HOW TO CRYPTO
Getting into cryptocurrency now is like getting into the internet in the 90’s. You don't want to miss out on this money train!
BUT you hear those buzz words like crypto, bitcoin, decentralization and you think, “man, you must need to be tech savvy and have an investment background to get into cryptocurrency?”
WRONG, no you don't need to be tech savvy, you just have to know a few key things…and well, at least know how to create and manage an email address.
Let's start with a crypto exchange. A crypto exchange is a place where you deposit your worthless fiat dollars so you can turn them into precious bitcoin or any other cryptocurrency they have available. Here, investors will swing trade, day trade or transfer out into long term holding positions. When choosing an exchange, it is wise to research their credibility, exchange fees, and security (2021 best crypto exchanges).
Let's walk through the typical crypto exchange process.
First: Go to an exchange website and set up an account (I like www.binance.com, www.crypto.com, or if you’re out of the USA, www.bybit.com). Sign up should always be free. For verification purposes they will often collect information such as proof of address, identification card, and a photo of yourself holding that card.
TIP: Make a new email address specifically for crypto related stuff. If you value your privacy, consider using protonmail.
Second: Once you get a verification email you are ready to connect your bank account! Inside the exchange there will be easy to follow steps to do this in the account section. In simple terms, you are transferring money from your bank account into your new crypto exchange account. Let's say you want $1000 worth of cryptocurrency. Just initiate the transaction, and when it clears you will see your $1000 in your chosen cryptocurrency units.
TIP: If you plan on holding cryptocurrency for long term gains (What is hodling), you do not want to keep your funds on an exchange. You'll want to keep them as protected as possible in a hot or cold wallet. Learn more on crypto wallets here.
Third: And when your investments make you a profit/loss? You have the choice to transfer them back into your bank account, transfer them into a stable coin (what are stable coins), or you can always diversify amongst alternate coins you fancy (what are alt coins).
I like to dollar cost average investments as a sound strategy when investing. For example, if you can invest $200 two times a month, do it whether your investment is up or down in price. This averages your accumulation and minimizes your risks.
Now you know how easy it is to “get some crypto”, so…go get some (not financial advise of course). Seriously, I hope this article and the provided links help you get more comfortable with cryptocurrency and exchanges.
Crypto on, my friend.
-Tony Suriano, Crypto Investor and Copywriter