Cryptocurrency is all the rage right now. With Bitcoin and other currencies rising in value over the past year, it’s a pretty good time to get into the market.
The problem is, doing so is can be intimidating and complex for the average person.
I’ve created a very easy to follow guide to get you set up and mining or trading in just a couple of steps!
It’s that easy!
Disclaimer before we start off; the guide is meant to be a VERY basic one. The options given can easily be swapped out for ones that you prefer as there are tons of different choices to pick from to find one that suits you.
Get a crypto currency wallet.
That’s exactly what it sounds like. A crypto wallet is where you store all your crypto currency. There are a ton of different versions out there, but I’m recommending one of the more popular ones for this tutorial; Exodus.
All you need to do is to sign up at their website and then pick the version of Exodus you want to use. I preferred to use the desktop version, which is much more secure.
If you prefer to carry your wallet with you, Exodus also offers a mobile version as well. On top of that, Exodus also offers a ton of secondary crypto apps that you can use with the Exodus wallet so you can do almost anything with your money.
Of course, if you want to use any other wallet, go right ahead but please PLEASE do your research first, as crypto wallets are not all the same.
Get your miner.
You’ve got your wallet ready…now it’s finally time to get the mining software that’ll mine those delicious crypto for you!
I’ve tried a couple of miners but the one that I really recommend is NiceHash Miner.
Sign up at the website, download the software and then just follow the steps to add in your mining address and you’re off!
What’s handy about NiceHash Miner is that it shows you your hardware temperature as you mine, which allows you to adjust your rig. Mining makes rigs get really hot, so you’ll definitely want adequate cooling AND make sure your hardware is in a cold room if possible.
Here’s the thing about mining, while everybody can do it, you’re going to need top of the line hardware to make a profit. If you’re using a regular computer, you’re going to want an NVIDIA 30-series (their latest generation) GPU so that your returns are substantial enough to be profitable.
The other alternative is to get a mining rig, which is a specialized piece of hardware made for mining (and nothing else). Depending on the hardware makeup of the rig. these can be from few hundreds to a couple of thousands. Since you’re a beginner, I’m going to suggest you use your PC first, to get use to the whole scheme of things. Once you’re comfy enough, migrate to a dedicated rig.
Buy and Sell Bitcoin Via Cryptocurrency Exchange
The other method is somewhat easier, especially if you have cash but don’t have (or want) to get the hardware to mine. You hop onto a Cryptocurrency Exchange.
If that doesn’t stop you, then I suggest you head on over to Gemini to get started.
As a cryptocurrency exchange, Gemini has a ton of different currencies for you to buy (and sell). Even better, Gemini has a local subsidiary, which means you can trade in SGD.
All you need to do to get started is a Debit or Credit card from a local bank or access to internet banking for the bank you want to use. Once those are connected to your Gemini account, all that’s left is for you to pick your time to buy.
Is Cryptocurrency The Future?
Yes…that is if you believe the internet. Many are predicting a cryptocurrency boom in 2021 as businesses and financial institutions start to embrace it. Will it come to pass though?
Nobody knows. Whoever tells you otherwise is just pretending to know or is really crossing their fingers hard.
It’s true that cryptocurrencies (primarily Bitcoin) has seen their value rise over the past few months but there’s really no concrete guarantee that’ll be the case for the next few years.
This is mainly because it’s cryptocurrency investing is a very volatile and speculative market.
What that basically means is that it’s very hard to predict how a particular cryptocurrency will perform. Out of nowhere it might triple in price…or lose three times its former value. That’s why investing in cryptocurrency is a tremendously risky venture.
If you decide to go into cryptocurrency, be prepared for either eventuality because in this ride, anything can happen.