How to get started in Bitcoin

How to Get Started in Bitcoin

Bitcoin and the crypto world have been making headlines lately with recent all-time highs (ATH) You want to get in on the action but are not sure how to get started with Bitcoin. Today I will give you some options for entering the crypto game and show you how I create Wealth with Crypto.

There are many coins to choose from when buying crypto Yes, Bitcoin is the major player with the largest market cap, but there are some other good options you should consider. It is important to do some research though and don’t get caught up in the FOMO.

It would be best if you first decided what you want to do with your crypto. It would be best if you asked yourself a few questions. What are you trying to achieve? What are your goals or plans? Are you just going to buy & hold which in the crypto world is called HODLing? Are you going to trade crypto? Do you want to buy and invest with your crypto? How much time do you want to spend?

All this probably seems a bit overwhelming, especially if you are just new to the crypto space. You might want to buy some Bitcoin and explore your options from there. If you want to get familiar with the crypto terms like FOMO, HODL, DEX, REKT, POW etc… Please have a read of my post Understanding the Crypto Lingo

Buying your 1st Bitcoin

An excellent place to start and buy your first cryptocurrency is Coinbase.

At Coinbase you can easily purchase crypto with a credit card and keep it in your digital wallet on Coinbase. They also have a learning platform where you can earn free crypto while you learn. Crypto is starting to become more regulated, which is a good thing, and you will have to pass KYC. This is standard on all legit platforms and means you have to prove your ID.

Another good platform to start on, especially for Australians, is CoinSpot. 

Coinspot is an Australian based crypto exchange that allows users to buy and sell more than 200 cryptocurrencies. Coinspot accepts bank deposits in AUD, but only for Australian citizens. If you’re a non-Australian resident, you’ll need to fund your account with crypto.

I personally use CoinSpot to HODL, I have set up recurring buys in my account and regularly buy Bitcoin. Both Coinbase & CoinSpot are great entry platforms to buy your first crypto, that is how to get started in crypto.

HODLing

You will probably start with the Big Dog Bitcoin (BTC) from there you may want to purchase other ALT coins. There is a lot to choose from and potential to make some significant gains. It is possible to get returns of over 1000% in a few months. If you buy the wrong one, they can tank just as quick.

A good place to do some research on coins is CoinMarketCap You can get a lot of information from their site. You can research coins and decide if you think they are worth investing in. I tend to look for coins that are solving real-world problems. They need to have some value if I am going to invest in them.

Many ALT coins have little or no real value, and it pays to do your research. Don’t get caught up in the hype around a coin and get FOMO. In recent times there have been quite a few Pump & Dumps. Social media is hyping up a coin to drive the price up, all the noobs get excited and buy at a high price, the experienced traders then dump the coin, and the noobs are left holding a shit coin that they have bought overpriced.

Investing with Crypto

Did you know that you can earn some outstanding interest on some of the coins you HODL? I like to buy coins that I can not only make capital gains on but ones that I can put to work for me earn interest with.

Staking is a way to earn interest on the coins you Stake. I make up to 37% on some of the coins I Stake. You can’t stake all coins, only ones that use “Proof Of Stake” as a method of confirming transactions. You can read more about it in my post ===> What is Crypto Staking?

Liquidity Mining is another way to earn with your crypto. I am currently getting around 200% APY lending money to the DEX (Decentralized Exchange) I know these high returns seem impossible, but they are real. It is definitely not a scam. Once you understand it & the risks involved, it is easy to participate in Liquidity Mining and reap the returns.

An easy way to participate in Liquidity Mining even for a complete noob is at CAKE DeFi. You can find out how to do it and learn more from my post ===> What is Liquidity Mining | CAKE DeFi Review

Guaranteed Returns!

CAKE DeFi provide a lending service where you can lock your BTC/ ETH/ USDT in an option contract for a period of 4 weeks at a time and earn guaranteed interest.

This is a great safe option if you want to buy some Bitcoin or Ether and earn some guaranteed interest. I personally use the Lapis service at CAKE. You can make capital gains and interest on the coin you HODL. You can read more about getting guaranteed interest on your crypto here ===> How to Invest with Crypto | CAKE DeFi

Trading Crypto

Trading crypto is another great way to create Wealth with Crypto. I trade crypto and invest with the profits.

Trading crypto does not have to be hard; in fact, the strategies I use are straightforward. If you want to know how to get started in Bitcoin & learn to trade it, click the banner below. Trader Cobb offers a Free Crypto Trading Course.

TraderCobb

You read a full review on Trader Cobb from the link below.

Trader Cobb Review – Is it worth your coin?

Final Thoughts

Creating Wealth with Crypto can be done in a lot of different ways. In this post, I have touched on a few of those ways. So now you know how to get started in Bitcoin, which option will you choose. It does not really matter at the end of the day, but you do need some skin in the game.

The best thing to do it open an account at CoinBase or CoinSpot, deposit a small amount and buy some cryptocurrency. You can then spend a bit of time doing some research before deciding the best option for you to invest your crypto and earn some extra.

There is significant potential in a lot of crypto projects and potential to make significant gains. Unfortunately, there are many scams in the crypto space, make sure you do your research, so you don’t fall, victim, You can read more about crypto scams here ===> Bitcoin Scam Alert! 

Now you know how to get started in Bitcoin what are you waiting for? There is no time like the present to start your crypto journey.

Be the Best you can Be

Crypto Dave


❗ DISCLAIMER: I am not a financial advisor. This is not financial advice. The content and material I provide on 2dsirecrypto.com is my opinion only and general in nature. Always do your own research before investing any money. You should always understand the risks involved in trading and investing and seek advice from licensed professionals before undertaking any investments of your own.

4 thoughts on “How to Get Started in Bitcoin”

  1. Hello there! This is a helpful post. I have been hearing a lot about Bitcoin lately. I even see on the traffic generating websites a lot of various Bitcoin offers, except I never know which one is genuine or not. I wasn’t too sure where or how to start either but this article shows just that. After reading your article, it seems like something worth checking out. I feel like I might go for the HODL route so I’ll look more into that. Thanks for creating this post!

    1. Glad you got something out of my post-Mike. There is no time like NOW to start investing in crypto. Bitcoin is at an All-Time High at the moment so you might want to wait for a pullback if you are buying BTC.

      Crypto Dave

  2. Hi

    All these all-time-highs nearly got me into the Fear-Of-Missing-Out motion. Thank you so much for this wonderful article. I recently started staking but I really had no good insight on the whole thing. I just too the risk and have so far earned good interest. What do you think of this coin that is not very old in the market? Bitcoin vault?  Unfortunately, like you say, there are so many scammers in this business and we have to be on high alert before being scammed

    Thank you for a very informative website.

    1. Don’t get FOMO there is always another opportunity around the corner. 

      I have heard about Bitcoin Vault, I think it is similar to DeFiChain that I use. You just need to research and decide if you want to invest. What are they bringing to the table? What problems are they going to solve? I might have a look into them and do a review.

      What sort of returns are you getting for Staking and what coin are you Staking?

      Crypto Dave.

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