Before we begin we have to make it clear that we are not financial advisors. So, don’t take this as financial advice if you choose to invest in this market. Everybody understands that this a very high-risk market. Don’t invest from your savings and more than what you’re willing to lose so this market is very risky. It is not uncommon to see 20-40% swings every single day. So, if you spend money on the right coin, it’s a very easy way to earn money you can make some very quick profits. However, if you are on the wrong side, you can lose precious money very quickly. So there are simply two ways they could go about doing this:
Crypto Trading & Investing
If you selected some coins in your watchlist to be an investor that typically means that you would purchase some cryptocurrency and hold on to it. Basically, you could be holding on to it for a few months or even a few years and hoping that the value of that cryptocurrency will appreciate now.
If you want to be a trader you would typically focus on short-term profit. It means you would purchase a cryptocurrency and utilize the volatility of the market to sell in and out of trades. Basically, this is the nature of trading, once it goes down to the buy low on price and sells on high profits. If you want to spend on multiple coins, you’re probably going to be a mixture of both.
We do have some coins that, we hold as a long-term investment so we are not too concerned about the fluctuation in prices. However, there are other coins that we do trade short term and we do utilize that fluctuation to get quick profits. So, it’s really up to you to evaluate what your goals are and what level of risk you’re willing to take now pretty much revolves around Bitcoin.
Now if you’re not familiar with Bitcoin. We do have a video that we will share a link to that video that is about what is Bitcoin. Now it’s a little dated but it still should give you some good information and that information give you a head start on your own research now. We’ll share other blogs as well as anything else. We cover this in this blog down below now the first thing that you need to is to do buy Bitcoin.
Best Cryptocurrency Apps and Exchanges
Now there are a few different ways that you can go about doing that but the way that we always recommend to people new to this market is to go through Coinbase. Most people have been around for a very long time and they’re pretty much the most reliable and trusted source to get Bitcoin all you have to do is just go onto Coinbase.com
Once it’s downloaded or opened on the browser and signed up for an account now will have to go through a verification process where you verify your identity so don’t be alarmed if it’s asking you for personal information this is required by law once you’ve been verified and have linked up your bank account and/or your credit card you can now go ahead and buy some cryptocurrency now currently Coinbase offers Bitcoin Ethereum as well as Litecoin .
What we’re going to show you now is how we purchased two hundred dollars worth by just selecting Bitcoin and choosing buy from there you can select how much bitcoins you would like to purchase in this case. We’re choosing two hundred dollars worth in regard to the payment options if you choose to pay through your bank account the fees will be lower. However, it will take a few days before you receive your coins that’s why we typically use a credit card as our form of payment however the fees will be higher. Since we’re purchasing this with our credit card as soon as we hit purchase the coins will be available in our online wallet immediately.
Short Term vs Long Term Investment – Which is Better ?
Therefore, if you decide to be just an investor and you want to hold this coin long-term you’re pretty much done you could leave the Bitcoin in your wallet and check it every few months every few years, or whenever you like it’s almost guaranteed that the value of Bitcoin will appreciate throughout the years. However, if you want to trade Bitcoin for cryptocurrencies this is where you would need to transfer your Bitcoin to an exchange you imagine the exchange being like the stock market but has a different concept where you would have a brokerage account allowing you to purchase shares of companies but in this case of cryptocurrency we are purchasing coins.
There are several different exchanges that you can use but if you’re new I definitely recommend using BITTREX in my opinion. It has one of the most repetitive as well as the best user experiences who are using. Again, I’ll share all the links below and once you’re on the exchange’s website. You have to go ahead and create an account. Again, you may have to verify your identity. These are easy to standardize with anything that has to do with money and once you’re in your account.
How to setup a crypto wallet – Coinbase
You could click on your wallet and choose which coin you want to deposit into the exchange. So you want to move over to the deposit icon and once click on it. Your wallet address is most important and it will appear on screen. You should carefully copy the entire wallet address. This is very very conscious task and once you have that copy you could go back to Coinbase choose send option. Then, you have to put amount, how much you want to send money in your wallet address. I typically will double check the wallet address is very important. Once you pasted that copied address in destination box and click send to transfer of Bitcoin to receiver. It could take 15-30 minutes before you actually see the available balance on the exchange.
Once you see your Bitcoins available in the exchange now you could go to the exchange market and choose which coin you would like to trade now there over 800 hundreds different crypto currencies. So, you should properly research on that coins and to find out which coins you want to invest in now in this example I am gonna purchase a coin under the Ripple, Bitcoin, Litecoin, Ethereum, and Compound.
I believe in these coins that I actually want to use in the future. So, once you select your coins market you’ll then be presented with some charts of your buy and sell books and the transaction history this is where you’re going to place your order id. You wanted to purchase the coin at its current price at that time. You could just select the price of that coin and then click buy. However, if you don’t want to buy at that price, click on don’t like to purchase the asking price. I typically set my buy order a little bit below the asking price and once click buy your order will now be placed in the order books and hopefully.
Buy and Sell Cryptocurrency – Coinbase
It will get fulfilled once you purchase your coin. You should have removed it from the exchange and transferred it to your actual wallet. Now I said Coinbase offers Bitcoin Ethereum and Litecoin etc as of right now. So if you’re purchasing a different coin you’re gonna need a wallet and the best way to do that is just to go to the official website of that coin and use whatever the recommended wallet.
After that, it just depends on you how you want to handle this trading experience. Do you want to hold it long-term or do you want to Short-term in and out of it that’s something that you’re gonna have to decide but I definitely recommend first you should do a lot of research there’s a lot of stuff that I left out in this blog just due to the time but if you have any specific question or just general questions leave a comment down below and we can make additional information about this that’s all we got for you today thanks for reading and hope so you regularly followed our Blog?