Buy now you have heard about Bitcoin, Ethereum, Dogecoin, Litecoin and chances are, you probably may have bought some using Robinhood or even Cashapp. But did you know there’s literally thousands of cryptocurrencies that you probably never heard of and some are worth more than Bitcoin itself? Many of these are not easily available so they require another way of obtaining them. I will explain how shortly. Please be sure to use a PC based browser as opposed to using your cell phone as it will be easier to follow the instructions.
When you buy these cryptocurrencies on Robinhood, for example buying bitcoin or dogecoin, you put funds in and hit “buy”, when this happens you’re trading your hard earned cash money and converting it into the value of what that cryptocurrency is worth is at the time, like a buying stock share but you don’t actually own the cryptocurrency itself, Robinhood does. If you want to transfer your dogecoin to another exchange, you really can’t so this is where opening an account like Coinbase comes in.
Coinbase is a legitimate exchange to buy many more crypto coins available out there (but not all of them) and they have been around 2012 and are pretty much the main exchange in the USA. If you don’t have an account, please sign up for free using my link https://www.coinbase.com/join/mar_w9 and once you deposit $100.00 you get an extra 10 bux to use. Unlike Robinhood, since Coinbase is an actual cryptoexchange, the cryptos that you buy are able to be sent to other wallets out there on the internet, kind of like mailing cash to someone else and you’re also able to receive coins from other people if you provide your wallet address.
Recently a new coin called Shiba Inu, (the dogecoin killer) has been making waves that it has gone up 1900% in price since May 1st, and of course with speculation and social media, everyone wants to buy in marking the price even higher. But how do you buy it? The coin is not available on robinhood or coinbase, this is where another cryptocurrency exchange comes in such as Gate.IO, Bitmart and a plethora of other exchanges. In this case, you can use Gate.IO which is what I’m currently using. You’ll need to make an account there also, use my link https://www.gate.io/signup/5194672 and get started.
Once you’re setup on both coinbase and Gate.IO, you’re ready to get started. The first thing you need to do is buy some cryptocurrency on coinbase, preferably bitcoin or Ethereum in my case, I used Ethereum. You may want to at least purchase $100.00 worth of Ethereum, and you’ll be ready to get started. On coinbase, go to your portfolio this is going to show you the balances that you have like cash (USD) and cryptos that you own, in this case if you’re following this your Ethereum amount. You’re going to go to your Gate.IO menu, and go to where it says “Deposit” because you’re going to be transferring the amount of Ethereum from coinbase into your Gate.IO account. You’ll have an option in Gate.IO what you want to deposit exactly, in this case you’ll select the coin “ethereum (ETH)” and you’ll get a QR code and also a long hexadecimal code, you’re going to want to copy this code as you’ll use this in a bit, make sure you copy it correctly because when you start the transfer process, if you do it wrong, you’re transfer may not be reversible and that money will be lost. Now you’re going to take that code that you got from from your ethereum wallet in Gate.IO and go back to Coinbase. There is a send/receive option in Coinbase when you go to your portfolio, assets, and click on Ethereum you should see that option to send/receive on the right side, select the send option, and then it says “mobile, email or address”, since we’re sending to Gate.IO, you’ll paste or type the code that you had, and then hit continue, it will ask you to confirm this transaction at this point, once you confirm and hit continue, you have transferred the Ethereum from Coinbase to Gate.IO, this may take a couple of minutes and you’ll typically get some confirmation via email that has been completed.
Now you’re ready to buy hundreds of different cryptocurrencies in Gate.IO but there’s a few more steps to complete. In Gate.IO , go to your wallet and then go to spot account, this will show all your balances, you should now see Ethereum listed on there with the amount of how much of Ethereum you transferred, as well as the USD price, so if you bought $500 USD of ethereum on Coinbase, more or less this is what you should see on your account in Gate.IO, it may show less since when you transfer coins from different exchanges, there’s a small transaction fee taken. Before you buy Shiba Inu Coin, you actually have to buy this in USD (cash), so this means that you now have to sell your Ethereum into cash. To do this, you’ll go into wallet in Gate.IO and go to spot account, you’ll see the Ethereum there and select trade, from there you’ll see an option to Buy ETH / Sell ETH, since we’re selling to get USD, go to the sell section and select the amount of ETH that you want to sell, it should show your balance there of what you have, so enter the balance in the “AMOUNT ETH” section and hit sell. At this point you’ve sold your Ethereum into cash. You may have to wait a few minutes, but you can check by going back again to your Gate.IO wallet, Spot Account and you should see USDT listed there, now you’re ready to buy Shina Ibu Coin, or the hundreds of other currencies.
On Gate.IO you’re going to go into the trade menu, and then select spot trading standard. On the search type in “SHIB” and select SHIB_USDT. You’ll see a Buy/Sell option, since you want to buy go to the Buy section and type in the amount of Shib coins that you want to buy, as you enter an integer it will tell you how much of those Shibu Coins you can buy, once you select how many you want to buy, hit the green buy and then you’ll confirm. You’re now the proud owner of Shiba Coins, now just wait for the price to go up on these coins and see what happens 🙂
If you want to sell these coins and get your cash, basically the process is in reverse. You will have to sell your shibu and get cash, then use that cash to buy ethereum then send that ethereum to your coinbase ethereum wallet, then sell your ethereum and then transfer your money back to your bank. In addition to buying Shiba Inu, you can buy other cryptos on Gate.IO using the same process.
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