Prior to Christmas a lot of people asked me my opinion on cryptocurrency and bitcoin, so I put together the basic guide below.
I skipped the ‘what is bitcoin’ and jumped straight into ‘how to get started’. I'm not a guru or trying to sell you anything, just sharing some basic information below.
Here is my quick background. I've just started getting into Crypto seriously now...
I was going to mine Bitcoin ~5 years ago but couldn't get the rig I bought set up, so sold it on.
Then I spoke to my cousin about it a couple of years ago, to which he said “it's too late, prices are too high.” - I took his word on it and missed out again.
Now I'm looking at speaking to only informed people who are actively buying and trading, as it's only their opinion that counts - and learning from experts who do analyse the underlying trends, forecasts and fundamentals. Also having a group for active traders to share knowledge with each other. If you're an active trader/buyer – you can skip this mini-guide. It's really for beginners only.
There are a lot of 'scammy' looking companies, making big promises and offering guaranteed returns (!?) trying to ride the back of Bitcoin and crypto - but of course you have to join their scheme to participate – and you pay commissions and don't have control of your money or crypto wallets.
- Remember: Don't ever abdicate your responsibility to someone else to learn about investing your money.
- Also remember it is
speculative so put in what you're comfortable with and can afford to lose.
That's right, if you can't sleep at night because of the amount you have in Bitcoin/Crypto – you're putting in too much money!
I'd recommend putting in £500-£1000 max. initially.
If just starting and can only afford a small amount, do only £100.
Get started TODAY – as once you have some money at stake, you will learn a lot faster and other traders are more likely to discuss other coins and methods of trading with you.
Once you build your confidence and know how it works you will want to look at putting in more and also buying Altcoins (alternative coins).
You can get the main coins
Bitcoin, Ethereum, Litecoin directly from the Coinbase platform. It's quite easy to use, so split money across them evenly.
My personal strategy will be to Buy and Hold long-term (at least 12 months to start with) - and check in monthly to see what is worth keeping, buying or maybe selling.
It's best to avoid daily news and price fluctuations, as if your blood pressure can't take big gains and swings over the short to medium term, this is not for you! Your friends who don't own any, will just try to put you off, as they're either 'afraid' or 'bitter' they're not Bitcoin millionaires already ;-)
Ask them if they're interested in Bitcoin, if they waffle about some 'fear' news story, don't bother them. You will find a couple who are active and you can discuss crypto with.
The platform recommendations below are purely because I use these independent trading platforms to buy/sell Cryptocurrency.
I'm sharing a couple of referral links too, as they will give a small bonus to both of us when used.
You can use other platforms or remove the referral part of the links if you don't like people getting paid for making recommendations. I added them to compensate for my time to put this quick start guide together after investing hours of my time to find out what works.
Anything from these links is small and incidental, you need to focus on actually buying and trading the cryptos, not getting referrals to make money (hence I won't be upset if you don't click on the links or take the Coinbase bonus).
Coinbase is the easiest platform to use for beginners to get started. This is what I used.
This link will give you $10/£7 free bitcoin when you buy $100(£74) worth of bitcoin using the special link below.
They also do a full
Know Your Client with ID required etc. before you can buy.
https://www.coinbase.com/join/5a355dfdc3aba20156ad82a8
This is the referral link to get the free bitcoin. If you use this link to sign up to Coinbase we'll BOTH receive ten dollars of free coins when you purchase $100 or more.
[Coinbase do not accept deposits from Nationwide Bank]
You can buy with a bank card though.
You can also buy coins locally from people for Cash.
Take a look at this site here:
https://localbitcoins.com/?ch=mvrz
There are also ATM's in various places to buy bitcoin.
https://coinatmradar.com/country/225/bitcoin-atm-united-kingdom/
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Popular Exchanges for more coins
Bittrex.com (US based, Gov compliant - Beware Bittrex will comply with harsh tax laws in US)
Bitstamp.net
Kraken.com
Jan 2018 Update: Above were all slow at verifying accounts post Xmas rush – delays!
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Exchange with Altcoins that are currently OPEN for registrations
(many have been overwhelmed with applications since Xmas and pending verification on accounts)
For Altcoins you can use...
Binance platform (I use this) - once again they do a full
Know Your Client with ID
https://www.binance.com/?ref=18069932
Kucoin platform (I have an account) - easy & quick to set up account
https://www.kucoin.com/#/?r=7KNR3x
This is not a referral method to make money, just a small bonus for inviting people. It costs you nothing to use this link - and you can then create your own to invite people.
Another exchange is
CoinFloor but min deposit is £2500 to use this platform
https://www.coinfloor.co.uk/ (min deposit £2500)
Note: For Altcoin purchase I found it cheaper to buy ETH and then transfer ETH from Coinbase (rather than BTC)
There will be some MLM’s out there to avoid and new ICO coins not listed to trade so avoid them or do proper due diligence. Often the money you 'invest' is being used to pay MLM up-line commissions. Learn how to trade cryptocurrencies and be responsible yourself for putting your own money directly into trading.
Regards,
Bobby
Join the Meetup Group at:
https://www.meetup.com/Milton-Keynes-Bitcoin-Cryptocurrency-Trading-Meetup/
And the Milton Keynes Crypto Facebook group here:
https://www.facebook.com/groups/2018841251465762/
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Disclaimer: Any investment carries a degree of risk so please do your own due diligence and play safe by only contributing money you can afford to lose. Play safe, play smart but be sure to play!
Extra info...
Wallet Creation when holding coins long term
Whilst your coins are on the Exchange platforms, they could be hacked or lost.
Initially getting started is more important than trying to figure everything out first.
Protect your login details and wallet addresses on the exchange, as you would your bank account details, and don't ever share the 'secret' addresses.
If you are putting in a considerable sum of money, then you need to get yourself sorted with some wallets and learn the method of '
cold storage'
You'll find more info at the sites below.
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www.Bitaddress.org to create a wallet
Move cursor... use paper wallet
Generate 1 address, encrypt... use passphrase
SHARE Address to give to people to 'receive' and 'load'
SECRET Address to 'spend'
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www.myetherwallet.com
Enter Password
Create New Wallet
Save your Keystore File
Download Keystore File (UTC / JSON)
... I understand
... Save Your Private Key
... Print Paper Wallet
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Desktop Wallet
https://jaxx.io/
Download... download
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