How to Get Started With Crypto
CONGRATS on taking the first step to getting started with crypto... you're about to enter a wild world, one that's full of surprises, profoundly fulfilling and ultimately lucrative. Below I've listed for your resources I use and that I think would be most helpful to you as you embark upon this amazing wealth journey.
Please note that there are affiliate links in this post. I do not refer anyone to anything I do not use myself. Therefore, while I do not vouch for the efficacy of any of the following, I do use them and have found them to be legit. (Please notify me in the comments below if any links don't work or if you've encountered an issue with any of the resources listed here.)
Where to Start...
RESEARCH. RESEARCH. RESEARCH.
You may have heard it a million times before, but it warrants repeating: DO YOUR RESEARCH. Nothing here is considered financial advice. I offer ideas, strategies and inspiration, not financial advice. You'll have to determine what you'll do with the information presented to you.
I served as a Financial Advisor for 7 years at American Express Financial Advisors. One of the biggest mantras of financial planning is SUITABILITY. I don't know you, so there's no way I can know what's suitable for you. You'll either have to determine that yourself, or meet with your trusted financial team to come to those conclusions.
Since each person's financial house is like a fingerprint, your approach to crypto will be completely different from the next persons. My intention is to make the entry into crypto less cryptic and more appealing for the masses.
With that in mind, the first resource I'll offer you is an audio training of the Wealth Meditation & Crypto Conversation I conducted live with a few participants who were entering crypto and had questions. In this in-depth training, we cover:
- The 3 R's to ALWAYS keep in mind when starting out in crypto
- The biggest DANGER for newbies in crypto: SCAMMERS & HACKERS, how they work, and how to AVOID THESE.
- Crypto wallets: hot and cold
- Crypto exchanges: going from fiat to crypto
- Investment objectives
- KYC & AML in the US
- A clear cut, simple way to start in crypto with $100
Wallets & Exchanges
Next, let's talk about a few wallets and exchanges.
I like Bitfinex, and they have a lucrative affiliate program, which is a secret to getting started in crypto if you don't have big funds to invest. You can open accounts and share your code with people who DO have funds to invest. With Bitfinex, you're paid a portion of ongoing trading fees of the people you refer on more than one level, which means you earn crypto from your referral's referrals. I know this sounds a little like network marketing, but trust me, it isn't. It's a simple referral program that helps all parties win in crypto.
I love Celcius, though it's not for everyone. Celcius provides liquidity in the crypto markets and pays interest weekly on the crypto deposited there (since they're loaning out the crypto at the same time). I've had a Celcius wallet for quite awhile because I'm aligned with the vision of providing "lighting fast transactions, zero fees and fair interest rates."
Lots of people cut their crypto teeth at Coinbase. It's simple to open and easy to perform most operations in the account. It's fairly intuitive and acts a little like a fiat bank, making it user friendly for new comers to crypto. Once purchased, DO NOT KEEP ANY CRYPTO in Coinbase! (I teach you about where to put your crypto once it's been purchased in the training.)
The Gemini project was started by the Winklevoss twins (early investors in Facebook and featured in the book Bitcoin Billionaires) and it's a great way to get started because they send friendly emails when a new account is open, with simple tips on getting started with crypto. I like their onboarding process, especially for new entrants to crypto.
Avoiding Scammers & Hackers
The BIGGEST issue with newcomers to crypto markets are scammers and hackers. The crypto markets are largely unregulated, enticing unsavory characters to the party.
Negligence & Forgetfulness
Millions of dollars of value in crypto have been lost due to negligence and forgetfulness.
When you begin your crypto journey, it's important to remember that you are YOUR OWN BANK. You are no longer relying on 'trusted' third parties to do the work for you. The bank has offered us an ocean of convenience, and with it, fees and limitations on our money. The bank gets their hands on our hard won money even before we do.
Not so in the crypto, peer-to-peer world.
With that said, if you forget or didn't properly record your private keys, passwords and other sensitive data to be able to access your funds, you may have lost those funds.
Crypto DOES NOT work like banks! This is CRITICAL to understand. I keep hearing stories of people who lost crypto because they treated their crypto like fiat currency.
Cryptocurrency and fiat currency are TWO DIFFERENT ANIMALS. Not learning the distinctions can be expensive. Don't do that to yourself.
My desire isn't to spread FUDD (fear, uncertainty and doubt) or FOMO (fear of missing out). My intention here is to give a healthy dose of reality and plenty of resources as you enter the crypto markets so you can dive in with enthusiasm. It's fun making money! It's fun watching your investments grow! It's fun being in the crypto world!
Take your precautions, follow the 3 R's, and have FUN.
See you at your own bank,
Rev. Valerie Love (aka KAISI) is the author of 20 books on practical spirituality and teaches globally at retreats and events on how to experience FREEDOM: spiritually, mentally, emotionally, physically and financially. See options for working with Rev. Val HERE. You are loved!