Cryptocurrency: How Much Do You Need To Start Investing
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| This is bitcoin at the time of this post (10:24am 9/2/2021 |
The short answer is, as little or as much as you would like to start with. I personally started with $5, because like most people I was VERY skeptical. There was no way I was going to dump a whole bunch of money into some online account only to have it stolen. But, I did want to do more with my money than just trading stocks and forex, so I opened a Coinbase account and got started. Coinbase is a publicly traded company that is owned and operated right here in the United States. For these two reasons I trust them enough to use them as my crypto holdings account. You can open an account for zero money. If you join by using my referral link, and link your debit card or bank account, they will give you $5 worth of Bitcoin. Not only that, but right away you will have the opportunity to earn several dollars worth of different cryptocurrencies by watching short little videos (2 minutes or less) and then answering a few questions based on the videos. They immediately put these coins into your account. You can keep them and watch them grow over time, or sell them for USD. Easy peasy! All for simply starting an account with Coinbase.
So How Hard Is It To Get Started With Coinbase?
You can start with tapping or clicking "Coinbase". This will ensure that you receive the free Bitcoin that they offer. If you have ever bought anything online through Walmart, Ebay, Amazon or any other website then you are already able to buy cryptocurrencies on Coinbase. It really is that simple. Once you are logged into your account and have either a debit card or bank account linked, you can click on an asset like bitcoin or ethereum, scroll down until you see "trade", then buy $5 worth or $10,000 worth! That's it!! You now own cryptocurrency. Watch it grow, and if you ever want or need to sell it, just hit the "trade" button again and sell it all or part. Once you do so you can withdraw the USD back to your bank or debit card. It really is that simple.
You Can Buy And Hold Or You Can Trade Currencies Like Stocks
Many people involved in cryptocurrencies are simply buying into a coin, adding funds to it each week or month, and holding long term. This is a great strategy as cryptocurrency has only just begun. As technology and finance begin to come together more and more the adoption phase of crypto as an actual medium of exchange is going to start slowly(as it has), then will take off like lightning! You still have time to get behind the 8-ball. Start adding and holding for the longterm now!
But there is a different approach. It is called TRADING, and Coinbase offers a platform for traders, those who like to actively buy and sell coins for profit, to increase their profits through trading. CoinbasePro is this platform and you automatically have an account there as soon as you open a Coinbase account. This is a much more sophisticated approach and takes some time and dedication to learn. There are websites that offer automated trading through bots. I use them, and you can look up my posts on 3commas to get more info.
You can learn to trade effectively with just a few short lessons. There are several that can be found on Udemy.com, YouTube, and many other places online. Just do a search for "How to trade cryptocurrencies" and you will be floored at the amount of info!
If you have any questions or if this blog was helpful to you please comment below. Thank you, and be a blessing to God and to someone else...
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