So you’ve finally learned the truth and want to join the world of cryptocurrency.
While yes, most of us have missed out on the insane innovator gains, it is still very earlier in the game.
Much more wealth has yet to be made, as fiat currency will begin the mass migration into crypto.
If we look at the total money supply, there is about $250 trillion dollars of wealth that exists in the world. The cryptocurrency market cap is currently under $1 trillion.
Anyway, in this post I will explain how to buy crypto, how to store it, and how to invest in it for the long run.
DISCLAIMER: I am not a financial advisor. Please do your own due diligence before investing in cryptocurrency. I would not invest unless you understand what this technology means for the future.
PPS: I would also not recommend buying a large amount of crypto at this time. My advice would be to buy a very small amount to learn how everything works, and then wait for a market correction to buy a bigger position at the bottom.
1. How To Buy Crypto
First things first, you’re going to need to exchange your fiat currency (dollars, pounds, euros) to buy cryptocurrency. To make things simple, go ahead and start with Bitcoin.
The easiest way to do this is by using your credit card which a few crypto exchanges can do for you.
The most popular is Coinbase, but I would not recommend using them due to their US headquarters with the IRS breathing right down their necks.
Therefore, I would use one of these exchanges:
Each of these exchanges will walk you through the process of purchasing, and then credit your account with the Bitcoin you bought.
However, you’re not going to want to keep your Bitcoin on the exchange, as that’s exactly like keeping money in a traditional bank account.
You’re going to want to immediately transfer it to your own private wallet, so that you have complete control over your assets. And don’t worry, I will go over how to setup your wallet in the next section.
Note: Later on down the line once you are more tech-savvy with using crypto, it makes a lot of sense to buy directly through a friend, or through LocalBitcoins. This way there will be no centralized record of your transaction.
2. How To Store Crypto
After you bought your crypto through one of the exchanges listed above, like I briefly mentioned, you’re going to want to transfer your assets into your own private wallet.
This allows you and only you to have access to your funds, and the power to do whatever you want with it without asking permission. That’s what crypto is all about.
Anyway, when I first got into the space back in June, I was looking for the simplest wallet as I wasn’t familiar with any of the technology. After trying a few junk wallets, I discovered Exodus and haven’t looked back since.
Exodus by far is the best wallet on the market, as it is extremely easy to use, you can store a variety of different coins, and you can even exchange one coin for another inside of the wallet itself.
After you download it on your desktop, all you have to do is click on Wallet > Bitcoin > Receive, and copy your Bitcoin address. Then go back to your exchange where your Bitcoin is, and withdraw it, pasting in your Exodus Bitcoin address as the destination.
Your Bitcoin will then arrive in your wallet after the transaction reaches a certain number of confirmations.
Now that you officially hold your own Bitcoin, you can exchange it into different coins, and create your own portfolio inside of Exodus.
Don’t go too crazy with it though, as over-diversification will hurt your gains. I would pick a maximum of 5 coins that you believe in for the future.
Note: Once you start acquiring a lot of crypto, the smart thing to do is to move the bulk of your portfolio into a hardware wallet like Ledger or Trezor. This will keep your coins much safer from potential hacks and viruses.
3. How To Invest In Alt-Coins
After you get pretty comfortable with moving crypto around and learning all the basics, there is a third optional step which involves investing and trading alt-coins.
While Exodus can hold 30 or so different coins right now, it doesn’t have access to a lot of the small cap coins with big potential for growth.
Therefore, in order to hold these other coins, you would have to sign up on an alt-coin exchange to trade them in BTC pairs.
The downside to doing this, is that the exchange controls everyone’s private keys, meaning it has a much higher chance of getting hacked/or running away with your coins and exit scamming.
Also, if the price of Bitcoin rises more compared to the alt-coin you’ve invested in, you will lose money.
At the beginning of my crypto journey, I didn’t want to do this based on the reasons listed above, but once I got more crypto-savvy and found an exchange I trusted, I began to do some trading.
If you want to trade I recommend Binance, as it’s easy to use, is one of the highest volume exchanges, and are transparent with who they are/what they’re doing.
To get started, you would need to send some of your Bitcoin to your Binance BTC deposit address, and then purchase the alt-coins you’d like to invest in.
Note: I definitely wouldn’t recommend this step for newcomers into the space. Trading takes a lot of time and research, and most people would probably be better off just holding their coins in Exodus.
Well guys, that’s pretty much the gist of it.
Like I said previously though, I would not invest if you don’t understand and believe in the goal of what crypto is trying to accomplish.
The reason being is because 2018 is not going to be like 2017 in terms of crypto appreciation. The fraudulent government and central banks are going to try everything they can to stop this train.
They will fail and we will win, but it is not going to be a smooth transition. Expect there to be major market manipulation along the way.
My advice to you is don’t invest more than you’re willing to lose, and split your wealth between cash, gold, and crypto. Buy the dip, take some profits at the top, and never panic sell.
Best – Brian