(Cover photo from www.theverge.com)
So you want to buy some bitcoins or cryptocurrency but you just don’t know how to do it. You don’t want to mine it, you just want to spend some of your hard-earned money on Bitcoin. In this post, I’m gonna show you exactly how to do that the easiest and the most simple way. My name is Kobin, Anthony Kobin (In James Bond’s Voice).
I started investing in cryptocurrency and specifically Bitcoin in 2017, late 2017 and I have some experience when it comes to it. I know how to buy Bitcoin and all the other all coins is very simple and I even also know how to mine Bitcoin itself. But in this post, I’m just gonna teach you how to buy some bitcoins the easiest and most simplest way. Let’s get to it shall we?
What Would You Need?
So the first thing you’re going to need is either a phone or a computer with internet connection. You will want to download the app called coinbase. This is exactly what coinbase looks like it’s just like a little blue square with a c’ on it. And there we go, open this coin base and see what we got there.
Coinbase is the most easiest, most convenient, non scammy way you guys can get into Bitcoin Trading. Yet one thing about cryptocurrency in general is that it is full of scams it is full of people trying to take your money, you should be careful and deal with only credible companies. Coinbase is one of those companies.
Bitcoin is the most well known cryptocurrency out there it is the original cryptocurrency. Bitcoin BTC also known as the BTC as I write now has the current price of $11, 492.
Bitcoin witnessed a downturn in 2018, going as low as $5000, but it has witness a giant leap this year and it’s tipped to smash the $20,000 barrier come Christmas.
That is ridiculous, isn’t it? but that’s something that you can find very commonly when it comes to Bitcoin and cryptocurrency. You will get used to its high volatility. When it comes to cryptocurrency in general, Bitcoin is probably the safest bet to invest in.
Buying The Crypto
Now let’s get back to Coinbase and buying your big points. What you want to do is go into your accounts and you want to go into your BTC wallet and in your BTC wallet or Bitcoin wallet. You’ll see a Buy button and that is as simple as it gets.
There after you obviously register for your accounts so as you can see all your transactions in your history.
How To Make Money Through Bitcoin
Back in the day I used to mine, Bitcoin with my computer. Mining this day is terribly hard, and generally unprofitable. But there are other ways to make money when it comes to Cryptos.
I call it Bush fallow because it resembles the agricultural process of Bush fallow. In this way you buy Bitcoin hold it and then when it raises in its value you can sell it. Easy.
Like I said, Bitcoin mining is a lot harder and it does come with a bunch load of disadvantages as well. I think the easiest way to do it is to invest big. You would need to buy hardware, you need to hook it up to the internet and you also need to spend a lot of time and a lot of energy and a lot of money But it is a fun hobby.
The third way to do it is to trade and you can trade Bitcoin on coinbase Pro just look it up is is connected with coinbase. So whenever you sign up with your account on coinbase you have only wait. You’ll have an account on coin based pearl. If that makes sense to you so just looking through my history you know I don’t do too much trading I don’t do too much buying recently because we’ve been in a bear market for a very long time and it’s very difficult to do all that type of stuff in a bear market but when it comes to Bitcoin and cryptocurrency in general we can see that there has been some life given to Bitcoin and it is raised over 40 percent in the last month.
When it comes to anything in green that means my wallet is getting filled with Bitcoin and when it comes to anything in like gray or I mean and when it comes to anything in like this gray text this means that I sent Bitcoin to another wallet address or I either sold it so yeah hopefully this proves that I do have some experience when it comes to cryptocurrency.
Like I said coin base is probably recommended 8/10 or 9/10 by most people but you will find some cryptocurrency investors hating on coin base because of for various reasons so when it comes to buying Bitcoin you can buy as much as you want.
Coinbase does limit you to a certain amount per day per week and and that all depends on what level of identification that you give coin base. As for myself I’m able to buy $5,000 a Bitcoin and I don’t recommend anyone buying Bitcoin worth $5,000 all at one time.
If you are going to jump into cryptocurrency investing start small and only invest what you can afford to lose, that is the that, those are the golden rules when it comes to cryptocurrency investing and selling.
Bitcoin selling is obviously the opposite. You can sell as much as you as much Bitcoin as you have. I don’t think they give you any limits when it comes to selling bitcoin.
Create Price Alerts
You can create price alerts for whatever bitcoin price that you want. A price alert will call your atte tion when bitcoin reaches a certain threshold.
I don’t have any notifications for any Bitcoin alerts here but in general I don’t have any notifications on my phone just because I hate seeing notifications on my phone.
Invite Your Friends!
On the invite tab you can invite your friends or people that you want to start investing in cryptocurrency and here in these settings this is what I’m talking about when it comes to account levels, I’m at at level 3 which enables me to have like all these perks here. I’m able to wire transfer $250,000 into a coin base but I don’t recommend anyone doing that that is a crazy amount and that is something that not many people can do in general.
And these are what you have to do to get these different types of level to get to level 1 just verify your phone number to get to level 2 most likely just need to verify some personal information to get to level 3 you probably need to upload a photo ID your license I think I either updated by either uploaded my license or my passport I completely forgot which one I did this such such a long time ago yeah.
When it comes to cryptocurrency in general, most cryptocurrency investors they like to keep their personal information private and they don’t like to give it out to all of these companies so that is also dependent on your level of privacy.
I do agree with them, when it comes to cryptocurrencies, you want to have everything as secure as possible. So you would want to have Google Authenticator, this application links up with a lot of your other programs as well when it comes to security so you can link this up with even your Gmail account and your your coin based account and it gives you a secret code and it’s time-sensitive so I think each code lasts for like one or two minutes.
So going back on coinbase you guys will see that they have a lot of different coins. These are called alt coins they’re an alternative to Bitcoin
More coins have been just recently listed them on their exchange and when it comes to all coins it is even more speculative and risky to invest in those so just be well aware when it comes to investing in cryptocurrency.
A Word Of Caution
Before I go, fair warning to anybody that’s going to invest in Bitcoin.
First there are a lot of cammers out there so don’t go believing every John who claims he knows what he is doing.
Be well aware of that and on the other hand I do not know that if we’re in a bull market I haven’t been following too closely when it comes to cryptocurrency because I’m just been caught up in other in my other investments. I’ve more I’ve been really more interested investing in real estate something long-term something that I can do forever and real estate is a lot less risky than cryptocurrency or Bitcoin and even this even stocks are probably a lot less risky than um cryptocurrency just because the stock market is a lot more mature the last thing I want to say is.
Bitcoin jumps up and jumps down in price a lot it is very volatile, super volatile so there is an opportunity to make money there but I’m not able to do it because I can’t stay on top of it and there are a lot of professional traders out there doing it and I just cannot compete with them but if you believe that you can do it then be my guest go ahead just just don’t invest more than you can afford to lose and do your own research.
Those are probably the two best golden rules when it comes to investing in general and good luck if you’re interested in more cryptocurrency.