I’m not going to waste your time. Here are the super simple, basic steps to get started. I’m assuming you’ve already done your research and decided that you should invest in Bitcoin/Crypto. If not, go read that guide. Without further ado, let’s get started!
This article is a shortened version of this article that goes in depth into making your first investment and allowing you to exchange on trading sites.
Sign Up To Purchase Digital Currency With Credit/Cash
You can also check out Coinbase (high fees), BitStamp, or VirWox. These are just a few – there are many others! But these links should get you started. One note: when you purchase through VirWox you have to first purchase SLL which is “Second Life Lindens” and then you convert those to Bitcoin. Also, that service subjects you to a delay while they approve your account. This caught me by surprise.
Keep Your Coins in a Cold Storage
If you only have a little bit of cryptocurrency online, then it’s not really a big issue. But if you save up more and more (such as $1000 or more) then you’ll want to send your coins to a cold storage.
This is a wallet that is not connected to the internet and is free from the threats of hacking or stealing. I highly recommend installing Electrum and running it on a computer that never connects to the internet. This is a great use for an un-used old laptop. Simply format the device, install Electrum, and disconnect it from the Internet. There’s zero* (not fully zero) chance it has been exposed to malware. Just make sure you’re downloading from electrum.org.
I also recommend a Ledger Nano S device. This is a high-security device that prevents against theft and it allows you to transport coins fairly safely without fear of someone gaining control over them.
Don’t Tell Anyone How Many Coins You Have
So many people in the early days boasted how many Bitcoin they had. Problem is, the Internet is a scary place and several early investors were targeted by malicious people who sought to steal their coins. Some of these thieves were successful which led to several very scary media headlines.
In addition to that, you should not tell friends nor family how many coins you have in the scenario Bitcoin’s price skyrockets. They’ll remember how many coins you bought and realize you have inherited a fortune. Some individuals through acts of jealousy suddenly “remember” how much money you owe them… and it has caused many rifts in families and friendships.
Long story short … keep your holdings safe!