Cryptocurrencies can make people really rich. Maybe you want to be rich too to save the world by that, or perhaps you want your own lambo too! aha! —but you’re not really sure how. Here’s a brief guide.
To be clear, this is not a suggestion for any cryptocurrency; Bitcoin, Litecoin, Steem, Ethereum, or any other alternative coins. It’s also not a suggestion that you should invest in cryptocurrency at all. But if you want to be an early investor, you may keep this one rule. this rule is suggested by Bitcoin expert; Andreas Antonopolous:
“What percentage of your wealth should be tied up in cryptocurrencies? A percentage that is equivalent to your understanding of how the technology works and your ability to absorb the risks it entails, which for most people is a small percentage. Only invest the amount you’re willing to lose, because there is a good chance you will.”
So How Do I Buy Bitcoins or Cryptocurrencies?
You can buy Bitcoins directly from digital currency exchange or broker, such as Coinbase, Gemini, Binance, Bitstamp, Kraken, and Gatehub. Coinbase is one of the biggest U.S. cryptocurrency exchanges. For a beginner, it’s best and easiest to use one of these exchanges.
The list of crypto currency exchanges
https://cryptocoincharts.info/markets/info
You’ll also need a digital wallet, a place to store the cryptocurrency. Every exchanges will provide you the wallet you need. Then you can buy any cryptocurrencies that you like, choose the best cryptocurrencies, here's how:
Choose cryptocurrency which has real world daily usage. for example: ethereum has real world daily usage for companies to collect capital in ICO. Choose cryptocurrency which still undervalue in price, with solid development team and community.
Choose wisely, do your own research which crypto will bring you highest price in the future.
You also should look at the chart of fluctuation of the price. Buy the dip, it mean you should buy at the lowest price possible.
But just because you purchased crypto on a particular exchange doesn’t mean you have to stick with it forever, it is better if you send your crypto into private wallets, such as trezor, ledger, bread, jaxx, mycelium, etc. It is because private wallet give you more protection and control over your crypto.
Exchanges can go bankrupt and to be the main target of hackers, so it is better to not store your crypto there.
If you want to use private hard wallet - which is the safest wallet - such as trezor or ledger, buy only on its official website.
Do not buy second hand hard wallet because there are cases where hacker put their malicious software in it.
After you store your crypto in private wallet, all you have to do is HODL (hold for dear life). Wait until the price to skyrocket and you can sell it in highest price possible. never gamble, personally i see daily trading is a gamble, it bring bigger risk to you. so invest, not gamble. just hold the crypto for a long time, perhaps one or two years.
And thats it. I hope you can achieve your dream soon!
#Photo: Morguefile#