Bitcoin: How Do I Get in the Game?
If you're like most people, you are hearing a lot of hype about Bitcoin. You know a lot of people are making a lot of money by buying Bitcoin, but what's it all about and how can you get a piece of the action?
I was in the same position just a little over a month ago. Crypto Currency has been around for several years but in 2017 it really caught a lot of attention as the price of currencies such as Bitcoin, went thru the roof and made people that invested early, extremely rich.
So what is crypto currency? In the simplest of explanations for those not in the know, it is a start to a cashless society. Crypto currency is currency made via software and is accessed through hashing software which solves complex mathematical equations to "mine" the currency. That's right, crypto currency can be mined by anyone but it is becoming more difficult to do so and takes alot of computing power to run the software. The good thing about it is that if you do start to mine crypto currency, you obtain the currency for free, other than the electricity used to power your mining computer. Mining crypto currency is a totally separate topic which I don't plan to discuss here.
There are hundreds of different crypto currencies out there. Bitcoin is simply the largest and most popular. As of Jan 1, 2018, a single bitcoin is worth roughly $13,240 per coin. Think of a coin as a single share of stock. Now think about all the people that bought hundreds of Bitcoin awhile back when the price was $10 per coin. Most of these people bought thousands of coins. You can do the math in terms of how much those bitcoin portfolios are worth today. You can get a list of the most popular Crypto Currencies at teh following website:
So if there is so much money to be made in crypto currency, why isn't everyone investing? Good question. First off, unlike normal currencies, crypto currency isn't backed or controlled by any official government, person or organization. Because of that, many people say this is a giant bubble which will soon burst, leaving everyone with crypto currency left with worthless investments. To better understand this, think of baseball cards. A baseball card is nothing but a small piece of cardboard with a player photo and stats on it. Probably worth pennies but because so many people value certain cards, a rookie card of super stars like Derek Jeter, Micky Mantle, Johnny Bench, and so many others could be valued at thousands of dollars per card.
Becauae of this, I would recommend that you definitely get in the game because of the potential huge upside, but I would only invest money that you can afford to part ways with. These currencies go through huge fluctuations in a given day so this type of investment is not for the faint of heart.
I did this about a month ago. I invested less than a $1000 and in that short period of time, I've seen a 56% increase in my investment. That amount fluctuates on a regular basis. I've split my investment amongst 5 different currencies, with Bitcoin being one of them. Most people say they can't afford Bitcoin at a price of ~ $14,000 per coin, but its the percentage gain you need to look at as opposed to the price per coin. You can invest as little as $10 if you like. The key is to find what the next Bitcoin currency will be. There are some currencies that are worth less than a penny per coin today. With as little as a $30 investment, you could purchase thousands of shares/coins. Now imagine that currency gos up to a penny. You just doubled your investment. Imagine the currency takes off and goes to $10 or $20 per coin. You get the picture - similar to penny stocks.
So how do you get started. You need to find an exchange to set up an account. The most popular and trusted place to set up your first account is Coinbase. Coinbase today supports 4 different popular currencies, including Bitcoin. Once you set up an account there, you can then move your currency to other exchanges that support different currencies. The key to Coinbase is that it is the simplest and easiest to get started with. As Coinbase adds support for more currencies, those currencies will definitely increase in value since it makes it a lot easier for the nornal investor to buy it. Recently, Coinbase added a currency called Coinbase Cash to its exchange. Immediately, the value of that currency went up something like a few $1,000 in one day. Coinbase today supports Bitcoin, Bitcoin Cash, Etherium, and Litecoin.
I had bought 2 coins of Litecoin at $103 per coin and within a few days, the price per coin more than doubled to $225 per coin.
It is rumored that Coinbase will be adding support for two more promising Cryptos in early 2018. The two being mentioned are Ripple and Iota. These two currencies can today be purchased on different exchanges. The idea here is that you want to get in on them prior to them being supported on Coinbase so your investment can ride the huge increases that would be anticipated.
So, how can you get started? As stated above, the first step is to set up an account with Coinbase. It is easy to do. Follow the link below to set up your account and get started:
I'll let you know ahead of time, the link I provided above to Coinbase is a referral link. If you use this link to create your account, both you and I will get credited with $10 worth of Bitcoin as soon as you make your first purchase or sale of $100 or more. This is just another way to accumulate Crypto currency for free and start building up your portfolio. Once you establish your account, you too can start referring people.
It's pretty easy to establish your account. You can fund the account in a few different ways. One is by providing your bank account info. This method will take about a week for the money to be cleared from your bank account to your Coinbase account. If you'd like your purchases to be immediate, I would recommend using a credit card. With a Credit card, your coin purchases happen immediately. Once you buy some Bitcoin, you can use those shares to transfer and buy other coins if you'd like to.
As an example, I picked one Currency called Bytecoin. Bytecoin was valued at $.0065 per coin (less than a penny. With $30 worth of Bitcoin, I transfered that to an Exchange that supports Bytecoin (in my case, I chose an exchange called Cryptonator). Cryptonator is a similar service to Coinbase. After paying some fees, I was able to purchase over 3,700 coins. That's my long shot currency. Assuming that currency starts to gain interest and eventually goes above a $1, my $30 investment immediately becomes worth $3700. If it really takes off and gets to $10 or $100 per coin, then I'm really in the money.
Anyway, you need to be in the game in order to potentially reap the benefits that so many have already done to date. Again, start off with money you can afford to part with and get your investments going. Which currency will be the next Bitcoin in terms of returns? That's the big question. If you can get at least alittle bit of money invested in a few different currencies, you have at least a somewhat diversified portfolio. Get started today, make your investment, then sit back and watch the crypto mania take over. Get started here ---> http://bit.ly/cryptopip
I hope this helped out somewhat. Good luck!!!!
- My Beginnings in Crypto Currency
This article is more of a testimonial for all you newbies out there wanting to get involved in investments related to Crypto Currencies such as Bitcoin, Etherium, and others, the way I got started.
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Getting listed/supported on the Coinbase exchange is a huge thing in crypto currency. What are the next currencies coming to Coinbase and what can a newbie to Crypto Currency do to take advantage.