Step-by-step guide to start investing in cryptocurrencies (everything you need to know)

theospay (44)in #investing • 7 years ago

Still wondering if investing in digital currencies is a good idea?

The cryptocurrency market is growing at high pace, with Bitcoin being the leader of it (which will probably stay like this), and some more alt coins which gain popularity and can double their value in just a few months. Events such as the regulation of Bitcoin in Japan make more that trust the movement and gives a feeling of security and attracts even more adopters. Taking a look at who is backing up some projects, we see big names behind it such as J.P. Morgan Chase, Microsoft, and Intel, together with other members of the Ethereum alliance which include Accenture, BBVA, BNY Mellon, BNP Paribas, BP, Cisco, Credit Suisse, ING, Thomson Reuters, and UBS. Having these names next to Ethereum proves that this is a trustworthy place to invest your money for long-term period. There are also other platform-based projects which are as trustworthy as this one, but for the sake of this article I will only mention this one, leaving the rest of them for your own research.

Want to know if investing in cryptocurrencies is the right thing for you? Then check out this article: All you need to know about Bitcoin and Blockchain. How to get started investing in cryptocurrencies?

Simple steps...

Get a feel on how the market looks like. A useful website is Coinmarketcap where you can look into market capitalizations of cryptocurrencies
Check out trading exchanges and get familiar with what happened in the past with some cryptocurrencies by looking at the graphs. Then you can understand where a coin is currently positioned and can make an idea on what is going to happen next, You can try websites such as Poloniex or Kraken. There are more like this online but these ones I like using the most.
If you would like to start trading, you would need to exchange EUR/USD or what currency you have into Bitcoin, using platforms Coinbase or similar alternatives.
Next, you would need to create your own digital wallet where you can store and change Bitcoin to other currencies, by using a service like the one Exodus offers. Again, there are other websites similar to this and you need to do research and pick the one you feel it’s most suitable for you.
In order to make wise decision, it’s important to get more knowledge from industry experts. If you like listening, you could try out the podcasts offered on Letstalkbitcoin. If you are more into reading, then a good way to stay updated with the latest news is on Coindesk.
Take part of an online community and write about your learning journey and teach others how to do it as well. A nice platform for that is Steemit, which some people describe it as the Reddit of Bitcoin. What is interesting about it is that the anyone who posts something can get rewarded in STEEM coins every time someone likes your content. Later on you can exchange the coins to other cryptocurrencies and trade them on the market to make more out of it.