On January 14, 2017, I decided to try another way to make money in the cryptocurrency world. One of the most trusted trading exchange is called Poloniex; I heard good feedback about this one. The only cryptocurrency I own right now is bitcoin, so I decided to make my first bitcoin transfer into the platform.
I transferred 0.0001 bitcoin for a test purpose, to get my hands dirty on the trading exchange in order to get some experience. You need to wait for the transaction to be cleared before having the funds available. I asked on the trollbox chat how long it's going to take to see my transaction appear, and they answered that I need to have 1 confirmed transaction on the bitcoin transaction.
As you may be aware I needed to wait patiently before to be able to buy my first position on the trading exchange. I am so excited to finally try this method, I know it is not news for someone who is doing trading, but for me yes ;). I am pretty sure that you remember when you did you first transfer.
So far, the way I earn my bitcoins was:
- I did a purchase with a real bitcoin ATM machine with fiat money.
- Applications on my smartphone.
- Some advertisements on my blog.
- Faucet on the web.
- Signature campaign on the Bitcointalk forum.
I decided to buy 2 Steem for the purpose of this article. As you may know, it is the currency from the platform Steemit. A social media platform that gives you money if you participate in it. The goal is to post articles and people judge the quality and vote, the more vote you have, the more money you make. The site gain some traction, and I decided to invest 2 Steem on it. You can visit the website Steemit if you are curious about it.
This is the picture with my pending transaction, I don't know how much time it will take to be processed in the queue.
What a thrill of buying my first altcoins with BTC. I try to expand my knowledge on some unfamiliar territory where I can see lions and wolves who wants to eat me alive. I found the experience a little confusing because you have so many combinations available to trade on the platform. You need to have enough funding in order to buy the cryptocurrency you intend to buy, it seems that you can't buy fractional (a portion of a currency). I tried with Ethereum and failed many times because of that reason, that is why I bought Steem instead. You need to remember that I only transferred 0.0001 BTC, so ETH on the market right now is 9.92USD. The price of Steem is 0.14USD.
Here you can see that I have my Steem available in my account on Poloniex:
You see that I got 1.997 Steem with the purchase of 0.0003 BTC, you need to consider the fee on the transaction. The fee is between 0.15% and 0.25%; that's the way the trading exchange make money. I would like to be the owner of that trading exchange and see the numbers growing up with my Cuban cigar!
This is a milestone for me, it's the first time I bought altcoins since I started my journey into the BTC world and the creation of this blog. I am pretty confident that you can do the same, it's always hard in the beginning because you need to know how to interpret the numbers. But, as soon you do it, you gain knowledge and experiences for future trade. The goal is to start somewhere, if you don't do it, you will not know what you miss.
Don't hesitate to post in the comment section my dear followers.