How To Get STARTED with Cryptocurrency
A Step-By-Step Guide For Beginners
Learn the basics
Global Savings Network, July 28, 2021
Cryptocurrencies may carry risk of financial loss. We do not guarantee any form of returns.
WHY You Need To
Current Bitcoin Price.
At the time of writing this article, the price of Bitcoin is hovering around the $38,000 mark.
The last peak before the drop was in excess of $60,000 per Bitcoin. If history repeats itself, the next peak is expected to be close to $100,000.
If you do not take action now, your window of opportunity to get a piece of this pie to riches may be lost forever.
Don't wait, let's get started now!
Before you start buying or earning Bitcoin, you will need a "place" to store your cryptocurrency.
This is called a "WALLET".
Some wallets come with an "Exchange" so that you can easily BUY, SELL or TRANSFER your cryptocurrency assets to another wallet, OR CONVERT your crypto to "FIAT" ( ie.,$Cash) and transfer to your Bank.
TYPES OF WALLETS
There are a few different types of wallets.
Each have their own pros & cons.
Paper wallets, Web wallets, Mobile wallets, Desktop wallets, & Hardware wallets.
The SAFEST type of wallets are the Hardware wallets. If you are serious about cryptocurrency, you MUST use a Hardware wallet for SAFE storage of your hard-earned valuable coins.
( Learn more below ).
For the purpose of this lesson, we will focus on Web & Mobile wallets, as these are the most widely used convenient wallets.
They are relatively safe and easy to use.
( Please exercise normal internet safety measures at all times.)
IMPORTANT SAFETY STEP:
Always setup MORE THAN THREE ( 3 ) wallets and get them fully verified so that you can transfer your cryptocurrency to a second wallet in case you hear that one is about to shut down for maintenance, or overwhelmed with transactions.
FIRST STEPS TO GET STARTED :
Make sure that you SETUP your wallet, and FULLY VERIFY it.
CONNECT your Bank, Credit /Debit Cards for easy transfers.
FUND your wallet to make cryptocurrency purchases.
Make sure that the NAME you use throughout the entire process is CONSISTENT , and is your true LEGAL name.
The verification process usually requires some form of ID, and SELFIE photos of you holding your ID.
Be prepared. ( Verification may sometimes take a few days )
OK, Let's get started :
SIGNUP & VERIFY
Here are a few reputable Wallet-Exchanges that you need to set up before proceeding. Use the ones you feel comfortable with.
SIGN UP & FULLY VERIFY at least 3 or more wallets :
If you already have a web or mobile wallet, we highly recommend that you get a hardware wallet to securely store your Bitcoin 'offline'.
It is very important that you NEVER leave your cryptocurrency on ANY online wallet for extended periods of time. Once your work is done, move it to a hardware wallet and store it safely OFFLINE.
TOP Hardware Wallet :
The Ledger Nano is by far the easiest and most cost effective hardware wallet available. The 'private keys' to your crypto are securely stored in this physical 'offline' USB device that looks like a USB thumb drive. No transactions can be made without this.
Your wallets are setup, and you're ready to rock and roll!
FUND Your Wallets
Now that your wallets are setup and ready, FUND your wallets using your Credit Card ( or other available payment option ) for a small TRIAL amount of say $100. Use this amount to purchase some Bitcoin.
Remember, Bitcoin is a digital currency. This means you can purchase any dollar-amount you wish.
It is IMPORTANT to make an initial DEPOSIT of $100 because some wallets reward you with a welcome start-up gift of at least $10 in Bitcoin! And you don't want to miss out on that.
Transfer your coins to a "Staking Account" if the wallet has this. Staking Accounts earn monthly interest.
The idea is to accumulate and HOLD your coins.
Some call the act of holding your coins as "HODL"( hold on for dear life ) ie., don't sell it off willy-nilly!
You are now the proud owner of Bitcoin! Guard them with your life.
Throughout the history of Bitcoin, every year sees a new high and a new low. And it has always been on an upward trend.
Do not get disheartened if you see the price drop, or be tempted to sell them off. If you sell, you have lost.
At the right opportune moment, if you have multiplied your initial investment, you may sell off a portion, but HODL the rest.
Experts have predicted that Bitcoin could reach a $million dollars!
The world of cryptocurrency is often over complicated with technical jargon that makes it very difficult for the average person to get involved in.
Often times, it puts people off.
It is no wonder that only a small percentage of the world population is involved in cryptocurrency. Our goal is to change that.
We have tried our best to use normal language to explain things in the simplest way possible to make cryptocurrency accessible to you.
The procedures involved to get started are quite straight forward.
Please note that it is vital that you exercise caution regarding internet security when getting involved in any online earning program.
Cryptocurrency carries risk of financial loss. We do not guarantee any form of returns.
Copyright © Global Savings Network 2021