Get Started with Cryptocurrency in 1 Minute!
With this being a short week its time to review a quick solution. You may have heard about Bitcoin, Bitcoin Cash, Dash, Ethereum and other cryptocurrencies. You may have also heard that cryptocurrencies are complicated to use. The reality is that the use of cryptocurrency can range from dead simple to extremely complicated. The complexity depends on your level of understanding and desire to control your own money.
This post is designed to show you, the most simple way. Follow the steps below and get setup to use Bitcoin Cash in just a minute!
Using your phone, text “Receive” to 1-707-777-6185. This connects you to Cointext, a Bitcoin Cash wallet based on SMS. If outside the United States, find your access number here: https://cointext.io/en/regions/?
That's it! You now have a cryptocurrency wallet setup and can receive Bitcoin Cash directly to your phone. As long as you have your phone number, no app is needed!
As an FYI, most of you may know Bitcoin but are not familiar with Bitcoin Cash. These are 2 separate cryptocurrencies; Bitcoin Cash is a spinoff of the original Bitcoin that allows for quick easy, nearly free transactions. This is why I am able to send out even a small 5 cents to anyone. This is impossible with Paypal and other traditional monetary instruments; the fees associated with any transfer exceed the amount being transferred.
At some point, you may wish to upgrade to a smartphone wallet versus a text messaging wallet. Please see my previous post about Cryptocurrency Wallet Types to get started.
Buy crypto to spend it; Don’t speculate without understanding!
Before investing in crypto it is wise to purchase small amounts and spend the currency. This is why I recommend Bitcoin Cash versus Bitcoin. Bitcoin Cash facilitates the transfer of small amounts of value and allows you to not risk a large amount of money while you learn. Spending crypto will help you can understand why it is revolutionary. A significant number of buyers who purchase cryptocurrency are speculating. While there is nothing inherently wrong with speculation itself, if you do not understand “why” you are investing in crypto you will fall victim to purchasing and selling at the wrong times, ie. “Selling Low and Buying High”.
When you are ready to dive deeper into cryptocurrency, I recommend the following brokers/exchanges. They offer multiple ways to purchase and they are fully regulated in the United States and insured.
Coinbase - Bank Transfer and Credit Card
Gemini - Bank Transfer
Bittrex - Bank Transfer
Poloniex - Bank Transfer
Square’s Cash Wallet - Bank Transfer and Credit Card, Bitcoin only
Crypto ATMs - Use Cash to purchase Crypto at an ATM
If you are ready to spend crypto there are several businesses that accept crypto as payment. Here are a few of the larger businesses:
Purse.io - Save 5% to 20% off your Amazon purchase using Bitcoin Cash
Overstock - Get
Microsoft - Electronics and Apps
Newegg - Electronics
Cheapair - Purchase Hotels and Airfare
eGifter - Convert your crypto to Giftcards
Gyft - Convert your crypto to Giftcards
If you have any questions about these options, please ping me on Telegram: https://t.me/cryptocoachcc.