HOW I GOT STARTED
When it comes to Bitcoin and Cryptocurrencies in general, I for one am not an expert. I first heard of Bitcoin around 2013 when my flatmate at the time had bought a few of bitcoins for around £30 and it had risen sharply to the lofty heights of £90 and he felt it was time to cash out and drive off into the sunset with his profits.
After hearing this, I spent a few afternoons at my work desk researching and looking at ways to buy my first Bitcoin. Unfortunately, I wasn’t able to bring myself to trust any of these websites with my personal details and after a few reassuring words from a senior colleague that Bitcoin would never last, I dropped my initial pursuit of Bitcoin.
Over the next few
My cryptocurrency portfolio is worth 80% less from its all-time high back in January 2018
I ended up registering an account with both Blockchain and Coinbase, getting locked out of one account because they couldn’t verify my details and then buying £10 or £20 worth and then getting hit with international bank charges because I had sent money in exchange for Bitcoin to Denmark. I can remember panicking at one point because I hadn’t received my Bitcoin and phoning my bank to see if money had been taken out my account because I might have been scammed. I’m sure I’m not the only one that has felt this fear when buying Bitcoin for the first time.
Warning! This Is Not Financial Advise!
What I share with you are not recommendations, the crypto world moves fast and things can change quickly. Nor do I recommend buying Bitcoin, so please don’t take anything I say as financial
HOW TO GET STARTED
Like me, for many their first introduction to buying their first Bitcoin is Coinbase. Coinbase is one of the easiest and most trusted places to buy, sell, and manage your digital currency. You can easily exchange your fiat for cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum or Litecoin in around 32 countries. Depending on your location, Coinbase accepts bank transfers, debit and credit cards.
One of the bonus to signing up with Coinbase is they give you $10 worth of free Bitcoin when you deposit $100.
Another popular option is buying through Blockchain.com
When signing up to the likes of Coinbase and Blockchain you will be limited to the coins you can purchase. If you want to buy any of the 100s of coins available, you will need to sign-up to an exchange. Two of the exchanges I have used are Binance & Bittrex, both of these exchanges are trusted within the community. However, I will highly recommend not leaving your crypto on these exchanges. Do bear in mind that every time you send crypto to and from an exchange, it will cost you. This, as well as exchange fees, can quickly eat into any profits.
Binance exchange has quickly become one of the most popular and trusted cryptocurrency exchanges for altcoins. Like any other exchange, if you’re new to the world of crypto (or trading) the website may seem a little daunting initially, with many unfamiliar features or terms. But if you’re serious about getting into buying or trading you will need a trusted exchange and at the moment Binance is number 1.
PROTECT YOUR INVESTMENT
Once you have purchased your Bitcoin or Alt-coins you will need to make sure your investment is safe and secure. There are a few ways you can do this, such as a Paper or Desktop Wallets and the most secure way a Hardware Wallet. I use a mixture of wallets to store my crypto assets. The Exodus wallet is my go-to desktop wallet. Although I have both Ledger Nano s and Trezor hardware wallets, I prefer the Ledger.
Ledger Nano S if you’re serious about investing into crypto, I would highly recommend investing in a hardware wallet such as a Ledger Nano S, Trezor or Keep Key. My favourite hardware wallet and most popular is the Ledger Nano S.
The Ledger Nano S can store a number of different cryptocurrencies such as Bitcoin, Litecoin, Ripple and ERC20 tokens (Ethereum based cryptocurrencies). One of its best features is its ability to connect to MyEtherWallet or MyCrypto which (especially when used in conjunction) many consider being the most secure/safest way to store your Ethereum and ERC20 tokens.
Ledger Nano S
The Ledger Nano S can be purchased directly from LedgerWallet.com or Amazon.com.
Please Note: when buying a hardware wallet make sure you buy your wallet from a trusted supplier. If you buy a hardware wallet that has been tamped with, you may lose your crypto assets.