Getting Started

How do I purchase Cryptocurrency?:

There’s several ways ranging from convenient to “oh dear god why did I get into this?”

I’ll start with the easy stuff first. First you need to select a digital asset exchange company like Coinbase. [I’m not recommending you use this particular one, I’m just using it as an example.] Your exchange will function as an interface and an online “wallet” to store your bitcoin. When you sign up, the exchange will offer you a range of options starting with a routing address to your bank account of choice. If you go this route, I’d recommend starting an account separate from your regular finances. It’s easier to track and should there be a problem, it won’t bleed over into your day to day banking. It’s also possible to use a credit card or debit card, and some exchanges will also accept Western Union, and pre-paid cash cards. Remember, the further you get from the bank, the more privacy and anonymity you have. It also decreases convenience considerably. You’ll have to decide what you’re comfortable with as you go.
Next you’ll need to do some research. There are myriad altcoins out there, some are reliable, some are not. Your goal is to buy low and sell high. With that in mind, I’d get in on a coin other than Bitcoin unless you plan on buying and holding long term. Solid altcoins to invest in are, Aragon, Augur, Dash, Decred, Eos, Etherium, Gnosis, Golem, and Litecoin.
The value fluctuates much in the same way stocks do on Wall St.
Handy diagram:

Same chart embiggened to 24 hours:

You’ll note that one Bitcoin is equal to $5673.78 USD and that its value has increased in the last 24 hours by 13.27%. Let’s look at Dash, an altcoin of lesser value:

One Dash[coin] is worth $300 USD and has risen in value by 2.3% in the last 24 hours. So an example of a beginners buy in would be to watch for a dip in value on the chart and buy, then hold to sell at whatever threshold you determine to be within your risk assessment. You will be able to covert your profits to an upper scale coin like Bitcoin, or you can cash out in USD or your fiat currency of choice.

Legal Disclaimer: You use any information you get here at your own risk. DO NOT invest in cryptocurrency without doing YOUR OWN research first. Any decisions you make are on you, don’t go blaming LHB if stuff goes wrong.

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6 thoughts on “Getting Started

    1. My background is in education and science, I’ve never worked in the financial markets.
      I’m in my 70’s so I don’t do anything “professionally” so to speak. I have had to be proactive because pension isn’t half what it used to be in the US. Crypto is a way for me to invest, have complete control of my financial destiny, and do it from the comfort of my easy chair at home.
      To get in on the ground floor, go small until you get a feel for the market. Research, research, research. It’s the Wild West out there because it’s unregulated by govt. My first purchase was around $50 USD and it’s been a process of sifting through what can be overwhelming amounts of information at first. That said, I’ve made money, not lost. Find a good exchange, an online electronic wallet, and a mechanical wallet for offline storage [an at home bank] . Avoid new ICO’s until they demonstrate reliability. Oh and don’t transact using your phone without encryption. The SMS backbone is vulnerable to hacking.
      I probably just gave you 100 more questions than what I answered, lol. If you want, e-mail me and I might be able to do a step by step tutorial. You can use the e-mail found in your WP Admin that lists comment credentials and I guess I better find a way to contact me through the web page.

      Liked by 1 person

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