Having started to dabble with Bitcoin in May of 2016, I was in the mindset of ‘Damn! Why didn’t I invest when it was cheaper? No point buying now as it surely won’t get any higher!’ . How naïve! 12 months on and Bitcoin has sky rocketed from $500 in June of 2016 to nearly hitting the $3000 mark one year later. And again, I find myself in a similar mindset that maybe I was too late. This time however I am throwing caution to the wind and start making a small investment, not just in Bitcoin but several others which are gaining headlines.
Last year I was using ‘Localbitcoins’ to purchase my cryptocurrency, as an exchange platform the conversion rate was significantly higher so I set out to find a new way to purchase. By carrying out very basic research I found Coinbase and tried to join up. Overall the website was abit clunky and took me a couple of days just to register. The main issue was trying to verify the picture of my passport which they constantly kept rejecting. Having finally being approved I made my first purchase of Bitcoin and Ethereum via Coinbase.
The problems did not stop there though while using Coinbase! I tried to purchase more cryptocurrency in the coming days but my card kept on being rejected. Having contacted the bank they made it clear there were no blocks on my account and it was in fact an issue with the website. This led me to register with BitPanda!
BitPanda worked a lot smoother however you cannot store Ether (Ethereum) and need to send them to a different wallet.
To secure my cryptocurrency and ensure they are not kept with one of the mentioned above website, I have purchased a Nano S Ledger wallet. This allows you to store your cryptocurrency offline and is your personal wallet.
Since writing this cryptocurrency’s seem to be making a correction having made massive gains. In for the long term, this is of no concern . Find some links below which you may find useful if you are just starting out investing in cryptocurrency.