Hi from Texas


#1

I am new to this digital space. I am on book number 11about crypto currencies. I have heard only good things about ADA. I want to learn more. I have a goal of BTC I want to reach, then I will start building a position here in ADA.
Any tips of advice for a new guy?


#2

Don’t care about price for a good 3 years. And expect your portfolio price to fluctuate by about 20-50%

Cheapest way to Transfer:
Wire --> Coinbase Pro --> BTC
Coinbase Pro --> ETH --> Binance --> ADA --> Daedalus wallet


#3

That is my plan. I am aiming to be a long term holder. Even in the traditional stock market, I am a buy hold kind of guy. I will evaluate my holdings in after the BTC 2024 halving. That is the long term approach I am taking on crypto.
I like the way Charles has approached this project and his goals. I see this as a chance to acumulate at cheap prices.


#4

Welcome to the forum


#5

Welcome aboard! I love Texas! Great people there. Always been very good to me over my career.


#6

I was planning on using coinmama when the time comes. Another suggestion for acquiring ADA without selling other coins?

I am actively trying to avoid tax events, by switching one coin to another. Plus, I don’t want to sell other coins I like and want to hold.


#7

At the moment you can’t avoid going through other coins. Exchanges have no direct ADA-USD fiat pairs but we should have it on coinbase soon.

On taxation: If you buy ETH, immediately transfer to binance and buy ADA your taxation isn’t likely to be huge. You would have to report it but I don’t think you would have anything significant to pay for those 15 minutes or so you are exposed to ETH price fluctuation. It is as close as you can get to buying with fiat.

You can do this or just wait for coinbase to add a fiat pair, hopefully later this year. BUT you might miss on these low ADA prices.

I don’t know about coinmama, but I would look at their fees. You might have to pay 8-10% to have a “direct” exchange. That’s a huge markup compared to what you might end up paying for crypto-to-crypto conversion.

good luck!


#8

Welcome Texas! Great to have you on board the Cardano community! My advice start stacking Ada now! the price is right and come september after the mainnet launch…in my opinion, Ada will be atleast double in price. Wish you all the wealth and forture as an investor!

p.s. Go cowboys go! unless ur Texans fan…in which case "Go Cowyboys Go! haha


#9

Welcome @TexasEric :slight_smile:


#10

I suspect this step will take the longest. Coinbase has lots of bad reviews:

https://www.trustpilot.com/review/coinbase.com

Choose a better exchange (look for better reviews):


#11

If you mean without selling for FIAT, then there’s Shapeshift and Changelly.
I have tried Shapeshift, but now Changelly seems to have smaller fees. However they use market orders, and that seems fishy to me. Shapeshift claims to cancel if they don’t meet the price they promised.

Be cautious, split your payments into small pieces, and wait for each exchange to complete before transferring the next.


#12

Are you using any kind of tools for this? I have been using a crypto exchange tool. And working well so far. Happy to use this Crypto Links.