Getting Started with Cryptocurrency

First Step : Invest in a Ledger Nano

A Ledger is a cryptocurrency storage device. I put this as the first step because proper storage of cryptocurrency is absolutely essential. If you do not take the steps and make the investment to properly store (custody) your cryptocurrency, you will not be in full control of your money and will not achieve true financial freedom. Buying cryptocurrency on an exchange and leaving it there is no different than keeping your money in a bank and completely defeats the purpose of cryptocurrency. When your money is in a bank, it is not your money. The bank has the ability to shut you out whenever they please, not to mention monitor and track all of your transactions. And yes this even goes for places like the United States where we all live in this false reality that we are special, our currency will not collapse and that our banks will not lock us out. They can and will and our currency will eventually collapse so prepare yourselves. It has happened all throughout human history.

A Ledger Nano, the most user-friendly cryptocurrency storage device

Step II : Register with an exchange

There are many exchanges to buy and sell cryptocurrencies on. All of them will require you to submit identity documents to deposit your native currency and trade with it. It sucks, but is unavoidable. This is the most difficult part. Getting your native currency into cryptocurrency. However, once it is in, you can move freely and do what you wish with your money, and there is so much you can do with your money once it is in cryptocurrency. Staking, yield farming, voting, liquidity providing, loaning are just a few of the things you can do and earn passive income with your crypto. More on this in another article.

  1. Gemini
  2. Kraken
  3. Bittrex
  4. Binance US (use regular Binance if outside the US)
  5. Cash App (Best mobile app to buy bitcoin)

Step III : Link a bank account and deposit funds

Ok so you have bought a Ledger, registered with an exchange and are ready to deposit funds and convert your worthless, inflating fiat currency into real, sound money that you can freely do with what you wish. Connect a bank account and follow the instructions to deposit funds. Every exchange will be very similar in this regard, so no need to explain this in too much detail. I personally prefer to use a bank account that is not my main account I use for paying bills, savings, getting paid from a job etc. but the account you use is up to you.

Step IV : Put in an order

After you have connected your bank account, you can finally buy some of that sweet sweet crypto. There are some different ways of doing this, but I will try to keep it quite simple. Basically, there are market and limit orders. A market order is when you simply buy crypto at whatever the current price is. This typically comes with a higher fee, but will ensure you get into the market at the current price. A limit order is when you buy in at a set price. So let’s say bitcoin is trading at $10,000 (I wish) and you think the market may dip a little so you want to buy $100 worth at a price of $9900. You could put in a limit order at $9900 for $100 and if bitcoin’s price dips to $9900, the exchange will automatically fill your $100 order if it dips to this price, key word IF it dips to that price. So if bitcoin does not dip to $9900, your order will not fill. This is in contrast to a market order that would just buy in at whatever price bitcoin is currently at and ensure you get into the market.

Step V : Withdraw your cryptocurrency from the exchange

As I mentioned before, proper storage of your crypto is of the utmost importance. Not doing this completely defeats the purpose of cryptocurrency. Your choice if you want to make the investment and put in the extra work, but I, personally, want to be in full control of my hard earned money, not some exchange or bank so I think the extra work and investment is worth it.

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Perri Corsello

Perri Corsello

Blockchain, cryptocurrency and neuroscience are life