My name is Richard Simon I’m 21 years Old, I’m currently a 94 bitcoin owner which if you calculate it, I’m about $700k Rich just by investing in cryptocurrency.
I was inspired to start investing in Cryptocurrency when I read about the 19 year old cryptocurrency millionaire ERIC FINMAN who has about 401 bit coins which he confirmed to CNBC MAKE IT, which is over $4.4 million dollars. He started investing in bitcoin since like 2011 when his grandma gave him $1000 as a gift, then he invested it in bitcoin and now he’s a millionaire that got me inspired though I started investing in bitcoin since 2016, I started with $500 which I saved up from my day Jobs. My friends mocked me when I started out in the beginning, they said I coulda used that money for other things like clothing etc, I turned deaf ears to them though and now they are all cryptocurrency investors.
Table of Contents
Right now I’m going to tell you first
- How to invest in cryptocurrency
- Why you should invest in them
- Which cryptocurrencies should you put in your portfolio
- Where can you buy and store them
- The risk in cryptocurrency investment
- When to buy and when to sell
HOW TO INVEST IN CRYPTOCURRENCY
If you are reading this article that means you are interested in investing in cryptocurrency.
First of all what is cryptocurrency- According to Oxford Dictionary, Cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
Investing in cryptocurrency (I’ll be talking more about bitcoin) is very rewarding but still it’s still risky, but is there good and precious thing or successful thing that doesn’t have any risk in it? Successful business men have discussed about risk and made it a paramount in every successful business.
Few years ago 1 bitcoin was worth $1000 but now it’s worth $7000 after falling from its highest ever attained price that is $19,000 in December 2017. Imagine if you had invested in bitcoin earlier before December, you would have made loads of money, that’s why I’d like to tell you to start investing now.
Bitcoin has been here for like 9 years while ethereum is just about 2 years now. Now what is the safest way to start investing in cryptocurrencies?
First you need to have a cryptocurrency management app, I don’t know let me just be free with you guys, I use anythingapp though there are lots of apps around to manage your cryptocurrency and also create portfolio from dozens of cryptocurrencies and invest as little as $10 dollars though. Let me recommend them down here first
- AnythingApp
- TradeFred
- 1xbit – Interesting thing about this one is it is worldwide and not just for European or American countries.
- AvaTrade
- BitcoinProfit
- ICOSTART
With all this apps I’ll recommend Anything App, IcoStart, 1xBIT, TradeFred. They have better offers though. So to start investing get yourself in one of those apps and start investing with enough and I assure you a lot of money in No time.
Remember you can diversify in different portfolios to avoid risk, there’s something called Risk management and diversification. Diversifying prevents high risk, i.e if you diversify to different portfolios and different cryptocurrencies like Ethereum, ripple, litecoin, e.t.c.
WHY SHOULD ONE INVEST IN CRYPTOCURRENCY
- Cause of the gain in it, imagine if you put $5k into cryptocurrency think of how much you’ll make within months if the crypto market is going good, you’ll probably be a millionaire.
- You learn new things, crypto currency is a new tech and you learn new things when you deal with new tech and it improves your intuition and the way you deal and talk like a business mogul.
- Crypto is going to be important everywhere, it can be used for selling any financial product, stocks will go crypto, Bonds will go crypto, and e.t.c so putting your money into crypto gives you an upper hand and experience into the new tech.
WHERE CAN ONE BUY AND STORE CRYPTOCURRENCIES
Although each step does take some consideration, these are the right points you need to get to know when to buy and store cryptocurrencies.
- Install an offline cryptocurrency wallet like the ones I put up there like
After installing the offline wallet set up a strong password to secure it.
- Choose your preferred payment
- Buy some cryptocurrency maybe bitcoin or ethereum, e.t.c and store them in your wallet.
- Get Ready to Use it: whether you plan to sell your bitcoin or purchase something, the way the bitcoin price is fluctuates it’s important to have your end-game planned early on. Firstly be prepared to set up a seller account or find out how to buy what you want with it before you actually plan to.
RISK INVOLVING CRYPTOCURRENCY INVESTMENT
More risk often bring more profit but blind risk leads in a blind alley, I can’t deny that investing in cryptocurrency is actually risky, the risk is apart from the fluctuating price we don’t know which will stay around for a long term.
What can you do to minimize the risk: I’ll advice you do Bitcoin or ethereum it has better chance of surviving longer than any other cryptocurrency.
Also make sure to use robust passwords and other security measures to protect the account you use to buy cryptocurrencies, to avoid hackers and funds being stolen.
