How to Bitcoin

Jack

Administrator
Staff member
Dec 9, 2017
26
19
3
#1
Dear crypto enthusiast,
you already made the biggest step happening by start reading this post!

In the following I will show you the basics of how to Bitcoin, which include to buy, hold and even trade Bitcoin.
This steps stay basically the same if you would like to apply them to other cryptocurrencies, just the software/services will change with some slight currency specific changes.

STEP 1: Exchange your currency to crypto currency
In this case you can choose any exchange website you entrust your money to. My recommendation would be coinbase or bitpanda. If you would like to choose for yourself you can also pick on of the market leaders on coinmarketcap or search completely on your own.
Check out more exchange options under the Exchange Forum.

STEP 2: Hold your crypto currency
The easiest way is to just park it at the service where you bought it. This is fine as long as you can trust the provider in any aspect. If you are a little bit paranoid like I am and would like to keep your investment save from any individual or organisation of any kind, then an offline or even hardware wallet will do the essential change. In a nutshell an onlinewallet is just as save as the service itself, meaning if the company of the service gets hacked, every user of this service is screwed too. In contrast a offline wallet is as save as your PC basically. The big question is what feels more confident for you? The best solution is without doubt an hardware wallet! If you unplug it from your PC nobody can get to your treasure.
My personal favourite is the exodus offlinewallet and the ledger nano s hardwarewallet, which are both marketleader in their category, regarding to their good looking style and best safty.
Check out more wallets under the Wallet Forum.

STEP 3: Trade with your coins, if your are brave enough
If your are one of the few ambitious crypto enthusiasts, there is the possibility to trade with your crypto to get more of it. YOu can do it at binance, the biggest and in my option best trading website. The idea is very simple, sell if the price is high and buy when it's low to increase the amount of your crypto. Actually it's a litte bit more complicated, because who knows certain when the price will increase or drop. In short it takes a lot of practice and knowledge to stay positiv with your investment or even increase it.
But the chance exists to make it count.
Check out more trading tipps under the Trading Forum.

If you have still opened questions look around in the specific thread or write a commend below.

I wish you a profitable start into the crypto world and hope to see you soon again!
Best wishes
Jack
 
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