How to invest and buy into a cryptocurrency like BitCoin or Ethereum
So… as you may have guessed, I’ve started dabbling in cryptocurrencies, but purely speculating for fun.
I am NOT planning on investing “big money” into this. Honestly, under $5000 would be my maximum, even under $1000 is what I am leaning towards.
Because it is starting to look like it could be something really big or a huge flop.
So if anyone is interested, I can write a quick post on cryptocurrencies and how it works. Or you can just skip to the good stuff and follow how to start getting into buying this stuff:
QUICK STEPS TO BUYING & TRADING CRYPTOCURRENCY
GET YOUR HARD CASH CONVERTED INTO CRYPTOCURRENCY
In short, Coinbase acts as your bank; you link your credit card here and you use your credit card (limit of $250 a week) to buy Bitcoin (BTC) or whatever cryptocurrency you want.
They also have an app to download. You could stop here, and just collect / hoard BitCoin cryptocurrency on Coinbase and leave it there.
TRADE WITH YOUR CRYPTOCURRENCY
If you want to trade and start buying cryptocurrency apps and so on, then sign up for Bittrex – This is your trading platform where you buy into other cryptocurrency stocks (for lack of a better analogy).
They also have an app to download.
LOOK INTO ICOS (INITIAL COIN OFFERING)
ICO is just like an IPO, it’s a new company or coin being offered with a different premise that you can buy into.
One I recently signed up with is the coin MPK – impak coin, a local Canadian one here in Montreal. I didn’t put a ton of cash into it, but I liked their white paper.
If I lose the money, I lose it. That’s a major risk seeing as it could basically not take off.
If you want something more “secure”, relatively speaking try buying some BitCoin or Ethereum and leaving it there to speculate with.
OH YEAH….SECURE YOUR APPS
That’s basically all the steps.