Blockchain / Crytptocurrencies
Investing (Gambling) in Cryptocurrencies

Are You Ready to Invest in Cryptocurrencies? Here’s How ... You're ready to start buying cryptocurrencies, but how do you start?

Burgess COMMENTARY

Peter Burgess

Are You Ready to Invest in Cryptocurrencies? Here’s How ... You're ready to start buying cryptocurrencies, but how do you start?

Assuming you want to, how can you begin investing in cryptocurrencies? In 2009, we witnessed the emergence of a first fully decentralized cryptocurrency called Bitcoin. Fast forward it to 2017 and people are investing in cryptocurrencies of over 900 types and 215 assets. In these eight years, the entire cryptocurrency market cap has gone from nothing to a whopping $145 billion.

Needless to say this market has made people millions of dollars who invested early. That being said, in grand scheme of things the market cap will swell even more because as compared to all the world’s money, crypto market is tiny as illustrated by the following image.


Invest In Cryptocurrencies investing in cryptocurrencies

It’s not too late to invest, though. Yes, of course, not all the 900 cryptocurrencies will survive over the years, but dozens will and their prices will skyrocket in the future. So if you play your cards right, you too could 50x your investment in a matter few years.

If you’re new to this crypto world, you must know that this market is highly volatile. Two years ago Bitcoin price was hovering around $250 and now it is over $4000. Ethereum price started 2017 with $8 and reached its peak at $400 in less than six months.

The skeptics believe we are living in a crypto bubble which will eventually burst. There is a good chance you will lose all the money you invest in cryptocurrencies, but with the right strategies you can certainly minimize risk and loses. There is a famous saying in the crypto circle — “Invest the amount you’re willing to lose, because there is a good chance you will.”

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The risk to reward ratio in this market is huge. That’s what attracts a lot of investors. Making profits out of short term trades is very difficult. Having a long term vision for your investments is key to make profits off cryptocurrencies.

If you’re prepared for a roller coaster ride, here’s how to go about it.

Investing in cryptocurrencies via Cash to Bitcoin method

You can buy bitcoin to use for investing in cryptocurrencies of other types, you will first need to purchase Bitcoin using fiat. The best way to do it is through a local exchange in your country. In the US, exchanges like Coinbase, Bitstamp and Kraken are go-to options for most people.

You can check exchanges in your country here. Although you can directly buy other coins from these exchanges directly, but the options are very limited.

If there s no bitcoin exchange in your country, you could always use localbitcoins.com and buy Bitcoin from other people. It is an escrow service which helps to match buyers and sellers. You can either pay the seller by cash or bank transfer. Most of the sellers advertise whichever payment method they prefer.

Note: You don’t have to buy one whole Bitcoin ($4112 at the time of writing); you can purchase Bitcoin in fractions known as Satoshis. 100k Satoshis is equal to 0.001 bitcoin. For instance, if you want to buy $500 worth of Bitcoin, you certainly can.

Now that you have some Bitcoin, you could either hold on to them or buy other cryptocurrencies with it. If latter is the case, transfer Bitcoin to one of the exchanges like Bittrex or Poloniex to buy other lesser known cryptocurrencies like Stratis, Monero, Siacoin etc.

If you’re planning on holding Bitcoin only, make sure to transfer them from the exchange to a Bitcoin wallet. This could be a hardware wallet, paper wallet or a wallet in your pc of which you control the private keys like Bitcoin Core client or Electrum.

Online exchange can be hacked and it is advised not to keep your crypto in any wallets you don’t control private keys of.

Investing in cryptocurrencies other than Bitcoin

Once you have Bitcoin in Bittrex or Poloniex it is quite straight forward for investing in cryptocurrencies of your choice. Just like NASDAQ and the NYSE’s differing offerings of equities, not every exchange will offer every cryptocurrency.

Every exchange will ask you to go through a somewhat onerous process to verify your account. You’ll be asked for your id such as driver’s license or passport, and you’ll be verified within 1-3 business days.

After the account is approved you’re all set to begin trading. Before buying any tokens do an extensive research on it and understand how it interacts with the market. This will help you predict trends.

Read the white paper and the roadmap of the project. It can be found on the official website of the cryptocurrency. Another important factor is to look at the real world use cases of that particular token you want to buy.