I created my first online wallet using Gemini and purchased some Bitcoin, Ethereum and Basic Attention Token over the course of two weeks. The process of creating an online wallet was simple and quick: all I needed was my U.S. driver license and a bank account.
A month ago I purchased a Trezor hardware wallet (referral link here). After reading about basic security, I felt that the $55 was well worth the peace of mind knowing my coins are stored safely. I also use an YubiKey for added security.
In order to familiarize myself with the basic functionality of cryptocurrency, I embarked on a simple "to do list" which consisted of:
- Updating the Trezor firmware (this is a default step when you use the device for the first time)
- Performed a dry run of recovering the wallet using the recovery seed
- Purchased and transferred BTC, ETH and BAT to my hardware wallet
- Formatted the Trezor
- Recovered the wallet using the seed and confirmed I could still see my balance
I'm not sure how Gemini processes withdrawal fees because in my experience so far, none of my transactions seem to incur any network or transaction related fees.
If you are new to Gemini, my suggestion is to use the default web layout for your first purchase. Once you feel confident about what you're doing, go to Settings and change your layout to Active Trader. By doing so, you'll save a lot on purchasing fees. I'm not sure why Gemini charges such a high rate for a different frontend, but I was disappointed to find out that I had paid 3%+ for my earlier purchases using the simple layout vs. changing to Active Trader I paid only 0.25%!
With this, I have taken my first steps into my crypto journey. I can't wait to see what the next ten years has for cryptocurrency.