4 Steps to Starting in Bitcoin and Cryptocurrency

bitcoinbriest (28)in #bitcoin • 7 years ago (edited)

4 Steps to Starting in Cryptocurrency

Everyone seems to have some level of interest in the world of Bitcoin, Blockchain and cryptocurrencies. This technology is the tech/.com bubble of our day. It is exploding with ideas and technologies I believe will improve our economic landscape and evolve how we transact information and resources in the digital age.

Knowing where to get started in all of this can be difficult, but I would like to help! And no, you don't have to buy a course from me, or give percentage points on returns. Your success in learning and support is all I strive for. I am not claiming to be an expert, but as a teacher at heart my goal is to help people become informed and participate in this decentralized revolution!

Step 1: Learn about Cryptocurrency

Before you start investing, I would suggest making sure you understand some of core technologies at play and be able to answer questions like:

What is a "blockchain"?
What are “AltCoins” vs "Bitcoin"?
How do “smart contracts” work?
What is a hard vs soft fork?
What are “Satoshis”?
What is 'Segwit'?

Here’s some Links to start, but google can give you more and better stuff than just these 5!

Staying up on industry news and project announcements:

Now it's a matter of reading up on the various coins, watching them trend (they trade 24hrs a day), figuring out what kind of position you want to take with which coins, then start buying and selling.

https://www.coindesk.com/
https://coins.live/news/
https://cointelegraph.com/
https://coinmarketcal.com/
https://Reddit.com - HUGE footprint of cryptocommunities

Check out Youtube Channels

BE CAREFUL!

Lots of channels out there are from scumbags who shill their scams (coughBitConnectcough) or have no real clue what they are talking about (examples: Crypto Nick, Trevon James, Tai Lopez) Choose careful. The couple I will watch with consistency are:

DataDash @ https://www.youtube.com/channel/UCCatR7nWbYrkVXdxXb4cGXw
AltCoin Buzz @ https://www.youtube.com/channel/UCGyqEtcGQQtXyUwvcy7Gmyg
Doug Polk Crypto @ https://www.youtube.com/channel/UC4sS8q8E5ayyghbhiPon4uw

Step 2 - Purchasing Bitcoin (BTC)

Before you pull out your credit card, is it time to buy? Research complete? Ready to accept risk of investing? Do you have an investing strategy?

There are a lot of sites that offer, or claim to offer, the ability to buy Bitcoin, Ethereum and Litecoin. Be careful, some exchanges are more reputable than others. Also examine the fees. Coinbase is popular, easy to use however fees are $1-4 dollars for purchasing with your bank or credit card.

Join Coinbase NOW and get $10 in BTC - Click Here

https://exchange.gemini.com is a newer and sometimes faster and cheaper way to buy BTC and ETH. I began using this option as I could buy at more of a exact price and it was cheaper (pennies on the dollar). However its not as friendly and customer support leaves something to be desired. Not personally happy with them ATM. You can also look into GDAX (part of Coinbase), or CoinMama.

Obtaining alternatives to Bitcoin

If you want to get outside of the major coins offered on the basic exchanges, this can be a great opportunity to find newer technologies and get in on them. A crypto exchange is a place where people come together to buy and sell their currencies, like the stock market. There are many out there, with varying reputations, but I have gravitated towards Binance. It is China based, but fast, easy and low cost fees ( especially if you buy a couple of their BNB coins) Great phone app, desktop client so I can trade anytime and anywhere.

Join Binance NOW - Click Here

As mentioned before you can also check out GDAX, but it does not have as many listings as of this writing. You can set up wallets for other currencies that Binance may not offer, then trade some of your BTC/ETH/LTC for other currencies via websites like Changelly or ShapeShifter. For a fee, these sites will swap your deposited coin, for another one they list deposited in the account you desire. If you open an Exodus desktop wallet you have this built in for the currencies it supports storing.

Step 3: Securely Storing your Coins

Keeping them in on an exchange from you which buy or trade is not a secure and long-term option option. You are most vulnerable to your account being hacked, or the site going belly up and all of your investments disappearing. Long term holdings should be kept in a secure Wallet, I would recommend Exodus as a virtual desktop wallet. It includes a built in exchange (with ShapeShifter) so you can securely convert to other cryptocurrencies while holding securely.

Exodus Desktop Wallet

Other alt-coin wallets are JAXX, MyCelium, Coinomi, My Ether Wallet. There are hardware wallets like Ledger Nano S (pictured below) which offer cold storage for your assets. Without access to your hardware and your keys it makes theft impossible.

Compare Them Here

For ultimate security and long term holding you can consider a Paper Wallet.
https://www.coindesk.com/information/paper-wallet-tutorial/

Step 4 (the hardest): Wait and Hodl!

Best thing any of us can do is secure the holdings we feel most confident will grow in value over the coming months and year, and wait. Unless you are a day trader, don't hawk the prices every 30 minute interval, or even see where its at before bed. Most of the best investments right now are long term holds. Enter your holding into an app such as Blockfolio

If you want to increase your holdings, all you need to do is watch for the most reasonable and feasible dip in price and scoop up what you want. Waiting for the right spot can sometimes take awhile...

What Now?

There's still more you can do! Want to set up mining hardware? Maybe try cloud mining on Hashflare instead. Run a node? Invest in an ICO? Build your own blockchain application? The world of cryptocurrency doesn't end once you have a few coins. Like Pokemon you got to catch all of them fuckers and HODL!

#buyingbitcoin #buyingaltcoins