"No fear" way to purchase cryptocurrency
Many people hear about blockchain and cryptocurrency yet, it at times feels like the "complicated" internet all over again. Everybody is exposed to the technology but not everyone is comfortable with exploring it. When this stops you from learning and experiencing it, sometimes we put ourselves in a position to miss out on incredible opportunities that we could certainly benefit greatly from.
What if I can walk you through the easy way to invest in cryptocurrency like bitcoin? Be informed that I am not your financial advisor or financial manager but, I can tell you exactly what I've done to invest in over 30 different coins and Initial coin offerings or ICOs. I also currently have a portfolio valued over $100k from personal cryptocurrency investment.
1 – Open a exchange account on Coinbase or similar platform
www.coinbase.com or Kraken or Changelly or Gemini
You can then link your bank account and/or credit card
2 – Create your digital wallet or online bank for transferring your cryptocurrency
Note: For Ethereum you will need to create a secure wallet at www.myetherwallet.com
Then use the MetaMask (fox) app to complete the process. You will be given a “seed phrase” and password. Keep these safe because without them you cannot access your account.
Here you will see a list of cryptocurrencies and what their current price is. If you want to know more about the cryptocurrency I recommend using coinmarketcap and clicking on the website link of the coin or token that you interested in. You can also check www.tradingview.com for trends. There is a wealth of information on each currency.
4 – Find a trading or exchange platform to purchase the cryptocurrency of your choice. Note: Coinmarketcap and Cryptocompare have links to the exchanges each cryptocurrency is trading on so you can click on the link and go direct to the Trading platform.
Some you will see are Binance*, KuCoin, Bithumb, Bittrex, Gemini, Cryptopia, Livecoin, HITBTC, Cobinhood, Gate.io, Gatehub, Cobb, Altcoin.io, KyberNetwork and so many more. (Contact me for more options)
5 – Set up your account. Let’s say you choose “KuCoin” as your exchange or trading platform. Set up your profile first. There will be a verification process. Most will ask KYC questions. And you will need to sometimes upload a picture with your passport or DL. Also some require you to include 2F verification (so you will get a text or call before a transaction happens) for additional security.
After you are verified you will be able to purchase your coins or tokens. You will need to have purchased some Bitcoins or Ethereum (step 1) with coinbase or other site and understand what your digital address/key is for sending and receiving digital money. In step 1 & 2 you will have digital keys. Ok, now you should be ready for certain transactions. (Ex: BTC Hash Address 39k3h9YWcF1ivNqDLBzeNjybq2wVBPpPdb)
FYI: For ICO investing you will need to have a ERC20 compliant wallet to transact your Ethereum tokens. This is done with the MEW previously mentioned. It is accessed via your MetaMask (fox) account. More on ICOs later.
6 – When you are on Binance or KuCoin sites you will need to add Bitcoin or Ethereum to your account so you can make trades. When you locate the coin or token you wish to invest in, you will follow the procedures to select and enter the amount of tokens or bitcoin amount you wish to spend. In Binance it will show you the percentage you can purchase. 25% - 50% - 75% - 100% and then you will see the amount of tokens you can buy with the amount of funds in your account. Then you choose.
7 – Cryptocurrency Portfolio: This will come in handy if you decide to invest in a large quantity of coins or tokens. You can enter them into this app and track them all in one place. You can track them on your phone with the app "Blockfolio", Jaxx Wallet or other similar apps.
Initial Coin Offerings (ICO)
If you are considering the excitement of funding a startup here are a few tips to consider…
1 – Research is key! No, it is essential. Do not blindly invest in any ICO. There is always hype associated with how great the latest ICO is and it is easy to get drawn into the hype. Pause and research. Here is an inside tip that works; choose categories in the real world that would benefit from a new technology.
2 - Read the whitepaper or summary paper. Also, if you are a technical person you may find a yellow or green paper to peruse. Go to their website and find out what they are doing different that was has been done already.
3 – Road Map. Spend time analyzing where they are going with this project. Is it a road that you want to travel with them? Is it a hot product or project that has a place in the present and future? You are not looking for a current solution offering. By the time the proof of concept and MVP (minimum viable product) is developed it will be sometime in the future. Check that.
4 – Real Problem Solution formula? What is the problem they are solving with their project? Will it be shortlived and then the problem evolves or still exist months or years later? If you invest with an expectation of reaping benefits years to come, will this project solve a problem today, tomorrow and 5 years from now?
5 – Rewards. What is offered in the prelaunch or pre-public and public ICO? Does the company offer incentives for early investment? What is the minimum investment to get the maximum return or bonus? Is there bonus 10-20-30 or 50% bonus tokens for early investors? The higher the amount the better. And what is the price per token in pre launch and post launch and projection for when it hits the exchange? You also want to look at how long will the ICO be open for investment.
6 – Requirements for investing. Do they allow for USA residents to invest? Is this only for “accredited investors?” (contact me for explanation) This is a challenge more and more since the SEC is heavily involved in the ICOs. Be sure you know if it is taking BTC or ETH or both. Sometimes they take multiple cryptocurrencies. Some also will take fiat currency.
7 – Review. Where can I find out about ICOs? ICOBENCH, COINGECKO, CRYPTOSLATE, BLOCKCHAIN.COM, ICOALERT, ICOMARKET, ICOSHOWROOM, CRYPTOCOMPARE and so many more sites. Just run a google search and plenty are there to choose from. Go to Altcoin Central for great info.
I am here to help you navigate this new technology so you don't miss this incredible transfer of wealth. If you would prefer to contact me and we walk through the process together, feel free to contact me via email at the following: firstname.lastname@example.org or email@example.com - I will respond within the hour.