How to invest in Bitcoin, Ethereum and Litecoin
How to invest in Bitcoin, Ethereum and LiteCoin (Without getting scammed)
With all the hype around the crypto currency market, you may be wondering how to get involved in the exploding markets. It’s a lot easier than it may look, but people are getting scammed daily, so I created this article for anyone who is new and looking to get involved in investing in Bitcoin, Ethereum and Litecoin without going through the headaches.
The amount of people who have contacted me with issues like ”I lost my money”, ”I got scammed”, ”The company took my money and run” and ”I can’t work it out”, are staggering. So, if you’re looking to invest in one of the main 3 coins or Bitcoin Cash, the short answer is use Coinbase.
There are many reasons to use Coinbase for investing in crypto currencies. Not only are Coinbase now the leading crypto platform, with more app downloads than Youtube last week, but they also have an exchange platform and they are FDIC insured. What does this mean? It means that your US Dollars are insured in the event of a problem/hack. Note: Your crypto is NOT insured as the U.S Government does not (yet) recognize crypto as a form of currency.
Coinbase is the best place to invest in crypto for most people. It has a very user friendly interface, both on a computer and phone. It’s very simple and easy to use. Unfortunately their exchange platform, GDAX.com, does not have a mobile version, but their site is mobile friendly. What’s so good about GDAX? The fees are near zero to buy and sell currency, where as Coinbase’s fees are significantly more. It’s not too much fiddling around to dodge the Coinbase fees, you just deposit US Dollars into your Coinbase USD wallet (which can take 9 days), then you transfer your money to GDAX which is free and immediate. There you can buy whichever crypto coins you like, without the big fee.
You can also set ‘Limits’ on GDAX, so, in a sense, the computer does the work for you. If you have your US Dollars in GDAX, but the price for a coin is $500, you can set a ‘Buy Limit’ so when the price hits $400, it’ll automatically purchase your desired amount at that price.
There are many good featured and tools on Coinbase and GDAX, just make sure when you set up your account, download the Google 2-Step Authenticator App and max out your security settings on Coinbase to avoid someone hacking your account. Sending of crypto currencies is extremely safe and pretty much immune to hacking as they use BlockChain technology. Just don’t let anyone get in your account with a lame password or procrastinating over doing the security checks because once Bitcoin or other crypto coins are sent, there’s no back door and no agency to help you.
Best of luck to everyone and I hope this saves a lot of people from getting scammed and also helps people dodge shady companies. If you need any advice or have any questions, feel free to reach out to me on social media or e-mail and I will be happy to help anyone.
See you at the top.