Did you know that there are hundreds of different kinds of crypto currencies out there just like Bitcoin that all use blockchain technology with there own twist to how they function and for what they are being used . Some using different "algorithms" or use cases on there own eco systems.
Some "coins/tokens" being developed for the banking industry or others like Ethereum that uses smart contract s . All with there own value , development teams and purposes.
Today we will take a look at some of these tokens and how you can go about purchasing various crypto currency s to build up your portfolio. The best place to find all of these Crypto Currencies in one place with direct links to there websites is on www.coinmarketcap.com
Below you will see a list of the Top 10 Crypto Currencies listed on Coin Market Cap .
Buying various Crypto Currencies on a Exchange
What is a Crypto Currency Exchange ?
A Crypto Currency Exchange is a decentralized exchange that allows users to buy and sell Bitcoin for other cryptocurrencies and national currencies without the need to entrust funds to third-party or middleman, meaning that the transactions occur directly between the buyer and seller.
When it comes to finding the best crypto exchange the first thing to consider when looking for the top exchanges is how safe are the website and server. This boils down to asking if it's a trustworthy exchange providing transparent data of coins in cold storage and are customers happy?
It’s also good to lookout for which currency pairs are available: are you looking to trade bitcoin for USD, Euros, or other fiat currencies. The location usually gives an idea of what’s on offer.
However, the largest crypto exchange sites usually have many options for buying bitcoin with government issued currency and altcoins. Visit our List of top exchanges- Click here
Buying various Crypto Currency's on Poloniex
Lets take a look at Poloniex.com which is one of my favorite exchanges when it comes to buying various crypto's . Below i will show you step by step how you can buy and sell bitcoin for various digital tokens.
The first thing you will need to do is to setup a account by registering and activating your Two-Factor authentication on your account . If you have any trouble with this setup , visit the poloniex.com support page for assistance . After registration , log in to your account and have a look around.
You will need to deposit some Bitcoin in-order to start purchasing other crypto currencies. Lets take a step -by- step look at depositing bitcoins into your poloniex account and exchanging them for various tokens .
On the Top right corner of the site click on "Balances" and when the drop down menu pops up , click on "Deposits and Withdrawals" . There you will find a list of all the crypto currency's supported by poloniex that you will be able to deposit and withdraw .
At first all the information on the site and the crypto's listed can be overwhelming , but you will master your way around the site quickly.
Now look through all the crypto currencies until you spot "BTC" and click on the "Deposit" link . A drop down will now display your Bitcoin Wallet Deposit Address . You can now send bitcoin to that address from your bitcoin wallet.
Great , now that you have made a deposit you will want to track the transaction to see when the funds will be available so that you can start purchasing other various tokens to diversify your crypto porfolio .
Click on "Balances" again and select "History" from the drop down menu. The history page will open up that contains all your deposit and withdrawal history . When its showing "Pending" in yellow , you will have to wait a few minutes until the transaction has been confirmed .
BTC deposits only require 1 confirmation , but other tokens like Bytecoin can require up to 18 confirmations until the tokens are credited to your account .
To follow our Step-by-Step guide on how to purchase various tokens on Poloniex - click on the link provided. Thanks for reading , we appreciate your support.
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