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 000021903 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 9773 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' 9872 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