Getting Started
Select the cryptocoin you would like to invest in. If you’re not sure, go with the big one – Bitcoin. I only say that because selecting the one coin (or coins) that will be the leader is nearly impossible to predict. Listening to the so called experts is sometimes more frustrating. I’m no expert so… In any case,, Once you have Bitcoin, you can buy any other currency using Bitcoin.
Next, select a wallet for your coin. If you’re just getting started and are totally confused about this entire new monetary system, and in spite of that, you are still willing to jump in and invest, then go with Coinbase wallet. It’s secure and it insures (FDIC) your USD deposits. They also take precautions to safeguard your cryptocoin deposits. But always read the user agreements and the wallet rules and precautions before you actually deposit your coins in any wallet.
Now that you are past the first major steps it’s time for ACTION. I know… it can be intimidating and even painful BUT this is where some of you will drop out and find a reason why you shouldn’t do it. If you are in that category, at least you learned a little and hopefully no regrets later on in life.
For the rest of you, let’s move forward and follow the steps below!
NOTE: You can get started with as little as $100. You’ll be able to purchase a fraction of the coin you select. For example, if Bitcoin is at $20,000 per coin and you want to invest $500, you will be the proud owner of 0.025 BTC. As Bitcoin goes up in value, so does your initial $500 investment.
Follow these steps
1. Read and get familiar with the terms and the purpose of Cryptocurrency. You don’t have to be an expert to profit from this technology
2. Next, determine how much you are able to invest keeping in mind that no one knows what will be the outcome of these currencies. There are plenty of skeptics and plenty that believe in this new form of global currency. I happen to fall in the latter – the believers. BUT, I do not invest in more than I am safely able to lose without financially harming my family. I’ll cry like a baby but we will not lose the house or our way of life.
So, I do not recommend investing money that would cause anyone financial harm should this turn downwards.
Now that we got that out of the way.
3. Get a digital wallet where you will deposit your coins and make your initial purchase of Bitcoin. CoinBase is the most popular and is a US based digital wallet. Open an Account with CoinBase and deposit USD (dollars).
There are other popular wallets like Exodus, and there are even paper wallet. To start out and until you have a better understanding of this new form of currency, use the CoinBase wallet.
The other digital wallets have inherent risk like someone hacking into your device and stealing all our coins or losing your “key” and are unable to restore your wallet.
That would be very painful especially if it grew to a very large sum of money. The down side to Coinbase is that you can only store Bitcoin, Litecoin and Ethereum. You will need other wallets to store the other coins.
4. Once you have USD in your account, purchase Bitcoin (BTC) and any other coin supported by this wallet. I’m invested in Litecoin, Ethereum, and of course Bitcoin.
Owning some of each is one way of riding the wave no matter which coin ends up at the top. And you don’t have to invest a full coin. What I mean is you can buy fractions of a coin.
If you’ve gone this far, you are now the proud owner of the latest and greatest investment vehicle. Watch it grow!!!