In the last several weeks, I’ve helped many newcomers buy cryptocurrency. Many of us involved in the crypto-space have forgotten how complicated it is when making that first buy or sell. What now comes easily was in the beginning very confusing – and you realize this when explaining to a newcomer the steps required. There are so many options – how do they know which exchange to use? What to do with their cryptocurrency once it is purchased? Which wallet to use for safe storage? What many of us consider to be “basic knowledge” is Greek to newcoiners and so I’ve created some “how-to” docs with guidelines using what I feel are the easiest and most reliable options for newbies!
While there are many options, and some may ultimately be better choices – this is for beginners in the USA. It is highly recommended before you buy cryptocurrency to research other available information and documents on this website to gain an overall understanding. However, even after doing this – there are steps to take prior to making that first buy and these documents provide a quick guide.
Preparing to Buy Cryptocurrency
One thing I’ve noticed is that newcomers usually want to take advantage of a drop in price – and fail to realize that it takes time to establish an exchange account, transfer fiat funds, and verify identity before you can buy cryptocurrency. Often the time it takes results in missing a “buy the dip” option, so even if you’re not ready to buy cryptocurrency just yet – at least get set up to do so. It costs you nothing to be prepared if or when the time comes.
Before you buy cryptocurrency understand that you MUST READ EVERYTHING when setting up accounts, making buys or sells, transferring funds, etc. Please do not just click through without reading, especially if you are not tech-savvy – to do so can be very costly. Double-check every wallet address, and make certain you’ve not copy/pasted additional spaces at the beginning or end of a wallet address. Pay attention to the BUY or SELL options – I’ve seen newbies actually buy when they mean to sell (and vice-versa) simply because they did not pay attention to the tabs!
After you Buy Cryptocurrency
Another important consideration when you buy cryptocurrency is what to do with it – and leaving it on an exchange is not a good idea. When you buy cryptocurrency, if you do not hold the “private keys” then you do not control your funds. Leaving it on an exchange such as Coinbase means the exchange holds the private keys. Should an exchange become compromised, hacked, or decide to freeze your account for any reason – you lose your coins. Be sure to read and understand the different wallet options to make informed decisions.
Be very careful before investing your cryptocurrency in the various platforms popping up – most are complete scams, and I am speaking from experience. The ONLY platform I have found to reliably perform as expected is the Titan Trade Club. Titan is a “club” in which members deposit funds that are traded by experts on their behalf. While there is an affiliate plan for those who invite others to join – it is 100% optional and my spouse’s account has successfully traded as a passive investor since Aug 2017 launch of the club. There is no “scamcoin” or bogus-token associated with Titan, no hidden fees, and returns are reasonable yet sustainable. It is not a “get rich quick” scheme, but rather a plan that delivers a decent profit over a one-year membership term via daily returns on mining and trading, plus commissions if you’re inclined to invite others. I find it to be an excellent way to increase my bitcoin and/or ethereum acquisition without spending more money.
I hope these how-to docs will be helpful to those looking to buy cryptocurrency 🙂