Let me start by saying that investing in cryptocurrencies is not for everyone.
But bitcoin is currently trading at $6151 and a year ago it was below $1000! It is absolutely true that it is possible to generate enormous returns in the digital currency space. There is no doubt that part of this is a bubble and there are scams. You have heard of people talking about it, you don’t want to get left out.
Fear not. Here is a step by step process on how to get in to the game.
Create an account with Authy and download the app. This is an additional layer of security for two-factor authentication.
Create an account through Coinbase to buy digital currencies. If you use this link, both you and I get $10. On Coinbase you can buy Bitcoin, Etherum and Litecoin. Today is a good day to buy Ethereum at $291. The thing to keep in mind that you can buy at any decimal point.
You could stop here and just hold on to any of the above coins. For people who did that a year ago, that tactic certainly worked out with a 10X return for Ethereum and a 5X return for bitcoin, but there is no certainty that buying in today will see such outsized returns. This is, however happening with alt-coins.
Create an account on bittrex Bittrex is a digitral currency exchange where you can buy and sell alt-coins. There are hundreds of altcoins on Bittrex which runs a 24 hr, 7 days a week exchange much like the foreign exchange markets.
Buy a hardware wallet. Trust me on this. If you keep your money on the exchanges, people who know what they’re doing will call you a noob. Avoid getting called a noob by storing your digital securities in a cold wallet. Here is a link to buy a Nano S hardware wallet. This will allow you to have lower transfer fees and always have your cryptocurrency on person and not on an exchange, and is simple to use to make exchanges.
If you have a wallet, transfer your cryptocurrencies from your wallet to bittrex. You will have a specific key that allows you to do this. If you don’t yet have a wallet, transfer them to bittrex.
Check out coin market cap to see how different coins are doing. Watch videos. Attend Meetups. Read the white papers of different companies who you find interesting. Start a crypto-group with people at a similar stage of learning. Share articles that you find interesting. If you’re in StartingBloc, join the facebook group.
You now feel ready to get involved into the digital exchange marketplace.
Here is a video that gives a good overview of Bittrex.
Once you’ve gotten there and need help, hit me up.