A guide to investing in cryptocurrencies - Part 1 "Getting Started"steemCreated with Sketch.

Investing.png

There are many things to consider when investing in cryptocurrencies: which ones to invest in, how to go about investing in them, should you trade them on the exchanges, how do I protect them once I have purchased them. I will disect each of these topics for you in a series of articles. But, first you must make the fearful decision of taking the leap into an unknown world to you and begin to invest in the space. To many this will be a fearful experience in the beginning, but so was the first time you rode a bike, and so was the first time you went swimming and now those are simple things you do without any thought. This will be the same type of experience as you transition into purchasing and using cryptocurrencies. This will be an important transition for you to make as there are fortunes to be made and it is the future of financial transactions which is here in front of you today. The early adopters will be rewarded as the followers flood in and try to buy the coins later.

First, which to invest in. I strongly recommend getting your feet wet with any of the big three: bitcoin, ethereum, or litecoin. Those are never going anywhere and you will make predictable solid gains that will far exceed your expectations. After you get comfortable with owning these currencies, then I suggest you continually invest a portion of your free cash flow in any combination of these three cryptocurrencies. It will take you a while to get used to transacting with the cryptocurrencies because it will be different than anything you have done before. I recommend opening an account at Coinbase .com first. There you can link it to your bank account with verification and make wire transfers into your account there to purchase any of the three aforementioned cryptocurrencies. They are currently seeing an absolute flood of new account opening right now and are having some scaling issues related to that so be very patient. It will take you a while to get your account opened , verified, and then linked to your bank account. You can make a smaller purchase with your credit card more rapidly once your account is opened to get things started, but the limits on credit card transactions are lower. A key point I should mention about Coinbase is that your deposits there are guaranteed just like at your bank.

Now you are set up to begin investing in cryptocurrencies with your account at Coinbase. You can easily set up an automatic withdrawal on a time frequency of your choosing, or you can order coins episodically at any time you like. There will be a $2500 limit per week for the first 30 days of the account, which will rise after 30 days to $15000 per week. This whole process will likely take you 2-3 weeks to get started. During this time you should educate yourself as much as possible about cryptocurrencies; how they work, why they are secure, the other wonderful technologies being attached to the blockchain technology on which cryptocurrencies are based. This is also the time you should start to do some research into some of the other over 700 cryptocurrencies that you might want to later speculate a portion of your investent in if you desire a shot at even much sharper gains by catching some of the whales at the minnow stage. From Coinbase, you will be able to send your cryptocurrencies to anyone's or any entity's wallet to make purchases, you can send it back to your bank after converting it on the site back to the dollar denomination of your choice, or now you can send it to your paypal account. It really is easy once you get used to it.

Go on and get your feet wet. At least start opening the account as this will take some time as I mentioned. You can start with a very small amount of investment that you are very comfortable with so that you may gain confidence in the platform.

I will be following this article with a series of others related to the process of investing in cryptocurrencies. Please follow so you don't miss them. I am trying to make this easy enough for the beginner but with enough information for the more experienced cryptocurrency investor.

Please resteem so that others can also have a chance to view this guide.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

I'm in Canada, so I want a company that won't make it difficult to convert fiat money to Bitcoin.. Coinbase is located in the US..Is there any reputable companies in Canada that you would recommend??
Thanks in advance..

·

I haven't come across any that are based in canada. I checked the website for you. At coinbase you can use credit or debit cards from Canada. It say you can only buy which is strange. But, once you have them, it is easy to transfer them anywhere you want or need to, like an exchange to trade them, etc.

·
·

Thanks Dan, appreciate it..

·

Check into Lykke, a Switzerland based system. I tried to buy some stakes into it, but US regulations do not allow.

·
·

Thanks Soo, will check it out..

Nice post. I was about to post a similair post. Buy and hold for the upcoming 2 to 5 years and the market will find it's way. We do need more indept investment analysis. I found this great website: https://www.coincheckup.com I'm really happy with this site that gives complete coin analysis for every single crypto.