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The Idiot’s Guide to Crypto Investing for BitCoin Newbies

In this article we’re going to show you step-by-step how to easily and quickly buy Bitcoin, as well as other hot up-and-coming crypto coins that could see massive gains in 2018! But first, a little background on this whole Bitcoin thing…

how to buy bitcoinUnless you’ve been living under a rock for the last few years, you’ve probably heard of this thing called Bitcoin. Bitcoin is a decentralized cryptocurrency based on the blockchain technology invented by an anonymous person or group of people under the pseudonym known as Satoshi Nakamoto.

Bitcoin has been a controversial topic for many. Governments have shown a lot of fury in attempting to shut it down, just as China did in mid 2017. On the other hand, many governments have seen the potential in getting into Bitcoin while it’s still relatively young to make it a viable currency and store of value, like Japan and Belarus.

how to become a bitcoin millionaireMany “Bitcoin millionaires” have been minted from teens living in their parents’ basement to the Winklevoss twins, the 2 Manhattan socialites who were on the ground floor with Mark Zuckerberg when Facebook was barely a real website with less than a million users, before the 2 were outed from Facebook and before they won almost 100 million dollars in a lawsuit against Facebook years later.

So regardless of what you think about BitCoin, there is indeed money to be made, and today, we’re going to show you exactly how to buy Bitcoin yourself and also some other cool crypto currency coins that, along with you, could see massive gains in the near future if they play their cards right.

Today we show you step by step how to use the Top 2 Crypto Coin Exchanges in the World which are super safe, fast and reliable to get into the Bitcoin game right now.

How to Buy Bitcoin

When I bought my first Bitcoin, I was surprised but not shocked to see just how easy it was.

Step #1 : Open a Coinbase Account

how to buy bitcoin with coinbase

After verifying your identify with your ID/Passport, then you’ll be ready to start buying Bitcoin!

After signing up, you’ll eventually be required to enter a 2-factor identification code. This can either be sent to you by text message/SMS via your phone or you can also setup the “Google Authenticator” App so that you don’t have to spend extra on text messages depending on your phone’s plan.

coinbase 2 factor identification security how to buy bitcoin

Enter your credit card/debit card info and choose which crypto currency you’d like to purchase. You can buy Bitcoin, Litecoin, Ethereum, or Bitcoin Cash as of this writing.

how to use a credit or debit card to buy bitcoin

Congratulations, you just bought Bitcoin!

But the true magic of cryptocurrency does not simply stop at Bitcoin. If anything, Bitcoin, while some would say is still a risky investment, does not necessarily open the door to quicker gains along the order of 10x, 50x or even 100x gains in a single year, though it still might.

Which leads me to the next step in buying cryptocurrency!

Key to Making Money with Cryptocurrency: Investing your BitCoin into Alt Coins (brand new crypto currency coins)

how to buy ripple xrpThe real money to be made will often be made in smaller, unknown coins on the many cryptocurrency exchanges out there. Don’t worry, this is not a complicated process, and we’re going to show you how to send your Bitcoin and exchange it into smaller coins to increase your gains today!

When you buy any crypto currency, you should probably do some research first on that coin to see if it has a real use case and utility in the world. Does it innovate or improve an industry? Does it have a low market cap at the present moment and large circulating supply compared to its total supply? If it has a low market cap (market capitalization), then that means it could have a lot of room to grow.

how to buy electroneum on binanceFor example, and this is just an example:

Imaginary coin FUDcoin has a current market cap of $150,000,000, meaning its total value is currently around 150 Million Dollars. You discovered it recently after watching a YouTube video explaining how it could be the next big thing to change the luxury yacht business (just making things up here).

Compared to a coin like BitCoin, which already has a market cap of 250 billion dollars, FUDcoin has a lot of room to grow, so for FUDcoin to reach a market cap of only 10 Billion dollars (realistic and possible for any crypto coin in a year’s time), it would have to rise only 9.85 Billion dollars.

But this would mean a gain of 66x for you. So if you invested $1,000 into this coin and it reached that market cap in 1 year, your position would then be worth $66,000!

To build upon this example, for Bitcoin to make 66x gains off its current price, it would have to reach a market cap of 250 Billion Dollars x 66 = 16.5 Trillion Dollars.

16.5 Trillion Dollars would be roughly equivalent to the ENTIRE US Economy. I think it’s safe to say BitCoin is not going to reach 16.5 trillion dollars in one year, or maybe even 5 years, though it might. So it will likely not make 66x gains in a single year, but an undiscovered crypto coin which is just getting started easily could!

Getting Started With Buying Hot New Crypto Coins

Step #1 : Open a Binance Account

how to buy cryptocurrency alt coins with binance

You’ll again have to verify your credentials.

Once you’re in, this is what the main market screen looks like where you’ll place your buy and sell orders. But before you buy or sell anything, you’ll need to send Bitcoin over to Binance to use as the purchasing currency for the smaller coins. Here’s how you do it.

how to buy bitcoin with binance

Alternatively, if you’re like me and appreciate fast transaction times, you’ll just send Litecoin from Coinbase to Binance, then convert it to Bitcoin, then buy the crypto Alt Coins that you wish to hold.

So head over to Coinbase again, and click on the “Accounts” tab.

how to send bitcoin from coinbase to binance

Then you’ll need to copy your Bitcoin/LiteCoin address (your address for either Bitcoin or LiteCoin on Binance will be found next to that asset on Binance) and paste it into the address from Coinbase where you want to send your Bitcoin/Litecoin to.

how to send litecoin from coinbase to binance

how to buy litecoin and crypto alt coinsYou’ll notice that I’m sending Litecoin instead of Bitcoin, because it’s usually faster and there are often fewer fees to send Litecoin. Now that I’ve sent Litecoin, I’ll need to first sell my Litecoin on Binance, which then gets me Bitcoin, which I will then use to buy whatever I choose on Binance.

So, I copy my Litecoin address from Binance and paste it into my screen on Coinbase where I’ll be sending my Litecoin to then convert to Bitcoin.

how to send bitcoin or litecoin from coinbase to binance

That’s it! Just wait a few minutes and keep checking to see when the Litecoin arrives in your Binance deposits, then sell your Litecoin to Binance on the main screen by selecting the “btc” tab and entering “ltc” into the field.

selecting litecoin to btc on binance

Now, to sell your litecoin and convert it to BitCoin…

converting your litecoin to bitcoin on binance

Now you have precious Bitcoin on Binance, which you will then use as the currency to buy the other smaller coins which can stand to make you massive gains!

Key to Making Money in Cryptocurrency: Buy Low, Sell High

Just like in any market, the price of assets (like crypto coins) fluctuates. There are massive spikes, massive dips, and in between- oscillations that resemble a wave. During these ups and downs, it’s important to know when to enter a position in the cryptocurrency market. Otherwise you could be buying into a lot of hype, and when the price eventually comes down, you’ll be left holding a large position in a cryptocurrency that may require a few months to beat its all time high price.

Key to Making Money in Crypto Currency: Be Prepared to HOLD

The Crypto currency market is extremely volatile, meaning swings in price and market capitalization (total market value) of 40% to even 75% in a single year’s time! You CANNOT sell your entire coin portfolio just because your holdings suddenly drop in value. You must be prepared to HOLD!

Key to Making Money in Cryptocurrency: Disregard All Disinformation!

You will need to be prepared to do your market research on any crypto coin without falling victim to the fan boys of each individual coin, you’ll find people like this on YouTube telling you “this coin is the hottest thing in 2018! It will go to the moon!!”. These folks often take up large positions and then try to get everyone else to buy, because it will obviously increase the value of their current holdings.

The problem is, once the price goes up enough, then they unload their positions and the price comes crashing down. This is also referred to as a “Pump and Dump”.

Then, you’ll need to disregard the mainstream media altogether. They really don’t know what the hell they’re talking about, as this video demonstrates.

I hope this article helps, thanks so much for reading!

Patrick W is an online entrepreneur and content producer on YouTube