Bitcoin
- How Do I Get in the Game?
If
you're like most people, you are hearing a lot of hype about Bitcoin.
You know a lot of people are making a lot of money by buying Bitcoin,
but what's it all about and how can you get a piece of the action?
I
was in the same position just a little over a month ago. Crypto
Currency has been around for several years but in 2017 it really
caught a lot of attention as the price of currencies such as Bitcoin,
went thru the roof and made people that invested early, extremely
rich.
So
what is crypto currency? In the simplest of explanations for those
not in the know, it is a start to a cashless society. Crypto currency
is currency made via software and is accessed through hashing
software which solves complex mathematical equations to "mine"
the currency. That's right, crypto currency can be mined by anyone
but it is becoming more difficult to do so and takes alot of
computing power to run the software. The good thing about it is that
if you do start to mine crypto currency, you obtain the currency for
free, other than the electricity used to power your mining computer.
Mining crypto currency is a totally separate topic which I don't plan
to discuss here.
There
are hundreds of different crypto currencies out there. Bitcoin is
simply the largest and most popular. As of Jan 1, 2018, a single
bitcoin is worth roughly $13,240 per coin. Think of a coin as a
single share of stock. Now think about all the people that bought
hundreds of Bitcoin awhile back when the price was $10 per coin. Most
of these people bought thousands of coins. You can do the math in
terms of how much those bitcoin portfolios are worth today. You can
get a list of the most popular Crypto Currencies at teh following
website:
So
if there is so much money to be made in crypto currency, why
isn't everyone investing? Good question. First off, unlike normal
currencies, crypto currency isn't backed or controlled by any
official government, person or organization. Because of that, many
people say this is a giant bubble which will soon burst, leaving
everyone with crypto currency left with worthless investments. To
better understand this, think of baseball cards. A baseball card is
nothing but a small piece of cardboard with a player photo and stats
on it. Probably worth pennies but because so many people value
certain cards, a rookie card of super stars like Derek Jeter, Micky
Mantle, Johnny Bench, and so many others could be valued at thousands
of dollars per card.
Becauae
of this, I would recommend that you definitely get in the game
because of the potential huge upside, but I would only invest money
that you can afford to part ways with. These currencies go through
huge fluctuations in a given day so this type of investment is not
for the faint of heart.
I
did this about a month ago. I invested less than a $1000 and in that
short period of time, I've seen a 56% increase in my investment. That
amount fluctuates on a regular basis. I've split my investment
amongst 5 different currencies, with Bitcoin being one of them. Most
people say they can't afford Bitcoin at a price of ~ $14,000 per
coin, but its the percentage gain you need to look at as opposed to
the price per coin. You can invest as little as $10 if you like. The
key is to find what the next Bitcoin currency will be. There are some
currencies that are worth less than a penny per coin today. With as
little as a $30 investment, you could purchase thousands of
shares/coins. Now imagine that currency gos up to a penny. You just
doubled your investment. Imagine the currency takes off and goes to
$10 or $20 per coin. You get the picture - similar to penny stocks.
So
how do you get started. You need to find an exchange to set up an
account. The most popular and trusted place to set up your first
account is Coinbase. Coinbase today supports 4 different popular
currencies, including Bitcoin. Once you set up an account there, you
can then move your currency to other exchanges that support different
currencies. The key to Coinbase is that it is the simplest and
easiest to get started with. As Coinbase adds support for more
currencies, those currencies will definitely increase in value since
it makes it a lot easier for the nornal investor to buy it. Recently,
Coinbase added a currency called Coinbase Cash to its exchange.
Immediately, the value of that currency went up something like a few
$1,000 in one day. Coinbase today supports Bitcoin, Bitcoin Cash,
Etherium, and Litecoin.
I
had bought 2 coins of Litecoin at $103 per coin and within a few
days, the price per coin more than doubled to $225 per coin.
It
is rumored that Coinbase will be adding support for two more
promising Cryptos in early 2018. The two being mentioned are Ripple
and Iota. These two currencies can today be purchased on different
exchanges. The idea here is that you want to get in on them prior to
them being supported on Coinbase so your investment can ride the huge
increases that would be anticipated.
So,
how can you get started? As stated above, the first step is to set up
an account with Coinbase. It is easy to do. Follow the link below to
set up your account and get started:
I'll
let you know ahead of time, the link I provided above to Coinbase is
a referral link. If you use this link to create your account, both
you and I will get credited with $10 worth of Bitcoin as soon as you
make your first purchase or sale of $100 or more. This is just
another way to accumulate Crypto currency for free and start building
up your portfolio. Once you establish your account, you too can start
referring people.
It's
pretty easy to establish your account. You can fund the account in a
few different ways. One is by providing your bank account info. This
method will take about a week for the money to be cleared from your
bank account to your Coinbase account. If you'd like your purchases
to be immediate, I would recommend using a credit card. With a Credit
card, your coin purchases happen immediately. Once you buy some
Bitcoin, you can use those shares to transfer and buy other coins if
you'd like to.
As
an example, I picked one Currency called Bytecoin. Bytecoin was
valued at $.0065 per coin (less than a penny. With $30 worth of
Bitcoin, I transfered that to an Exchange that supports Bytecoin (in
my case, I chose an exchange called Cryptonator). Cryptonator is a
similar service to Coinbase. After paying some fees, I was able to
purchase over 3,700 coins. That's my long shot currency. Assuming
that currency starts to gain interest and eventually goes above a $1,
my $30 investment immediately becomes worth $3700. If it really takes
off and gets to $10 or $100 per coin, then I'm really in the money.
Anyway,
you need to be in the game in order to potentially reap the benefits
that so many have already done to date. Again, start off with money
you can afford to part with and get your investments going. Which
currency will be the next Bitcoin in terms of returns? That's the big
question. If you can get at least alittle bit of money invested in a
few different currencies, you have at least a somewhat diversified
portfolio. Get started today, make your investment, then sit back and
watch the crypto mania take over. Get started here
---> http://bit.ly/cryptopip
I
hope this helped out somewhat. Good luck!!!!
