If you’re thinking about buying Bitcoin or any other Cryptocurrencies, this guide will walk you through the process and help you figure out which ones to invest in.
We will be using the popular Cryptocurrency wallet and buyer platform, Coinbase. The first thing you will need to do is create an account, by going to Coinbase’s website. Once you’re there, click sign up.
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Step One: Once you click sign up, you will have to fill in your information. Your password has to be strong, and you’ll have to verify through a Captcha test.
Step Two: After you sign up, you will have to verify your email and add your phone number for security. You will then get a text on your phone with a code to be entered on your computer. Once that is done, you will be signed in and your page should look like this.
Now we have that done, but there is still a question to be asked: What Cryptocurrency should you invest in? The answer is really up to you, but if you want profits, go with Bitcoin and Ethereum.
Bitcoin has risen over $1,000 this month and Ethereum rose $100. I’m leaving out Litecoin because it has been leveling out recently. You can read one of our articles about the future of Bitcoin here.
In this guide, we will show you how to invest in Bitcoin, since it is the largest and most-bought currency.
On the right of the dashboard icon in your account, you will see a sign that says Buy/Sell (refer to the photo above).
Step Three: Directions
When you click on the icon, it will direct you to a buy page. In this page, you will see the choices to invest in. It will also show below each Cryptocurrency’s current price, which updates every few seconds.
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When you chose whichever Cryptocurrency you want, there will be a check mark above it telling you’ve chosen it.
Step Four: Choosing Payment
You will see the payment method below. You can click to add three different payment methods. Each method has its pros and its cons.
PayPal Account Method- Selling is much faster when using PayPal compared to the other two options. But the cons include the fact that there are lower limits on the amount of Cryptocurrency you can buy each month.
You also have to prove your identity with either your driver’s license or a photo of yourself.
Bank Account Method- This is the method I chose when I was buying Bitcoin. The funds take a week to come, but the benefits outweigh the wait.
You get higher limits of the amount of Cryptocurrency you can buy each month. You do not have to prove your identity or pay any fees.
Credit/Debit Card- This option is good if you’re not patient and are willing to suffer the benefits. You get your currency faster than both the PayPal and the bank account method.
But you have lower limits and have to pay a 3.75 percent fee, and they only accept Visa and MasterCard.
The best option I think is really the Bank Account Method. It only has one con and many pros, and it also suits the average person. If you’re not sure about your purchase, you can always cancel the order with customer support.
You can do this sometime because the funds don’t leave the account until a week later.
Step Five: Figure out which currency to invest in.
Once you figured out which method of payment you’re going to use, you have to figure out how much you are going to invest in the Cryptocurrency.
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If anything, invest less than $50 since Bitcoin has dramatically increased so much. Less than $50 will lead to small profits, due to the small fraction of Cryptocurrency you will own.
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If you’re thinking about buying Bitcoin or any other Cryptocurrencies, this guide will walk you through the process and help you figure out which ones to invest in.
One thing you need to do before you invest is to double check if this is the right currency to invest in. You have to do the research, not just a quick mindless search.
Look up the past prices and the news about the currency. This is what many people do in stocks. Also do not expect prices to go up and down when you want them to do so.
This is what many people do wrong when investing: when they see that the prices go low, they sell it instantly. You need to sometimes know when not to sell, even though prices dropped.
In most cases the price will go back up again, but if it keeps dropping ask yourself if it is worth the risk to not sell.
I can show you some of the examples of Cryptocurrencies I bought.
I bought $40 in Bitcoin last month due to the rising prices. As you can see in the picture the price has really grown. It is nearly two times more valued than the amount I put in.
I’m holding onto the Bitcoin and I’m probably not going to sell it soon. I should’ve invested in Ethereum but at least I invested in Bitcoin.
I would have got double my money but I made my mistake by investing in Litecoin. I put $182 into Litecoin last week and now it has dropped to nearly $144. I have lost $40 from this and bought it when it was at a peak of $33 a Litecoin.
Coinbase is also a wallet so you can store all your cryptocurrencies in it. Its also fast getting payments from other people. It usually takes less than 30 minutes if you are sending payments to another person.
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Coinbase is a good place and is super reliable and trustworthy. I recommend using Coinbase due to the good tech support and low fees when selling.
When I first started investing I used Indacoin. That was a mistake because when I was selling my Bitcoin the fees were incredibly high.
I hope this guide has helped you for investing in Bitcoin or any other currency. These currencies are the future and you need to start investing before they become mainstream.
If you do not invest now you will be regretting that decision for the rest of your life. Remember with Bitcoin you will probably make your money back due to rising prices.
In conclusion do research on the currency that you’re going to buy and figure out how much profit you can make from it.
