Have you recently heard of this virtual currency thing called Bitcoin and want to undertake those first steps to invest? Maybe you’ve known of its existence for quite some time but haven’t acted upon it?
You’re not alone. In fact, every digital currency owner out there was in this same position at some stage in the past 7 years or so, including myself.
Now is the time to get involved.
That’s why, based on my own experience, I’ve put together these 5 super easy steps that you can do in 30 minutes; to help kick-start your cryptocurrency repertoire and invest in your future self.
Step 1: Set up a new cryptocurrency e-mail account
The reality is that you will be registering for a whole bunch of new websites, blogs, exchanges, newsletters, ICO’s etc. Create a randomly named email account and dedicate this to all your crypto activity. Keeping all this new activity separate will prevent your personal inbox getting clogged up. The pace of the environment is crazy fast so you’d want to be scanning the inbox daily and picking out the useful tidbits of industry news and trading talk. Unhelpful subscriptions will soon become apparent and can be diverted to junk or whatever. I’ll stop now – you know how an email account works!
Step 2: Start tracking crypto price movements
Bookmark coinmarketcap and/or download an app that allows you to monitor changing prices, like coinstats. You’ll quickly grasp how volatile, or dare I say exciting, the trading market environment is. In one day the price of a digital asset can fluctuate as much as a traditional security does in a year! Most people are attracted to the space because they’ve heard the latest dollar value of Bitcoin and how the price has increased by over 400% this year. Not many know that there are over 1,000 other functioning cryptocurrencies today. Sift through them gradually, explore different cryptocurrencies that catch your eye and look into how they work and why they exist. You’ll soon fall down the rabbit hole like the rest of us. Enjoy the ride!
Step 3: Open a user friendly online/mobile wallet
Open a coinbase account; connect your visa card and wallah! You’ll be an investor within minutes. Wallets are where you store digital currency. There’s nothing better than getting involved right away. But keep the amount low and novel at first, at least until you have a handle on the basics. Coinbase is very easy to navigate and has a clean and friendly user interface. They also have a great beginners section
Disclaimer: By clicking this link to coinbase you will receive $10 worth of free bitcoin when you register and buy over $100 of crypto. I will also get $10, so win-win!
Step 4: Subscribe to Podcasts
Podcasts and audiobooks are a great way to seamlessly learn about the space. Listen to them on the go and incorporate into your daily routine in some way. For example, I like listening during my morning commute to work and it is no effort at all. Admire how your knowledge grows, stays up to date and how you unknowingly assimilate vast amounts of relevant information. The Cryptoverse by Chris Coney, Unchained by Laura Shin and the Bad Crypto are 3 podcasts that I personally subscribe to – they are excellent. Here is a list of 8 crypto podcasts you need in your life
Step 5: Start engaging
The crypto community is strong, accepting and elated to have you as their newest member. Get out there and engage with other crypto enthusiasts. Start a blog to document your journey, attend a crypto-related meetup group in your area, and utilize reddit, twitter and social media to join in the conversation. Don`t be afraid to hide your beginner `noob`status – ask questions, seek the truth and make some connections and friendships in the space. Those that judge you based on your lack of knowledge are ignorant to the fact that they were once, very recently, in your shoes. It helps to surround oneself with positive enthusiasts. You can`t fly like an eagle if you keep hanging around with turkeys!
I follow positive influencers, traders and advocates on twitter. You can follow me if you wish @thecoinmovement and replicate my followers; to kick-start your crypto social media account.
If you are reading this and are brand new to the space then welcome! The most important message that could be conveyed to you right now is this; invest all your time in learning about crypto first, not all of your money. There are so many new ideas surrounding blockchain and the terminology can be difficult to understand – especially if you are from a non-techy background.
Put the time into learning as much as you can bit by bit, day by day – knowledge is the most worthwhile and enjoyable investment you’ll ever make for your future and you don’t need expensive education these days to acquire it.
Cathal – The Coin Movement