It seems everyday several people ask me how to invest into cryptocurrency and how to get started. Well, here it is. These are my suggestions to all the people getting started with crypto.
Please remember that investing in cryptocurrency does not mean you will get rich tomorrow. It is a risky investment and you need to do your research.
NOW IS THE TIME TO GET INTO CRYPTOCURRENCY... HERE IS HOW
Step 1: Buy your first crypto.
There is no time like the present. The first thing you need to do is to start an account on Coinbase or Kraken or another site that you feel comfortable converting your cash from a credit card or bank account into cryptocurrency. I almost always use Coinbase to buy my Bitcoin or Ethereum. A lot of people complain about Coinbase and it has had some issues, but it has never failed me. It is the easiest and largest site in the US for buying crypto.
If you use this link... HERE then you will get $10 in free Bitcoin and so will I. Kraken is another good site I trust, but it generally takes a couple of weeks to get approved. I'm impatient, lol. Search and find the site you like the best.
Step 2: What do I buy?
There are over 1,000 options when looking to buy cryptocurrency, but when you get started, focus on the top two coins. Bitcoin and Ethereum. Start accumulating those coins now while you learn more about crypto. Bitcoin is the "gold standard" of the crypto world and is a great place to store crypto wealth. Ethereum is an incredible platform that most of the other coins are currently built on. Both of these have incredible long-term potential and you can't go wrong buying now and holding. When making your first purchase, don't swing for the fences. Just get $100 or so to make sure that everything works right and you can send your crypto off site.
Step 3: Storing your crypto.
Security is one thing you need to take very seriously when it comes to cryptocurrency. You want to have private keys for your coins, you want a secure wallet and eventually a hard wallet. What is all that stuff? Well, your private keys identify your coins on the blockchain and make it so they can't be stolen. You don't get those keys on Coinbase or Kraken or other exchanges. You have to transfer your crypto to a wallet.
I use the Exodus wallet. It is simple to set up and you can exchange coins inside of it. It is the one I use, but I have a hard wallet to keep the bulk of my holdings. The Ledger Nano. Right now, just start with a wallet like Exodus or another one you like better. If you are planning on investing a lot of money, order a hard wallet sooner than later, because it is the best way to keep your crypto safe.
Step 4: Get your knowledge up!
First... join Steemit.com. Steemit is an incredible social media and blogging platform allows you to earn crypto while you comment and post like you normally do each day. It is also a site made up of some of the smartest crypto investors and commentators on the planet. It is a wonderful place to learn about crypto and so many other topics. The best thing is you gain crypto while doing it. Join today for free.
You will also want to start watching YouTube videos about what is going on in the crypto world. Just search "Bitcoin" and you will find tons of people. Search by questions you have and learn all you can, when you have time. This is a growing space and learning now will keep you ahead of the curve as more and more people realize that crypto is the future in a lot of ways.
Step 5: Follow basic investing techniques
Now you're ready to get more serious and move to other coins, be smart about it. I use Bittrex and Kraken when trading for the alt-coins. I don't leave much on the exchanges. I generally transfer to my wallets immediately.
So many people follow the worst advice when starting out with crypto. If you see someone on post say something like, "Buy Bitcoin Cash and hold it until Coinbase adds it in January and you will get rich." Don't listen to them. As a general rule of thumb, don't take anything on Facebook as gospel. Don't just make silly rash decisions without doing the research.
Find coins that you understand their purpose. See if they have a good team building it. See what hole it fills in the marketplace and check to see how close the are to realizing their purpose. Make sure it is a solid organization before you throw your money at it.
Buy low and sell high. Don't follow the rushes. If you see a coin is up 75% today, don't buy it. Wait until it is down 50%. Don't put all your eggs in one basket. Diversify your portfolio, but you should always have Ethereum and Bitcoin. Decide if you are a long-term investor or more short-term. If you are here for the long-run you will most likely see success.
(all gifs from giphy.com)
Investing isn't a way to get rich quick, it is about long-term results. Follow these five steps and you are well on your way. Have any other tips I missed? Share in the comments below.
To my followers, you are the wisdom that guides my Steemit journey.
Thank you so much for sharing this information. Have a great and profitable week!
L'Chiam!
Thank you for reading and replying. I appreciate it. Thank you! You have a new follower.
Thank you for following me! I don't really understand this platform yet, but I'll get there!
you are welcome. This might help you get started.
steemit.com/steemit/@walkingkeys/the-complete-guide-to-steemit-success
It is really an informative write up for me. I never knew more about the crypto currency the way as i did today from the post.
Thank you! I am glad I could help. That is why I wrote it. Good luck. You have a new follower.
Thank you so much.
Very good post, well done!
Thank you very much
Thanks for the Great advice!
Some of these I've learned the hard way.
Some of the best advice you gave here is to be level headed and don't buy into the booms, wait for the pull back.
I don't necessarily think you need hardware wallets, if you get your private keys and keep them in an encrypted USB stick it's the same solution and much cheaper