At first I did not believe in crypto currency but somebody said 1000+% returns (not a typo), so here I am. After just a few shorts months in crypto, my mindset has done a complete 360. I truly believe that crypto is revolutionary. Bitcoin, the most expensive currency, is currently sitting at $6,000USD and has yet to reach its full potential. Cryptocurrency has been around since 2009 and has not even begun to scratch the surface. I honestly believe that investing in crypto currency now is the fastest way to get wealthy in this generation.
What is cryptocurrency?
Cryptocurrency is a new form of currency that is all online, or “digital currency”. Paper currency (called Fiat) is printed by the government, who controls the price. Crypto is not controlled by any government, meaning it is decentralized. Also, because it is decentralized, anyone can buy or sell crypto.
The price of a crypto is fully determined by the global crypto market. Meaning that the price is determined by what people in that market will pay for it. All currencies and wallets are maintained by a network of computers and algorithms and are protected using encryption.
So why will investing in crypto now make you wealthy in the long run? Crypto is still in the beginning stages. Even though crypto currency has been around since 2009, it is just starting to spark. Catching the beginning of that spark gives you the upper hand. Most people do not know about crypto other than hearing about Bitcoin. Even though crypto is still speculative to some, we are right now starting to see the beginning of some real world usage (other than buying illegal items on the dark net). There are Bitcoin ATMs popping up around the world and people are using crypto to buy and sell items across international borders.
Crypto can be bought and sold across by anyone in any country then converted to fiat currency. There is no third party (like a bank) used to oversee these transactions. Therefore, sending crypto is cheaper and faster than wiring fiat currency electronically.
What are crypto returns really looking like
When I first invested in the three main coins, Bitcoin (BTC), Ethereum (ETH) and Litecoin(LTC), the prices were $4,039, $234, and $48 respectively. As of today, BTC is $6,000, ETH is $300 and LTC is just shy of $60. This with less than 4 months into investing. Below are two snapshots of the prices for the top coins in crypto on October 26th, 2016 and the prices for the top coins for today, October 29th, 2017.
Beyond the main three currencies, there are thousands of alternative coins (alt coins) that have big returns daily. I can attest to a couple my alt coins returning doubling and tripling in value in just a few short weeks. Want to see more of what coins I am invested in? Now I have a page on my blog dedicated to my current holdings. Click here or the ‘holdings’ tab at the top of the page.
How to Purchase Crypto Currency:
- Sign with a Coinbase account
To start, you will have to purchase the three main coins; BTC, ETH and LTC with USD. You do not have to purchase a whole coin. I use Coinbase or Gdax (they are the same company). Coinbase is instant and allows you to purchase the with your credit card. They also charge fees to purchase and transfer currency. They also have a mobile app. Gdax is free to purchase and transfer currency but you will have to wire money from your bank, which will take about 5 business days. Once you create a Coinbase account, you are also creating a Gdax account. Click my link to create your Coinbase account and we each get $10 worth of BTC when you spend $100 in your account.
- Buying Alt Coins
Different alt coins are on different exchanges. The most popular place to check the prices, charts and exchanges for alt coins is coinmarketcap.com. To buy the alt coins you would have to create a wallet on that exchange and transfer BTC, LTC, or ETH. A wallet is an online account that stores your coins and keeps them safe using encryption. Each wallet has a specific address. An address is a series of numbers and letters that ties your to account to that wallet.
- Researching Different Coins
All legitimate cryptocurrencies have websites, Reddit threads, Githubs accounts and social media accounts. On the coin website you will find the whitepaper. The whitepaper of a currency tells you everything you need to know about the coin. Reading the whitepaper and following the updates on a coin will give help you get a proper understanding of your investment.