Money is like a penis, you need to play with it to make it grow.
This is a beginners guid on how to get started with cryptocurrency and make a passive income.
This is not investment advice.
I started investing in cryptocurrency on my birthday 23 June 2017 and so far I have made 10% profit on my investment. I have a diverse ledger and I'm thinking of expanding it a bit more. I'm going to continue invest 50% of my profit into mining so I can make a passive income. You should make your money work for you as they say.
I was once told that money is like a penis, you need to play with it to make it grow. My advice is to not put all your eggs into one basket. I have Equity Funds, Bonds, a savings account, cryptocurrency, and I'm developing two apps that will be launched on the App Store very soon. My goal is to make a passive income and my investments are for longterm.
My tips are as followed:
DON'T INVEST INTO SOMETHING WITHOUT KNOWING WHAT IT IS.
DON'T INVEST WHAT YOU CAN'T LOSE.
THINK LONG TERM NOT SHORT TERM.
DON'T LET FUD (FEAR UNCERTAINTY DOUBT) INFLUENCE YOU.
Here are some useful links to get started
Exchange
Kraken
This is an exchange where you can purchase cryptocurrencies. You can't buy all currencies here but they do sell the most popular ones.
Exchanges are not safe to keep currencies.
https://www.kraken.com
Software Wallet
Exodus
This is my favourite software wallet. It supports Aragon, Augur, Bitcoin, Dash, Decred, EOS, Ethereum, Gnosis, Golem and Litecoin.
Safer to keep currency. You can make a backup and save it on a USB.
https://www.exodus.io
Hardware Wallet
Ledger
I have heard good things about it so I purchased one. I'm still waiting to receive it and once I receive it I might give a review.
Safest way to keep your currency.
https://www.ledgerwallet.com
Cryptocurrency I have invested in
Bitcoin
https://www.bitcoin.com
There's been some dispute on how to resolve some scaling abilities and this makes it volatile but so far it has only gone up. I have seen bitcoin at €2400 and going down to €1800. At this moment it's around €2800 and this is an all time high. Bitcoin is slow and has expensive transfer fees. This could create its demise.
Ethereum
https://www.ethereum.org
I have seen it at €350 and go down to €180, it's back at €250 at this moment. It's backed by big names like Microsoft, ING, Accenture, BP, JP Morgan, Santander, UBS, Cisco, etc.
Bitcoin Cash
https://www.bitcoincash.org
This coin came to existence due to a dispute between developers and miners. During a split (update) the miners decided to create this new coin. Lot's of people including me made free money because of this. It could become the new bitcoin because of its bigger blocks and cheaper transfer fees.
Ripple
https://ripple.com
Backed by banks, very professional and promising. It could replace SEPA and the Fed Faster Payments Task Force has given Ripple vote of confidence for next generation of global payments.
Litecoin
https://litecoin.org
I don't know why I invested in this. I heard it was good. So far it has been a good investment. :)
Iconomi
Investing platform, pretty awesome and underrated in my opinion.
Cloud Mining
https://www.genesis-mining.com/a/1337071
I started using this service and used the money I made investing, to buy my first 2.5 TH/s. Accounts were hacked a while back and they are trying their best to payback all that they ow to the users. My trust in them is high and they look legit most important they are working very hard to solve the problem.
Website I regularly visit
https://coinmarketcap.com
Here you can keep an eye on the entire cryptocurrency market.
https://www.xbt.eu
Here you can keep up to date with the Bitcoin situation.
http://www.bitcoinblockhalf.com
Bitcoin mining reward will be halved in 2020. It will decrease from 12 to 6 coins. My take on this is that it will create scarcity and drive the price up.
https://coin.dance/blocks
Another website to keep track of the software updates of Bitcoin.
https://www.coinwarz.com/cryptocurrency
Here you can calculate how much your mining can make you per day, month and year.
So that's it for me, I have exhausted my info that I've obtained from the last month.
If you liked my post please show me some love and up vote and/or use this Kb8UDJ and get 3% off every purchase on Genesis Mining! 🤑
Leave a comment with the amount and your code so I can return the favour or if you just want to say hi.
Much love!