Baby Steps to Buying Bitcoin’s Buddies

If you haven’t already, read Baby Steps to Buying Bitcoin and Backing Up Your Wallet. This is a follow up to those guides.

So you’ve bought some Bitcoin, backed up your wallet and want to buy some of these other coins you’ve heard about. Maybe you should take a look at the Baby Steps Guide to Cryptocurrency Investing first (comings soon). Once you’ve decided how much of each coin you want you can use Jaxx’s in built Shapeshift feature to quickly convert your Bitcoin to other curencies and store them in the same wallet.

First of all you need to create wallets for the coins you want to convert to. See the pictures below and check the boxes of the wallets you’d like. Many major coins are supported by Jaxx but not all, we will only focus on the ones that are supported for now.

Once you’ve enabled the wallets you’d like you should see the names of these at the top (see below). you can use the arrows to scroll and press the coin to show that coin’s wallet.

coin wallets selector

Go back to your Bitcoin wallet and press the shapeshift button at the top (the fox). Now you can select which coin you want to convert to and how much Bitcoin you want to convert. Once you click ‘shift’ you will be shown the transaction details and you can confirm. It will take between 10 and 60 minutes to show up in your other wallet, usually.

In my experience the exchange rate Shapeshift gives you is very close to the real one. In the above example the difference is less than 1%. The Mining fee is paid to the network, you have to pay this no matter how you receive coins.

And there we go, you now have Bitcoin and some other ‘altcoins’. Not only that but unlike people who hold them on an exchange you hold the coins on YOUR wallet and control your own keys.

If you’re curious about what cryptocurrencies actually are, what benefits they have and how they work in easy to understand terms check out the general guide on the home page.