In 2011, if you bought $100 of Bitcoin, you could have nearly $1 million dollars today. That’s an insane appreciation in only 6 years. And you and I are kicking ourselves for missing the boat. But crypto’s not dead. And it’s still growing in popularity. So here’s how you can buy and sell Bitcoin, Ethereum, and other creamy cryptocurrencies.
In case you’re the impatient type, and just want to know how to get your grubby, stubby, fat sausage fingers one some sweet crypto, then here’s the the step by step process:
Link credit card or bank account and buy Bitcoin, Ethereum, or Litecoin
If trying to buy other altcoins, open up a crypto exchange like GDAX or Bittrex
Find the Deposit Address in your exchange.
Send the Bitcoin or Ethereum from Coinbase, into the exchange, using the Deposit Address
Buy that sweet sweet crypto.
But if you’d prefer some detail, then here’s how you can get cryptocurrency in your possession, so you can make thousands of dollars.
CryptoCurrencies are crazy. They’re mysterious little internet currencies, that aren’t government regulated, that use a block-chain technology, that are stored on an unhackable ledger, and they have the power to drastically boost your monthly earnings.
These things have been floating around for years. And for those years, I had turned the other direction, oblivious to their earning potential. Until I got a hot lead off a Reddit post. The post mentioned a little up-and-coming cryptocurrency called Ethereum. And I had no idea what it was. But the person said that it was taking off, and positioned to be the next Bitcoin.
And in March 2017, I gambled $1000 on about 23 units of Ethereum. And for the next 3 months, I watch my $1000 investment transform into $2700, then $4200, then $5200, then $6000, then $7200, then $7400, then $8000, and finally peaking at about $10,000 when it reached $420 per unit.
And then I got greedy. I thought it was just going to continue to grow! Instead of selling like a rational trader, I was possessed by the gambler’s fallacy. And then over the next few days, my unearned yield of $10,000 started falling. Drastically. It hit $9000, then $8000, and at that point, after watching $2000 vanish, I sold all my Ethers for $7000. And I was heart broken. Because at that point, I knew the 3 month, wild ride to passive, massive profits was over.
So in 3 months, I was able to convert $1000 into $7000 buy buying these little mysterious cryptocurrencies. And it was crazy. Because had I purchased more, I would have made even more profits. But what’s even crazier, after it started falling in price, it settled down at about $200. So although Ethereum sky-rocketed from $40 to $400 in 3 months, it still balanced out, and settled down at about $200.
And that’s a very interesting sign. Because during that time, Bitcoin, the most popular and valuable cryptocurrency, reached a value of $3000 per unit! Had you invested $100 in Bitcoin in 2011, that investment would have been worth $30 million in 6 short years. But only did Bitcoin and Ethereum reach all-time highs, but hundreds of other cryptocurrencies began popping up everywhere. And now they’re earning insane gains in such a short amount of time.
And at this point I’m rambling. Because in the past 6 months, cryptocurrencies have made a lot people wealthy. And those cryptocurrencies have fought hard, to prove that they aren’t just a tech-fad. And that they are here to disrupt the way we exchange funds.
And that’s the point. That cryptocurrencies are an investment vehicle in their infancy. And with the amount of support they currently have, they are an incredible investment opportunity, which could yield 10x or 20x or more in gains.
Step 1: Setup a Coinbase Account
Anyone can sign up for a Coinbase account. And it’s a simple as signing up for any other website. Just enter your name, email, and create an ultra-secure password.
You will be prompted to jump through a few other hoops to verify your identity, but nothing too complicated, unless you’re an impostor. Which might make it challenging.
But assuming you’re not an impostor, you’ll quickly have full access to your Coinbase account.
But simply having an account isn’t enough. Because you’ll need to link your bank account or credit card, so that you can convert your USD into Bitcoin, Ethereum, or Litecoin.
Now, if you’re eager to pull the trigger, your credit card can instantly purchase Ethereum or Bitcoin. But, if patience is your trading strategy, then linking your checking account might be the best way to go. But be forewarned, it will take about 7 days for your funds to be available.
And viola! That’s all I did to turn $1000 in $7000. In March 2017, I bought 24 Ethers for about $40 per unit. I sold them in June 2017 for $280. Had I timed it better, I could have actually sold the Ethers for as high as $420. But I got caught up in the hype, and held.
But What About The Other Altcoins?
Now your curiosity is really starting to get the best of you. And what’s the old adage? Curiosity killed the cryptotrader? But if you’re really feeling adventurous, and want to take part in some of these altcoins, then you’ll have to sign up for a cryptocurrency exchange. Here are a few commonly used exchanges:
GDAX – This is owned by Coinbase. And since you already have a Coinbase account set up, then this might be the path of least resistance.
Bittrex – This is the exchange I personally use. But that’s because it this prime altcoin that I’ve been having tourettes over: ARK. And aside from my ARK hording, it also has some of the better reviews.
Poloniex – This is the first exchange I started with. It’s ok. I never had a problem with it. But everyone on Reddit hates it.
But these exchanges aren’t like your stock markets. You don’t just dump USD into these altcoin exchanges, and buy your favorite altcoin. Because the altcoins are traded with Bitcoin or Ethereum.
So now that you have Bitcoin or Ethereum, you’ll want to transfer them into your exchange.
Here’s how you send Bitcoin or Ethereum from Coinbase into an Exchange:
First, depending on which exchange you signed up with, you’ll need to get the Deposit Address. The deposit address is going to be a long line of random digits. And this deposit address is where you will be sending the Bitcoin or Ether from your Coinbase. So be sure to highlight this address.
Then, you’ll want to go into your Coinbase account. Go to the Send tab at the top. And then, in the Email or Bitcoin address field, you’ll paste the Deposit Address from the exchange you’re working with. You can use the image below as a reference.
3. Then, you’ll have to wait. Because the way cryptocurrencies work is a team of miners has to verify all the transactions that occur on the ledger. And considering the size of the Bitcoin block chain, and the number of transactions that are occurring at the moment, this could take as long as a few hours. But once those few hours have passed, you’ll see your Bitcoin or Ether in your exchange.
4. And after you’re Bitcoin or Ether has entered your exchange, you’ll be able to trade it for the other altcoins.
My favorite altcoin at the moment is ARK. ARK is an interesting project. They are trying to create Smart Bridges, which allows the crypto holder to convert his altcoins into any other altcoin. And with the altcoins gaining popularity, I’m gambling that other cryptocurriences will become popular, and exchanging them for others will be common practice, making ARK a popular and valuable cryptocurrency.
And there it is. That’s how you buy Bitcoin or Ethereum, and other cryptocurrencies. So do some research, and sit back, and watch your investment take you to the moon.
How To Buy Bitcoin, Ethereum, and Cryptocurrencies