1. Decrypto buys most of ALT coins on Bittrex, but to do that I need BTC or ETH. Can you please advise me where to buy them as well?
Our recommended exchange for buying BTC or ETH is Bitstamp
2. Do you have an alternative online wallet for BitCoin?
We do not recommend online wallets, we normally use Copay or Ledger Nano S
3. I understand each currency needs its own wallet, or only certain currencies can be stored in a given wallet. Do you have a map that describes each wallet and the currency it stores, or at least the major ones?
There are wallets for every currency. We will provide a more exhaustive list by coin later on. The vast majority of tokens based on ETH blockchain can be stored on Myetherwallet, and some of the most important coins can be stored on the Ledger Nano S.
4. How long should I wait for a transaction on the bitcoin blockchain to be validated?
On average, Bitcoin blocks are mined every ten minutes. A good rule of thumb is to wait for three blocks to confirm a transaction. Hence, you can expect to wait 30 minutes on average. Some exchanges require more confirmations. You can check the status of your transaction on blockchain.info
5. Can I leave coins on exchanges to trade them?
Leaving coins on any exchange has an intrinsic risk as exchanges can be hacked. If, for trading purposes, you want to leave coins on the exchange, it is highly recommended that you set up all the key security measures (2FA, withdrawal whitelist, email confirmation - ideally from a dedicated account for crypto transactions, and a strong password not used for other websites).
6. When I transfer coins how much should I include in fees?
Many exchanges and wallets allow you to modify the level of fees you are willing to pay, giving you options for faster speed of confirmation. It is recommended that you stick to the average transaction fee unless you need coins transferred sooner. If you want to customize your fees and need to understand the latest status for the average transaction fees, you can visit https://bitcoinfees.21.co for recommendations.
7. I would like to start, but your alerts are often for Alt Coins which require Bitcoin or Ethereum. What should I do?
Remember, the first rule in investing is, "do your own analysis and research". We cannot tell you when to enter the market and how much capital to invest. Our own journey started with investing 20% of our total desired investment on a mix of Bitcoin/Eth for long-term holding. At times, we have used them to buy altcoins because our goal is to increase our overall holding of Bitcoin and Ethereum. We also try to keep 20% of our portfolio in either cash or Bitcoin/Eth so that we can be ready to switch when we see a new opportunity.
8. After waiting several days, I am still not verified on Bittrex / Bitstamp / etc.
There has been a massive increase in applications and many exchanges have customer service delays in processing requests. Based on our experience, it is normal to wait 2-3 weeks for Bittrex and one week for Bistamp. You can follow up on their support page or Twitter account. Please do not deposit money/coins until you are verified with Bittrex, as you will not be able to withdraw them before verification.
9. I opened an account on Bitstamp and Bittrex, plus wallets on Copay and Myetherum. Does Bittrex also offer a wallet service? If not, where should I put the cryptocurrencies I bought in Bittrex?
Bittrex does not offer a real wallet where you have your private keys. For many coins, you can use MyEtherWallet (ERC-20 tokens). For larger ones, you can use Ledger Nano S. You can find many options online for smaller coins - there are so many options we won’t list them here. For speculative positions, we sometimes leave them on the exchange waiting to sell. There is potential risk in doing that, so you’ll need to make your own decisions.
Send us your questions at [email protected] and we will add them to this page.
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