIS LINK WILL GIVE YOU $12 FREE BITCOIN. Your weekly limit will increase as you hit your buy limits. It starts at $300 and the maximum is $2000.
Easy to use platform. Low fees and lots of alt coins on offer. Easy registration process and almost instant verification.
Local Bitcoins is a peer to peer website that allows users to buy bitcoin with cash or bank deposits. If you have any more questions, check out the FAQ’s. https://localbitcoins.com/faq
This site is one where you can cash out your crypto, in the form of bitcoin, back into your bank account. You can also buy bitcoin on this site.
Australian website where you can buy Bitcoin, Ethereum and Bitcoin Cash.
Once you have bought your coins you can track their prices on an app called Blockfolio. A very good app to check your profits or losses. It can be downloaded from the app store or search the android version of the App Store for it. Another great portfolio app is Delta. Delta is a newer app that is really starting to take off.
NEVER CLICK ON GOOGLE’S SPONSORED AD’S – They are more likely a scam of some sort.
Always check the website address and ensure they haven’t changed a letter to make it appear as the real site. They will get all of your login details.
Once you have bought your crypto currency, it will be sitting in a wallet on a exchange. Leaving it in that wallet can be risky.
If the site goes down for whatever reason, your funds will more than likely go with it. That’s your call what you do with your money.
There’s a few options what to do with your crypto below.
You can visit the website of the crypto that you hold. For example, if you hold NEO, you can download a wallet from their site and store your crypto in it.
Not all crypto has their own individual wallet so you will have to look for multi crypto supported wallets. Here are a few wallets that are available
While these wallets are considered safer than leaving them online on the exchange, they are still vulnerable to hacks.
The public key is the location of your money on the blockchain.
Public keys and private keys? These terms you will hear a lot and they are very important to understand. The public key is the location of your money on the blockchain. This is also your address that you would tell people to send your money to if they are sending you funds.
DON’T EVER give anyone your private key. This would be the equivalent of giving someone your online banking password. They will have access to your crypto.
If you lose your private key you might lose your money forever.
Another option is to have a paper wallet. This is a code which can be printed off with all of your information and kept somewhere safe and can be used to reinstate your crypto online at a later time at your time of choosing.
For instructions on transferring funds from wallet to wallet, check out youtube videos. It will take me too long to explain. Make sure you send a little amount first though to test.
Also, make sure you only send the same currency to the same currency. For example, only send Bitcoin to a Bitcoin wallet, Ethereum to an Ethereum wallet, Stratis to a Stratis wallet etc.
ALWAYS HAVE TWO FACTOR AUNTHENTIFICATION (2FA) TURNED ON!
This is the last line of defence to prevent anyone from accessing your accounts.
This will ask for a code when logging in or buying crypto which is generated from an app such as Google Authenticator on your phone or desktop PC.
Never sign up with any group or company that offers you guaranteed returns. These sorts of companies are more than likely apart of a pyramid scheme. They will often ask you to sign up your friends in return for some sort of bonus.
Once these groups make enough money they simply shut everything down everyone loses their money.
You don’t want to be the person who has to explain to your friends that you’re the reason they lost their money.
Shapeshift is a great way to swap one alt coin for another or to swap BTC to alt coins instantly without the use of exchanges. ShapeShift is also built in to the Jaxx wallet and is a great quick way of swapping between coins.
The safest way to store your crypto is to buy a hardware wallet. These are basically a USB stick, which comes pre-loaded with software and encryption to store all of your crypto offline. They are pin protected. Even if they are damaged, you can still recover your crypto.
Make sure you write down your backup phrase that comes with your device. Below are the 2 most common hardware wallets. Below is our recommended Australian retailer.
Ledger nano – http://[email protected] or direct from Ledger
Trezor – http://[email protected]
CURRENT COIN PRICES
Shows the prices of all currencies/assets and total market cap of the crypto space. It also shows graphs.
EDUCATION AND COURSES
Looking to learn how to trade? Check out Trader Cobb’s courses. Offering a 10% discount for Crypto Australia members.
A little bit of information about his trading career. He started trading in London in 2006 where he set up a team of four traders in London to manage a portfolio for a wealthy family. He has presented all around the world from London, New York, Las Vegas, New Zealand and obviously in Australia.
He has literally taught thousands to trade traditional markets as a presenter and mentor. He has presented for companies such as CME group, NYSE and Reuters to name a few. Check out his website if you want to see some examples of his approach to trading
To take advantage of this discount, follow the steps below.
2. Once you select the course you would like to do, enter the coupon ‘AUSTRALIA10’.
Any other questions you need answered please use the search function on the Crypto Australia facebook page or if you can’t find what you are looking for then feel free to post on the page and hopefully you will get your questions answered. You can also email us directly at [email protected]
If you found this information helpful and end up making a motza feel free to send a donation to say thanks. Thanks for your support.
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