Another Newbie needing assistance

[LittleTimmy]

Hello,

I am a newbie to the forum and Crypto. There is a ton of information here but i'm quite confused in starting my journey. I cannot see members of staff online and don't really know who to contact directly hence my post with some question many may laugh at.

I have $200 etherium which I have purchased via MetaMask, I opened an account and placed $200 in there. I assume I own $200 or whatever the 0.00% it is off etherium. Is this correct? I would like to buy other coins too and put in a lot more money than $200. I would like to buy more etherium, bitcoin, XPR and a couple of other coins.

My questions are below if you can help please

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?
2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.
3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?

I am really sorry if these are basic questions for you but I fell my knowledge is very very limited weak in Crypto, the more I read on this forum the more confused i'm getting. I would like to buy and hold the coins long term but would also like to sell short term if I don't feel i have chosen the correct coin/s.

Can you please help/direct me on my journey?

[Frankolala]

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?
2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.
3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?

I am really sorry if these are basic questions for you but I fell my knowledge is very very limited weak in Crypto, the more I read on this forum the more confused i'm getting. I would like to buy and hold the coins long term but would also like to sell short term if I don't feel i have chosen the correct coin/s.

Can you please help/direct me on my journey?

OP welcome to the forum. I would advise you to buy bitcoin first and you should invest in a long term maybe 4-10 years and above.

1. If you are buying bitcoin, it is good that you create a self custody wallet like electrum wallet or blue wallet. For small quantity of bitcoin, you can keep it in electrum online wallet or blue wallet, or sparrow wallet, they are all good. You are to go to an exchange and register with them by creating an account on Binance or Kucoin. After that you are to use p2p for the purchase of your bitcoin, which the merchant bank details would be seen and you pay directly to his account the amount of bitcoin that you want to buy. After that, you should transfer  your bitcoin into your electrum wallet for safety, because you are in control of the private keys of an electrum wallet. If you leave your coins in an exchange, it can get stolen by hackers, or the exchange might pull an exit scam.

2. If you want to withdraw your coins, you go to your electrum wallet and transfer the bitcoin to your exchange bitcoin address and you can sell via p2p, just like the way you bought your coins.

3.For bitcoin self custody wallets are the best because they are open source, and if you have a big amount of bitcoin, it is good that you use hard wallets like Trezor or passport. For altcoins there are no open source wallet, so you can use feather or unstoppable wallet, or trust wallet.

It is better to use a separate wallet to store your bitcoin, and use only bitcoin wallets. You should use a different wallet for altcoins.

[I_Anime]

Welcome to the forum mate 
Well don't actually have much ti say, just follow all @Frankolala as said. Because those tips or advice given to you by @Frankolala are really vital. As a newbie I think it would be more better if you focus more of your earnings percentage in accummulating bitcoin because is way more safer than other coins mostly when you are excersing long-term investment. And as you accumulate bitcoin you can focus your other percentage of your earnings in yah emergency funds.

When we talking of emergency funds, these are certain amount money that you can use to cover some expenses. While holding your bitcoin to prevent you from having that urge of wanting to withdraw your investment in a premature state ( when it  haven't yeilded much or any profit) and also try to be active to gain some amazing knowledge here about bitcoin when you accumulate more quantities BTC  to your portfolio.

[SatoPrincess]

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?

You can buy crypto from centralized exchanges like Coinbase or Binance, you can also buy coins from decentralized exchanges like Bisq. To learn more about centralized and decentralized exchanges, read this:

• Decentralized exchange vs centralized?
• Centralized vs Decentralized Exchanges - Which ones are better?
• What is the difference between centralize and decentralize trading?
• The DEX (Decentralized Exchange) Thread
• Newbies: Don't use centralized exchanges!

If you’re buying from exchanges, make sure to move your coins to a non custodial wallet like Electrum or Blue wallet after purchase.
 Read this: Reminder: do not keep your money in online accounts

2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.

Like I said before, if you’re hodling your coins for long term, it’s recommended that you store your coins in a non custodial wallet. You can send the amount you want to sell to your exchange account or sell directly through p2p.

3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?

Unstoppable wallet.

I would like to buy and hold the coins long term but would also like to sell short term if I don't feel i have chosen the correct coin/s.

Investing in altcoins is very risky, I’d suggest you stick to Bitcoin and Eth for now.

[Dunamisx]

I am a newbie to the forum and Crypto. There is a ton of information here but i'm quite confused in starting my journey. I cannot see members of staff online and don't really know who to contact directly hence my post with some question many may laugh at.

You're not expected to contact any, the forum here is a discussion platform and anything you posted will receive due response from any member, but before that, you can take your time in going through the forum reading and learning, there are pinned threads and other important discussions you can get from members threads, you can as well make use of the forum search in knowing some possible discussions already made on the forum.

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?

You can make use of an exchange to buy the coins and send them to a personal wallet like electrum and safe keep the private keys, for more information's on this, read through this threads.

Creating Electrum Cold Storage
Creating a cold storage wallet

decentralized exchange
https://bisq.network/
https://hodlhodl.com/

2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.

The same way you send to the wallet, you're going to copy your exchange wallet address to the personal wallet you're having and make your transaction, then use the p2p network on the exchange to sell the coin to fiat.

3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?

You will need a wallet that support many coins, in this case you may go for trust wallet

[Upgrade00]

You will need a wallet that support many coins, in this case you may go for trust wallet

Trust wallet is closed source, so not a good source of privacy or security. You should be looking towards an open source, multi coin wallet, here's a list of such wallets.

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?
2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.
3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?

• You do not buy and store coins on the same platform, the above linked list contains open sourced option for wallets. There are decentralized exchanges you can use to buy.

• Depends on what platform you're selling on. If it's a P2P wallet, you need to integrate your wallet onto the platform. For. Centralized exchanges you send to your account and then sell.

• I have not used enough multi coin wallet to give a suggestion on that.

[Yamane_Keto]

1) You can reuse the address several times in cryptocurrencies. The address is valid as long as you are the only one who knows the private key. Keep the seed in a safe place and use a good platform like Electrum for Bitcoin.

2) It is always better to withdraw to your wallet, as the platform may be hacked or your currencies may be frozen there.

3) Since your plan is to invest, I do not advise you to invest deeply in cryptocurrencies. Be content with Bitcoin and Ethereum, and after you have sufficient experience, you can invest in more cryptocurrencies.

[LogitechMouse]

I am a newbie to the forum and Crypto. There is a ton of information here but i'm quite confused in starting my journey. I cannot see members of staff online and don't really know who to contact directly hence my post with some question many may laugh at.

I have $200 etherium which I have purchased via MetaMask, I opened an account and placed $200 in there. I assume I own $200 or whatever the 0.00% it is off etherium. Is this correct? I would like to buy other coins too and put in a lot more money than $200. I would like to buy more etherium, bitcoin, XPR and a couple of other coins.

With lots of information that you can absorb online, it will come to a point that you will get overwhelmed by this information especially when you're a newbie. You don't know where you will start. You don't know what information to take, etc., etc. It's pretty normal OP and it's a good thing that you asked here. That would be better.

Did you buy Ethereum using Metamask? I guess there's nothing wrong there as long as you secure your private keys (12-word seed phrase). If you would like to buy more coins, I guess you should learn how to store them properly, and where to buy these coins that you want to buy. You can start on YouTube with regards to gathering knowledge, or this forum as well. There's lots of information you can get here.

My questions are below if you can help please

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?
2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.
3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?

1. You need to create an account in exchanges where the coin you wanted to buy is listed, and then you need to create a separate wallet for you to store your coins there. Don't store your coins on an exchange. Take note as well that different coins = different wallets. Do your research with that as well.
2. It depends. If you store your money in an exchange (which isn't advisable), you can just immediately sell it, and then transfer it to your bank account. Now if you choose to store it in a much safer wallet, you need to transfer it to your exchange, sell it then transfer it to your bank account.
3. If you have money, buy a hardware wallet. From there, you can store most of the coins, or at least those at the top. You can put all of your assets there. As to what hardware wallet you need to buy, do research on that as well.

I am really sorry if these are basic questions for you but I fell my knowledge is very very limited weak in Crypto, the more I read on this forum the more confused i'm getting. I would like to buy and hold the coins long term but would also like to sell short term if I don't feel i have chosen the correct coin/s.

Can you please help/direct me on my journey?

Asking basic questions when you're a newbie is a no-brainer. I did start as a newbie as well, and I did ask some questions here as well. Take one step at a time. Be patient.

[mk4]

Instead of answering your questions directly because I don't think you really should be buying coins at this stage, I'm giving you educational content instead.


* If you like reading articles: https://coindesk.com/learn
* If you like reading books: https://theinternetofmoney.info/
* If you like watching videos: https://www.youtube.com/playlist?list=PLPQwGV1aLnTuN6kdNWlElfr2tzigB9Nnj

Security related:
* https://chainsec.io
* https://www.lopp.net/bitcoin-information/security.html

If you want to get more technical
* https://github.com/bitcoinbook/bitcoinbook#chapters
* https://github.com/ethereumbook/ethereumbook#chapters

[hugeblack]

* If you like reading articles: https://coindesk.com/learn

I do not like articles as a means of learning, especially for newbies,These articles can be used to increase information or to deepen the research process, but they inevitably contain some errors because their wording depends on who is writing them, and we rarely find that these sites have a specialized writer for each branch of Bitcoin, which It makes the quality of articles in some sections bad and the information provided inaccurate.

[elevates]

My questions are below if you can help please

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?
2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.
3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?

Depending on the country that you reside OP you should open up an account on a cryptocurrency exchange. Binance is a cryptocurrency exchange that is available in most countries and it is highly trusted. Open an account on it and then you can make purchases of Bitcoin and other cryptocurrencies using your local currency. If cannot access Binance or do not want to pass KYC then you can open an account on MEXC Global. Then do not ask you to pass KYC for making a transaction of up to 2BTC

The second thing you need to do is download Electrum wallet for storing Bitcoin. It has a mobile and desktop version, choose which one suits your requirements. For Ethereum, meta mask is a good wallet and for storing multiple cryptocurrencies, you can go for trust wallet. Do remember to create a backup of your wallet and keep the seed phrases somewhere safe as they are the key to accessing your wallet in case if of accidents.

When you want to sell any cryptocurrencies then open your wallet and send it to exchange wallets. You can find tons of videos on YouTube on how to receive and send cryptocurrency using any of the wallets mentioned in my reply to your post.

[bluebit25]

Welcome to the crypto space, it must be said but there is still the problem that you are wondering about that is happening to many new participants in the process of getting started. And here you are approaching a platform that I think causes many challenges for newbies Ethereum (fees, speed, scalability,...) But there's no need to worry too much about everything. Lessons also require tradeoffs (money, time, spirit, health).

I find everyone's previous shares very useful and complete for the OP to refer to, but for newbies, you should discuss more in section Beginners & Help to receive more useful help.

[Adreman23]

Welcome to the forum, mate. Everyone here, just like you, started as a newbie with little knowledge about crypto. We've all been through that stage, so don't worry and just focus on learning because as time goes by, your understanding of crypto will expand even further.

It seems like your questions have already been answered by other members in this thread, so I'll just give some advice regarding the centralized exchanges you'll be using. A centralized exchange is a platform where you don't have control over your private keys, so it's not advisable to keep large amounts of funds there for an extended period because it's not safe. There's a risk of the exchange being hacked. Most advice here suggests withdrawing your funds promptly after trading to a wallet where you hold the private keys and keep them there for the long term. However, you'll need to pay a withdrawal fee plus the gas fee of the blockchain you're using to withdraw and send to your wallet. If you also want to exchange your crypto for fiat and transfer it to your bank account, you can do so on a centralized exchange that offers such a feature. However, you may need to comply with their requirements, such as completing KYC verification, before being able to use the transfer to bank feature.

[sunsilk]

Hello LittleTimmy, I'll just give some brief answer with what you're asking.

Yes, you have to do your exchange through those exchanges that you know for you to convert into other altcoins. But to mind you that, with decentralized exchanges, it's possible for you to convert too ~ https://coinmarketcap.com/rankings/exchanges/dex/

If you want to sell a coin, just do it on any exchange whether it's from a dex or a cex.

As for multi-wallets cryptocurrency, there are wallets like that's popular to newbies like Trust Wallet, Atomic, Exodus but I wouldn't put majority of my coins there. And will only use them as temporary storage until I get a hardware wallet.

[Text]

It’s okay to reach out for guidance, don't worry we all start somewhere, and it's important to get a good understanding before diving in.

1: You can use an exchange Binance to buy various cryptocurrencies, allowing you to trade one cryptocurrency for another. To have more control over your assets, you can also use separate non-custodial wallets for specific cryptocurrencies
2. When you want to sell your coins, you can do it on the same exchange where you bought them and then withdraw the funds to your bank account. Some exchanges also allow you to sell your crypto directly for fiat currency.
3. For long-term storage, it's recommended to use hardware wallets like Ledger or Trezor for enhanced security, these wallets can store multiple cryptocurrencies in one place securely. For day-to-day trading, you can keep a portion of your funds on the exchange. However, remember that exchanges can be vulnerable to hacking, so only keep what you need for trading.

Always use 2FA on your exchange accounts and wallets for added security.
Research and choose reputable exchanges and wallets.
Take your time to learn and start with small investments. Good luck on your crypto journey!

[btc78]

First of all welcome and congratulations on officially being part of this forum!

The crypto world is vast and wide so do not be frustrated if it takes you quite a long time to learn or understand something. It took me a while too but this forum helped so you are in luck.

I assume I own $200 or whatever the 0.00% it is off etherium. Is this correct?

Yes. Whatever the price at the time you bought it would be the equivalent amount of ethereum you own. For example if you buy a coin pricing at $10 and you have $50 then now you have 5 coins. This will change as price goes up or down.

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?

You do not have to own multiple wallets for each coin. You can just have one wallet that holds all of your coins. And no, you do not need to use a centralized exchange such as binance or coinbase. There are lots of different kinds of wallets and exchanges. You need to determine which one would be well suited for you and your needs.

I am really sorry if these are basic questions for you but I fell my knowledge is very very limited weak in Crypto, the more I read on this forum the more confused i'm getting. I would like to buy and hold the coins long term but would also like to sell short term if I don't feel i have chosen the correct coin/s.

never feel bad for asking questions. we are all learning here and it is great that you have done the initiative to learn. I wish you all the success in your crypto journey!

[Dunamisx]

If you wish to have somewhat a credible circle of knowledge and research information's, you can as well make a decision on staying here on the forum and be active to learning from what other people are discussing, going through several boards and threads that you think are of beneficial to you, ask questions if necessary, then you will begin to uncover many things about this forum and then you continue to get more exposures from here.

[deathcode]

I think you should first learn about wallets and exchanges. as well as how to analyze your investment planning. Don't be too hasty in buying assets and piling them up in your wallet.
You should also learn how to keep your crypto wallet safe so that your investment doesn't end badly due to hacking.
Several members have suggested wallets that you can use, you just need to read and understand the information and how to use it.
a lot of information that should be a starting point for your investment knowledge. Once again, don't be too hasty in buying assets.

[snowpega]

.............................
My questions are below if you can help please
1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?
2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.
3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?
.......................

Dear, it's not a big deal like asking questions being a newbie there is no shame. I even appreciate you asking questions, Here are a lot of your senior members who will advise you the best suggestions that I think you may miss while doing your own research but yes once you have read many suggestions after that it is very important to do your own research which is the most important thing to make yourself more secure in crypto space.

Besides all that the answer to your first question is that you can buy coins from exchanges and send them to your personal wallet using your wallet address or if you want to buy any Coin through the wallet you can change the wallet network to the token that you want to buy, I mean to change the wallet network to the token supportive network. secondly, Yes you have to transfer your token to the supportive exchange where you can sell your token and convert them into USDT, and then you can sell USDT which will further convert it into your country currency. Thirdly, There are a lot of projects or tokens that are not supportive to your single wallet even though there may be no network in your wallet for that so for that you have to download some other wallet that supports specific tokens you want you to buy but keep in mind that you can import you personal wallet into the new downloading wallet by using your secret key or seed phrase. DYOR. Many Thanks!

[jrrsparkles]

My questions are below if you can help please

1. Do i do the same and open various wallets and buy the coins that way or do I have to use an exchange like Coinbase or Binance to buy the coins?
2. If/when I want to sell the coins do i withdraw via the wallets or do i go onto an exchange and sell? Then transfer the money to my bank account.
3. Is there a secure wallet I can get with can hold all the coins in 1 place or do i have to open multiple wallets?

1.You can use the same meta mask to store multiple coins since Metamask supports adding different chains. For bitcoin use electrum.

2. Generally you will get better price deals when you buy and sell on exchange than swapping and definitely you need exchange if you want to convert to fiat or you have to swap in metamask then use p2p exchange to convert into fiat.

3. Unstoppable wallet is a multi-crypto wallet available for Android and ios not desktop which is not user friendly but a lot better compared to closed source wallet like trust wallet.