Road to Financial Freedom: Beginner Crypto Guide for an idiot- Part 2
So, you want to invest? Beginner Crypto Guide for an idiot: Part 2
While the idea of cryptocurrency can be daunting to beginner investors, the requirements to get started are minimal. If you want to learn how to invest in cryptocurrency, you only need:
Personal identification documents
Bank account information
Secure internet connection
If you have either the Revolut, Paypal or plum app on your phone you can start buying crypto right away through these apps. These companies have made it easy for the everyday person to buy crypto. However, if you do not have these apps on your phone you can either download them or download the Coinbase app.
The best Crypto exchange for beginners in my opinion would be Coinbase. Coinbase is an excellent first destination for most beginners. They’re a publicly-traded company with over 73 million users
Tip:
Download the Coinbase app unto your phone use my referral link and get £8.92 worth of Bitcoin free.
Referral Code:
For Mobile users:
1. Tap Buy on the Home tab.
2. Select the asset you’d like to buy.
3. Enter the amount you'd like to buy denominated in crypto or your local currency.
4. Select Preview Buy to review your purchase (you can always tap the back button to make a change).
5. If all the details are correct, tap Buy now to complete your purchase.
If you’d like to make this a recurring purchase, tap One-time purchase and select how often you’d like the purchase to repeat.
What is the minimum amount I can buy?
You can purchase or sell as little as 2.00 of cryptocurrency denominated in your local currency ($2 or €2 for example).
For computer users:
Sign in to Coinbase.
Select Buy / Sell on the upper right-hand side.
Click the Buy panel to select the asset you'd like to purchase.
Enter the amount you'd like to buy denominated in crypto or your local currency.
Select your payment method.
Click Preview Buy to confirm your purchase (you can always click the back arrow to make a change).
If the details are correct, click Buy to complete your purchase.
If you’d like to make this a recurring purchase, click One-time purchase and select how often you’d like the purchase to repeat.
Okay so, what crypto should I buy?
(This is not financial advice, please further research these crypto’s)
According to Forbes
Bitcoin (BTC)
Market cap: Over £328 billion
Bitcoin’s price has skyrocketed as it’s become a household name. In May 2016, you could buy a Bitcoin for about £370. As of 1 September 2022, a single Bitcoin’s price was roughly £17,000.
Ethereum (ETH)
Market cap: Over £158 billion
Both a cryptocurrency and a blockchain platform, Ethereum is a favourite of programme developers because of its potential applications, like so-called smart contracts that automatically execute when conditions are met and non-fungible tokens (NFTs).
Ethereum has also experienced tremendous growth. From April 2016 to September 2022, its price went from about £8 to over £1,300.
XRP (XRP)
Market cap: Over £28 billion
Created by some of the same founders as Ripple, a digital technology and payment processing company, XRP can be used on that network to facilitate exchanges of different currency types, including fiat currencies and other major cryptocurrencies.
At the beginning of 2017, the price of XRP was £0.004. As of 1 September 2022, its price reached 28p.
In conclusion, Crypto is highly volatile and you are always advised not to invest what you are not willing to lose. Crypto has made it possible for many to attain financial freedom and the greatest thing is if you are reading this, there is still time to make insane gains.
You are still early!
Please comment and share with those who may find this of use.
Yas x
