I can not have a “how to make money online” blog in the 21st century without talking about how to invest in cryptocurrency.
Marco Diversi is quite expert in this field, and I have invested some money in it as well. I have also made tutorials on how to make cash trading crypto online.
This article will give you an overview of what is a cryptocurrency and I will give you some familiarity with the most important terms you need to know and how to invest in cryptocurrency properly.
I am not sure I need this, but I have been reading on other websites people writing a disclosure saying: “I am not a financial advisor so do not make any investment because I wrote it on this article“.
Well, this applies to me as well! As good as I might be, the money is yours and if you are going to lose cash is not my fault, so do your own research as well.
Something I am sure you need and are free to have is a Coinbase account and a Binance account.
Then from there, you can go anywhere else. And here I am going to tell you how.
What Is Like To Invest In Cryptocurrency?
Deciding to invest in cryptocurrency is very similar to buying shares from a company and then get a profit from it when they grow.
If you were to spot the new Amazon and buy a share for 1$ today it might be worth $10.000 in a few years. Click To Tweet
Invest in cryptocurrency is very similar! You might have heard that bitcoin was worth a few bucks a few years ago and in December 2017 1 BTC (Bitcoin) was worth $20.000.
I am using tradingview to trade and look at graphs, we can see a graph here of its growth over the years.
Bitcoin is the main currency, and it was created in 2011 by an unknown person nicknamed Satoshi Nakamoto. If you are interested in the whole story read this short article on Wikipedia.
From one single coin named Bitcoin, now in 2018, we have thousands of different coins, each of them promises a different purpose.
I think that this “crypto space” might collapse and it will be just history soon or it will be adopted as a decentralized more efficient way to transfer money and banking.
I have no idea what the future will bring, but I am sure that if you are smart about this period of the humanity you can make a good profit from it.
Concepts And Terms You Need To Get Familiar With
Concepts
BlockChain: The Blockchain is a stack of blocks made of cryptate records transactions. This works like a ledger and anyone is able to see the transactions and it works peer to peer so that no one can modify the blocks without the consent of the others. Bitcoin has its own blockchain and since it is the most important cryptocurrency. Bitcoin can be called a Coin.
Coin: Bitcoin is the only coin since it is the first one is the most powerful and the only one that can be called coin. In order to be a coin needs to have a personal blockchain to run on.
ALTcoin: ALT means alternative. Any other coin, and remember to be a coin you need to have your own blockchain, is called ALTcoin. The most famous altcoins are Ethereum, Litecoin etc.
Tokens: these are altcoins that don’t have their own blockchain to run on. Most of these altcoins run on the ethereum blockchain and are called ERC-20 tokens. If you want to run on your own blockchain it is way more expensive and complicated. So most of these altcoins have decided to run on the ethereum blockchain to save money until they get more used and popular.
ICO: Initial Coin Offer is a project that aims to become a token and being listed on the coinmarketcap. Anyone can make an ICO if you are good with words and marketing you can actually raise a lot of money from it without even need to have any technology behind. Then, when you raise the money, if you raise the money, you can decide if you want to go on the market cap. You can just give up and scam basically all the investors if you want too. This last option doesn’t happen very often but it can happen.
Terms
Circulation supply: this is the total number of coins that are circulating.
Exchange: is the place where you can buy ALTcoins and Tokens via Bitcoin or Ethereum mainly.
Fiat: is the real money that is in your pockets and real banks. A fiat currency would be the Euro for instance, and a FIAT transfer is a WIRE from your bank to a “crypto something”.
Hash: when you send or receive coins you sign a hash! It is a very common thing with cryptography and the thing you must know about this is that when a hash is signed is not reversible and forever.
Market cap: is the price per coin multiplied by the circulating supply.
Max Supply: each coin is designed to have a maximum number of that coin available ever. This can due to how the coin is developed.
Miner: is the one that validates the transactions on the blockchain. They are just solving complex cryptography algorithms to create the blocks.
Public key: is the key to your wallet that is public to the ledger.
Private key: is the key you need to open your wallet, it needs to be kept safe.
Wallet: is a digital wallet able to store digital currency. It can be an online wallet like coinbase or a software wallet like exodus or a hard drive wallet like ledger wallet.
White Paper: is like the idea behind a project, everything starts with a white paper. And then if people like it you can get money to raise your ICO and go on the market cap.
Slang
FOMO: Fear Of Missing Out buying a cheap coin that will go up. Is the shitty feeling you have when you see an altcoin price very low the day before and then the next day goes to 100 times more of worth.
FUD: Fear Uncertainty Doubt. Very common feelings in the crypto space.
HODL: Hold On Despite Loss. Is a typo of the English word “hold“. It is very used and it means that even if you see the price going down, have faith in the future when it will go up and hold it for now in your wallets.
Moon: Slang used to say that an altcoin price will go to very high values in the future.
Pump and Dump: Slang used when media and blogs enhance one coin so that people will buy it and the price will go to the moon. Then people will sell it to make a profit and price will go down. Up and Down up and down.
Whales: a whale is someone that has a huge amount of bitcoin or altcoins. Like if you have let’s say 500 bitcoin or more 5000 or whatever, you are a whale. Whales can move the worldwide price of any coin when they decide to take profits.
How To Invest In Cryptocurrency
There are millions of ways you can invest in cryptocurrency but here I am going to tell you the cheapest, fastest and most effective way to do it. Click To Tweet
In order to be able to invest in cryptocurrency and in any altcoin, tokens or whatever you want you to need to own some bitcoins. You don’t have to buy 1 bitcoin, of course, but you can buy 0.001 BTC or whatever amount you want to buy.
You need to buy bitcoin because to buy altcoins you need to use exchanges that accept usually just Bitcoin or Ethereum.
It is my advice to buy bitcoin because is the only one accepted from any exchange. The best way to buy bitcoin is via coinbase. You can make an account with the button below to speed up the process, you will receive $10 if you sign up for this button, so do it!
CREATE A FREE COINBASE ACCOUNT
Create an account the same way you would create one for a social network. Put e-mail and password and secure it with a 2fa (two-factor authentication).
I strongly recommended you to use the Authy App instead of google authenticator, there is no contest and just trust me.
An advantage of Authy is that if you lose your phone you are not screwed because you can backup your 2fa tokens via your mobile number and email.
Once you have a coinbase account they will ask you to verify your identity since they are like a bank so to speak.
Send them or scan an ID and connect your bank to it. You can just send $0.01 to coinbase via your bank to verify.
If you need an awesome online bank so that you can just use for these kinds of things I strongly recommend to get N26 bank.
How To Buy Bitcoin With Coinbase
Once you are verified, and it might take a few days, you are able to buy bitcoin via coinbase. If you are not tech savvy you can use coinbase super easy platform.
All you have to do is to send them a wire transfer with the money you wish to invest in bitcoin and then you can purchase bitcoin from there.
Doing so you will have to pay fees and it is a little retarded. There is a trick you can use to pay no fees and do it for free.
Coinbase exchange is called gDax and is the same website and you can use it to delete the fees using the spread of transactions.
Feel free to comment below if you are not sure of what I am talking about. But if you really need further help, here is a video I have made with the exact procedure you have to follow.
If you do this to send money to Coinbase and buy BTC you will pay no fees.
If you have problems and it is too hard for you just send me a message and I will help you. The paying no fees part can be tricky. The important thing is that you setup your coinbase and binance accounts now.
How To Buy Altcoins?
To buy altcoins and invest in cryptocurrency less famous than bitcoin you need an exchange. There are many exchanges out there but the best one, easy to use and free is binance. You can make an account from the button below.
To buy any altcoin you will need to send bitcoin to the exchange in order to be able to trade altcoins with bitcoin via the exchange trading platform.
In a few lines this is the process that you always need to follow:
- buy bitcoin on coinbase via gdax to pay no fees.
- transfer the bitcoins with gdax to the binance BTC wallet.
- go to the binance trading platform and search for your favorite altcoin.
- place an order and buy it with bitcoin.
- the altcoins you bought will go in your exchange wallet.
Here is another short video with this process. If you can not understand it and do it, just send me a message. This is a tutorial I have made to buy Tron TRX, but the same applies to any other altcoin.
There are many exchanges you can buy altcoins, but these on this list are the most reliable, complete, easy and famous ones:
The most important thing is that you have a nice and secured coinbase account to store your bitcoin. And a Binance Account well secured to buy altcoins.
What Are The Best Altcoins To Invest In Cryptocurrency?
This question is very hard to reply! In my opinion, you need to be smart about it and just trying to either HODL on some coins you have a big faith on or making a nice profit in the short term.
I bought 600 Euros of TRX 5 months ago for $0.03, 600/0.03 = 20.000 TRX. Then I sold them for $0.27 and made this profit 20.000*0.27 = (5400 – 600) = $4800 in one shot. But I was lucky that TRX got pumped and then dumped.
In my opinion, there are not a lot of awesome coins, the best cryptocurrency I have the most of my faith on are:
- Bitcoin
- Ethereum
- Litecoin
- Monero
- Cardano
- Iota
- Stellar
- Steem
- Binance Coin
But I bought a little bit of all! Just to be sure, and I am HODDLING some of them with the hope of a bright future.
Always never spend more money than what you can afford! This is a very volatile investment and you might end up with nothing.
The most important website that you need to bookmark and follow to look at all of these coins and variations is coin market cap. You can find a button down here and look at this website as often as you can.
FAQ
How Can I Get A Real Profit From This?
To get profit from this you will always have to transfer your profits from exchanges to coinbase. Coinbase is one of the only services that provide fiat exchanges between cryptocurrency and real money. Let’s assume that you bought 1Bitcoin for 1 dollar today, and in 10 days 1 BTC is worth it 100 dollars you can withdraw the $100 to the bank associated with your Coinbase account. For altcoins, you will need to exchange on binance, for instance, the new altcoin value for bitcoin. My recommendation is to get N26 since it is super fast and works like heaven. Make a free N26 bank account.
Is It A Bubble?
It might be, no one knows it! Banks hate cryptocurrency because the idea of a decentralized system will make the entire baking system collapse on itself. Investors like warren buffet think that this is complete bullshit, I think that he’s very smart but also speaking of his interest. If bitcoin gets adopted it will be harder for him to make cash with his stocks as well. Bill gates instead he doesn’t express anything bad and not even anything good about it. He thinks is a nice idea overall. I think that it might be a bubble but you can make a huge profit if you are smart about it.
Are People Making Money For Real With This?
Yeah, smart people make tons of money with the trading platforms. HODLing smart and creating ICOs and crowdfunding able to generate millions of dollars in few weeks.
How To Buy Bitcoin From A 3rd World Country?
I am not very expert with this but I have heard that coinbase is not available in India Pakistan and all of these countries. If you are from there you might wanna do a little google search. I am pretty sure that you can buy bitcoin if you are from India from cex.io. But not sure 100 %.
Conclusions
In conclusion, if you want to invest in cryptocurrency you need to be ready to deal with a very volatile environment. Click To Tweet
Prices can go up and down a lot depending on what the whales do and coins adoptions and pump and dumps.
If you want to invest in cryptocurrency the best way to do it by having a nice secured Coinbase account if you did not make an account now.
And then to buy altcoins you need a nice looking and simple and safe exchange like binance. Make an account now if you didn’t already.
To be able to buy any altcoin you need to purchase bitcoin via Coinbase. If you use gdax from coinbase you can eliminate the fees.
The most important website to look is coinmarketcap. You can see everything that is happening with prices. You should study also how to invest in cryptocurrency, trade and safe your coins.
I think that this is a nice period of the humanity and if you are smart about this you can make good profits from it.
To make profits you will have to change any altcoin that you have from whatever they are to bitcoins via an exchange like Binance.
When the coin is turned into Bitcoin you can put it on coinbase and withdraw the cash onto your bank account.
This is how you can invest in cryptocurrency explained in a few videos and words. Feel Free to contact me for any doubts.
What You Will Learn On This Blog!
Stay tuned and subscribe to my blog so you will get notifications on new posts. I will slowly break down these topics:
- SEO(Search Engine Optimization).
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Do you want to be a free man or woman? Jump in the crew then!
Much Love and Peace Out,
Marco Diversi.
You’ve probably seen a lot lately about Bitcoin including speculation that it may drop in the future.
There are thousands of new crypto-millionaires
But will people continue to get rich investing in cryptocurrency?
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And for good reason…