Start with Bitcoin and Cryptocurrencies
What's Bitcoin, Why buying BTC and concrete guide to take action now
What is Bitcoin ?
Simply put, Bitcoin is a digital proof. For the first time since the birth of the Internet, we can prove that we have something digital without the help of anyone.
Before Bitcoin – and the blockchain technology it's built on – the only way to prove we had digital money was to trust a third party: a bank, a credit card company, etc.
With Bitcoin, you don't need anyone to prove you own it. It's yours. It's a decentralized system.
Why is it good to buy bitcoin ?
- Bitcoin offers potential benefits. After its creation in 2009, the price of Bitcoin has been on a parabolic upswing. Yes, there have been downturns, peaks, and valleys, but as we un-zoom, we see a clear tendency to rise. That has pushed its price from less than $0.01 to where it is today.
An investment of $5 in 2009 would have yielded $9 million at the price of Bitcoin at the time of this writing (May 2020).
- Bitcoin and cryptocurrencies can be transferred at a very low level of fees. As an example, you can transfer 100BTC (900K$) right now to a friend in China and pay less than $1 transfer fee and he will receive it in less than 1 hour.
- Bitcoin cannot be censored. Decentralization guarantees it. Even when China banned the exchange of cryptocurrencies and mining in 2017, the network remained very active.
- Although new coins are regularly extracted and added to the supply circulation, Bitcoin will never cross its 21 million coin supply limit.
- It's a good alternative to gold. A bar of gold weighs about 25.7 pounds, but Bitcoin is weightless and can be bought, sold, and transferred as easily as sliding your fingers on a screen.
Since we spend so much time in our digital world, shouldn't we demand a form of digital gold? We need something electronic, fraud-resistant, portable, and accessible to everyone – Bitcoin!
How to buy Bitcoin ?
As I said in my biography, I am a professional poker player and I mainly play online. So depositing my money online is not something that scares me. But believe it or not, when I started researching the world of crypto, it took me over a week to make my first deposit and buy my first bitcoin!
And during that week of research, the price of bitcoin almost doubled (from 800$ to 1400$) and I had to pay twice as much to get the same amount of BTC…
In this article, I summarized how to get started in the crypto-world as easily, quickly, and safely as you can. Please follow all the steps as I describe them. Don't rush, don't rush. You've already saved a lot of time by finding this article.
1. Stay safe
One of the most important things you should do is use Google Authenticator (2FA) with every account you create. And have a backup of your Authenticator from Google (with a second phone, for example) or keeping the backup code in a safe place.
Security is very important in the Crypto-world. If you consider an account important, activate 2 Factor Authentication (2FA) on it. This makes it impossible for fraudsters to hack into your accounts, as it requests a code that can only be generated by your phone.
Google Authenticator is very useful for 2FAs. Just download the application and click on the “+” icon at the top right of the screen, then scan the barcode to get the authentication code, then, save your backup key and that's it, you're protected!
2. Use an exclusive crypto email
Protonmail offers a good anonymous email, easy and fast to set up. If you want to be completely protected, you need to start with a new email address. Use this email address for all your crypto accounts. Some email providers are more secure than others. Using some providers, you are at risk of your data falling into the wrong hands.
Protonmail is an excellent choice because it is very secure and anonymous. It was built by scientists at CERN and MIT and is promoted as the world's largest secure email service. According to Forbes, Protonmail is the only e-mail system that the NSA cannot hack into. However, be very careful not to lose your password. Recovering it is tedious and complicated and can result in the loss of past emails.
3. Create an account on one of the following websites
Withdrawals and Deposits allowed
Allows bank transfers
Not so many altcoin (33)
No mobile app
Instant purchase with credit and debit card
Available in all countries
Easy to use
Only BTC, ETH, BCH, ETC, ADA, LTC, QTUM and XRP
Pretty high rates
You can only buy with credit/debit cards
Instant purchase by credit/debit card
The safest on the market
It's not so easy for beginners
You can get overwhelmed with so much information.
4. Buy a crypto wallet to keep your cryptos safe
The Ledger Nano S is my favorite physical portfolio. Unlike Metamask and Electrum, the Ledger Nano S is a “hardware” wallet, which means it is disconnected from the Internet and safe from hackers. They have excellent support, a large user base, and the backing of over 1,000 coins and tokens. The Ledger Nano S is not free, but if you have more than $250 invested in Crypto, then I recommend it.
5. Activate your google authentication in your Kraken, Coinmama, and Binance
Please take the time to do so. For every account, you create, activate your 2FA. Download the application to your phone (google authenticator) or if you don't have a smartphone you can use https://authy.com/.
Once again, DO IT. It's something very important.
6. Important list of tools you will need as a beginner
You should be ready now, with your bitcoin in your wallet. But if you want to keep making good decisions about your new investment, keep up to date. A decisive factor that separates the winners from the losers is that they use the best crypto tools available in the market.
Although networking with other investors in the industry should be an ongoing task, there is some luck involved in meeting the right people.
On the other hand, experimenting with different tools that fit your needs is something you can take action on now, and it will most likely improve the way you work.
This is a condensed list of the best tools you need to be a good crypto-inverter:
- Twitter follow: @aantonop, @rogerkver, @Cointelegraph, @VitalikButerin, @NickSzabo4, @cz_binance, @crypto, @SatoshiLite
- Telegram join: https://t.me/btces, https://t.me/bitcoinblockchainico, https://t.me/CryptoWorldNews
- Reddit creates an account. Then join these threads: https://www.reddit.com/r/Bitcoin/, https://www.reddit.com/r/bitcoines
- Bitcointalk creates an account. Then join these threads: https://bitcointalk.org/index.php?topic=4322078.0, https://bitcointalk.org/index.php?board=27.0
- CoinMarketCap to follow the prices: https://coinmarketcap.com/
- Blockfolio to track your investment: https://blockfolio.com/
- Crypto Calendar to find out what will happen in space soon: http://coinmarketcal.com/
- Metamask Free wallet for ETH and all ERC20: https://metamask.io/
- Free Online Wallet for BTC, ETH and more: https://www.blockchain.com/wallet
7. Start using your Crypto and enjoy this new freedom
Now that you possess your first crypto you could choose to use it, One of the most fun option we covered at the time of this writting is gambling. Have a look at our 5 best crypto sports betting sites review and take a chance to bet on your favorite sport