Hey everyone, so I was going to make a video about signing up to Bitfinnex - see, my
search was for IOTA - I wanted to buy IOTA, the crypto, and I couldn't buy that on
Etoro, where I normally trade, so I've had to go through the process of finding out
where to buy Bitcoin - see the links here, I realised it's this side now... So, I
signed up for Coinbase to buy Bitcoin, I bought the Bitcoin, I introduced the
Exodus wallet, which is the wallet I'm using to just store stuff in... How to setup
two-factor authentication on Coinbase, and then how to transfer the
Bitcoin from Coinbase to the Exodus wallet. So, those processes, I've sort of
gone through, and you can see links up here. But, if you don't just want to store
Bitcoin... You, like me, you want to buy IOTA - specifically IOTA, because it's
quite rare... I only found Bitfinnex where you could buy it, and I just went to
the Bitfinnex site, and I tried to sign up, and about five days ago, or six
days ago, it came under a DDoS attack - distributed denial-of-service. Basically,
some hackers, some people, not really hackers, but they tried to take down the
site. What they do, is they get lots of computers all over the world, or things
which have an internet connection, and can be programmed, to request information about
the site - either just try and access the site, or in this case, to set up millions
of fake profiles. And they do this, because it overloads the server on
Bitfinnex - it can't handle all the requests, and it just shuts it down... So
someone's obviously trying to mess with Bitfinnex, and Bitfinnex, you know
are mitigating that attack, but what they've done is, they've closed off, at
the moment, all new signups. So I can't sign in, so I can't create a new account, so I
can't buy IOTA. So, I went looking, and I found this one - Binance. Binance is
another crypto exchange, and they sell IOTA - or that you can transfer Bitcoin for
IOTA here... So, I've signed up - now, the signup process is really similar to Coinbase.
Same stuff, you have to, you know, upload your - link it to a phone number, verify
your email, upload the different types of identity - if you want to see that process
done on Coinbase, here's the link to that video, because it's quite lengthy, it's
fairly similar. They give you an encrypted key - a special key, which you
need to write down, and keep offline - it's in case everything goes wrong, you can
get back into your funds again - very important. But now, here I am.
So, this is Binance here. It's just another exchange - another crypto
exchange where, on this one, cryptos are traded for other cryptos - so you can get
Bitcoin in here, and you can trade it for any one of these - any one of these many
many coins. There are so many cryptos now - 'alt coins' and 'tokens' which you can
buy. These are all different coins, measured against Bitcoin... So, that's
the price of that one against Bitcoin - so, how much - how many bitcoins do you need
to buy one of them, that's what we're seeing in this number here. So, with
Ethereum to Bitcoin, you need that many bitcoins - that much of one Bitcoin, to buy
one Ethereum... So, having a look around this - basically, because it's quite, you
know - what have you got... Here, you've got the actual exchange, I'm going to put it in
'basic mode'... So, the exchange is where you actually trade stuff. You trade your
Bitcoin for IOTA, or your Bitcoin for Ethereum, or Bitcoin for Cardano, or
whatever you want to do. So, I'm going to use Bitcoin as a base, because
everyone kind of knows Bitcoin. We'll have one solid idea, and then we'll transfer
that for other coins, okay. So, here's the exchange, and here I can buy IOTA, or sell
IOTA. I've already put IOTA in here I added IOTA, that's why it's showing
up everywhere. I click this, and now it's showing everything to do with IOTA.
So, 'Buy IOTA' or 'Sell IOTA', and I'm buying it for Bitcoin. So, it's IOTA versus
Bitcoin, okay. So, here it's showing the price of the current Bitcoin, and how
much IOTA do I want to buy. So, here roughly - you see up on the left, it will
show you the last price. So, roughly four dollars for one IOTA, okay. So, this much
Bitcoin 0.00021903 Bitcoin will buy you one
IOTA, and that much Bitcoin is currently worth that much in dollars - so they kind
of try and make it a little easy for us to understand what's happening. So, how do
I get Bitcoin into here - into Binance, into my
account, so that I can actually trade it for IOTA... How do I do that, how do I move
the Bitcoin in here in the beginning? Now, how I do that is - I'm on the exchange at
the moment, where I can buy and sell things. Here - 'Funds' - see over here 'funds' - so
if I go into the funds - 'Deposits and withdrawals' - that's basically my wallets
okay. So, we talked about wallets... You have wallets which you store on your phone
wallets with - Exodus is stored on my computer, there are cloud-based wallets
there's the ones which are actually - you take out, and you store them on like a little
USB Drive - the offline wallets. Then there's the wallets you get on the
exchanges, so if I buy something on a crypto exchange, it automatically gets
stored in my wallet for the relevant currency on that exchange, then I can just
leave it there, which is a little unsettling, because you know, there's so
many hacking attempts on these exchanges... That's why people have all these other
wallets, and they want to move it off the exchange, you know, so it's supposedly
safer. But here we are - here are all the wallets that I have on Binance. So, these would
be my Binance wallets... That would be my Cardano wallet, this would be, you know
my Bitcoin Cash wallet, and over here on the side, you can see 'Deposit' or
'Withdraw'. So, if you're depositing - let's go to Bitcoin. So, here we are
BTC... If I click 'Deposit', it means I want... See, look - 'Important: Send only BTC to
this deposit address. Sending any other currencies to this address may result in
the loss of your deposit." There we go - so this, as we've seen before,
this is my Bitcoin wallet address on Binance. So, what I do, is I copy this here
copy - boom, if I copy that... 'success' what I now have to do, is I have to go to the
other exchange - so I will go to Coinbase. Here we are, I'm back on Coinbase, and if I
go to my 'Accounts' in Coinbase, I can see - here's my Bitcoin wallet, here's my Ethereum
wallet, here's my Litecoin wallet, and my Euros. So, if I go to my Bitcoin wallet in
Coinbase - I'm trying to send Bitcoin from Coinbase, where I've bought it, to Binance
okay, where I want to trade it for something else.
So, I'm going to do that - I'm going to send, and it says 'Enter a BTC address'. So, it's
asking us to enter a Bitcoin wallet address. So, the wallet address that I just
copied off Binance, that's my Bitcoin wallet address on Binance... So, I'm just
going to paste that in here, and I'm going to withdraw it from my BTC wallet on
here - on Coinbase. So it's going from Coinbase to my Binance wallet. Here,
I'm just going to do 'Send Max' okay. 'Send Max' is, you know - how much can I send in
total. Oh wow, the network fee is massive... Okay, so what I'm going to do, is I'm going to
try and buy some more Bitcoin, because what we just saw, is that I was trying to
transfer, you know, 30 dollars worth, or 30 euros worth of Bitcoin, and most of it
was being taken up in fees... So, I want to see - will those fees go up or just stay
the same if I transfer more Bitcoin? I want to see what those fees are... I think
they're really associated with the network fee for Bitcoin itself. Bitcoin
is obviously - the network that runs Bitcoin, is supported by all the people
with little computers, or big computers all over the world, who are mining the
currency, and also acting to verify the transactions. They're the Bitcoin network
- the processing network. So, there's a 'Miners' Fee' with every transaction, which
sort of, gets distributed back to them, and it's the, sort of, payment to
compensate them for actually mining - for finding the coins, and for also
processing it - for being that network which processes all the transactions. So,
what I'm going to do, is I'm going to just - I've gone to the buy and sell page again, I'm
going to buy from this Bank here. I'm going to buy 80 euros worth of Bitcoin, okay. No,
I'm going to use the other account - this one here, and I'm going to buy 80 euros worth of
Bitcoin. That'll give me that much BTC...
So again, I have to confirm the buy... So we'll just see, basically. It was
I think it was - what was it - twelve dollars? I'll watch the video afterwards... Twelve or
fourteen dollars as a network fee, and it was for transferring a very small amount
of Bitcoin. I want to see if that goes up, or stays the same, if I try and transfer
more Bitcoin... I think it will actually stay the same - I think that fee is going to
stay the same - it's for processing the actual request, it's
not because of the amount of money I'm doing - it's just, if I move that much
information contained in the trade, around the Bitcoin network,
then they charge a processing fee. I don't think it's going to change if I
charge more - if I move more... So now, look - I have 97.73 in Bitcoin. So, I'm going to try
and move that to my address. I'm going to go back to Binance, and I'm going to press
'Deposit' again on BTC, just to make sure I've got the right address.
There's my Bitcoin wallet address on Binance.
I've copied it, so just make sure again - yeah, I've copied it, and now I'm going to go back
to Coinbase, and I'm going to go to my 'Accounts' again. My Bitcoin wallet - I want
to send Bitcoin, I'm going to put in my Binance Bitcoin wallet address... here, that's
my wallet address on Binance - my Bitcoin wallet address on Binance. I'm going to send
it from my Bitcoin wallet, and I'm going to 'Send Max' okay. So - there we are, the
network fee is exactly the same... So, the network fee is for processing any
request - it doesn't matter how much you send, I think if I send, you know, a
thousand dollars worth of Bitcoin, it will be the same fee - so it doesn't make
sense sending $8 worth of Bitcoin, and having a 13...
8 euros worth of Bitcoin, and having a 13 euro fee... May as well send more
Bitcoin, and keep the network fee the same. So I'm going to press 'Continue', and now
I have to put in my Google Authenticator code again. So, my Coinbase Google
Authenticator code, which I set up in a previous video - up here, if you want to
see how to set this up, it's just an extra layer of security, to make it all a
bit safer. There we are - my transaction is on the way, so what I'll do now is, it's
sent it, I can see here 'Pending' 'Sent Bitcoin' is 'Pending'... 98.72 euros worth of
Bitcoin is being sent. If I click on that, there we are - that's where it's going.
'Confirmations' - no confirmations yet... So, it has to be
confirmed by the network, that's what that fee's for, it's all the 'miners'
and all the people running the nodes, which process the Bitcoin transaction.
Alright so, I'm going to go back to Binance, here, and I just have to - I'm going to go to
the 'history' page on my funds... I'm going to see 'Deposits history' -' you have no deposit history'...
But there we are - so, the deposit's on its way, and I'm going to wait a while, until
it does arrive, and then I'll carry on with - how do I then transfer that Bitcoin
for IOTA, okay. So, I'll leave it there just for now.