There has been a huge interest in crypto currencies lately. To make it easier for the newcomers, I’ll just call them “currencies” for the rest of this piece.
There is a possible Bitcoin fork in the horizon and a lot of people are curious about it and the fact that even mainstream financial managers and news outlets are covering stories on it and other cryptos has created a big buzz for these currencies and many individuals have been looking for ways to get in on it but they just don’t know how. I will do my best to keep it short and simple and give some examples on how to get in and hopefully make it easy for all to own some.
If you are still on the fence you are probably on a couple of the following scenarios:
a) You think it is too late to get in since Bitcoin is over $2,000 or,
b) You think that since it has gone down a few hundred dollars in the last couple of weeks it is on its way to the grave.
Both, in my opinion, come from not having enough history or understanding of cryptos, and Bitcoin, in specific.
If you are in camp “a”, I will tell you that you will be wishing you had gotten in once bitcoin hits $5,000, and then again when it hits $10,000, or $100,000… you’ll see that a $2,000 price tag is actually not a bad one. Especially when you can buy fractions of bitcoin. (I’ll get into this later).
If you are in camp “b”, this is actually the perfect time to buy and hold! There is something very important about being a contrarian investor… buying when people are selling and afraid has been a good technique for many people. I’d suggest you get some and HOLD.
Let’s start with the basics.
I would suggest you go to coinbase.com and open an account with them. These guys are one of the few gatekeepers (I dislike this part) but they can be a stable and secure way to obtain your bitcoin (and eth, and ltc). They will ask you a lot of questions to open you account but your information will be secure.
Something to keep in mind, these guys are extremely persnickety about rules, so I suggest you use coinbase ONLY for buying and selling bitcoin and then you send your bitcoin to a different wallet to spend it (or even save it).
Coinbase offers a great option to use a VISA card… you can get the card from shiftpayments.com for only $10USD and they send it to your mailbox in about 5 days. You can spend up to $1,000 per day with no fees. If you just buy gas, food, or pay your electric bill with this card you will be fine. I’d suggest you move some of your money to bitpay.com and they offer a similar card, albeit with a few fees for converting and transferring… yet they are not as strict on rules.
I keep repeating this since I got my account cancelled with coinbase for two possible things: one, I think, is because I sell kratom and the second possible one is because I bought a Kevlar helmet from an online retailer… either way, I’d suggest you exercise caution when you use your currency with coinbase/shift card.
Mycelium is a wonderful app that I use to keep the bulk of my savings. They have an excellent option to keep your money off the internet, which is called “cold storage”. What this does is it allows you to take your savings into a cold wallet, which improves your level of security manifold. Note that this is not completely necessary but it is highly suggested and I can do a whole guide on how to do that soon.
Lastly, I told you I would talk about buying fractions at a time. I think this point is very important to make since a lot of people think they can only buy 1BTC at a time. What I always suggest is that you buy at least $10USD per week and when it dips, like it did these past two weeks, you buy even more. Maybe $100 or more if you can afford it.
Bitcoin will continue to do ups and downs but ultimately will keep going up, therefore, do not fear a 2 or 3 hundred-dollar drop. Au contraire, welcome it and buy more if able. You’ll thank me for it later.
If this was helpful, throw me some satoshi when you are set up (15RbiT1RzUgRmAMgptXGCDdyRT76ZXkVK8) or buy some of our wonderful KRATOM… it is the best!
Also on my website: Tips for crypto beginners - a guide https://emancipatedhuman.com/tips-for-crypto-beginners/
I am also expecting the same. In long run Bitcoin will go up but not in a straight line, buying on dips and with systematic investment is a good practice. More people are adopting bitcoins and looking it as a investment for future returns.
i see it as an competing currency. i buy, get paid, and use btc as my normal checking account <3
I am trying to buy $20 every Sunday at 9:00 am
This is a great guide and desperately needed. Im not a big fan of coinbase but I do love having a crypto visa card. I personally use Bitpay.com/visa. It is just so cool being able to instantly spend some of my crypto earnings on a visa card .
Resteeming.
i appreciate your feedback and help!
Knowledge is Power !!! Nice Information for Crypto Geeks...
thank you!
Great beginners guide, a little more trust and stability can only do good for this community. As for people who think they are too late getting in...I always say: yes, it is in fact too late. You should have gotten in last week, or last year. But we cant anymore, we can only look forward. Because we should all believe that crypto is the future, you should buy now and in a couple of months/years look at the people who are just getting and think: you should have gotten in last year...and I did. Its always too late, but at the same time its the perfect time.
nice
good info and nice tips.
thank you
I don't consider this tips for beginner. Maybe next time get a suitable title because this one is not. Its more persuasive than informative.
uhm... i guess your name is very ad hoc
Yea, i may have out as harsh there . PS, if you haven't it would nice to write an actual guide for crypto beginners. Alot of members coming on steemit are very new to the crypto world.
Very good atrikel you think is very good, inspiring teenagers who are still thinking about decent work to make enough money. Where your article is suitable and good for teenagers who do not understand about this currency. very good
thank you
I'm only at the start of my 'Crypto' journey, and intrigued where it's all going! Thanks for the informative article! :)
Me too man im new to this also, but its like crack though now im totally hooked already..haha
glad you guys liked it. hope it helps. i know it has been so good to me.
Great post. Very good advice for newbies.
thanks
With so many Altcoin, $100 could in some coins could be worth $10,000. For example BCH was like 1/2 satoshi and afterwards saw it was +100 statoshi
Great info for a newbie. The cold wallet option is interesting to me, investing money in an entirely online space makes me a little nervous.
Let me give you piece of advice. If you're reading this you're probably invested in crypto but maybe not so heavily. First of all - DON'T rush anything. There's always good stuff to invest in. You don't have to put money into something right here right now because OMG price might go up. If you're just starting in crypto - take it easy and research as much as you can, diversify and KEEP CALM.
I'm wondering if any cryptos will outdo bitcoin by having a more valuable price. It doesn't seem likely, but you never know what might happen..
im very curious too. i think even if btc hits the road in years to come it would be like AOL back when the internet started... and then google came about.
Bitcoin prices is going to go up shortly, better not to sell and keep holding.
i totally agree. its already up. buy and HOLD!
Good article, thank you author!
In the world of crypto currency there is a lot of interesting and new, and how not to do without a guide!)
All I wish good luck and subscribe)
thanks!!
Thanks for the info. I'm new to crypto this yeae but I dont plan to use it for spending any time soon. Hodl and trade!
This post received a 2.1% upvote from @randowhale thanks to @emancipatedhuman! For more information, click here!
cool post, still trying to learn about bitcoin
Learn about "the blockchain tech". More important than bitcoin.
Hello,
Interesting post, can I translate into Spanish?
To grow the Spanish community.
Thanks!
No tengo mucho tiempo para traducirlo. Pero si tu lo traduces, ponlo en tu steemit blog y nada mas pon el link del articulo original con mi nombre. ahora.. un tip, si pones mas de 4 articulos en un dia, steemit te empieza a cobrar impuestos. no pongas mas de 2 al dia para no verte tan "spammy."
Ok, Gracias...lo tendré presente.
Un saludo!
thanks emancipatedhuman, i will resteem this and i am waiting for your next article on mycelium guide.i will like to give it a trial.though i use ledger at the moment.
thank you so much! ledger has great reviews!!! im learning trezor. lets see :D
Yeah, i saw a lot of people freaking out and selling all their cryptos during this week. Just because bitcoin had a rough week doesn't mean all cryptos are going to fail.
Great article lots of useful information thanks. Cheers mike
all ppl talking about something strange will happen after 2 wekks will change crypto values do u know what is it ?
the bitcoin fork. it may turn into two coins.
buy bitcoin is the best choice
I'm new to cryptocurrencies as well. Here's my newbie thought: There are two metrics of value. 1. in dollars / how much "stuff" you can buy with it. 2. Measure Number of Cryptocurrency Users (instead dollars). The value in belonging to a society that adopts crypto for exchange compared to fiat or gold. Our quality of life would improve dramatically using a non-taxable currency in a number of ways. The number of people who use crypto tells us how close we are to that society regardless of dollar amount.
I would love feedback on those thoughts from a veteran who knows their shit more than me.
right now we compare bitcoin to dollar because dollar is the main currency. it gives us a frame of reference just like when you go abroad and try to buy stuff in a mexican market but you have to convert it in your mind to dollars to see if it is too expensive or good to buy. this will no longer happen when we are used to and acclimated to using btc and other cryptos... and eventually we wont have to because the dollar will be really worthless.
Nice post, we all need some guidance in cryptos. Everyday there's something new to learn.
After this big correction I was really impressed with Litecoin .... Held up nicely. Wish I had bought more on Sunday ...
Nice post! I just recently purchased a few kinds of cryptos through coinbase and I'm interested in the Visa card and cold wallet options, just not sure how it all works. I look forward to your guide on that and thanks for the tips!
very nicely explained for new people like me it will help very detailed post.
Hello @emancipatedhuman I'm scaling in and have been averaging down as I began buying small amounts of ethereum and bitcoin in the past couple of weeks. The cryptocurrency market fascinates me. I've done a bit of trading in stocks and options and am looking to apply technical analysis (as one would do with stocks) at some point to do small time day trades / short term trades in cryptocurrencies. Starting out small and I'll start following you and check out your website as I'm eager to learn about this exciting new world. Thanks for the informative post and link!
thanks! im not the most knowledgable dude on cryptos but i try. here's an talk i did https://www.facebook.com/pg/TarrantCountyLibertarianParty/videos/?ref=page_internal