Blockchain tech and cryptocurrency are becoming more and more mainstream. To demystify things a bit this is the beginners guide to getting started. In this blog post I will share my perspective and some action steps to dip your toe in the water or take a dive. (Not financial advice.)
Bitcoin and Ethereum are different forms blockchain technology and seem to be the first digital assets most people get started with. That being said there are many different coins to choose from and exchanges to buy them on. The steps I share below are what I feel most actionable and effective.
Step 1: Define your budget to get started. I recommend choosing a # that would not cause you emotional stress if you lost it forever. That being said loosing the money is not the plan. However I think it is important to have the initial investment be insignificant to you in the beginning to keep things stress free.
A good friend told me a saying that I always find helpful when doing something new or uncomfortable. It goes something like this... "Don't wait. Start small. Learn as you go."
Step 2: Go to the app store on your smart phone and download Coinbase.
Step 3: Setup Coinbase account. During this step you will verify your identity and choose how you would like to pay for your purchases. Coinbase is not a decentralized exchange so you will be required to verify your identity. If for some reason you want to use a decentralized exchange please by all means do so. I got started with Coinbase and transitioned to decentralized exchanges to get a feel for both. I currently use a handful of different exchanges and recommend that for anyone who wants to move from a beginner to intermediate understanding.
Step 4: Buy Ethereum, Bitcoin, or any other coin you desire on Coinbase.
Step 5: Choose how you would like to stay aware of what is going on in the crypto world. Follow people on twitter, Instagram, Youtube and any other people speaking about these topics. Do your own research before taking action on anyones opinion and stay safe.
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