My head is spinning, need help!!

Bitcoin Questions and AnswersCategory: General questionsMy head is spinning, need help!!

Ronnie asked 1 year ago

I am finding your webpage very helpful.  I still need help understanding the process.  Here is what I am getting from what I have read so far…..
Use exchange to buy currency, store in your own wallet.
Here is a question… can I buy with US dollars, a currency, store it in my wallet and then when ready to sell, turn the currency back into US dollars?  If so, can I do that on the same exchange I bought the currency from? Or am I going to have to buy a Bitcoin, turn that into a alt-coin, then when price of alt-coin gets to a point I want to sell, turn the alt-coin back into a Bitcoin, then turn that Bitcoin back into US dollars?

1 Answers
Steven Hay answered 1 year ago

Hey Ronnie,
“can I buy with US dollars, a [crypto]currency, store it in my wallet and then when ready to sell, turn the currency back into US dollars?” – Yes, absolutely. The only missing step is sending the cryptocurrency back to the exchange to sell it. Once you’ve done that, you can withdraw the USD back to your bank account.
And yes, you can indeed sell on the same exchange you bought the coins on.
As for the alt coins thing, you can do it that way. It depends which exchange you’re using. Some exchanges are fiat-crypto, meaning you can deposit and withdraw in both fiat and crypto. Other exchanges are crypto-only, meaning you can’t ever withdraw or deposit using fiat.
While you’re starting out, I’d say stick to fiat-crypto exchanges. There are way too many altcoins out there, so it’s best to focus on Bitcoin to begin. Once you have a fair understanding of Bitcoin, you can start branching out into altcoins – but again, I’d stick to the majors.
It takes a while but eventually that head spinning feeling goes away… 🙂

Bitcoin Video Crash Course 

Dummy-proof explainer videos enjoyed by over 100,000 students. One email a day for 7 days, short and educational, guaranteed.

We hate spam as much as you do. You can unsubscribe with one click.