Need help getting starting buying Altcoin & BTC

[GabryRox]

Hello everyone... I apologize in advance as I am sure these noob questions have been asked many times, but I could not find all the answers using the search function of this site.  if there happens to be a noob FAQ or How To somewhere that addresses these questions, I would be happy if someone could direct me to it.

I am very new to the cryptocurrency scene but have been trying to educate myself over the past few weeks or so. I was originally (and still may be) interested in getting into mining altcoins, eventually via GPU rigs... but in the last few days, have become more interested in purchasing altcoins outright.

Til now, I have only mined via the MinerGate web tool. I have 3 PC's dedicated to mining Monero (for about 5 days) and AEON (for 1-2 days) but of course, this is very slow (especially because my desktop apparently does not have a GPU capable of mining)... hence my consideration of eventually building a GPU rig.

Anyway... Let me start with a specific purchasing example to make it easier to explain...

This morning I decided that I wanted to purchase a nominal amount of AEON.  Through a few searches I determined that it was mainly traded on Bittrex.  So, I opened an account there and logged in, but I cannot figure out how to load funds to may account, so that I would be able to purchase AEON coins outright.

So, my first question would be, it Bittrex indeed to only or main place to purchase AEON?  It seemed like 95% of it's volume takes place there, but if there is a better alternative, I would be happy to hear it.

The next question of course would be how do I deposit funds into my account there (or on other exchanges)?

At this point in time, I have no BTC and no altcoin (other than the fraction I have mined through MinerGate). Nor do I have any kind of wallets whatsoever.

Do I have it right that pretty much all Altcoin purchased have to be done with BTC?  If not, what are some reasonable methods used to purchase altcoins?

If indeed I really need to have BTC in order to purchase AEON and other altcoins, what are my best options for purchasing BTC?  I have heard paypal is not great, so what would be recommended?

Then, my final initial (kind of an oxymoron i know lol) question would be about wallets.  It seems like BlockChain.info offers probably the best bitcoin wallet at present, so I plan on opening one later today.  However, I am not clear if there is a need to have multiple wallets if I will be dealing in multiple altcoins. 

For instance, let's say I get a bitcoin wallet from Blockchain and figure out how to actually get BTC loaded to it.  From there, how would I proceed to purchase AEON?  Do I also need to open a specific AEON wallet?  Meaning, is a unique wallet required for every unique altcoin that I purchase?  Or, is there either 1 wallet that can handle all BTC and altcoins?  Or, other alternatives to managing this?  It would seem to be crazy if there were unique wallets required for all altcoins, but I am a noob, so...

Anyway, thanks for any direct advice or references to existing resources that address these questions!

[DarkStar_]

I'll answer you bittrex question in a bit if no one answers it, since it would involve screenshots which are very hard to do on an iPad.

Is Bittrex the only exchange to purchase AEON?
No. It's also listed on cryptopia, but over 99% of the volume is at Bittrex. Check this site for more info: https://coinmarketcap.com/currencies/aeon/#markets

Are alt coins bought with BTC only?
Pretty much all alt coins are bought with either BTC, or another altcoin. Some sites will accept fiat deposits though.

Best option for buying BTC?
Forum trades are good, local bitcoins is good or use another exchange like bitstamp or coinbase.

Do I need a new wallet for alt coins?
Yes. Blockchain.info is a wallet for Bitcoin only. Sending alt coins to a BTC address will result join them being lost. You need a new wallet for each altcoin, unless you use either an exchange for your wallet, or another web wallet like holy transaction that supports multiple coins. Your best bet would probably be to keep all your alt coins at an exchange like Bittrex, since web wallets only support some altcoins and are generally more risky.

[GabryRox]

Thanks Darkstar... that helps a lot!  So, I went ahead and opened a Blockchain wallet.  And, I also may have solved the way to add my initial BTCs.  One of the sites I play poker on has the option to withdraw poker funds directly to bitcoin, so this might be a good option for me.

However, just to make sure I am understanding this correctly... when I choose the Cashout via Bitcoin option, it asks for my Bitcoin Address.  I am right in assuming that this is the very long alpha-numeric sequence that I got after opening my Blockhchain wallet?  On the Blockchain site, I believe this is called "Wallet ID"... it's the number that appears on your login screen.  Is this the correct number to copy and paste into Bitcoin Address field on my poker client's bitcoin cash-out screen?

[DarkStar_]

Thanks Darkstar... that helps a lot!  So, I went ahead and opened a Blockchain wallet.  And, I also may have solved the way to add my initial BTCs.  One of the sites I play poker on has the option to withdraw poker funds directly to bitcoin, so this might be a good option for me.

However, just to make sure I am understanding this correctly... when I choose the Cashout via Bitcoin option, it asks for my Bitcoin Address.  I am right in assuming that this is the very long alpha-numeric sequence that I got after opening my Blockhchain wallet?  On the Blockchain site, I believe this is called "Wallet ID"... it's the number that appears on your login screen.  Is this the correct number to copy and paste into Bitcoin Address field on my poker client's bitcoin cash-out screen?

No. Don't give the site your Wallet ID, as your bitcoins would be lost if they were actually sent there. The Wallet ID is like a username for the blockchain wallet, and not used for receiving funds. To get your bitcoin address, log into the wallet and click the "Your Bitcoin Address" button, or the "Recieve" button.


The address should look like this: 1DarkStrRagcDjWtsPGxkav4WG3poLXzDS (my address). It should start with a '1',  and the rest should be random. (mine isn't fully random because I generated a vanity address. Better example of a random one:  1D18sCigXazZLxKp6fbdpjUT6ycTzFnao1). If you aren't sure, I suggest either posting it here, or withdrawing a small amount first to test it.

Welcome to bitcointalk!

[electronicash]

If you think installing all the wallets of the aLtcoins you supported and invested, you might find it better just to choose which altcoin you prefer to hold for longer period of time and just put the rest of the altcoins to the wallets in the exchange sites.

This way you won't have to install each.

[ethereumhunter]

i only give advice with minergate. i think you should go with minergate software, because its more easy to use, even if you don't have GPU at your computer, its should be ok to run in your computer. try to compare how much you can get between using software and using web tool.

[Coinster]

Hi GabryRox, and welcome!

I'll try answering your questions, but first let me explain a little history which may make things easier to understand. I know it can be confusing!

Understand that a few years ago when Bitcoin started there was only Bitcoin. There were no alt-coins. For this reason businesses, like exchanges and wallets, started forming around Bitcoin. Over the years, through trial and error, these businesses have grown stronger while some have closed. This means that today you'll find it easiest to deal with Bitcoin in the largest, most established companies, like Blockchain.info which was the first real successful Bitcoin wallet.

While all this was happening other things were happening too. Mining became more competitive. People once mined profitably with only their home computers, but this became very difficult and far more specialized. Now, as you seem to have found, it's easier to just buy coins directly. Alt-coins also began popping up, making the cryptocurrency space more competitive. Since alt-coins came later, not all wallets or exchanges support them. The newer the alt-coin, the less likely an exchange or wallet will support it.  This is also why there are different prices for different coins. Generally, the more widely supported a coin, the higher its price. Naturally, Bitcoin leads there. With its head start Bitcoin may continue to lead forever, or it may at least keep a significant part of the market. People speculate in alt-coins hoping some may climb the ladder to rival leaders like Bitcoin, but that's a risk.

Answering your questions... The biggest exchange for alt-coins AFAIK is Poloniex.com. I checked and it doesn't seem like they have added AEON yet. This forum has a specific section for discussing alt-coins. I'd check there for anything alt-coin related.

One thing I should mention at this time is there are a LOT of potential ways to lose your coins/money! This includes giving funds to untrustworthy or incompetent "businesses". It's very easy for people to start web sites, so be careful. When you don't use long establishes sites, which usually happens when dealing with alt-coins, the risk of loss goes up. However, any site can potentially lose your funds, so be careful about where you leave coins sitting longer term.

AFAIK there is no wallet that let's you store hundreds of different coins. One online wallet I've used is Block.io, which allows sending and receiving Bitcoin, Litecoin and Dogecoin easily.

If indeed I really need to have BTC in order to purchase AEON and other altcoins, what are my best options for purchasing BTC?

There are many ways. The easiest are probably Coinbase.com (or Circle.com) or other exchanges, or if you want to be more anonymous do a Cash Deposit trade on LocalBitcoins.com.

There is a lot to learn, but I advise just reading and trying things out with small amounts. You'll get the hang of things soon enough. Best of luck!

[DarkStar_]

AFAIK there is no wallet that let's you store hundreds of different coins. One online wallet I've used is Block.io, which allows sending and receiving Bitcoin, Litecoin and Dogecoin easily.

Talks about shady websites and avoiding getting scammed, and then suggests Block.io, which has been known to steal large amounts of BTC from wallets. Real smooth. DO NOT use block.io, except for testnet coins.

AFAIK there is no wallet that let's you store hundreds of different coins. One online wallet I've used is Block.io, which allows sending and receiving Bitcoin, Litecoin and Dogecoin easily.

You could use an exchange wallet, since there aren't any online wallets that let you keep your own private keys and have multiple altcoins, so it's basically the same thing.

[Coinster]

AFAIK there is no wallet that let's you store hundreds of different coins. One online wallet I've used is Block.io, which allows sending and receiving Bitcoin, Litecoin and Dogecoin easily.

Talks about shady websites and avoiding getting scammed, and then suggests Block.io, which has been known to steal large amounts of BTC from wallets. Real smooth. DO NOT use block.io, except for testnet coins.

When you say "has been known to steal large amounts of BTC" what are you referring to? I've been in the community since 2011, following discussions here and also Reddit. I've never seen complaints or warnings about Block.io. I'm not saying what you claim isn't true, I'm just asking where you're getting your information, whether it's correct, and why you think every person in the community knows of every claimed scam site? There is a lot to keep track of. I've used Block.io personally, over many months, and never had a problem, although admittedly never with large balances (I don't recommend anybody store large balances longer term anywhere).

That's why I said any site can potentially lose funds.

I've seen people claim Coinbase, which is one of the biggest companies, has illegally held funds. People have said everyone should stay away from Blockchain.info too. People say different things about different services, so I'm asking you to elaborate.

You could use an exchange wallet, since there aren't any online wallets that let you keep your own private keys and have multiple altcoins, so it's basically the same thing.

I think that's a bad idea. People lost a lot of money with the Mt.Gox exchange because they used it also as a wallet, instead of trading and getting coins back out (which I did, and lost no money). Many people just lost tons of money with the Bitfinex exchange which got hacked for over 60 million dollars. It's a terrible idea to use an exchange to store coins, unless they are established and VC funded and insured like Coinbase.

The truth is it's hard to secure digital coins properly. When dealing with large balances a person should take time to educate themselves, and if needed use proper secure procedures like hardware wallets or a multi-sig setup like CoPay. For smaller balances anywhere online I recommend people be cautious and spread balances around. I've done this for years and never had a problem.

[GabryRox]

Thanks to all who have provided some valuable information here!  I went ahead and opened a coinbase account yesterday. Had a bit of trouble getting their ID Verification tool to work but finally was able to get it done via their mobile app. I subsequently purchased my $60 max of BTC using a debit card, then transferred them to Bittrex where I bought my AEON :-)  I like coinbase and what if offers but the drawback of course is the ~3% fee and that pesky $60 daily limit.  I know there are higher limits with bank accounts but I didn't want to wait the 5 days so used a debit card.

So, if I understand correctly... it may not be a good idea to keep the AEON I purchase on Bittrex in my wallet there?  Sound like coinbase may be a safer place?  But I only see 3 wallets there... BTC, ETH & USD, so maybe I am confused on this piece.  I intend to eventually keep the majority of the BTC that I accumulate in my Blockchain wallet, so not at this point, a bit confused on the most reliable wallet for altcoins... other than Ether, which has a wallet available on coinbase.

Thanks again for all the help... I feel like I am at least getting a bit of traction now... but still a ton to learn of course.

[Coinster]

So, if I understand correctly... it may not be a good idea to keep the AEON I purchase on Bittrex in my wallet there?  Sound like coinbase may be a safer place?  But I only see 3 wallets there... BTC, ETH & USD, so maybe I am confused on this piece.  I intend to eventually keep the majority of the BTC that I accumulate in my Blockchain wallet, so not at this point, a bit confused on the most reliable wallet for altcoins... other than Ether, which has a wallet available on coinbase.

When storing digital coins you should make decisions based on two things: amount, and how safe is the storage destination.  I haven't used Bittrex so I don't know how safe they are, but since you're only storing about $60 for now it's probably fine. In the worst case, you only lose $60. However, once you start having hundreds or thousands of dollars that's when you have to be more careful. As I said above, it's harder to find established companies that support new alt-coins (AEON appears about 1 year old). The recommended way to store large amounts of coins is to run your own software on your devices, but that's another issue. You have to know what you're doing or you can end up losing coins from technical issues including a virus when using your own machines.

Again, securing digital coins is hard. The community has been working on that problem the longest with Bitcoin, so it's easiest to secure Bitcoin with recommended safe methods. These include using a large, insured company like Coinbase, using a hardware wallet like Trezor, or using a multi-signature set up. These options are less available for alt-coins. That's one reason those coins have lower prices. When you speculate in alt-coins it's a risk.

I intend to eventually keep the majority of the BTC that I accumulate in my Blockchain wallet

I don't really recommend that unless you're using small amounts you can afford to lose, say no more than a few hundred dollars. I don't recommend using any online service to store very large amounts of BTC unless they are established, VC funded and insured like Coinbase. Blockchain.info is established and VC funded, but I don't think insured. It's okay to use web wallets for convenient spending amounts. However, if storing large amounts, as I said, you should probably use the methods I listed above.

[Goruno]

I also find some altcoins for long term . I'm paying attention to Doge and Dash.

[Digitalbitcoin]

Well I would like to suggest you to go for active altcoin market only as well as choose best coins only, it will help to keep track and watch on every movement.

Also choose PoS supported currencies that will give you reward for staking coins in wallet.

Second important thing is always keep watch on chart. See movements of altcoins. See floor rate. If currency goes down to floor rate then have to buy them and sell them at higher price.

[Goruno]

Hello everyone... I apologize in advance as I am sure these noob questions have been asked many times, but I could not find all the answers using the search function of this site.  if there happens to be a noob FAQ or How To somewhere that addresses these questions, I would be happy if someone could direct me to it.

I am very new to the cryptocurrency scene but have been trying to educate myself over the past few weeks or so. I was originally (and still may be) interested in getting into mining altcoins, eventually via GPU rigs... but in the last few days, have become more interested in purchasing altcoins outright.

Til now, I have only mined via the MinerGate web tool. I have 3 PC's dedicated to mining Monero (for about 5 days) and AEON (for 1-2 days) but of course, this is very slow (especially because my desktop apparently does not have a GPU capable of mining)... hence my consideration of eventually building a GPU rig.

Anyway... Let me start with a specific purchasing example to make it easier to explain...

This morning I decided that I wanted to purchase a nominal amount of AEON.  Through a few searches I determined that it was mainly traded on Bittrex.  So, I opened an account there and logged in, but I cannot figure out how to load funds to may account, so that I would be able to purchase AEON coins outright.

So, my first question would be, it Bittrex indeed to only or main place to purchase AEON?  It seemed like 95% of it's volume takes place there, but if there is a better alternative, I would be happy to hear it.

The next question of course would be how do I deposit funds into my account there (or on other exchanges)?

At this point in time, I have no BTC and no altcoin (other than the fraction I have mined through MinerGate). Nor do I have any kind of wallets whatsoever.

Do I have it right that pretty much all Altcoin purchased have to be done with BTC?  If not, what are some reasonable methods used to purchase altcoins?

If indeed I really need to have BTC in order to purchase AEON and other altcoins, what are my best options for purchasing BTC?  I have heard paypal is not great, so what would be recommended?

Then, my final initial (kind of an oxymoron i know lol) question would be about wallets.  It seems like BlockChain.info offers probably the best bitcoin wallet at present, so I plan on opening one later today.  However, I am not clear if there is a need to have multiple wallets if I will be dealing in multiple altcoins. 

For instance, let's say I get a bitcoin wallet from Blockchain and figure out how to actually get BTC loaded to it.  From there, how would I proceed to purchase AEON?  Do I also need to open a specific AEON wallet?  Meaning, is a unique wallet required for every unique altcoin that I purchase?  Or, is there either 1 wallet that can handle all BTC and altcoins?  Or, other alternatives to managing this?  It would seem to be crazy if there were unique wallets required for all altcoins, but I am a noob, so...

Anyway, thanks for any direct advice or references to existing resources that address these questions!

I think in this phrase, I will buy more BTC , sell more altcoins (just holding 90% BTC , 10% for the other altcoins (doge, dash, ltc will be prefered)