Cryptocurrency has become a significant investment opportunity that anyone looking to invest in should consider. If you’re new to the world of cryptocurrency, you may even find the word intimidating.
Many people have delayed their investment and potential wealth because they feel intimidated by the concept.
But if you’re looking for a lucrative opportunity to invest – being part of cutting-edge cryptocurrency is the perfect option.
Like any investment option you have, cryptocurrency is something you can master with the right tools, and by taking the proper steps. We’ve laid out four easy steps you can take toward cryptocurrency wealth, so even with a limited background, you can start investing today.
1. Get familiar with the market
Cryptocurrency investment is a relatively new investment option, but like anything relating to investment, a little education on the subject can go a long way. Bitcoin is relatively new, and relatively independent, meaning it is an investment that requires some level of daring when putting your money into it, and that you may need to be able to weather periods of fluctuation.
Learn a bit about Bitcoin, and the other cryptocurrencies that have emerged since 2009. You’ll also want to understand a bit about Blockchain technology, (1) and the currencies that are performing best.
You’ll also want to get some education on exchanges and online wallets, and also be sure to do some reading about the scams that have emerged alongside the digital market.
Once you understand the market, you can identify emerging and well-performing cryptocurrencies and have a basic understanding of how and where you’ll make online trades, you’re now be ready to make your first coin purchase!
You can’t really hope to be a success at this investment if you don’t understand the basics. But, daunting as the basics are, you’ll have no trouble figuring it out with a little work.
2. Get connected with a cryptocurrency exchange
Once you’ve mastered the basics of cryptocurrency exchange, it is time to prepare to make your first coin purchase! There are a growing number of platforms you can use to make your first purchase, so be sure you find one that is relatively simple, very secure, and easy to connect with your bank.
Some popular choice for exchanges are Coinbase, (2) Bittrex, and Kraken, but you have many options when choosing an exchange. Some platforms require more regarding verification and security, and some will allow you to dive in and get started relatively quickly.
Once you’ve made your decision, the next step is relatively simple. You’ll set up an account, enter your information, confirm your identity, and connect your bank account. These are the checklist items you need in place before you can make your first purchase, and move toward worthwhile investment.
3. Make your first coin purchase
The action really begins with your first coin purchase. If you’ve followed steps 1 and 2, you have the insight and the tools you need to get started, and the first purchase is very simply made through your selected exchange.
Once you’ve completed this step, you’re in! You’re officially an investor in cryptocurrency, and part of a fascinating opportunity. But there is more to success than merely waiting for your initial investment to grow.
Much like standard investors, to have your coin perform optimally requires a little savvy, research, and monitoring. The mechanics of buying and selling coins are kinda basic, but really mastering the art of when and what to buy takes a bit more experience and education.
4. Take your cryptocurrency investments to the next level
The most successful cryptocurrency investors become adept at buying, selling, trading, and exchanging daily or weekly to be sure their investments grow as much as possible. This involves watching the market, looking ahead to upcoming trends, and familiarizing yourself with the industries, projects, and ideas you might be most interested in investing in.
Each coin you have will represent an idea, a project, or a blockchain technology that you will be investing in. Here is where cryptocurrency mimics stock investments, and where your new skills will serve you like stocks.
You’ll need to evaluate each idea, each business, and each coin to ensure it is active, viable, and an investment you feel confident in – much like the stock market.
A few years ago it was all about Bitcoin, but many altcoins like Ethereum and Skycoin have emerged as major contenders in the digital market. If you’re looking into investing in cryptocurrency, you should know that Skycoin, Monero, and NEO have all been predicted to be some of the top cryptocurrencies of 2018, (3) though you may be a bit less familiar, the aforementioned altcoins are predicted to explode in the coming years.
Now that you’ve mastered a simple exchange, you can take a look at your current investments, and move them to take advantage of rising options.
It takes some time to master, but if you can dedicate some time each day to keeping an eye on the cryptocurrency market, projects, and how they are performing, you stand to make a huge gain from your investment.
About the author: Henry Benjamin has been involved in technology, marketing and cryptocurrency for many years. Outside of the cryptoworld he enjoys kayaking and spending time with his family.