Well, If you are anything like me your curiosity will eventually have you looking into ways to manage your own finances and investment portfolios. Over the years I would hear about day trading, cryptos, buying gold and silver and real estate investing and just became super curious to see what it was all about and if I could get involved in some way.
Let me tell you how I bought some crypto currencies and how easy it really is. If I can do it anyone can.
So, I got to learning and trying different things with investing. In recent conversations the crypto questions have come up because it seems like everyone is talking about it with Elon Musk saying that he is investing and many more financial giants. It’s hard not to wonder if maybe you are missing out if you aren’t already in the game yourself. I’ve had so many people ask me about Bitcoin in the last couple of weeks, I thought I would just explain what I did and then if you want to do the same you’ll know what to do. I am obviously no financial authority whatsoever so please know that if you follow my road on this you are taking the same high risks as I am and if it all crumbles we will be in the same boat, but if it’s as good as it’s been looking lately you will also share in the benefit. Friends keep friends in the know. So with that said, here is how I got my hands on some crypto currencies and how easy it actually is.
The Ledger
First I ordered a Ledger, which is the external hard drive wallet you’ll need to store all your cryptos. It took me a while to wrap my head around the whole concept of what exactly crypto was so if it takes you a bit don’t feel bad. The most basic way I can think of it is like a digital gold as gold is an asset not an actual currency like USD or CAN. You can’t currently buy gas or groceries with it but I wouldn’t doubt if that happens one day.
Follow this link to order one before you get started. It will take a few days to get to you but you need it before you buy your crypto currencies. The set up takes a bit so you might want to do it on a day off or where you’ll have some time to really follow the instructions. You need to make a bunch of passwords that they walk you through but you don’t want to be distracted while you do this. It’s very important you take good care of this device and always store it in a secure location. If you were to lose it you would lose all your cryptos forever. I know it sounds scary but no different than if you were holding bars of gold and lost them.
BITBUY
Next you need to get a BITBUY account. This is where you will actually buy your cryptos. I bought some Ethereum, Bitcoin, Bitcoin Cash and XRP but there are literally thousands at this point but those are some of the mainstream ones that you might hear about. If you become an extreme enthusiast you can start looking into others. It’s whole other world out there. But, I don’t have that much time to put into right now so I’m sticking to the ones I’m hearing about all the time.
You will be able to transfer funds straight from your bank account to your BITBUY account then choose which cryptos you would like to purchase. It’s super self explanatory when you open the BITBUY website. Once you have them you need to transfer them to your ledger right away. Never keep your crypto in the BITBUY account, unless you are buying or selling. I just withdraw mine right away from my BITBUY account straight to my ledger.
The best way to describe Bitcoin and other Crypto currencies is that it’s like silver and gold in a way. They are not actually currencies in the way that you use your debit cards or credit card yet. It may go that way in the future but currently the worth of your crypto can go up or down at anytime. The best case scenario would be that they continue to go up but just like gold or any other asset, there may come a time that they become worthless and at that time you could lose all your money you have invested. So you just need to know that you are taking a risk and a gamble. With that said, almost everything is a gamble these days as the government keeps printing money. At some point the bubble will pop.
To wrap this up I also want to add that you can learn a ton about all of this from many different financial enthusiasts and I recommend doing your own research, but if I can figure it out, anyone can so don’t be intimidated if you want to get in the game. I just gave you the simple tools you’ll need to get started.
