The whole bitcoin phenomenon is very intriguing to me. It is clearly re-shaping currency as a whole and has the human civilization advancing to newer payments of transferring. With all that said, if you don’t understand technology and code it can be quite difficult to understand. I honestly would not recommend this to anyone if you are not either a daredevil or someone who understands technology to some degree.
The day after, the first thought which came to mind was “Did I just waste my money?” maybe, maybe not. Let’s see. I bought some Bitcoin, Ethereum, Bitcoin Cash and Litecoin. I unconventionally researched it after I invested in it, I did that on purpose. If I would not have done this way I would have read a million articles, seen a thousand youtube videos and end up never actually trying it, so this time around I did the reverse.
After much reading, I learned quite a few things about Bitcoin and the power of blockchain. The blockchain is incredible because you remove the middlemen, though it seems that is being faded out somehow with all these high bitcoin prices.
“My first lesson was how volatile it is.”
I invested one hundred measly dollars in bitcoin and two days later my account was at $80. However, I checked the next day and I was back to $90. So if you are not good at handling this kind of volatility stay away from it. I am ok with it because I know this is pure speculation, though I feel like blockchain is the path to the future. Nevertheless, this financial landscape is promising yet it is not clearly defined and resembles the wild wild west at the moment.
Before I get into the steps it is crucial for you to understand that with all this digital technology if you are not careful, you can get your money stolen by hackers very easy, so keep in mind security at all times.
The step I took to start investing asap was the following.
The first step.
I made an account with coinbase.com
The first mistake: Linking my bank account to Coinbase only delays your transactions to longer waiting days and weeks. The right way to do it is to link your debit card and not your bank account. I bought some Ethereum coins and it literally is taking 11 days to get to my wallet. On a side note, they withdrew some money from my bank account, 2 separate payments to be exact for a dollar and some change and claimed that they would refund it, yet I noticed they withdrew a third one also. This is already a red flag.
I am in the process of trying out robinhood.com to buy my coins since I am hearing a lot of good things about it, so I will update once I get to it!
“After buying some of the big boy coins I wanted to buy some smaller coins at very low prices so I can become a multimillionaire next year (according to the internet)”
like all the millionaire bitcoin holders or should I say “hodlers” (if you still don’t know what “hodl” means than search for it online).
buying other coins you will have to use one of the exchanges like Binance, Kraken and a few other platforms available. Just be careful, the one thing I learned about this invisible magic internet money is that you can easily get hacked if you are not careful.
I used Binance, went through a million steps to get an account, to log in and buy some of the cheaper coins, it was an interesting process but there is no way I am explaining all this in a post, other bloggers already have done so, my purpose was to truly review the process of buying coins and holding them in my virtual wallet which I did not even discuss here yet. These photos from the Ethereum wallet can give you an idea how easy it is to get robbed. Don’t get scared but have your eyes open and practice safety at all times so you don’t lose your potential millions!
It seems like cryptocurrencies have a bright future and blockchain is the next level of peer to peer transaction, not only with currencies but with many other industries. The challenge is these long processes to buy different coins, once the process gets substantially easy, more people will get on it. One thing is certain, I am enjoying learning more about it and I will definitely learn a lot more about it in the coming weeks.