Hi All,
I am planning to invest in crypto currency hoping that It is not too late
. Please advice me how to proceed for the below purchase.
I am from Germany, planning to buy Etherium, IOTA, Siacoin, Ripple, Cypherium. Each of them of very low volume. totally worth (1000Euro). I dont know how to proceed with this. I made an account in Bitrix and Binance. But they dont allow to transfer money from my local bank to online wallet, how can I send the initial money to buy some coins?
Secondly, these sites require verification, which involves uploading government ID cards, but this is illegal in Germany AFAIK. Dear Germans how did you get around this ?
Thirdly once I get some money into my online exchange accounts, I will buy some BTC, Ripple and Etherium and then exchange BTC for IOTA, Siacoin. Does this plan sound good ? If so which exchange do you suggest me do all these transactions? which is cheaper in terms of transaction fee ? and best rates?
I understand that there is a transaction fee involved if we exchange different coins and also when we transfer it to/from our local wallets on our PCs. So What is the best way to minimize the cost involved ?
I am planning to invest in crypto currency hoping that It is not too late
. Please advice me how to proceed for the below purchase.I am from Germany, planning to buy Etherium, IOTA, Siacoin, Ripple, Cypherium. Each of them of very low volume. totally worth (1000Euro). I dont know how to proceed with this. I made an account in Bitrix and Binance. But they dont allow to transfer money from my local bank to online wallet, how can I send the initial money to buy some coins?
Secondly, these sites require verification, which involves uploading government ID cards, but this is illegal in Germany AFAIK. Dear Germans how did you get around this ?
Thirdly once I get some money into my online exchange accounts, I will buy some BTC, Ripple and Etherium and then exchange BTC for IOTA, Siacoin. Does this plan sound good ? If so which exchange do you suggest me do all these transactions? which is cheaper in terms of transaction fee ? and best rates?
I understand that there is a transaction fee involved if we exchange different coins and also when we transfer it to/from our local wallets on our PCs. So What is the best way to minimize the cost involved ?
Definitely not too late, lets start with that.. in my eyes we're just at the beginning of the disruptioon phase (denial, disruption, adoption)
Can't help with German law so will skip that one..
To your coin purchases I definitely do not recommend selling your bitcoin into all alt coins (maybe that wasn't your goal but its worded so it seems that way). The market hasn't proven a break in the BTC bear channel until 9200-9300 USD is broken for more positive price action.. I'd say its a great time to buy BTC/ETH but less optimal for buying any other alt coin and here's why..
Bitcoin controls alt coins.. it functions as a trunk and all the alt coins are branches.. sure alt coins can move more being the branches, but they're only as powerful as the trunk supporting them.. BTC I think will fail this 9200-9300 resistance area atleast at first.. I feel after such a downturn BTC needs to consolidate to allow the market to argue over price then come out of it to the upside with a bang.. the problem with BTC right now is it has too much overhead resistance and is more likely than not gonna crash down to retest.. so if you buy alt coins now and that scenario plays out, you will lose all of your bitcoin value (bitcoin scales up against alt coins even when going down, remember trunk analogy) so the safest of all bets is to buy BTC then wait for BTC to confirm confirmation that the alt coins will be healthy and rise with BTC (and because its a branch will rises and swing at a much faster rate)... At all times I think you should have a bare minimum of 50% BTC and ETH combined, and in FUD times should scale back to about 90% BTC/ETH.. The best way to explain the alt market and whats going is if bitcoin moons, alts crash.. if bitcoin goes down harshly, alts crash.. if btc goes sideways.. alts moon.. so any amount you have in BTC at worst compared to alts is you just miss a cycle of gains (which is definitely better than being all in alts with no way of cost averaging in case the floor falls out from underneath you. As far as you coin choices.. I think they are fine as long as its not all in on alts.. IOTA is heavily coming off of fud and a nice pullback, SIA is likely a bright future (although I still think you could get this cheaper with patience) and Ripple, as much as I hate is likely to make you money (as long as you don't get too greedy thinking its going to 10.00). Just never ignore how important BTC and ETH are because you will learn quickly that alts can make you the most money temporarily but will absolutely wreck you if you only hodl alt coins all the time. Hope this helps