HOW TO Invest in Bitcoin (And Why You Still Should)
“The core meaning of the idiom to kick oneself is the idea of regret: regret for an opportunity that you missed.” — Definition
Kicking — a frequent and a justified reaction late November, when Bitcoin rose to more than 10x its January price. The excuses were common and lacked creativity. Complicated. Something for investors with “real” money. Too late. A bubble. On November 26th a Bitcoin was worth $8,977 USD — clearly too late to invest. Yet today it hit $15,000….then $16,000…$17,000... I won’t say that you can still double your money. Can you? Here is how you can start riding the crypto-wave (and yes, once you put in your money — watching these curves is definitely more exciting than TV). After all, your $100 yesterday can be $120 today.
AUTHOR
· NOT a financial advisor
· Did speak to financial advisors in Scotiabank. Countered their 2% annual savings account offer with the 20% that Bitcoin made in that one day. They wrote down my recommendation for a Bitcoin wallet.
· I am an IT entrepreneur — currently developing several cryptocurrency projects. Original background — investment finance, but don’t take this article as a professional advice.
BITCOIN MISCONCEPTIONS THAT ARE STOPPING YOU NOW
(1) You need to be rich to invest in Bitcoin (buying even one costs $16,000!)
You can invest any amount and own any fraction of a Bitcoin and still take advantage of its growth.
(2) Bitcoin is a bubble.
Maybe. As long as you exit at the right time, does it matter?
(3) All the earnings are in the past.
10x earnings are. 20% / day earnings aren’t. Your money will likely make far more in a single day of December, than they will in your savings account or even stocks portfolio.
(4) There are news that Bitcoin fell 15%!
It does that. It goes up three steps before taking one down every so often.
HOW TO INVEST
(1) CHOOSE THE AMOUNT YOU WANT TO INVEST
If you don’t want to dive deep into the cryptocurrency world and download a 300GB+ blockchain, you will need to use one of the publicly available wallets. The minimum there is $100.
(2) OPEN AN ONLINE CRYPTOCURRENCY WALLET
There are several to choose from. I recommend Coinsquare for their lowest transaction fees, far less rigorous verification, and stability (non-paid inadvertent ad).
i. Go to Coinsquare.io
ii. Sign up
You will need to fill out your basic information. It asks for the referral code, you can put in CBE856C68 and we will both get $20 within 5 days or leave it blank. Next, confirm your identity with your cellphone.
iii. Load currency
Coinsquare offers several ways to add money. They recommend Interac Online, which is also the fastest — considering Bitcoin’s rate of growth, I recommend you choose this one too. NOTE: the bank won’t tell you this, but Interac Online purchases (distinct from transfers) do not work with VISA Debits. If you have a VISA Debit, choose an Interac E-Transfer.
iv. Exchange
Go back to Dashboard and on the left side you will see Quick Trade. Choose Trade CAD from the dropdown list. Enter your amount. Choose BTC in the For list (careful: BCH is Bitcoin Cash, it’s distinctly different).
And there you go!
WHEN TO EXIT
Investing is a risky business. However, there are few trends to drive the bitcoin down this December. The majority of the public is still coming in — driving prices up. Professional investors, those laggards, are only now warming up to this unregulated market — driving prices up (also increasing volatility).
Bitcoin will ride its wave of popularity for the remaining 2017, losing its lustre in 2018 Q1. Don’t be afraid of its sudden falls — it rises back. But once the wind changes… Ethers anyone?
CONCLUSION
I didn’t want to make this a long-read, instead opting for a quick, generic practical guide. If you want to know more or if you have questions — definitely don’t hesitate to comment or to message me. Please invest responsibly.
