How to get started with bitcoin & altcoins
If you’re here, you’re probably new to crypto or haven’t gotten in yet and want to know the real bottom line of How to Get Started With Bitcoin right now. Let me be up front with you, every link on this page is an affiliate where I get paid a little, but my genuine goal is to enable others to profit like I have and also move free market principles forward. Getting started is a quick, easy process, let’s do it!
—–Step#1 Get Started With Bitcoin—–
You’ve got to have money to buy it, but do you know where to buy it? Coinbase is by far the easiest place to buy your crypto and as of October 2017, they have instant send capability. This way you don’t have to wait 7-10 days for ACH to go through. They also have an AWESOME referral program where you share it with folks and BOTH of you get $10 of free Bitcoin when the person you refer funds their account with $100 of Bitcoin.
What that means: You click this link or picture, buy $100 or more of Bitcoin. You & I get $10 Bitcoin, FOR FREE.
Check out Coinbase to get started.
I HIGHLY discourage Changelly for a purchase due to the high fees, but it is GREAT for exchanging tokens instantly. This will let you get started with Bitcoin or just about any altcoin you want, in under 20 min, and from a Visa/Master Card or even one of their gift cards.
—–Step#2 Get Started With Bitcoin—–
Do you value privacy, live in a place that bans crypto exchanges, like Hawaii or Wyoming? You might need a VPN. There are plenty of other reasons to get a VPN, like privacy on open WiFI at Starbucks or your hotel, or watching your favorite team online, outside the area. (Learn more about VPNs here) You know how to get started with Bitcoin, but security is a HUGE concern in crypto because of the implied anonymity. A VPN isn’t THE solution, but it sure does help a lot.
It is really tough finding a trust worthy VPN that won’t log everything you do, has enough nodes to keep your speed up, and is affordable. I trust and use Express and highly recommend it to you as well. Keep in mind this isn’t mandatory, but certainly helps.
—–Step#3 Get Started With Bitcoin—–
The Ledger Nano S is a leader in secure crypto storage. You can hold nearly a dozen different crypto currencies on it, including Bitcoin.
MyEtherWallet is a free, open-source ERC-20 wallet, if you don’t know what that is, it’s cool, we’ll get to it on another page.
Jaxx is a free, wallet app for your phone and computer. Not as secure, but still a solid option for daily use.
Deciding on a wallet requires a few decision points be made.
Coinbase – This is an exchange wallet and you DON’T control the private keys. Leave your crypto here and risk losing access to it due to your account being locked or someone hacking the exchange. Not a good idea. I HIGHLY recommend moving it to a personal wallet ASAP.
MyEtherWallet – Only works for ERC-20 tokens, like Ethereum. Go to myetherwallet.com and take a look at all the tokens it supports. A lot like Bitcoin isn’t supported here, but it’s FREE and relatively secure. You can also use it to access the ERC-20 tokens on your Ledger Nano.
Ledger Nano S – Most secure on the market, you never actually see the private keys. This turns into a problem for regular sales/purchasing, you need an internet connection and Chrome browser to send any crypto. This is the equivalent of your savings account, you keep your big stores of funds here, not the spending & trading money.
Jaxx – A great spending wallet. If you’ve got viruses, this can be cleaned out. This is best looked at as your wallet. If you’ve got viruses on your computer it’s like having a party at your house and you left the wallet on the counter. Some jerk can just grab that while they’re eating your free food & beer. Good for daily spending money.
Metamask – Similar to Jaxx, but only supports ERC-20 tokens like My Ether Wallet (MEW). Integrates well with a lot of different services like ethlance.com. Good for daily spending money.
Any of these let you get started in Bitcoin or an altcoin, but it’s up to you how much security you need. If you only have $20 of crypto, it’s probably not worth an $80 Ledger Nano. Once you move up to $500 or more, it might be time to start thinking about it.
—–Step#4 Get Started With Bitcoin—–
Ok, I helped you get started with Bitcoin, but now let’s look at other cryptos to get into. Do your research, start at CoinMarketCap.com, go to the coin’s websites and read over their WhitePaper. See if they make sense, make sure you’re not buying before the opportunity is right. Use only reputable exchanges.
Bittrex – Highly reputable, but limit the amount of money you can withdrawal each day to .025 Bitcoin (BTC). I don’t like my money being locked up, but I still use them for trading.
Bitfinex – Yellow light, not sure how else to indicate caution. I’ve had good experiences, but they’ve stated the possiblity of locking out US customers and not returning their money. They also created a trash fiat crypto, USDT which they magically keep at $1 USD. Be careful.
Changelly – I love this service! It’s a 1 for 1 exchange while the other 2 are closer to a stock market type exchange. Customer support is excellent with them and they support a TON of tokens. They also don’t lock your money up, but you aren’t guaranteed the best exchange rate, you get what someone is willing to pay at that very moment.
Now you might be wondering what to do with that crypto, here is a good place to start. A big investment fund I’m a part of has a couple Telegram channels for announcements and a second for conversation.
Looking for others like you and want support making your way though the journey, check out our Slack Group. If you have any trouble getting in the group, shoot me an email or leave a comment. Josh@the same as the website.today
Comment and ask questions, I’m happy yo help. **Disclaimer** All the links provided here are affiliate links. While I have personally used and/or bought all these items and really do recommend them, I’m all about transparency.