Update December 15th, 2017:
Bittrex has noted this market will be delisted from their platform on 12/15/17. Accordingly, the first step is to purchase Bitcoin on Coinbase, then buy SAFEX from the coin website using BTC transfer. Watch this video on setting up a SAFEX wallet. I’m always keeping my eyes peeled for quicker routes. Happy trading!
What’s up squad? Back again to shed some light on a coin that has been piquing my interest in the past few weeks. Today, I’m going to teach you a little about & how to buy SAFEX. Safe Exchange Coin is an interesting investment for a number of reasons, so I’ll give you a brief rundown on them.
Why is this different from the other million altcoins out there?
Hold up, son, getting there. First, I would like to make note of some unique structural details in the SAFEX organization. The Safe Exchange is the proposed decentralized marketplace. Essentially, a Safe Exchange Coin will be valued not only as a cryptocurrency, but as a unique voting right in the decision making process of the organization. They have also proposed a proprietary chain called the Chille Blockchain. Holders of SAFEX in will receive dividends from the marketplace traded on this blockchain. One thing I’m currently not sure on is if their marketplace will allow trading with all coins, or only SAFEX. I’ll update when I find out. Their video explains it a bit better than I do.
Some of the reasons I’m into it:
- Decentralized Marketplace w/ Dividends
- Something Amazon has not been able to do is directly pay out their Prime users — although there is a rich affiliate marketplace available for those who push them traffic.
- The potential for growth here is fantastic.
- Blah blah could be the new Silk Road blah
- Operational Transparency
- Their roadmap is for both SAFEX and Chille is laid out pretty clearly in layman’s terms on their homepage.
- SAFEX coin holders vote to make decisions.
- Good Partnerships
Hopefully that gives you a little insight into why I like this coin for an early investment. Now let’s figure out how to buy Safe Exchange Coin.
I. Create A Coinbase Account
First, go to the Coinbase Signup Page. I recommend Coinbase for your purchasing of Bitcoin, which you will need to trade over to Bittrex. More on that later. Coinbase is nice because it’s very user friendly for those just getting into trading crypto.
- Bank Account
II. Make A Bittrex Account
Head over to Bittrex — the marketplace in which we will actually be trading for SAFEX. Go to Bittrex.
The dashboard on Bittrex can be a lot to take in all at once. Welcome to marketplaces. Take a minute and check out all of the tabs. Do some test searches for altcoins in the Bitcoin market tab. It’s pretty easy once you get the hang of it.
III. Buy Bitcoin on Coinbase
I really love using Coinbase for buying Bitcoin. It’s just super easy — great interface — a baby could do it. That said, if you already have Bitcoin or prefer using some other site to buy yours — that’s cool too. Important thing here is to just own some Bitcoin.
Buy your Bitcoin using any of the payment methods I mentioned above. Using credit cards is the best way to go here, as the Bitcoin will be available immediately — versus some waiting period for using a linked bank account.
IV. Transfer Your Bitcoin to Bittrex
This part gets most beginning users a little shaky, so hold on to your pants, Jack. (Click to open slideshow)
- First, go to your Wallets tab. Search the list of currencies for “Bitcoin.” When you find it, click the + icon to open a lightbox where you will create a Bitcoin wallet address. Now, copy that long string of digits.
- Now, head back to Coinbase. Here, you’ll go to the Send/Request tab. Paste the address you just made in the address input. MAKE SURE YOUR ADDRESS IS CORRECT, THERE’S NO SECOND TRY HERE.
- The full transfer will — in most cases — take up to hour to complete. It will quickly be displayed as “Pending” in your Bittrex wallet view. Soon enough, you’ll be ready to trade your available Bitcoin.
V. Bid On Some Safe Exchange Coin / SAFEX
Let’s go, boo. Head over to the SAFEX market page:
Here’s where you set the amount of SAFEX to buy. There are a few variables:
- Max: Select this to max out the amount of SAFEX you’re buying with the amount of Bitcoin you have
- Price/Last: Buy the selected amount of SAFEX at the last market price
- Price/Ask: Buy the selected amount of SAFEX at the last seller dictated price
- Price/Bid: Buy the selected amount of SAFEX at the listed “Bid” price up top
These options will formulate a specific buying strategy, which I won’t dive into now — but I encourage you to try them all and see what happens. There are a lot of altcoins that are very cheap so it’s not a palm sweat situation to test out.
Once you find the right order combination, smash that BUY button, son!
Now that I’m a thought leader in the decentralized marketplace revolution and essentially Jeff Bezos’ arch enemy, what now?
I can’t give you clear advice on what to do, but I’m personally holding my SAFEX stack — I can get on board with the vision. Now that you know how to buy SAFEX & you can use this method to buy into anything. This tech is still pretty young, but has a strong team with a detailed product roadmap. Excited to see what happens.
If this guide helps you, small tips are very graciously accepted:
Good luck & BasedGodspeed.