No worries man, didnt mean to offend you or anything! Just new to this world and dont understand the etiquette yet. If you have time to answer a few more questions that would be really helpful. Now that I have done more and more research I think I have some questions that arent a waste of your time (hopefully) haha.
I understand to purchase Cryptocurrency one needs to use an exchange to buy and sell. Currently Bitstamp seems to be the one I'll be using, however its taking them awhile to verify my account. If I understand correctly once verified, I can either link my bank account or use a credit card to purchase Bitcoins, and then use Bitcoins to buy XRP, Dogecoin, etc.
Here's where my confusion is: Once I have purchased XRP with Bitcoin on the exchange, it will show up on my account. Lets say I have 100 XRP purchased. I read about a hardware wallet for Cryptocurrency called "Ledger Nano S" where you can store your Ripple currency. Do you use one of these? It seems a lot safer than storing your currency online, however I know nothing and you know all about this.
Lets say the Ledger Nano S is the way to go so I then transfer my 100 XRP to my wallet and then proceed to hold it, in hopes XRP skyrockets and I eventually want to sell. How do I turn my 100 XRP into US Dollars when I want to profit?
Do I simply transfer to 100 XRP from my "wallet" back to the exchange, sell the 100 XRP on Bitstamp/whatever exchange is used, and once it is sold it become US Dollars that I can then transfer to my bank?
Sorry for all the questions man, I hope you know it means a lot to have someone mentor me through this process and I hope you know I value your responses. I think I have the way to profit down, but I feel that I'm missing soemthing. Thanks Joey.
I understand to purchase Cryptocurrency one needs to use an exchange to buy and sell. Currently Bitstamp seems to be the one I'll be using, however its taking them awhile to verify my account. If I understand correctly once verified, I can either link my bank account or use a credit card to purchase Bitcoins, and then use Bitcoins to buy XRP, Dogecoin, etc.
Here's where my confusion is: Once I have purchased XRP with Bitcoin on the exchange, it will show up on my account. Lets say I have 100 XRP purchased. I read about a hardware wallet for Cryptocurrency called "Ledger Nano S" where you can store your Ripple currency. Do you use one of these? It seems a lot safer than storing your currency online, however I know nothing and you know all about this.
Lets say the Ledger Nano S is the way to go so I then transfer my 100 XRP to my wallet and then proceed to hold it, in hopes XRP skyrockets and I eventually want to sell. How do I turn my 100 XRP into US Dollars when I want to profit?
Do I simply transfer to 100 XRP from my "wallet" back to the exchange, sell the 100 XRP on Bitstamp/whatever exchange is used, and once it is sold it become US Dollars that I can then transfer to my bank?
Sorry for all the questions man, I hope you know it means a lot to have someone mentor me through this process and I hope you know I value your responses. I think I have the way to profit down, but I feel that I'm missing soemthing. Thanks Joey.
