How to get started with crypto
So you have decided to buy some crypto, great! How and where do you start?
In this guide, you learn about the best ways of how to get started with crypto the easy way. We will provide you with an easy to follow step by step guide which will have you started buying cryptocurrencies like Bitcoin, Ethereum, Ripple and others in no time!
The best way to get started with cryptocurrencies
Step 1 – Decide which cryptocurrency to invest in
Decide which cryptocurrency you are interested in ‘investing’ in. There are plenty more than Bitcoin and Ethereum, so it’s important to research and decide which one you want to buy as step 1.
Read our Bitcoin and Ethereum reviews!
Step 2 – Find the exchange that trades the crypto you want
When you have decided to buy Example cryptocurrency, you need to figure out where you can buy it. The absolute most common way to buy crypto is through an exchange. Some exchanges let their users trade Fiat (what is Fiat) to crypto straight away, but definitely not all. So sometimes you need to use a service/exchange like Coinbase, Localbitcoin, etc to buy Bitcoin, Ethereum, Litecoin, etc and then send them to the exchange that trades Example crypto.
Use our exchange review and comparison tool to find the right exchange for you!
Step 3 – Store the cryptocurrency you bought somewhere safe
Great start with buying yourself some Example crypto. But now you need to store it somewhere safe so no one can steal it from you. Remember in the world of cryptocurrencies you are your own bank. And therefore you need to make sure that you keep your crypto somewhere safe. A good hardware wallet is the way to go. Find out which hardware wallet that might suit your needs and crypto using our wallet reviewal and comparison tool.
Step 4 – Don’t forget taxes
In most countries around the world, we have to pay taxes on our crypto trades and purchases. What is common is that you need to pay taxes on any capital gains made from a trade. For example if you bought 1 Bitcoin for $4000 dollars and later on sold it for $6000, then you need to pay taxes on that $2000 gains.
So if you’ve made a lot of trades it gets difficult to compile them at correct prices and dates, we know.
Step 5 – Spend your crypto or hodl it to see its value (hopefully) increase
Great work getting your crypto stored somewhere safely with a hardware wallet. If you’re not planning to spend your crypto at some merchant, then you can safely keep it at the said wallet and wait to see if the price of your Example crypto will increase in value over the coming months or years. Good luck! 🙂
Other popular guides:
- HODL, DYOR, REKT the 41 cryptocurrency terms you need to know!
- The best Bitcoin and cryptocurrency wallets
- Best ways of converting Bitcoin to cash
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that makes our lives better and easier