In Canada, Discussions, Investing, Money

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.

Why?

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

Sign up for Coinbase (Referral link here, thanks!).

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

Download Google Authenticator (iTunes or Google Play), you’ll be using it a lot with Bittrex and Coinbase.

That’s basically all the steps.

If anyone is curious about learning more about cryptocurrencies, let me know in the comments, contact me, or use my Google Form to submit a “yes please” anonymously.

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7 Comments

  1. Amanda

    Yes please especially the ‘wallet’ part. I have heard a paper wallet is the safest or USB . .
    It all seems ver complicated to set up.

    1. Sherry of Save. Spend. Splurge.

      The wallet is just an online bank, and it isn’t complicated to set up 🙂 I will write something.

  2. Vee

    Would definitely like to read your summary on cryptocurrency

    1. Sherry of Save. Spend. Splurge.

      OK. I will work on a mini post.

  3. Mrs. Adventure Rich

    Interesting… how long have you been investing in cryptocurrencies?

    1. sherry @ save. spend. splurge.

      About a month thus far. They limit how much you can buy ($250/week) so it is helping give me time to think about it as well and research.

  4. Miguel (The Rich Miser)

    Thanks! I did not know about Bittrex. Really thinking of getting some Ethereum, since the “smart contracts” feature looks like it could have huge promise.

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