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.
Transfer your bitcoin or ethereum from coinbase to bittrex using your specific
Buy a wallet. Trust me on this. If you keep your money on the exchanges, the people who have been in this space will call you a noob. Avoid getting called a noob by storing your digital securities.
Here is a video that gives a good overview of Bittrex.
Watch this 10 minute explainer video about how Ethereum works by Dan Finlay.
Blockchain is cool and you can do a lot of things with it.
Here is a great article to go along with it.
There are a lot of reasons to be excited about blockchain.
Maybe you heard the story of the individual who bought 2 large pizzas using 10,000 bitcoin. They cost the person who delivered them $25, and he happened to be flying to London which was where the person who wanted Papa Johns wanted them. Today, that same person could buy $40 million worth of Pizza.
In 2013, Etheruem also made it possible for anyone to raise money in a public Crowdsale known as an Initial Coin Offering. In the last 3 months alone, over $1 billion has been raised this way – a total of $1.8 billion.
Tokens are just the tip of the Iceburg. As of today there are:
And a total market cap of:
This is big. This is not going away.
Getting the whole StartingBloc chain effort off the ground is definitely a passion project for me, but as the first post to this website, it’s good to look into my motivations for wanting to get this off the ground.
I have a lot of reasons.
- I really believe that if we have a consistent dialogue about it and also learn together from a Socratic method, everyone wins and we will glean valuable insights about something new and transformative.
- StartingBloc is an ideal community of change-makers who already share a common experience and insights into frameworks to create social impact to start collectively learning about this – and also driving a larger dialogue around how to effectively engage blockchain to measure and manage the world we want to live in.
- I’m launching a company that will pursue an Initial Coin Offering and coming across a lot of information. Doing this is actually extremely helpful for me to put things down in one place.. why not share about my fundraising journey with others!
- Blockchain is enabling a new economy that is nothing short of a modern day gold rush, and it gives me joy to share to my friends and trusted networks how easy it is to invest using this technology platform.
- If my own startup plan blows up, I will figure out a way to make money as a consultant educating people about blockchain or joining a blockchain based company, so this is great practice for me.
I’m all in to put in the consistent effort to do what it takes to get this off the ground. I will moderate our consistent dialogues and be responsive to any feedback. Please take a look at the website and suggest additional companies, articles, or resources to share through the forms on those pages, or any ideas that you have for this group.