In my previous post we looked at setting up a Bitx Wallet to receive and store your Bitcoins. Now we will take a look at setting up a Multi -coin wallet for Altcoins or alternative coins.
There are more than 600 Crypto currencies just like Bitcoin . Litecoin, Dogecoin, Peercoin, Dash, Ethereum, Gridcoin, Blackcoin and other are just a few of these Crypto currencies that are being used online to pay for various goods and services.
Throughout this post we will have a look at Holy Transaction which is a Multi-coin wallet you can use to store your currency.
Setup your Wallet
Once again you will need to register your wallet to be able to use it. I always try not to use the same User Name and Password for all my wallets and Cloud services and always enable your Two-Factor log in to secure your wallet and keep your coins safe.
After registrations your dashboard will open up that displays all your various currencies that you can store inHoly Transaction.
Exchanging Altcoins and Network Fees
You might be asking yourself , "why don't you just store your Bitcoins in this wallet as well"?
Well , there is a reason for that. These wallets making there money by exchanging your currency and some of them charge network fee s when you send your Altcoins. If you compare the amounts that they charge for the various Altcoins you will see that they always charge less for the least valuable Altcoins than they would charge for the more valuable once.
In other words , when you store your Bitcoins in Holy Transaction you will pay much more network fees for sending your bitcoins out of your wallet than when you would have when sending Dogecoins. So i only use the Multi-Coin Wallet to receive my Altcoins from Cloud service and then send them to a professional exchange website like Poloniex to exchange when the time is right for bitcoins.
Wallet Addresses to receive your Altcoins
You will find your individual wallet addresses to receive your altcoins under each specific balance of that currency.
You are able to exchange your Altcoins for any other currency within the wallet as you desire but once again , keep in mind what the different Network and exchange fees are for the individual currencies.
Exchanging Your Altcoins
When you want to Exchange one Altcoin for another , all you have to do is t click on <Buy> , select the currency you want to purchase and the currency you want to spend to do the purchases with. The Transaction is instant and you will see the currency that you have purchases in your balances on your dashboard when you refresh. From there you will be able to send it or spend it as you please.
Sending any amount is just as quick and easy to complete by just click on send and choosing the amount to send and the wallet address to send to. Sending money anywhere in the world has never been easier without any costly transaction fees.
In my next post i will explain how i use OXBTC to generate Altcoins and to invest them in opportunities that in return generates my bitcoins supply.