I love sharing the financial info that I use on a day to day basis. It’s not just about getting money and paying bills. It’s about creating lineages, wealth, and a legacy to pass down to our children. We can do the same thing as any other culture is doing. Now there are no excuses! This is NOT a complete guide to everything Crypto, this a comprehensive guide for a novice investor. In this guide I will tell you what cryptocurrency is, how to buy it, where to store your cryptocurrency and the top 5 coins to buy right now.
What is Cryptocurrency?Think of Cryptocurrency the same way you use your PayPal or debit card. It is a decentralized currency that is digital, only difference being is your debit card issued by the bank and cryptocurrency is issued by an algorithm(CryptocurrencyFacts,2017). Some of the popular cryptocurrencies are Bitcoin (BTC), Ether (ETH), Lite Coin (LTC) and Ripple (XRP) (all of which I have invested).
You can buy other Coins besides bitcoin.Any coin other than Bitcoin is called an alt-coin. Some popular alt coins to consider are Ethereum (ETH), Litecoin (LTC), Ripple (XRP), Stella Lumen (XLM), and Cardona (ADA) – just to name a few. If you’d like to research all available coins, click here Alt Coins.
How Do I know which coins to Buy?
- Ask your, “What is this coin supposed to do?” “Why should I invest in this coin?” “Who will this coin benefit?”
- Buy low and sell high.
- Compare Volume against Value: try to stay away from coins that have a trillion-max supply; you want something that retains its value.
Where can I buy crypto?There are lots of exchanges to use, here are some of the more popular platforms. Coinbase -is the more popular application to use. It’s has very limited options in payment; bank account or credit/debit card. There is a 1% + a $0.15 banking fee per transaction. Very popular among beginners, and not to be used for purchasing multiple coins daily due to its slow transaction time (sometimes upwards of 3 days). Only supports Bitecoin, Bitecoin Cash, Ethereum, and Litecoin. ShapeShift– great for buying smaller alt coins, like dash, dogecoin, and others, (those “Penny Crypto” I referred to earlier). Account sign up is not necessary, they CAN’T be purchased via USD –all purchases are bought through Bitcoin exchange. That said, you must first buy Bitcoin and then use its trade to buy other alt coins (It’s not as confusing as it sounds). Gemini-High Security protocol, fully regulated and licensed by US bitcoin and Ether exchange. Identity verification, can take up to 2-3 weeks , deposits and withdrawals are free. Limited cryptocurrency for trading- Bitcoin, and Ethereum. $0.25% fee per trade.
Where can I store my crypto?With the emergence of cyber security threats, property adequate security is vital since cyber criminals are looking to capitalize on your vulnerabilities. Unfortunately, the crypto world is no different. A great and imperative “Rule of thumb” is to never leave your crypto on the exchange where you initially brought it. Here are some great wallets to store your investments. Jaxx Wallet-easy to use, not fully functional with all coins. Great Interface for both beginners and veterans. Exodus Wallet– highly secure, easy to use, and supports most coins. Also, it’s desktop adaptable, 24/7 support (This is important!!!!) MyEtherWallet– easy to use, very high security but may become crippled should too many users access it all at once.
Top 5 Crypto to Buy (Besides Bitcoin) As of January 16, 2018.
- Ethereum (ETH)
- Litecoin (LTC)
- SiaCoin (SC)
- Cardona (ADA)
- Stella Lumen (XLM)