So you wanna learn how to get started with Bitcoin?
I’m sure by now you’ve seen people plastering social media with info about Bitcoin and other Cryptocurrencies, right?
I’m sure you have. So I’m going to do my best to set you off on the right foot.
I love online marketing. However, there are A LOT of predators online. You know the type, they have all the answers, but they only answer them for you if you’re spending money. Lol.
I’m a different breed altogether, mainly because I struggled for years learning this online game (still learning). But also, because I know how difficult it can be to get good advice – especially for free.
So continue reading, and follow the instructions in this article and learn how to get started with bitcoin the right way.
How to Get Educated On Bitcoin
In order to speed up the learning curve I’m going to give you a few sources to learn about bitcoin.
Had I only done my due diligence and investigated more into bitcoin back in 2013 when I was first exposed to it, I’d be somewhere on a beach right now with a few “scantily clad” women drinking out of a coconut – instead of writing this blog post. (Lucky you!)
So the first thing you want to do is find your medium.
- Are you a reader?
- More the visual type?
If you’re a reader all you have to do is go onto Amazon and type in “bitcoin.” I’m sure you’ll find plenty of reading material.
I myself am more of a visual learner, so I’d much rather just go and watch a documentary or two and take action.
Here’s a documentary that I found on accident one day while looking for a movie on Amazon Prime.
If you’re an Amazon Prime user you can watch it for free.
Now I know everyone doesn’t use Amazon Prime, so I’ve got you covered brofessor! This link is for the Bitcoin Documentary on Netflix called Banking On Bitcoin.
How to Get Started With Bitcoin
The first thing you need to do in order to get started with bitcoin is learn how to get a bitcoin wallet.
Your coin wallet is where you will both buy and sell bitcoin.
There are other cryptocurrencies out there aside of bitcoin, but for the sake of this article, I’ll only recommend the 3 listed below for now.
Now the bitcoin pundits out there will have their own opinions about this, but in my personal experience this is the only coin wallet I will recommend.
How To Add Money To Bitcoin Wallet
After you’ve created your Coinbase account, you’ll need to add a funding source.
You can add your debit card or your bank account. I use both.
This way I can fund my account with my debit card, then when I want to withdraw funds I send it to my bank account.
Based on my experience, if you’re looking to buy any of “The Big 3”
You’ll want to make sure that you purchase with your debit card instead of directly from your bank account.
I’m not sure why, but anytime I’ve purchased with my bank account there will be a 3-7 day delay for the “coins” to load onto your account.
With debit card purchases, whatever cryptocurrency you chose will load instantly and you will be in business.
If for some reason you choose to go with another coin wallet here’s a list of 10 bitcoin wallets to choose from.
Be prepared to use these alternative wallets at your own discretion. I personally only have experience with Coinbase, so these additional wallets are listed here only for your convenience in the event you do not fare well with Coinbase.
How Do I Protect My Bitcoins?
As you become more knowledgable about bitcoin you’ll find that while it is an ingenious concept, there’s also a slippery slope to bitcoin.
Cryptocurrency transactions are absolutely nothing like a bank transaction.
Precisely why cryptocurrency has blown up the way it has. Any transaction is completely independent of a bank and also provides complete anonymity.
Because of this anonymity, it’s the perfect opportunity for hackers to try and steal your hard earned bitcoins.
It’s actually already happened across several exchanges. If that scares you, investing in bitcoin is probably not for you.
Protecting your account is probably the most important step about how to get started with bitcoin the right way.
Create a Super-D-Duper Strong Password
If you don’t have a password generator you could probably find a free one on Google to use.
If you want something you can use on the fly you might want to think about grabbing a tool like Roboform.
Check out this article for more tips on protecting your bitcoin account(s).
What Is A Bitcoin Multiplier And Why Should You Care?
If you’ve heard about bitcoin on social media then there’s a good chance that you’ve probably seen people promoting “bitcoin business opportunities.”
Some people call them bitcoin multipliers. They’re all about how to get bitcoins fast, and in some cases how to get bitcoins for free.
The premise is that if you can’t (or don’t want) to pay for bitcoin outright you can still earn it thru the efforts of recruiting other people who are looking for an opportunity.
I have a colleague with whom I’ve worked in past business opportunities who recently purchased a Lamborghini with bitcoin – so it obviously works.
The real question is how long will they last…
For the sake of transparency, I would not recommend these programs to anyone that does not have a high tolerance for risk. I’ll explain why in a few…
If you are the “ballsy” type, then you might want to check this out if you don’t have $10,000 to invest into bitcoin but are interested in learning how to acquire some without the stiff investment.
Do You Have The Risk Tolerance For All This?
Okay, now for the ugly part.
Most of these “bitcoin multipliers” are probably nothing more than ponzi schemes.
So if you’re going to invest into them I HIGHLY ADVISE you to not invest more than what you can afford to lose.
Treat it the same as you’d do with money you’d take to the casino.
I’m referring specifically to the bitcoin business opportunities here, but it would be wise to also treat any money you invest directly into a coin wallet the same way.
Reason being, nothing in life is guaranteed – but death and taxes, of course.
For all we know, bitcoin could disappear just as swiftly as it hit the scene. I highly doubt it, but it’s always better to be safe than sorry…
On the flip side, with no risk – there is no reward!
So think wisely.
Being in the Right Place at the Right Time
Another reason that so many people have taken an interest in Bitcoin and other cryptocurrencies is because they’re just lazy, and that’s ok.
Most people are attracted to the allure of receiving something for nothing.
Just invest – and watch your money grow – or so they think.
My personal opinion on Bitcoin is that for the average person the ship has already sailed.
At least if you don’t have a sizable amount of money to invest.
The days of investing a few hundred or a few thousand and becoming a millionaire in bitcoin are long gone.
But… there are still other cryptocurrencies out there.
Primarily Ethereum and Litecoin.
There’s a lot more than that, but those are the only others that I’m personally comfortable with.
These coins hold the potential to grow the same as Bitcoin has. And might be your only hope of investing a few hundred (or few thousand) and seeing 6 figure gains over time.
As a matter of fact, just over the course of the last 3 weeks I’ve seen about a 20 – 30% return on investment from Ethereum and Litecoin.
So don’t think that Bitcoin is the only game in town.
Obviously there’s a lot more to learn about how to get started with bitcoin, but to write it all this would be a book and not a blog post.
Then I’d also have to charge you $14.95 plus tax 😜
In all seriousness, I think that bitcoin is a great opportunity to “potentially” see a nice return on investment.
The media attention that it’s been receiving is also driving it’s growth and popularity.
But it’s an investment, not a guarantee.
As with most investments, there’s always the possibility of loss.
This is why I would recommend a more traditional business opportunity if you want large upside potential with virtually zero risk.
The difference between bitcoin and a traditional business opportunity is simple – with a business you only lose money on advertising and if you don’t do anything (for the most part).
With an investment like bitcoin, you could lose money due to hackers, a downturn in the market, and even losing access to your coin wallet.
Bitcoin is an awesome opportunity, but it carries a lot of risk.
So be smart, and do everything in your power to make sure that if you do invest into bitcoin and cryptocurrency that you cross all your T’s and dot all you I’s.
Thanks for reading…
Feel free to leave a comment below if you have questions about anything you’ve read today.
I hope you feel a little more informed now about how to get started with bitcoin.