Longtime crypto investor, looking to help those that might be interested in investing themselves.
What is Cryptocurrency?
Cryptocurrency is becoming more and more popular by the day. Its becoming much more mainstream and even adopted as official currency in some countries. It is even gaining some attention from tech giants, such as Elon Musk and Jack Dorsey. Despite this huge rise in popularity in recent years, many still are unsure what cryptocurrency even is, or how to start investing into it. Like stocks, cryptocurrency is a value. We buy into cryptocurrency in the hopes the price will rise in the future. How cryptocurrency runs, is through what is called blockchain technology, which is essential decentralized computers that controls the transactions. Some even suggest cryptocurrency, or Bitcoin in particular, is the digital version of gold. As a general trend over the last few years, when inflation becomes a concern, many chose to take that opportunity to invest into Bitcoin, or any cryptocurrency, and as a result, the crypto market usually flourishes when inflation is a concern.
Now that we have an overview of what cryptocurrency is, the next question is how does one become involved and invest into it? It is a legitimate question and we all have to start somewhere on how to go about it. Many platforms have emerged in recent years, and some are credible and user friendly, while some have turned out to be a scam. Be careful where you invest your money. The list below goes into detail some of the most popular crypto exchanges and how to get started in just a few minutes.
Coinbase has been described as the Robinhood for crypto. It is probably the most popular platform, and one of the most user friendly, and easy to navigate. One of the points I like about Coinbase is the ease and smoothness of transactions. You can buy any crypto within the exchange in just a few clicks in as few of steps as possible. Another point I like is the fact you do not have to use a credit or debit card. Avoid buying cryptocurrency with any credit or debit card if possible. Many credit card companies do not even allow customers to use a card for crypto transactions because of the high potential for fraud and theft. Additionally, using a credit card generates high fees for the transaction, for the few companies that allow it, and will eat away at your purchase. Linking a bank account is one of the safest ways to buy crypto will little to no fees involved in the transaction. The main downside with Coinbase is the fact you usually cannot buy alternate crypto coins or tokens, such as Safemoon or EverRise, due to compliance agreements, and by the time alternative crypto coins are listed, they have already experienced their bull runs. If you are looking to passively invest into more established coins with relative ease, Coinbase might be the platform for you. I will include a link to Coinbase for you to get started below.
Voyager is another well established platform to buy and sell cryptocurrency on. This platform is geared more for those with mobile devices, and you can watch in real-time the price of each crypto coin. Like Coinbase, this platform is user friendly and relative ease in signing up. Additionally, no credit card or debit card is required. One big advantage Voyager has over Coinbase is it usually beats Coinbase in listing certain coins, such as DogeCoin. Anyone who has followed the crypto world to some extent knows the story behind DogeCoin and how it took off, and while this coin was bull running, Voyager was one of the platforms to buy this on while Coinbase was not. Again, if having a crypto exchange on your phone is preferable over a desktop, Voyager is a great platform to have. Below, I will include a link on how to sign up for Voyager.
Binance is similar to both Coinbase and Voyager, in the fact it is relatively easy to open an account and start trading, no credit or debit card required, but something more is unique about this exchange. In the alternative cryptocurrency world, coins such as Safemoon, EverRise, Ariva, and MicroPets, are easier to invest into with going through Binance. Unlike Coinbase or Voyager, Binance has their own coin, called the Binance coin, and it is typically the coin to buy to convert into Safemoon or EverRise for example, since neither of those two you can buy directly at the time of writing this. This can give you a huge advantage if you believe in the coin or token because you are able to get in early and have more potential for growth. In another article, I will detail how to invest into Safemoon through this method. One of the downfalls about Binance, is it has limited availability. Not every state in the United States or even some countries allow it, since it was created in China and concerns have came about from it. Nevertheless, Binance is another well established platform that is building creditability in the crypto world and has relative ease with starting. Below, I will include a link on how to sign up for Binance.
So I hope this article gives you a foundation of what cryptocurrency is and how to start investing into it. The good news, at the time of writing this article, it is still early on and much room for growth of potential is to happen in the future. Always do your research into what you invest in, and find what strategy works for you. Never invest more than you are willing to lose, and look at an investment into crypto as a long-term trade instead of a get rich quick scheme. Included are the links below to each platform to get started.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.