My guide on how to safely invest in Bitcoin step by step.
► Where I Buy Bitcoin: https://gemini.sjv.io/1E3dz
► Get up to a $250 in Digital Currency: https://blockfi.com/andrei
► How I Protect My Bitcoin: https://shop.ledger.com/pages/ledger-nano-x?r=535643c13ab0
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Many people want to invest and buy Bitcoin, and now is as good a time as ever before in the year 2021. First, as an investor in cryptocurrency, I want you to know that I am biased. I invested in Bitcoin and Ethereum as early as 2014, recently I made a video of me buying another $100,000’s worth, and since then, the balance has grown to over $300,000 at the time of making this video and I think there’s a lot more room for growth.
Step 1. The best place to buy Bitcoin. I’ll start it off with my two favorite brokerages that I invest with, which is Gemini and Coinbase – I have accounts with both – you really can’t go wrong with either one but the signup process is almost identical with each. Safety, simplicity, and value are my priorities. I want my coins to be safe and I want to invest in a trust worthy source, and I want an interface that looks simple.
All brokerages require KYC (Know Your Customer) and AML (Anti Money Laundering) laws to be followed. This means no matter where you invest your money, companies will ask you for your personal credentials like your social security, your phone number, your address, just like any other legitimate brokerage you would use – that is standard.
Step 2. Make your accounts secure by downloading an app called Authy from the app store. This will help with 2 factor authentication in making sure your bitcoins are safe and secure. You can also add a secondary layer of security by adding a biometric key if you have a laptop that allows for it.
Step 3. Once you’ve secured your account, you have to fund it. Avoid funding or buying Bitcoin with debit and credit cards. They charge a 3.49% interest which is half of what the stock market returns in a year – don’t do it. Instead, connect your bank accounts and use either ACH Transfers or Wires. ACH transfers have smaller limits ($15,000 daily).
Step 4. Buying bitcoin. Once you fund your account, you can invest either once, daily, weekly, etc, if you want to average into it over time. Personally, I buy it all at once but averaging in can be a great idea. Once you bought some and you’ve invested your money, HODL for dear life!
Step 5. Once the Bitcoin settles into your account, which can take some time depending on how you funded your account, you have two main options. A cold wallet, or a hot wallet. The hot wallet is keeping your Bitcoin online, the benefit is that you have nearly instant liquidity, meaning instant access to either buy more, trade more, sell it, or put your money to work and make interest off of it. The downside is you’re taking on a risk and trusting that the exchange or the website you keep your coins on is secure enough to not lose your money.
I use Blockf for earning interest (blockfi.com/andrei) but there’s also other companies like celcius.network and nexo.io – all great choices. I like Blockfi because they have a lot of respected venture capital money and they partner with Gemini (which is the brokerage I use primarily).
Step 6. The cold wallet method is storing your coins offline. The benefit? Security. The downside? You’re potentially losing money to inflation because your money is just sitting there (luckily it still appreciates but why not earn some passive income on the side?) The Nano ledger is $59 and I would recommend storing your money here once you reach at least $1,000 of a balance. Just remember, only you can set it up, no one else must ever see your secret key phrases.
Step 7. If you traded currencies or sold for a profit/loss – you need to report it. I use app.taxbit.com and they integrate your accounts with cryptocurrency in a way that doesn’t give them full access, it gives them view access and it calculates everything automatically where you can then just print it out and give it to your tax person.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.