Chances are, you’ve been hearing a lot about Bitcoin and cryptocurrencies (crypto) in the news lately. This post isn’t to convince you one way or the other if its smart to invest in cryptocurrencies. The reality is that investing in crypto does have its risks, so don’t invest more than you can afford to lose.
The reason that I have created this basic guide is that I have personally chosen to invest in Ripple XRP. I think at this point its just insane not to, given the insane gains early XRP investors have seen. Ripple XRP increased 36,000% in 2017 which is simply amazing. Ripple is my personal choice for the bulk of my investment because of its centralized nature and the fact that they’ve made the most alliances with large banks throughout the world. They also just signed a deal with MoneyGram and supposedly have some things in the works with Western Union as well. In my opinion, Ripple XRP seems to be a pretty good bet if you’re going to get into crypto investment.
So how do you get started? Well, here is a step-by-step simple tutorial that should have you buying crypto in no time. This is by no means the only way to get started, or the most comprehensive guide on the subject. The purpose is to get you started the easiest possible way and this is how I personally got started.
1) Create a Coinbase wallet account to buy and store either Bitcoin, Bitcoin Cash, Ethereum or Litecoin. I would recommend starting by purchasing Bitcoin since its currently the most widely accepted cryptocurrency. Creating your Coinbase account is straightforward and easy. You will have to attach a credit card or bank account to your Coinbase wallet so that you can purchase Bitcoin. There is a verification process which can take a little time. The verification process usually requires you to provide information proving your identity, as well as to verify some small deposits or withdrawals from your bank account or credit card account before you can make purchases. Once you have created and verified your account you can purchase your Bitcoin. Some people think that this takes a large investment since a single Bitcoin is currently worth over $12,000. Luckily, new investors can purchase fractions of a Bitcoin, so even if you only have $100 to invest, its not a problem. Once you purchase your Bitcoin, you then need to transfer it to an exchange, in this case I recommend using Poloniex.
2) Create a Poloniex account to be able to trade your Bitcoin for any other currency of your choosing. Poloniex is an “Exchange” similar to a stock exchange but for buying and trading cryptocurrencies. Poloniex will have a similar sign up and verification process to Coinbase. Just go through the process and get your account set up. Once your account is set up, you can then transfer your Bitcoin from your Coinbase wallet to your Poloniex account and begin trading for other more exotic crypto coins that aren’t offered within Coinbase. Once you have purchased whatever crypto coins you want, you will want to transfer them back to a secure wallet like Coinbase. Its not a good idea to leave your currency on an exchange for long periods of time, so this step is very important. Since Coinbase does not store all types of coins, you will likely need to research what type of wallet you will need and open another wallet account, depending on your investment. In the case of Ripple XRP, I use personally use Gatehub.
3) If you are decide to invest in Ripple XRP, you will want create a GateHub wallet account to store your XRP coins because the Coinbase wallet doesn’t currently store XRP.
4) Have fun, research, invest in a diverse range of coins and hold onto them. Cryptocurrency is still in its infancy and its here to stay. You never know, you could become a millionaire like this 14 year old kid: http://cnb.cx/2zvqCju
Hope this helps and be sure to comment if you have anything to add.
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