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Australian bitcoin buying guide in 6 steps – THE SAFE WAY

I have been helping friends get into bitcoin and hell I just wrote a guide. This is an Australian guide and updated as of December 2017

  1. Sign up to both btcmarkets.net (Aussie exchange) and www.bittrex.com (largest exchange) These two will cover cheap bitcoin in AUD and alternative coins
    • Immediately start verification process for both and connect bank account for BTCMarkets. The verification process can take 1-2 weeks
  2. Securing account
    • Go to BTCMarkets and enable 2FA – 2 factor authentication.
      • Download Google authenticator on phone
      • When you see the QR code DON’T SCAN IT! PRINT OUT A COPY FIRST. In fact, print two copies. One for you and one for someone you trust. Do not take photos of this code. Hide this paper somewhere safe in case you lose your phone.
      • Scan the QR code into Google authenticator
    • Log out and log back into BTCMarkets using 2FA
    • Repeat for Bittrex
  3. Transferring money from bank to BTCMarkets
  4. BUYING BITCOIN!!! And others
    • Log into BTCMarkets and visit https://www.btcmarkets.net/trading/buysell
    • purchase as follows: (As of Dec 2017)
      • 60% buy BTC/AUD (Bitcoin) at Best sell price
      • 10% buy BCH/AUD (Bitcoin Cash as a hedge against Bitcoin) at Best sell price
      • 10% buy LTC/AUD (Litecoin is Bitcoin’s faster sister) at Best sell price
      • 20% buy ETH/AUD (ETH is the ‘operating system’ for a lot of other coins) at Best sell price
    • Best time to buy is right now, but better when the news isn’t talking about all time highs. You now own some crypto!
  5. Transfer Bitcoin to Bittrex.com
    • Log into https://bittrex.com/Balance and look for Bitcoin under Account balances. Click on the Plus (+) symbol on the left. A pop up appears with an address and QR code. Copy the wallet addres. It’s usually a 32 character random address.
    • Goto https://www.btcmarkets.net/account/withdraw and look for the Bitcoin box. PASTE the address from Bittrex into here.
      • Withdraw only HALF your bitcoin.
      • Processing time can take 30 minutes to 4 hours.
  1. Buy more coins on bittrex

That’s it! You’re in the game 😊

What next?

Log out and don’t bother coming back to look again until 3 months later.

I will call you if a dire situation happens (unlikely)

 Optional but recommended – Storing your crypto coins offline.

If an exchange dies or gets hacked (e.g. Mt Gox incident where bitcoin dropped 90%) then you lose your coins forever. A hardware wallet is recommended.

It is basically a USB with security encryption on it.

Goto www.ledgerwallet.com/r/8bed?path=/products/ledger-nano-s&tracker=8bed and order a Ledger Nano S (that’s my affiliate link).

One off fee, no ongoing costs with the wallet

 

Why not other coins like Metaverse, Verge, SAFEX, Vertcoin, etc, etc?

I could recommend other coins, but nobody is a believer in crypto until gains are made. These coins will definitely give some gains in this current bull market. It is then that they will investigate smaller coins if they wish.

 

 

 

 

Using GPU mine SiaCoin

I’ve downloaded the SiaCoin miner and started using my GPU to mine SiaCoin. SiaCoin announced they will be releasing an ASIC miner to be released in 2018. This means I got about 6-12 months to make as much SiaCoin via GPU before ASIC’s smash it. General consensus is that this means the value “should” go up. Who knows.. but for now GPU is going for it. It’s going at about 1000 MH/s

This time next year I think at this rate I’ll probably have my own rig!

First two trades, got profit!

First Profit trade!

Well I stuck with Crypto Trade Signals FB group suggestions (despite all the spam sifting) and bought some DGB and XRP coins on BITTREX. It was actually really easy to use.

DGB – when i checked the candlestick chart, the graph pricing was going down and the order quantity was getting smaller. From the BHW crypto thread this means its about to go up, so I bought at 1649 satoshis. I set a 9% profit sell at 1799 satoshis and went to bed. When I woke up, it was sold! Magic.

XRP – Luckily when I checked graphs the price point was low and the candles were red red but the length of the sticks were smaller, indicating imminent rise. According to my records I bought some at XRP at 11482 satoshis and set the sell at 11700 satoshis. (1.8% profit) and I got it! Minus the .25% fee that’s 1.5% profit, lol. I must have put a typo. Nethertheless, a win is a win.

Today I have placed some long and short term orders based on the Crypto Trade Signals Telegram group:

Short-med term

STRAT at 409998 and sell at 450000 satoshis (9.75%) I honestly don’t remember why I bought this.
RDD at 121 and sell at 250 satoshis (206%) It was advised RDD will reach 200+
FLDC at 910 and sell at 966 satoshis (6%) It was advised FLDC will pass 1000 sats
BTS at 4463 satoshis and sell at 4820 (8%) It was advised to hold long term

I suppose I am getting greedy for going more than 5%… my thinking is go hard first then go slow later. I might get burnt by this.

Long Term buys

ETC at 658740 sats (I will probably hold this for a few years as Ethereum seems to be solid)
PIVX at 60344 sats (as above)
GNT at 1891 sats (I will probably sell if needed, as I don’t know much about it but was recommended long term as well)

Today my wallet is estimated at 0.35BTC (900USD) I have no more spare Bitcoins so I might next do a crypto update when I sell more.