Ok Steemians... this post may be a bit junior for those who have been on steem for awhile but I still get lots of questions from people wanting to get involved in crypto and not knowing how to. This is the simplest guide I could put together so if you have any questions please ask :)
At this point most people know what a block chain technology is and that it is a sure part of our future. What most of us don't know is how to get going.
Our aim as newcomers is to get into the market....not dominate it. We want to be in the right place at the right time... If a the market is about to explode, we purely want to be IN THE MARKET.
Before we get going on our action list for newbies I want to point out that we will be ignoring most technical talk around crypto. We're basically looking at names of coins and prices. We don't want subscription services or newsletters about crypto and we're not newbie turned coin investor over night. It takes time and there is no better way to learn than having your own portfolio- so we're going to get you the portfolio first.
For right now, try to gain an understanding of crypto as you go through this process but if you find yourself getting overwhelmed or off track just close the article or whatever you're reading.
Our only goal today is to get you into the market
Quick list to get into crypto
1. Join a coin exchange and get verified I just joined Kraken and got verified to Tier 3. It took about a month to get verified so do this first!
2. Move money into the coin exchange
The minimum to move onto Kraken is $200CAD. Make sure you have about $300CAD to cover the extra fees. You may need assistance from your bank to complete this since you are sending money to a Japanese bank.
Because this is our entry point to the market we take the fees as a sunk cost (ignore them). If you are adding more money to your account or getting more into crypto you'll want to take notice to these fees. For this post we just want to get you INTO the market.
For other coin exchanges take a look here
https://coinsutra.com/best-cryptocurrency-exchanges/
3. Search through Steem for coin suggestions
Here are a few I found with a simple search
- https://steemit.com/cryptocurrency/@tahir92/top-5-cheap-crypto-currency-to-buy-for-2018
- https://steemit.com/cryptocurrencies/@sass2017/cheap-cryptocurrencies-worth-buying-
- https://steemit.com/cryptocurrency/@tinashe/daily-cryptocurrency-dose-top-4-altcoins-to-buy-under-usd1
- Notice a few of these articles are pretty old. You'll want to double check how these coins have performed over time.
4. Decide if you want to buy many options or just a few
- Depending on the size of your initial investment I would choose between 3, 6, or 9 coins with one being SBD. Try not to over think your first buys. They should be pretty obvious based on the research you did.
5. Buy your coins and you're done!
The crypto market can be pretty wild but holding long term is the surest way to make money. If your portfolio jumps and you want to take some earnings out then you definitely should but keep the 80/20 rule in mind. This means you'll get most of your gains from 20% of your portfolio and the other 80% will be losers.
Remember to ask any questions you may have below. I keep my tutorials as short as possible so they are easy to read but if you need a walk through for anything let me know :)