BlockSouth

How to Buy Cryptocurrencies

In this example we’ll go through the process of buying cryptocurrencies from an exchange. In this case we’ll be buying “Expanse” (EXP) on the Poloniex exchange. Besides Expanse, there are hundreds of cryptocurrencies (also known as “alt coins”) including popular ones such as Ethereum (ETH), Ethereum Classic (ETC), Monero (XRM), Ripple (XRP) and Litecoin (LTC).

Expanse

In order to purchase cryptocurrency, you’ll need to start with cryptocurrency. The most universal is Bitcoin. In order to buy Bitcoin, you’ll need to create an account on either Coinbase or Circle. Most US based investors and traders use Coinbase.

Setting up an account on Coinbase does take time for validation and verification purposes, up to 7-10 days. It’s best to go ahead and initiate this so that when you’re ready, your account is setup. Setting up entails linking your bank account and (optional) a credit card to enable purchases and verifying your identity with a government issued document (drivers license, passport, etc.). You’ll be buying Bitcoin with USD.

It’s also a good idea to go ahead and setup your account at Poloniex. You’ll be able to raise your deposit/withdrawl limits by verifying information.

Once you have both your Coinbase and Poloneix accounts setup you can now send Bitcoin over from your Coinbase account. To do so, select Balances>Deposits & Withdrawls then scroll down to “BTC” in the left column and click “deposit”. If your wallet address is not showing, click to show. Copy this address and then go to your Coinbase account and click on the Send/Request link on the left. In the “Email or Bitcoin address” field, paste the address you copied from your Poloniex account. Next, select the amount of Bitcoin you’d like to send and click “Send Funds”.

Currently, sending Bitcoin takes around 30-45 minutes. You can check the transaction on Coinbase by navigating to your dashboard and viewing your “Recent Activity”.

Once the transaction has completed, your Bitcoin should now be in your Poloniex account. Since we’ll be buying EXP, you’ll want to find it in the Exchange. You can use the search in the top right and type “EXP”. Once visible, click to view the “Expanse Exchange”. Look under the chart for the “BUY EXP” area. You’ll see the amount of Bitcoin you have available. You can now buy EXP from the market or set your own limit order and hope it gets filled.

If you have any questions, let me know! Also, please join our cryptocurrency group on Linkedin to interact with others.

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Expanse (EXP) Bond System being unveiled today

Expanse

The EBS or Expanse Bond System will be set in motion today. This, after extensive testing by the core team of Christopher Franko and Dan Conway. Marketing Strategist Marcia Danzeisen and Community Manager James Clayton are handling the PR and media relations to get the word out.

Expanse is a fork of Etherium (ETH) with modifications. The new bond system is like nothing else in the crytpo sphere. Investors will be able to lock away EXP for predetermined periods of time and earn rewards payed in more EXP.

For more information, see: http://www.expanse.tech/ or join the Slack channel at: http://slack.expanse.tech/

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Cryptocurrency Terminology

I see posts often asking “What does FUD mean?” and “What is fomo?” so I’m compiling a list of common acronyms that are thrown around in the crypto space.

Crytocurrency Acronyms

EVM – Ethereum Virtual Machine

Dapps – decentralized apps

FOMO – fear of missing out

FUD – fear, uncertainty, doubt

TBTF – too big to fail

 

Have one you don’t see listed? Let us know!

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Ethereum and Ethereum Classic both being traded on Poloniex

Alt coin exchange Poloniex has added Ethereum Classic (ETC) to it’s trading platform. ETC is currently trading at .00127100 with nearly 17,000 btc in volume as of around 10am on Sunday, July 24. Ethereum (ETH) is down almost 10% and is trading at .01983047 with over 40,000 btc in trade volume.

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Bitcoin drops dominance to under 80%

Today is the first time I’ve seen Bitcoin drop to under 80% dominance on the coinmarketcap.com board. With Ethereum up over 15%, the BTC dominance has slipped to 79.4%. Speculators argue both the higher fees to mine btc and the successful hard fork of ETH are contributing factors. The current price of btc is $660, while eth is trading at $14.23.

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Ethereum Pre-hardfork Price Speculation

The price is at (.01762992 at the time of this writing), what will happen?

I project 500% increase in 2 years or less.

$11.83 now will be worth about $71

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