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Cryptocurrency is a relatively new investment opportunity that not many people are aware of. In fact, only about 3% of the world currently invests in cryptocurrency. One big reason for this is lack of knowledge about how to invest in it.
Another reason that many people do not invest in cryptocurrency is the process might seem too complicated. The thought of putting your money into something that isn't physical may be a turn off for some. If you are interested in investing in cryptocurrency and want to know how, continue reading.
The most well-known cryptocurrency is Bitcoin which was invented in 2008 by Satoshi Nakamoto and released to the public in 2009. Since then it has gained mainstream attention. Thanks in part to its 2017 spike which saw it rise to almost $20,000 USD. The price of Bitcoin is $16,077 AUD at the time of writing.
This may seem like too big of an entry point, but I will walk you through how you can invest in Bitcoin.
Step 1. You need a wallet.
A wallet is a piece of software that will hold all the Bitcoin or cryptocurrency you buy until you're ready to sell it. Most cryptocurrency websites or as they're known "exchanges" have a built-in wallet that you can use. If you want one that is housed entirely on your own personal computer, then we recommend using Exodus as it’s perfect for beginners.
Step 2. Understanding Bitcoin
When you look at Bitcoins price, it can be daunting. Some people think that to get a piece of Bitcoin you need to pay that. This just is not true as you can buy portions of a Bitcoin which will be significantly less. It will look something like this “0.00000065 Bitcoin”. Fun fact, these small decimals are called Satoshi's, which is a nod to the creator Satoshi Nakamoto.
Step 3. Finding the right exchange
There are many exchange sites out there, but the best one for beginners is Coinbase. Coinbase has an easy to use interface and is very user friendly. It is also 100% free to use and has a built-in wallet.
Step 4. Trading
When you go onto Coinbase, you will see Bitcoin at the top with the option to see how much it has changed over the past 24 hours and an option to "trade". Trading is just buying so don't get confused. It's called trading because you're buying that currency off of someone else.
Step 5. Store and sell it.
Once you get your Bitcoins, you can store them in the wallet that the website provides. You either transfer it to the Exodus wallet you downloaded and installed earlier.
Those are the basic guides on how to invest in Bitcoin.
Always be aware that this is like any other investment, so do adequate research before investing.
To track Bitcoin or any cryptocurrencies price. Click here and use our built-in crypto tracker.