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flip4flop (OP)
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August 31, 2017, 04:57:56 PM |
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Hello all I stumbled onto this forum in my quest to learn more about bitcoin and investing. I was looking into it back in 2013 and almost pulled the trigger like many but wasnt ready to invest that much money. Since then I have managed to build up a decent savings, pay off all debt, build up an IRA, and talk the wife into me not being crazy to put some money into bitcoin (success). So with that I came up with the following plan and was curious if this is a decent start?
1. Set up both coinbase and kraken accounts. (verified through coinbase first so they won my initial deposit from my bank to avoid fees)
2. transfer from Coinbase to GDAX when funds clear next week
3. Ordered Trezor (will be here soon)
4. Initially planning the following breakdown
Invest 1500 initially
1000 into BTC
300 in Litecoin
200 on hold to make a speculative add
How does that look? Should I be be buying BTC over time like 100 a week or should I just go for the full 1k upfront?
Planning on setting up a Bittrex account for altcoin trading
Anything else I need to be aware of to move purchases from wallet to Trezor? Do I need to set up anything additional for altcoins (additional wallet or will Bittrex suffice if Trezor doesnt support the coin?
Thanks for all your insights in advance and look forward to being a long standing member of the community.
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erre
Legendary
 Offline
Activity: 1652
Merit: 1205
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August 31, 2017, 05:03:31 PM |
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Hello all I stumbled onto this forum in my quest to learn more about bitcoin and investing. I was looking into it back in 2013 and almost pulled the trigger like many but wasnt ready to invest that much money. Since then I have managed to build up a decent savings, pay off all debt, build up an IRA, and talk the wife into me not being crazy to put some money into bitcoin (success). So with that I came up with the following plan and was curious if this is a decent start?
1. Set up both coinbase and kraken accounts. (verified through coinbase first so they won my initial deposit from my bank to avoid fees)
2. transfer from Coinbase to GDAX when funds clear next week
3. Ordered Trezor (will be here soon)
4. Initially planning the following breakdown
Invest 1500 initially
1000 into BTC
300 in Litecoin
200 on hold to make a speculative add
How does that look? Should I be be buying BTC over time like 100 a week or should I just go for the full 1k upfront?
Planning on setting up a Bittrex account for altcoin trading
Anything else I need to be aware of to move purchases from wallet to Trezor? Do I need to set up anything additional for altcoins (additional wallet or will Bittrex suffice if Trezor doesnt support the coin?
Thanks for all your insights in advance and look forward to being a long standing member of the community.
For 200 usd bittrex would suffice, but if you plan to invest biggest sums I recommend you to never leave your money on an exchanger, you can use some multi-wallet apps like coinomi for Android, or even better download the pc wallet of any coin |
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zsmith
Member
Offline
Activity: 142
Merit: 60
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August 31, 2017, 05:36:09 PM |
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Unlike most new people in this forum it sounds like you are a reasonable and prudent person who has an idea of what he is getting into and aren't like "Hey guys what is bitcoin, I live in my mom's basement eating chicken tendies and want to go 100% into crypto and get rich quick." So your plan isn't too bad.
I always buy bitcoin in person from people I find on localbitcoins or just use a bitcoin ATM. Bitcoin is supposed to be peer to peer so I don't use quasi banking institutions. As for buying it all at once or over time, I'd just buy a chunk but that is just a personal preference and you can do it either way.
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Xavofat
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August 31, 2017, 08:29:28 PM |
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Ideally with your extra altcoin you would download the reference client and then back it up on a USB stick or two.
As much as I think Bittrex is stable right now, it's never a particularly good idea to store your coins on an exchange and it's not hard to keep your coins at least relatively safe.
Note about LTC: it's not particularly different to Bitcoin right now. All it has really is the shorter block time - BTC has SegWit now and will have the choice of 2MB base blocks in November.
It will be even less useful as Scrypt ASICs continue to develop.
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cynical
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August 31, 2017, 08:56:17 PM |
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Wow that is some plan you have there. I wish I was that well educated about what to have but I do know what the most popular coins are. I see a lot of talk about coinbase but from one of my questions here people are saying coinbase has high fees?
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flip4flop (OP)
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August 31, 2017, 11:49:33 PM |
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Thanks for the welcome and glad my plan is semi on the right track. Coinbase does have high fees but you can transfer for free your balance to GDAX which is owned by coinbase to buy coins with a much lower commission since its p2p instead of the commercial coinbase platform. At least that is my understanding.
I just wish I didnt have to wait so long for this bank transfer to go through to buy,
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cynical
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September 01, 2017, 08:52:11 PM |
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gdax, yes I was looking at that today and I was able to take funds from coinbase to gdax very easily
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dothebeats
Legendary
Offline
Activity: 3612
Merit: 1352
Cashback 15%
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September 01, 2017, 10:14:24 PM |
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A good start I should say. Not the grandest one, but at least you know how to diversify and gather all opportunities available. Your $200 speculative money could really be a great help to you in learning more about crypto. It could be something that you could use in initiating small trades of other alts and whatnot. Also, ypur idea of buying bitcoin's every week isn't too bad either since you would be accumulating them in the long run. Glad to see that you talked the wife in this matter. It's too hard to convince them that it's sensible to invest into such things.  |
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Mike Mayor
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September 03, 2017, 08:18:29 PM |
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I think k you should have a bigger spread. 3 coins is not good that's 33.33% each of #1500 so it's a very large chunk. Rather invest in small amounts in different coins. Learn what works and doesn't then work towards other coins where you know you can sink more money into. I don't go above 10% I'm not sure about others but I play it safe.
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BitcoinSupremo
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September 03, 2017, 08:49:35 PM |
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I think it is a nice option to shrink the money between three top cryptocurrencies , I agree that Bitcoin is the king. Also since China announced as a recognized way of payment the Litecoin this crypto has gone from 7 dollars to 70 lately so another good choice. You can choose as the third option between Zcash and Ethereum.
If you want to go speculative then buy like 250 ripples with only 0.01 btc at kraken. From the exchanged you mentioned kraken is the ones with the least complaints here.
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