I recently graduated and got a job. Now I want to start investing and part of the investments I want to keep in cryptocurrencies because I think they are going to become more popular in the future and rise in value. And I have many questions that I would like to be clarified. Thanks for any help!
I am still not sure of the process of buying crypto currencies. From what I understood is that in order to buy crypto I have to setup account at an exchange and buy there exchanging my CAD (I am from Canada) to any other cryptocurrency. Then I will have my crypto siting in my exchange account. After that, I can transfer it from my exchange account to my wallet. Is that correct?
I am planning to buy several different cryptos, mostly the biggest market cap ones like Bitcoin, Etherium, Lite coin and similar. Do you buy them all of an exchange? How does one change for example Etherium to Lite coin? Most exchanges only sell Bitcoin so is it common that people buy Bitcoin with fiat currency and then trade Bitcoins for other crypto? Is this the most efficient way? What is the most efficient way?
From reading in the subreddit I get that it is always safer to store your crypto in personal wallet than the exchange because you do not actually control the coins.
My goal is to each month buy some crypto and keep it in my wallet. So I suppose simple desktop wallet would be sufficient for me now and maybe then I should switch to hardware wallet when I have large value. Is that good thinking? How do you transfer from exchange to your personal wallet? I guess it is a simple as entering your public key of your wallet and clicking send?
Should I use multiple wallets for each crypto (the official wallets for each crypto) or use a wallet which allows multiple coins? What are the pros/cons? How is the desktop wallet secured? Will I get my private and public key and have to keep it somewhere or it is somehow connected with the desktop software I have? If the computer burns where my wallet is installed do I lose all my crypto?
The quick google search for coin exchanges lead me to Coinsquare which is biggest in Canada I assume. What are the differences between exchanges, are there big fees for exchanging fiat currency to crypto?
I know there are a lot of questions so if you can answer any of them I really appreciate it, I have read a lot of articles for beginners on crypto but still feel a bit.