Bitcoin works as digital gold for the cryptocurrency markets as it is traded for other coins. These markets have only recently started reaching mass adoption so the prices are still VERY volatile.
DON'T PANIC!
Large price swings are normal for BTC(Bitcoin) and it swings in both directions just as quickly.
Other Cryptocurrencies (Altcoins) are even more volatile with bigger price swings.
Don't let these big price swings scare you out of a good investment.
When investing in cryptos it is safest to look at your investments as long term. Dollar cost averaging is the safest way to accumulate your invesment.
Dollar Cost Averaging
DCA is when you invest the same amount over a period of time in smaller buys rather than all at once. For example if you invested 100$ every week no matter what the price was.
What You'll Need
Digital Wallet
In order to store and transfer your BTC or Alts you will need a crypto wallet. There are many options out there but the best one to start with is the Atomic Crypto Wallet available on all devices. The wallet even has a trade function that allows you to exchange between cryptocurrencies right in the app.
Source to buy from
You will need to sign up for an exchange or find a private seller in order to turn your dollars into cryptocurrencies.
For Beginers:
Simple Exchange: Coinbase(Credit/Debit)
Canadian Brokerage: Canadian Bitcoins (Cash/Credit/Debit)
For People with Trading Experience:
Binance Exchange(Credit/Debit)
Bittrex Exchange(Bank Wire)
KuCoin Exchange(Credit)
Security
When dealing with cryptocurrency you have to be extra careful. Make sure to take your coins off of exchanges when you are not trading them and put them safely into your digital wallet of choice.
BACK IT UP!
Always make sure to make multiple backups of your digital wallet before transferring any crypto into it.Keep your backups somewhere safe. Never give out your wallets private keys or wallet seed phrase to anyone.
Security Tools
Encrypted E-mail Service: Protonmail
Google Authenticator App AndroidandiOS
Knowledge and Tools
The market is always changing and evolving so the more you know the better you can protect your investment.
Education
Crypto Training Videos
Crypto Chat Group
Everything you need in one place
Crypto Pro App (News, Prices, Charts, Tools)
Android and iOS
Crypto Index: Coinmarketcap(Prices, Charts, Links, Tools)
News sources
Crypto Slate
Coin Telegragh
Cryptocoin News
Youtube Channels:
Crypt0 – Crypto news and talk
Blockchain Academics - Education and Trading calls
TA with MitchRay - Technical Analysis of Cryptos and Stocks
In Conclusion
Bitcoin is a risky investment but high risks can yield high rewards just make sure to be patient. The cryptocurrency market still has a lot of room to grow specially since the most recent financial crash As a new investor I would suggest you start with Bitcoin only until you get comfortable with the price volatility. The market as a whole is clearly here to stay but some of the altcoins with lower market capital have been known to loose trading volume and become de-listed from exchanges and impossible to turn back into dollars. You can avoid taking this risk by sticking to the top 20 coins by market cap until you are more experienced and able to tell a good project from a bad one.
Thanks for checking out my post! If you liked it I plan to make another post later this week that is more in depth and appropriate for someone with more investment and trading knowledge. So give me a follow and an up vote and get ready for some more content.
*Disclaimer: I am not a financial adviser and this is in no way financial advice. Make sure to do your own research and properly asses the risks
**Some links are referral links and help to support the blog. I appreciate you using them to sign up but feel free to go to the site directly if you don't want to support me.
$50 for a pile of generic shit and affiliate links? You're joking right? @steemflagrewards bid bot abuse
Abuse? Could you explain to me how I am abusing the bots? I was also honest about my affiliate links in the disclaimer at the end. I'm not looking to offend or insult anyone so please let me know your side of things so I can understand exactly what it was that I did wrong.
You paid 180 Steem on some votes, but were obviously not just doing this for promotion as you did not decline rewards. Did you not see that buying votes was discouraged by the last hard fork that gave us free downvotes? Well you know now. This is mainly about getting a fair rewards distribution, but I would say the post does not have that much value anyway as it is pretty generic info. That is my humble opinion.
It was designed to have generic info. My plan was to use this post to promote crypto and on board users to both the space as a whole and the STEEM/HIVE communities. You will see more of that explained in my next few articles which I will remember to be much more conservative with my vote bot purchases. The main reason I used them was to make the post appear more profitable so that newer users would have hope of making decent returns on their posts. I will of course explain voting bots in my STEEM post and make sure to inform the reader that they are a tool that can be used but must be used with smaller transfers.
Please do not promote buying votes as a way to make posts profitable. That goes against the spirit of this blockchain. Do it to get noticed whilst declining rewards if you want.
You should have seen that most of the community will be forking off to Hive tomorrow. Maybe vote buying will be acceptable on what remains of Steem, but you may find it detrimental on Hive.
I will continue to downvote buying votes for profit. That is my choice to get better rewards distribution.
As I understand it the @steemflagrewards bot I was flagged with by another user does not have a problem with bid bots as long as the content matches the vote size. there will be no more 2 digit votes bought. Just small ones for some of my more interesting content. As I understand it that would keep me out of the realm of "abuse" and that is all I am trying to do. But that is just my humple opinion.
I'm not going to keep explaining why I disagree with your strategy. Do what you want and see what the community thinks.
Thank you for the helpful information.
Thanks for writing this. Staking and Masternodes seems promising as well; starting to explore this form of crypto-investing. Crypto.com, Stakecube and Waves wallet are some of the platforms I've been looking at.
No problem. Glad you enjoyed it. Staking and Masternodes are a great way to earn more coins using your investment. I plan to make a post soon that will include more intermediate level tools and advice including talking about staking and links to masternode tools such as Masternode.pro. This one was intentionally made to be short and to the point and only put what is needed for someone to get started turning their fiat into crypto.
Good article for someone to start with. Will likely recommend this .
Thanks. I still plan to flesh it out a bit. Have a couple more links to add and want to add to and improve the conclusion.
Congratulations @elite.skeete!
Your post was mentioned in the Steem Hit Parade in the following category:
Thanks for this important post.
Hmm what do you have to say about this btc downfall that covid 9 has caused the world... I’m at massive loss because of this, my btc dropped with about 45%.
I’ll like to be friends if you don’t mind. Kindly follow back