Cryptocurrency and bitcoin are the buzz words of the moment! It’s all over the news and on our social media feeds, our friends are starting to get involved, the neighbour Bob has just bought a new Porsche after he bought a few hundred dollars of bitcoin in 2014 and has now made a killing, and even that conservative colleague has started to talk about how he has decided to start investing in cryptocurrency. There is a huge deal of hype and we find ourselves, well, curious!
But how do I start investing in cryptocurrency?
Well, that’s why I have created this site. It’s easy to give people a link to an exchange (a place where you exchange fiat currency into cryptocurrency) and say, just buy cryptocurrency on that exchange. This leaves people feeling somewhat lost! That being said, the first step in how to start investing in cryptocurrency is actually buying some cryptocurrency on an exchange.
Ok so which exchange do I use?
Once you have decided you want to go ahead and buy some cryptocurrency so you don’t miss out, you will need to decide which exchange to use. Firstly, it will depend on the country in which you reside. Secondly, it will depend on whether you want to buy just one coin or a range of coins. Some exchanges only sell bitcoin and others have added a wider selection of cryptocurrencies to choose from. Thirdly, for most exchanges, you will need to complete ID verification. If you don’t have a valid ID at the moment, you can buy a small amount of cryptocurrency on coincorner or blockchain.info. Finally, not all exchanges accept card payments and you will have to pay via bank transfer. However, most now accept card payments.
Great! Bagged myself some bitcoin! Now what?
Well you have various options! Firstly, you can simply buy and hold your cryptocurrency. The most secure way to do this would be to invest in a hardware wallet to store your cryptocurrency. Another option is to put your cryptocurrency to work! Use some cryptocurrency to make more cryptocurrency by investing in a range of platforms which offer different ways to increase and grow your cryptocurrency balance. These opportunities involve mining, trading, participating in ICOs and investing in (risky) high yield investment programmes. ALL of these platforms involve a certain amount of risk, and this is something you need to be very aware of, but there is also reward to be gained if all goes according to plan.
Ok! So how can I effectively manage the risk involved when I start investing in cryptocurrency?
Well, the first thing is to cling to the age-old cliche of ‘don’t put all your eggs in one basket’. This site will introduce you to many enticing opportunities, some more appealing than others, but one of the very first mistakes I made is to put a big amount into one project which I thought would last forever! I have certainly learned my lesson! A more sensible approach (in my humble opinion) is to spread your money around to as many different opportunities as possible, in order to reduce the risk of any one of those companies crashing and taking all your money down with it.
So how do I get started with growing my cryptocurrency?
Thankfully for my readers, I have made myself the guinea pig and tested all the projects I promote on this site. So your next step is to browse and decide how many projects to invest in and how much to invest in each project. Most of the projects are ways of earning cryptocurrency in a passive way, that is, they are fully automated and you automatically get paid at specific times relevant to each programme. Some of the projects are a little more labour intensive, however, the advantage of these ones is that you are still fully in control of your funds, as you do not hand over your investment to a company to trade or mine or whatever it does on your behalf. All this being said, although I have tested these projects myself, and for the time being they are working and paying out each day, they may not last for a long time, so one should only invest what they can afford to lose.
In the coming days I will be sharing more about all I have introduced in this blog; I will be talking about exchanges, different wallet types, buying alt coins, mining, trading, participating in ICOs and reviewing several opportunities which I have tried and tested to help guide you in how to start investing in cryptocurrency.
I hope you will enjoy your cryptocurrency adventure as much as I have mine so far!