Crypto Investing #35 – What Are Reliable Exchanges To Buy & Sell Cryptocurrencies?

Tai Zen: All right guys. This is Tai Zen again. I’m on the Interstate 20 from Dallas to Pensacola, Florida.

The doctor: This is the doctor going with Tai Zen. He plans to keep me along on most of these presentations to make it complete.

Tai Zen: The doctor got several friends and family members he wants to get to invest into cryptocurrencies so that they can learn how to profit from this cryptocurrency boom that we’re going through right now.

There were a few things that you have to learn when you first started investing in cryptocurrencies. There are 4 and 5 important websites that you have to learn how to set up accounts with them.

The first one is you need a place where you can convert your USD into Bitcoin. The fastest, easiest and safest place to do that is coinbase.com. I personally know many friends and family who have purchased Bitcoins for several hundred thousand USD through Coinbase in the last few years.

It’s fairly safe and reliable. It makes sure that you enter your social security number, your residents and everything. It’s like a regular bank account. I would stay away from any exchange that does not require you to present your ID, driver’s license, social security number or any similar information.

The reason is it is not complying with US laws. If it is complying with US laws and it’s doing what it’s supposed to like a regular bank or financial institution in America, I feel a lot safer while trading with that exchange.

That’s the first place. If you haven’t set up an account and want to learn how to use a cryptocurrency website, you should visit coinbase.com. You type the word “coin” as in Bitcoin and “base” as in baseball, then .com.

The next website that you’ve got to learn how to use is a website called Poloniex.com. Poloniex is a place where you can use your Bitcoins to buy other cryptocurrencies. At Coinbase.com, you can only buy Bitcoins and you cannot buy any other cryptocurrencies. That is why it sucks. Therefore, to buy other cryptocurrencies, you have to open up an account with an exchange that actually allows you to buy other cryptocurrencies, which is Poloniex.

There’s also another exchange called Kraken in Europe. It is also a reputable exchange. Kraken is the exchange that’s going to be responsible for returning the lost or the stolen Bitcoins from the bankrupt exchange called Mt. Gox in Japan. Basically, that’s its function. It is a reputable exchange and it has been operating for the last few years.

Just keep in mind that when I say a reputable exchange that has been in business for a while, a while or a long time in the world of cryptocurrencies means about 1 or 2 years. Hence, don’t think that it’s been there for 20 or 30 years like the NASDAQ exchange or Chicago Mercantile exchange or anything like that.

That’s the second exchange you need, where you can buy different cryptocurrencies with your Bitcoins. If you’re in Europe, use Kraken. If you’re in the US, Canada or Mexico, then I would recommend using Poloniex.com. Now, I want to remind that Poloniex did not pay me to say that and neither did Kraken. I’m not a shield for them. I’m not pumping up the exchange. I’m just one of their customers. Currently, the bulk of my trading and investing is done on Poloniex.

I just want you to be aware of that so that you don’t think I’m being paid to say that. If somebody pays me to say that, I don’t mind telling you the truth so that you get the facts up front. I want everything to be transparent. If somebody sponsors our show or pays for me to say something and I believe in it, I’ll say it and I’ll tell you that I was paid to say because it was something I already believed.

In this particular case, neither Coinbase nor Poloniex nor Kraken did that. None of those exchanges pay me to say about them. They are just exchanges that I currently use.

Back to the point, you need two exchanges so far. The first one is to exchange USD, EUR or GBP into Bitcoin. The second one is to use those Bitcoins to buy different cryptocurrencies.

The third place that you need to learn to use is a place called shapeshift.io. The word “shape” as a geometric shape and “shift” as like shifting gears in a car. The reason why you need shapeshift.io is sometimes you might just want to purchase a small quantity of a cryptocurrency and don’t care that you’re new to invest in cryptocurrencies, or don’t want to give out your social security number, your ID, your street address, etc.

If so, you just go to shapeshift.io and get 1 or 2 Bitcoins worth of cryptocurrency you wanted to try out or invest in. You might want to try out with a small amount of money such as $5, $10 or $50.

If you are planning to invest, let’s say, over $1,000, or especially if you’re investing over $5,000, it’s not worth going to ShapeShift because the slippage and the spread in which you pay and the transactional cost is quite high. In that case, you should go straight to an exchange and do that because ShapeShift goes through an exchange anyway.

In addition, ShapeShift has a limit. If you try to buy $5,000 worth of a certain cryptocurrency, it is likely that the exchange will not let you do it. Therefore, be aware of that.

If you want to invest $5000, $10.000, $ 20.000, $50.000 or $100,000 worth of a cryptocurrency, the only way that you’re gonna be able to do that is by going to exchanges such as Kraken, Poloniex, Coinbase or Bitfinex.

Those are the reputable exchanges. I did not mention Bitfinex earlier, but I’ll mention them now. Those are the places where you would want to invest cryptocurrency. Is that clear, doctor?

The doctor: Perfectly.

Tai Zen: I get a lot of comments at the bottom of all my videos about how to buy this or how to invest in that. Therefore, those are my fundamental tools that you need to use.

Another thing that I want to mention because some of my friends have made this mistake. I also have made this mistake. The doctor and his friends have made this mistake as well.

The first one is when you open up in exchange, you have to practice sending the Bitcoins back and forth. If you never practice it before, you will screw up the first time you send 5,10 or 20 Bitcoins to an address. Remember that every time you open up a new exchange, you have to practice how to use their software to send the Bitcoins or the cryptocurrencies.

My highest and strongest recommendation is that you guys use 0.001 Bitcoin and send a transaction. Now, 0.001 Bitcoin is worth about 44 cents in US dollars. You send that to a friend or if you want to send it to my account as a donation for helping you out, just send it and make sure that person receives it.

I tell all my friends, family and the ones that I tell them to invest into cryptocurrency, that the first thing to do after they open up an account is sent the 0.001 Bitcoin. They need to do it about 5 or 10 times until they get comfortable with it. If you don’t practice doing that with Coinbase, Poloniex, Kraken or Bitfinex, what happens is you can accidentally send a large number of Bitcoins to someone else and not realize that.

There was a time when LeonFu.com and I were at the Austin Bitcoin meetup in the second best city to live in America, Austin, Texas. We were at the awesome Bitcoin meetup and my friend LeonFu.com tried to buy a bottle of water at the place or a cup of soda or something like that. Instead of sending a couple of millibits, he sent several Bitcoins to the place because he hadn’t taken the time to practice it.

After that, we both have learned our lesson. However, we were fortunate that the guys running the place where a bunch of reputable guys and they had integrity. When they found out about that, they sent the Bitcoins back to my friend LeonFu.com. If they were not reputable, they could have easily kept it and there’s nothing we could’ve done.

If you’re watching this video and you’re new to cryptocurrencies, be aware that every Bitcoin, every cryptocurrency that you send to someone, it’s a one-way transaction. Cryptocurrencies are a push system. It’s not a pull system like credit cards or regular banking systems that we have. You push the currency out to someone else and once you push it to them, you cannot pull it back by the credit card systems.

Be aware of that so that when you do this, you don’t screw up. I would say do it at least 10 times. If you don’t have anybody to send it to cause your friends and family don’t believe in it, then send it to my donation address. I’ll be happy to accept it. If you really need me to, let me know and I’ll send it back to you. Don’t goof around and send 40 Bitcoins to somebody when you’re only supposed to send them 4 millibits.

I always send a small transaction. This goes the same when you invest in any cryptocurrency. Every time there’s an ICO, whether it is Lisk.io, wavesplatform.com or DAOhub.org opens up, you send a fraction to them first, then you confirm that they received it. Afterward, you come back and see the full amount.

If you’re going to invest 1 Bitcoin, send it in 2 or 4 small chunks instead of 1. By doing so, you don’t screw up and lose everything. You always want to make sure that you send it.

When I send Bitcoins to my friends or my family or if I owe somebody money, I always send a test transaction first with 0.001 before I send the full transaction and I confirm that they received it.

Be careful about this if you deal with somebody that receives multiple transactions. For example, in my account, I get 0.001 transactions from my friends, family and the audience all the time.

When you see that happen, you might want to send a specific number only you know, for example, 0.001235 or something. Then, you can confirm it with that person if he or she gets this specific amount. In cryptocurrencies, you’re going to have 8 decimal places.

You can put any kind of number that identifies you are the center of that transaction. Make sure that you do that. Do not screw around and lose your Bitcoins or cryptocurrencies by sending or by not by being inexperienced in how to send cryptocurrencies to somebody else.

Thanks for watching this video. If you guys like this video, give me a thumbs up. If not, give me a thumbs down. If you have any friends or family that are interested in cryptocurrencies, make sure that you get to share within this channel. In my opinion, this is the number one channel YouTube about how to invest in cryptocurrencies. The more we learn, the more we earn together. The more our team learns, the more we’ll share with you guys. I’ll see you in a future video.

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