How to Invest in Bitcoin & Crypto Currencies FAST Part I
Invest in Bitcoin and Cryptocurrency. Start profiting from this huge opportunity.
If you’re wondering what’s going on with Bitcoin and cryptocurrencies and how you can make money from it, you are in the right place.
If you don’t want to risk too much but still getting early and can have piece of the action, make sure to read this blog ‘till the very end because I’m going to show you how to invest in Bitcoin and cryptocurrencies fast. I’m also going to show you how to set up a simple Bitcoin portfolio with as little as a couple of hundred dollars.
So, let’s dive right into it because I want to show you how you can start profiting from this huge opportunity as soon as tonight.
First things first, here’s what you need…
You need a couple of hundred dollars or more ideally. You will also need a wallet. And this is not a wallet in the traditional sense, I’ll explain this later.
Step 1: Wallet
You have to get a wallet. What’s a wallet? A digital wallet is a similar concept to a wallet in real life so to speak. It’s a device where you’re holding your money, your currencies.
Safeguard your cryptos…Get a digital wallet!
And so you have a number of digital wallets. There are virtual digital wallets and then there are hardware based or you know, physical material digital wallets and I’ll explain in a second.
The first type is desktop wallets. This is a piece of software that you install on you computer on your Mac, laptop whatever, and it will contain your Bitcoin and your other currencies. It will have a number of secret keys, I’m not going to go into too much detail now, and essentially, it’s like having money on your desktop. It’s a piece of software. And you can also take this piece of software back it up and then move that money from one device from one computer to another for example.
You also have online wallets. And, what online wallets are is essentially you have some login credentials so username and a password onto a website. There’s nothing that you have to download or install on your computer and you logon to the website and you’re money is stored there. The most popular of these online wallets, and they are free by the way, is Coinbase. You can go to https://8020research.com/cb for Coinbase and that will take you to the Coinbase website. If you open an account through that link and you buy at least a hundred dollars’ worth of Bitcoin or about £75, then Coinbase will credit you and us with an extra 10 dollars’ worth of free Bitcoin.
The online wallets are essentially cloud based wallets where you store your money and you can access your wallet from anywhere you have an internet connection. There are mobile wallets. This is an app, it’s a piece of software that you install on your mobile device and that stores your money. It’s the same thing as a desktop wallet except that instead of installing a piece of software on your computer, you are installing a piece of software an app, on your mobile device.
Then there are hardware or “cold” wallets. These look very similar to a USB key, and your coins. Your Bitcoins, your cryptocurrency is stored on that physical piece of hardware. Think of it as a USB key. The advantage of this type of wallet is that it cannot be hacked. In theory, a virus could hack into your computer, onto your mobile device and steal your Bitcoin, your currencies. In theory, someone could hack into these online wallets and steal Bitcoin. With hardware wallets, you physically need to have that piece of hardware, that physical object to be able to access your money. In that respect they are very safe.
Now the flipside of that, unless you take a very specific precautionary measures, people could also steal your hardware or your cold wallet in the same way that if you have a lot of money stored into a suitcase at home for example in theory someone, a thief can steal pile of cash from you.
And finally there are paper wallets. These are perhaps the most old school and I definitely wouldn’t recommend paper wallets. It pretty much involves you writing your private key onto a physical piece of paper. So let’s kind of take a step back here, essentially in the cryptocurrency world, your wallet is not identified by your name and an account number and some kind of routing or sort code, that’s how banks work. You have a name, an account number and some type of routing or sort code number and that’s how someone can send you money. When it comes to Bitcoin and cryptocurrencies, there’s none of that. All there is, is one public receiving key.
What is the public key? It’s a very long series of unrelated letters and numbers and that identified your wallet. So whoever has access to that key, is able to send money to that wallet. And, no one really knows who that key belongs to. And most importantly, in order for you to access that money, you need to have a private key that allows you to access the wallet. So that public key is what people use to send money to the wallet, the private key is what only you know and you use that to take money out of the wallet and send it elsewhere for example.
Or you could do, in theory, is take the private key and physically write it on a piece of paper and whoever has access to that piece of paper has access to the wallet and has access to the full funds. A very important distinction here is that in the normal fiat currency and banking world, if you lose your bank account number and details, you could walk into a bank and say, “here’s my ID, here’s my proof of who I am, give me access to that money.” So the bank will identify you as the legitimate owner of that bank account and give you access to it.
When it comes to Bitcoin and cryptocurrencies, there’s no such concept, so, if you lose the private key which is what gives you access to the wallet to do transactions on it to take money out, if you lose that private key, then you have lost your money, you’ve lost your wallet, there’s no one or no institution you can go to and say “Hey, my name is Joe Smith, that wallet is mine, give me access to it.” So that’s very important.