Bitcoin - How You Can Get Setup In As Little As 30 Seconds! (The Easy Way)
We have seen Bitcoin discussed on the mainstream news, mentioned in popular TV shows (like The Big Bang Theory), friends on social media posting about their passive gains, and large Tech companies both investing in and supporting the technology behind Bitcoin (like Microsoft and Google - and quite frankly, those two massive firms were all the explanation I needed to see where this tech was headed).
Obviously, not everyone has jumped on the band wagon yet! But it seems more people are considering it everyday. And that IS important to recognise from a marketing perspective.
From our awareness being raised about the name, the concept and earning potential, many of us are now starting to enter the consideration stage (more so now than months ago) - that there very well is value in Bitcoin.
But if you are like most, you may still be a little sceptical... and trying to understand how this all works and what is the best way to get started. But is it the right time to get started?
Yes. There's still time to secure your position early to find new moons with (what is known as) 'cryptocurrencies' before the flood gates open and the masses start diving in head first... straight in the deep end.
Businesses and Governments from around the World are slowly accepting Virtual Currencies, as they partner up with third-party Bitcoin services that act as middleman to facilitate the exchange of Cryptocurrency directly to Fiat Currency.
All this may seem exciting, but many people have lost a lot of money because they didn't adequately minimise their risk first.
Warren Buffet suggests the easiest way to minimise your risk is to first get educated; take your time to learn and listen to experts that are successful in this industry. Your selected experts must have real life experience and not just head knowledge.
The true experts in this field are those that are more technically literate and able to read the coding language behind Bitcoin and other cryptocurrencies; they can easily identify the quality, understand the value and advise on the legitamcy behind the code.
While Bitcoin is still relatively new technology yet to gain more acceptance by not just the general public but also Financial Markets, large players like business accounting software QuickBooks (from Global accounting giant Intuit), Expedia (one of the world's largest online travel booking agencies) and Shopify (a popular eCommerce platform that allows merchants to set up their own online shops to sell their products) already allow you to accept and make payment with Bitcoin. We must consider that Amazon (the largest online retailer) is yet to accept it as payment.
When and IF Amazon ever announces they will accept Bitcoin as payment from their over 300 million active users, that single event could trigger the greatest money flow in to Bitcoin- and other cryptocurrencies- we have ever seen.
HOW MUCH DO YOU NEED TO GET STARTED?
I personally started with as little as $5 and that's all you need to start small.
BUT jumping in to the deep getting started in is not recommended, nor is banking all your life savings into Bitcoin on the hopes you will be able to afford a Bugatti Chiron in 6 weeks time! or a Lamborghini like Peter Saddington in the video below.
You could easily break yourself and loose everything you have invested if you just wing it and have no real idea of what you are actually doing.
By no means do I refer to or consider myself an EXPERT on this topic.
After doing my own research and setting up my own account where I now have the seamless ability to instantly purchase Bitcoin and other cryptocurrencies, I can show you how I did that - and if you would like to do the same then you are doing so at your own discretion.
So to help you get started, here is the basic help I can offer you:
- General information that will point you in the right direction and how to use resources and tools to get started and setup correctly - meaning; you should get professional advice about whether following this information is suitable for your own unique situation and it is recommended that you do your own further research to determine whether this information is right for you to follow.
- Any information herein on this topic of "getting started and setup to invest in cryptocurrencies" is only general information and based only on my own experiences getting started, how i got started, and what I do (research) to make informed decisions about my own investments.
By following this general information (based on my own personal experience getting setup to buy cryptocurrencies) whereby it is and shall remain your choice absolutely to take any action in any way, you acknowledge that you are aware of the general nature of this information and that you are over 18 years of age and you agree to and accept all responsibility and liability for any choice and/or investment you make in any way.
Driven Digitally or it's Director Joel Basedow is not a financial adviser. The information on this website and the links provided are for general information purposes only and should not be taken as constituting professional advice from the website owner. It is not intended as legal, financial or investment advice and should not be construed or relied on as such. Before making any commitment of a legal or financial nature you should consider seeking independent legal, financial, taxation or other advice from a qualified and registered legal practitioner or financial or investment adviser to check how the information relates to your unique circumstances and age. No material contained within this website should be construed or relied upon as providing recommendations in relation to any legal or financial product.
Where there is any inconsistency, Driven Digitally or it's Director Joel Basedow shall not be liable for any loss or damages caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.
We link to external sites for your convenience. We are selective about which external sites we link to, but we do not endorse external sites regardless of any affiliate links that may be used for any purpose. When following links to other websites, we encourage you to examine the copyright, privacy and disclaimer notices on those websites.
Lets Break This Down
The opportunity here is immense - and that's not even my own personal opinion! Many people invested will agree with me without any facts to back that statement up because it's obvious when you notice what's going on... and not just with Bitcoin.
Venture Capitalists like Ari Paul (who owns a dedicated cryptocurrency hedge fund, Blocktower Captial) are comparing this to the internet revolution which began in the 1990s - that is the force behind why people like me are flocking to cryptocurrency.
It just isn’t the same as the stock market because Bitcoin was created as a direct response to the crash of 2008 that nearly liquidated the entire global economy.
The process of cryptocurrencies becoming a recognized asset class has begun....
"SHOW ME THE MONEY", they said
From my own experience, what I have done to get started and what I can give you is (and it is completely your choice to follow this information):
1. The simple process of getting started (without the need to spend a single cent) - so you can be in the position to Buy Bitcoin & other cryptocurrencies at your own complete discretion
2. Recommended Bitcoin Experts that will help you make informed decisions (personally trusted by investment pioneers like Robert Kiyosaki) *paid subscriptions for further expert advice are offered and no obligation, completely your choice.
3. Resources I personally use that can also make your life easier buying and managing your own Bitcoin and other cryptocurrencies
Best Practice Rules & Terms - you need to know for this industry:
Educate yourself on the Technology behind Bitcoin, known as Blockchain
Buy to support Blockchain first and not just to make money
When you make your purchase based on Blockchain first, your education will help you identify and make an informed decision about what cryptocurrencies are worthwhile purchasing - as the distinction between what is only hyped up garbage or possibly a scam
Cryptocurrency(ies) = other virtual currencies like Bitcoin or application with Token that are built on the infrastructure Blockchain technology (some have recently experienced fast growth of over 5,000% in as little as 6 months and others over 120% growth in as little as 72 hours)
Process to Get Started
*only to be followed assuming you have educated yourself about Blockchain technology as was recommended in the best practice rules above.
Step 1. Sign Up to a Purchase Exchange
What is an Exchange?
It is an online market place where, after you sign up and setup an account, you can buy/sell Bitcoin and other Cryptocurrencies with your money. It's that easy!
An exchange account is like your own separate bank account where you store:
a. Money - you either have to make a purchase or profit from what you have sold
b. Investments you have bought *not recommend you store your investment on the exchange; this is explained later in the article.
SETUP YOUR EXCHANGE ACCOUNT *you will first need to get verified to start using your account
I personally use an exchange called CoinSpot
- CoinSpot is an easy to use and trusted Australian based online platform, the company is recommended and used by some experts within the cryptocurrency community
- CoinSpot is legitimate & owned by Casey Block Services Pty Ltd (ABN 19 619 574 186) - I am not a representative of CoinSpot or Casey Block Services
- While there are other exchanges available, CoinSpot is one of Australia’s leading exchanges.
- The purchase prices in their market place for cryptocurrencies are based on Australian Dollars
HOW TO SIGN UP with CoinSpot - after you click the button above, here is what you need to do:
1. Click on Register in the Top Right Corner
2. Fillout your Details in the Signup form
3. Find the email sent to you & click on the Link to confirm your account
4. Login to your Account (if required - using your sign up details)
5. Follow the Steps in the below photo through your account
6. VERIFICATION - Verify your CoinSpot Account by going through the Step by Step Process - fill out
a. Mobile Number
b. Account Holder Details (providing your facebook profile link is optional)
c. Select your Account Type
d. Verificaition Photo (once you have uploaded this, you can supply other details over the phone when they call you to validate your identity- usuallly within 72 hours)
7. SECURE YOUR ACCOUNT - Click on Account > Security
*Enable 2FA for Extra Security - you will be required to download the 'Google Authenticator App' to your Mobile Phone from the App Store. It's FREE!
8. SETUP BANKING - Click on Account > Bank Details
Adding your Bank Account Details is important. CoinSpot require them to verify that incoming money belongs to you (when transferred from your bank account to your CoinSpot account when using BPAY)
*You can't buy anything without money in your CoinSpot account!
9. TRANSFER MONEY - Click on Dashboard > Deposit AUD (as shown in the photo below)
Select a deposit option that you prefer to use & follow the instructions to Transfer Money to your CoinSpot Account
a. Poli is the fastest option (according to user feedback).
b. BPAY is simple quick and secure, you can save the details and make payments on the go but the processing does take up to 72 hours/3days using BPAY.
10. THERE YOU GO! ALL SETUP.
PURCHASING PROCESS via CoinSpot
1. Select "Buy/Sell" on the Main Menu
2. Scroll Down & Take Your Pick (Click on Buy) - take note of the price & make an educated decision as recommended in the best practice rules above.
3. Enter a Dollar Value or Cryptocurrency Value
4. Press "Buy"
5. Press "Confirm Order"
> DO NOT BUY ANYTHING YET <
First Get Connected & Educated
Here's the problem. There's over 1,300 and growing different cryptocurrencies that exist, with new ones being created every week - how can you be sure you are selecting the right one to invest in?
Having the ability to separate the real cryptocurrencies from the poor quality, hyped up garbage or possible scams is crucial - for every reason.
Many people get caught up in FOMO (fear of missing out), and FUD (fear, uncertainty, doubt). While this is normal, grounding yourself in principles allows you to make rational trades rather than emotional trades.
Take some time to understand 'Principle Based Trading' and listen to what these experts have to say about Blockchain, Bitcoin and investing in Cryptocurrencies - get educated and minimise your ongoing risk.
James has run a nine (9) figure Venture Capital fund, a hedge fund, a fund of hedge funds, and is currently invested in over 30 private angel investments. He was recommend to me by investing billionaire & author Robert Kiyosaki - as being part of his RichDad community. If there's one thing you should know about Robert, he doesn't waste time putting his name to anything or anyone he doesn't believe in. Listen to James because Robert does!!...and because James can read code (very important from your mentor in this field).
Mitch Sanders & Diggy (from KeysToFreedoom.com)
Mitch (whom I have personally had the pleasure of meeting his acquaintance numerous times during his attendance at some of the private car events I have organised as I operate a private car enthusiasts community) - he has successfully built up and sold an internet service company for a very impressive 8 figure amount and after that he honed his skills as a real-estate investor. He is very active as a cryptocurrency investor and within the blockchain community as an educator. Currently, he is in the works of co-founding a cyptocurrency exchange that is soon to be released.
Diggy (Dirk de Bruin) - started trading ForEx back in 2008 and has multiple years experience as a full-time trader. He also runs multiple online businesses in several niches including a digital marketing agency and loves sharing his knowledge and experience with others.
You can also join the KeysToFreedom.com Group on Facebook!
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Driven Digitally.
I, the author Joel Basedow, acknowledges that I or Driven Digitally have no authority to make any statements or representations on behalf of CoinSpot and I or Driven Digitally do not hold myself out as a representative of CoinSpot, nor do I or Driven Digitally represent or imply that any communication or advertisement has herein been published or authorised by CoinSpot.
Good and bad exists everywhere in anything, unfortunately. The poison to avoid in the crypto market are resources that come in the form of fake news - distorted truth, bias and incomplete facts, specifically the type that creates FOMO & FUD - in addition to resources from tyrants that aim to hype up cheap cryptocurrencies that are complete scams by making claims that are not true at all. Always cross reference what you read and see with what other articles/sources are saying about the subject matter to be sure the facts stack up.
There are countless other resources available (beside news types) that can assist you in the process of making a more educated and informed decision.
Coinmetrics.io has compiled an extensive list of Resource that you can take your pick from to do your own research in to the market, industry, and different cryptocurrencies.
Now this is where things can start to get a little complicated.
Cryptocurrency you have purchased is not recommend to be stored on an exchanged. Let me explain.
The internet is not incorruptible, therefore whatever you store on the servers of the internet - including a website like an exchange- is corruptible.
By leaving your cryptocurrencies on an exchange, you are leaving yourself open and exposed to the risk and threats that come with the online nature of what is corruptible... such as hacking, crashes, bugs/glitches in software, cloud bleed, website shutdown, etc
So, what's the solution?
You need to get a Wallet, and store your Cryptocurrencies securely (like they are offline).
Process overload yet? Bare with me!
Here's the thing! When you open a wallet to store your cryptocurrencies, you will need to get what is called a 'key'.
Your key is unique to you and allows only you to access your wallet; that contains the crypotcurrencies you have stored in your wallet - to access them to either sell or add more.
Your key cannot be recovered by anyone in any way - that's what makes the concept of Blockchain very secure; only you have access
TECHNICAL NOTE: your cryptocurrencies are NOT stored in your wallet, they are actually stored on the blockchain and they never leave the blockchain! Your wallet acts like a bank account that shows a balance of exactly how much cryptocurrency you currently own on the blockchain. Your key gives you the ability to access your Wallet + authorise the release (payment) to another person.
So if you forget or loose your key, you then loose access to your wallet, you loose access to all your cryptocurrencies... and any real possibility of being able to afford your Lamborghini or even your next smashed avocado on toast, ever. This is real talk!! That's what makes all this very sensitive.
Although it's not recommend and we all have the freedom of discretion, you could choose to just shove your head in 6 inches of sand like an Emu and hope for the best by keeping your cryptocurrencies on an exchange. But that's your choice and good for you if you're one of those care free flyers that let it all hang in the wind.
Some of us are more security conscious, and recognise the importance of mitigating risk and protecting our assets. So if you're one of those people, checkout this article that explains more about Keys & Wallets so you can decide what is the best type of Wallet storage - after you setup your CoinSpot exchange account.
I hope all this insight into the market and mechanics of things concerning the new financial world of Crypto and Blockchain has been helpful to you.
Feel free to Join my Cryptocurrency focused Group on Facebook (< click highlighted area) to connect with like minded people, ask any questions or to discover more valuable content like this.
All the best to your success! and please remember to only take 'educated risk' should you decide to dive in.