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How To Get Lost in Crypto Part | 1

Nobody said a word to me, I found out the hard way

By Sam Writes SecurityPublished 3 years ago 3 min read
How To Get Lost in Crypto Part | 1
Photo by Executium on Unsplash

When I hear "crypto" my mind goes bitcoin. It's inevitable, I really can't help it and I can only assume that you go through the same as well. Most images about crypto online are usually represented by bitcoin the first ever created, but things have changed and although bitcoin remains a big name these days we have over 1500 more options more, also known as altcoins.

In a situation where I believed bitcoin was my way out I dived in (DON'T)

Read a few articles, watch a few tutorials research for the best platforms and make sure you know how everything works because...

1. You might lose some money

2. You might buy the wrong tokens

3. Hey, this is serious you might just lose money

There are obviously more reasons why you shouldn't just try crypto before you know what you're doing, and if you think about it most of those reasons go alongside the above numbers 1 and 2.

Side-story ( I decided to invest in crypto because I needed to withdraw some funds from a service that isn't supported where I live, just like Stripe in some countries. I wasn't allowed to withdraw directly to my card but I could buy crypto which was a way out, my only way out, so I did.)

P2P platforms can be dangerous but they also provide an interesting experience. For the service in question, I only had a few of such platforms to try and Vertex was one of them. I signed up, the buying process for someone new to it all was quite tedious and challenging but I did in the end. Success!

Now, at this point, I already knew what to do, or so I thought. Because you see I wasn't really looking into investing at all what I wanted was to get myself the funds from a service that allows me to send money to my bank account like PayPal or Skrill. To get this done all I needed was bitcoin and I knew where to go from there. To withdraw my bitcoin to an external wallet I was presented with two options:

author screenshot Vertex-Market

I'm no Math genius but the two options that I was presented with were in every way different and Binance Smart Chain was worth it. I wasted no time and found myself a wallet to save my bitcoin. For someone with only $100 worth of bitcoin, $14,94 is a lot.

The first option that charges you almost $15 will get you bitcoin "BTC". On the other hand, $0,52 worth of fees get you BTCB, Binance Wrapped BTC which is what I signed up for, little did I know. At this point, I was stuck with BTCB and couldn't even withdraw, convert or transfer these to someone else. My investment turned into an expense, I needed BNB to get out of this mess. I needed BNB to either, send or convert.

I became an investor, in a way. I held crypto in my wallet for a while and not because I was waiting on gaining more interest but because I wasn't sure of what to do, when, and how to. I had to learn more about how to deal with crypto, when and the why. Someone who knew more about the topic even told me that there's time to invest in crypto and that it isn't all year round. But, this can be a story for another day.

From here to use the amount I had to first buy at least $10 worth of Binance coin "BNB" this is what I knew, and then convert what I had "BTCB" to BNB and from there I could find a way to convert this back to fiat currency and finally use the amount from a credit card or another convenient service.

alt coins

About the Creator

Sam Writes Security

Writer | Cyber Security Enthusiast

"[email protected]"

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