Start investing in blockchain and crypto in 5 dummy-proof steps
Becoming Blockchain Batman — part two
In “Becoming Blockchain Batman” we covered a lot of the theory behind the value of cryptocurrencies in today’s economy, and we even discussed some of the best strategies and cryptocurrencies to start investing with. So, time to get to work? How to — actually — start trading in crypto assets in five newbie-proof steps:
So, you’ve heard about more than just Bitcoin and have a sense that these new technologies and coins could be set for disrupting the world, and possibly the personal finances of at least some people.
At the same time, taking your first steps in investing in cryptocurrencies and blockchain technology might seem daunting. But it doesn’t have to be.
Read this five step guide and you’ll be up and running in no time!
*Please note: I am in no way a professional trader nor in any way, shape or form a trusted advisor on how to actually trade and make a profit in cryptocurrency. I’m just starting out, as I assume you are, too. Please, only invest what you can stand to lose.
The dummy proof crypto-investment starter guide
I’ve done a ton of research, tried out a lot of stuff and got a ton of frustrated. Finally, I figured out what worked. Then I came up with this step-by-step guide so you don’t have go through all of the trouble I had trying to start out with various crypto platforms.
- First, definitely read up on Blockchain technology and cryptotrading. For sources, see the former article and definitely follow and read up on Hackernoon.
- Make sure you have your credit card handy, as well as your login for your bank account. Have your ID (passport, driver’s licence) at hand as well as a piece of paper and a marker. Be ready to click through some sign-ups and to wait (for verification of accounts) for a day or two during the process.
- Create an account at one of the trusted cryptotrading platforms, like Coinbase, Poloniex, Kraken or Bittrex.
Easy, simple to use, Dummy-proof and European-friendly? Use Coinbase (yes, that’s a referral link that gets me a premium when you complete your first trade- thank you).
Signing up with Coinbase is very self-explanatory: just click “signup” and follow the steps.
4. Get yourself a crypto wallet, like Binance. If you want to go hard core, preferably use a hardware one like the Ledger Nano S, Trezor or KeepKey.
Easy, simple to use, Dummy-proof and it actually works (for me)? Use Binance (yes, again a referral link that gets you and me both 10 dollars worth of bitcoin on your first completed transaction. Let’s help each other out, why don’t we?)
Again: signing up with Binance is very self-explanatory: just click “signup” and follow the steps. It will take a day or two for them to verify your account and ID, but that’s none of your business — except if you have a big ol’ problem with waiting.
5. Use your credit on Coinbase and send it to your Binance wallet address, which you will find under “funds”, click “deposit”. Select the coin you want to deposit — if you’re using Binance this will probably be bitcoin or ethereum- and generate the address. Copy address to Binance, send funds (account -> select coin -> press “send”), and Bob’s your uncle.
Don’t forget to secure all your assets, profiles and transactions with 2FA (two-factor authentication). You can use Google Authenticator or any other version of 2FA you like.
Et voilá: start trading!
Extra bonus step: Basic Strategy for beginners
I’ve done a lot of reading and research on strategy and trading as well. The main point that all seemingly smart or succesful people make is this:
Diversify your investment into multiple assets.
Moderately Hodl; don’t let your anxiety get the best of you. Be sure to pick a strategy and try to stick to it as best you can, only letting really important news updates or substantial changes to your insights in the market change how you divide your investments.
You can check how your investments are doing on a monthly, weekly or daily basis or at the arrival of relevant news, depending on your knowledge level, the time you have available for trading and the stomach you have for it.
You can also opt to periodically increase your investments. In my case, I’m opting for monthly cycles.
Final cryptocurrency trading strategy tips for beginners
- Combine a strategy of investing in what you believe in and picking from the (or your) top 12 or maybe top 20 coins from the market at any time (preferably monthly). Check out which ones they are at coinmarketcap.com.
- In my case I will look into monthly capping off a part of my profits (soon as I get some) from trading to supplement income, and use part of my profits toward further investments.
Again: I don’t actually know how to trade. But here’s an article on Hacker Noon with a pretty promising title, which lays out a pretty sound sounding basic strategy, which I would summarize as follows:
Buy when a confirmed upward trend wave emerges, sell when a confirmed downward trend wave emerges.
Which you could interpret as circling back to the above point of investing in coins that have the greatest market cap at any repetitive interval (again preferably a month, for me).
More tips from Kenny Li can be found in these additional articles:
One last thing: you can get cryptocoin from this promising decentralized social app for free:
The attention economy and social media are some areas that hold my specific interest, as a marketing strategist. Brave and Steemit are contenders often mentioned in this space. Synereo, my personal favorite, is -
“Developing tools which allow content creators to easily monetize original works without having to turn their channels into advertisement real estate, while granting their followers the opportunity to be rewarded for getting the word out.”
WildSpark is the place where it all happens and the AMP token is the crypto for people trying to monetize their own attention. Check it out and sign up for free using my referral link, and we both get 10 AMP’s free!
I greatly value and thank you for your attention. That’s why I try to bring value. I’d love it if you would let me know how you valued this article, by clapping, AMPing it on WildSpark, or in the comments below.
Of course you could also make sure to use the referral links I provide to signup to WildSpark, Coinbase and Binance.
Finally, if you know anyone who you think this article might be valuable for, please share it.
