With all of the hype and confusion around Bitcoin right now I thought it might be helpful to post a blog explaining how to buy Bitcoin and just how easy it is to get started. A lot of people have been asking me if I personally have any Bitcoin and until recently the answer was no. Just like most, I was not “convinced” when I was first approached about the over excited cryptocurrency, and just like most, I am now wishing that I would have hopped on board a little earlier. But I am not one to throw money at everything that passes my way, so I took my time and researched as much as I could. Well, $12,000 per coin later here we are at $16,000/coin. People have very polarized opinions about investing in cryptocurrency in general. But just as with any investment, you have to consider the long term possibilities, which are potentially life changing with Bitcoin.
So if today is the day that you decided to get on board, here is what you do.
1. Go to www.CoinBase.com and create an account. This is one of the most popular and user friendly platforms to purchase Bitcoin and other select digital currencies. Coinbase has a phone app that makes things extremely convenient and a real time status for the current Bitcoin value.
2. After you have created an account it will ask you to link a payment method. Typically this is done through a credit card or bank account. Coinbase will ask you to verify your account either way which is self explanatory.
3. Once you have your account created and your payment method linked you are ready to BUY. If you want to SELL your Bitcoin once your purchase, you will need to link your bank account to the app so that Coinbase can deposit into your account, which is what most people do regardless.
And just like that you are in the game. There are a lot of speculations as to where Bitcoin and the cryptocurrency market are headed. Some say that it could crash at any time, while many seasoned investors are on record stating that they think Bitcoin will go to $100,000/coin in the year 2018. Some are even projecting that due to the nature of this finite digital currency, that it could go to $1,000,000/coin by 2020. If that is the case, we are all in for one hell of a ride. If nothing else, I compare it to betting on sports. Once you have skin in the game, all of a sudden things become a lot more interesting. So why not take a little side money and get in on the game. Like my grandfather used to say about the lottery, “You can’t win if you don’t play.”
Also another good feature if you are in Canada is here Crypto Head’s guide for people in Canada for our readers.
Food for thought: If you would have purchased $100 in bitcoins on Jan. 1st 2011 at 30 cents per Bitcoin, you would have received a total of 333.33 Bitcoins for your initial purchase. As of today your investment would be worth $5.6 Million.
Still have questions, feel free to email me at Frank@FadedIndustry.com
Disclaimer: I am not a financial advisor nor am I attempting to persuade anyone to invest. I personally have invested in Bitcoin and if you use THIS LINK to sign up, you and I each receive $10 in FREE Bitcoin if you invest at least $100.