How to buy, sell, loan and hold Bitcoin on Coinbase and BitConnect
Listen to @Naval discuss internet protocol V2 – This really solidified my views and opinions on Crypto.
My cryptocurrency journey officially started about 6-7 years ago when I was messing around with mining some Bitcoin ($BTC) on my laptop. I realized that I was only mining fractions of a Bitcoin and quickly abandoned ship. Who knows how much I mined on that laptop or even where it is. Fast forward to November 21st, 2017 and instead of mining, this time I’m buying and holding Bitcoin as well as doing some loans through Bitconnect ($BCC)
I will be documenting my crypto journey and updating this page with my returns or losses with complete transparency. Cryptocurrency investing is DEFINITELY high risk and high reward so DO NOT invest anything that you are not willing to COMPLETELY LOSE.
“This isn’t about buying coke on the Dark Web anymore …”
Please make sure you are putting money into your IRA (Individual Retirement Account) for example. To get an account setup, I highly recommend you look into something like Stash * – Stash is an easy app that sets up an IRA and automatically invests in whatever ETF’s you choose to invest in.
I am planning on helping others not only learn about cryptocurrency investing but also investing in general and how to plan for the long term. If you are interested in learning more about cryptocurrency and cryptocurrency investing I highly recommend signing up for my newsletter and follow my journey.
First, you will need to purchase some bitcoin. I recommend you set up a wallet at Coinbase *. The next step is to fund said wallet. I HIGHLY recommend that you fund your coinbase wallet with a credit card and not a bank account transfer. There is a slightly higher transaction fee (1%?) but you will have your money instantaneously as opposed to waiting 7 days for your money to be available for buying BTC tokens.
Second, if you are interested in loaning your $BTC you can do so with BitConnect * – Now, please keep in mind that this, in my opinion, is even riskier but the returns are even greater. The process involves converting and loaning your $BTC (Bitcoin tokens) into $BCC (Bitcoin Connect tokens) and loaning it on their network. Right now you’re looking at about 3x your money without reinvesting your profits or about 9x with reinvestment. Your money is loaned out for about 7-10 months but your money is earning a variable day rate of roughly 1% as I’m typing this. I decided that I was willing to risk 100 bucks to get started to see what comes happens. One week later as of the writing of this page, I am $230 invested in $BCC loans and earning about 2 bucks a day. I think this is really risky and think the safer bet is to buy and hold your $BTC, but I’m thirsty and very aggressive and therefore have bet all my bitcoin ($BTC) on bitconnect ($BCC) – My plan is to fund another $1000 and then let it sit for about 60 days reinvesting all dividends before I start pulling any profits out.
FOMO – Is a term I had to look up, fear of missing out – Remember the internet boom in the 1990s-2000s? All the naysayers about E-Commerce? People refusing to put a credit card number in the deep dark web? I sure do. I was a teenager and was POSITIVE it had serious legs and was going to explode. What do you think will happen now with cryptocurrency? Do I think we missed the boat? No, I don’t. I just think that we weren’t the first, but I sure as hell am not going to be the last.
Bitcoin is pushing 10k right now in November 2017 – I’m predicting it goes to 50k-100k in the next 3-5 years. That’s 5-10 times your money if you just buy and sit on the coins ($BTC), but for me personally, I’m going to be a little riskier at the beginning to jump start my position in bitcoin and cryptocurrency.
Here are my results from my first week in trading Bitcoin for BitConnect and making a $230 loan.
* These links contain a referral code where if you sign up for any of these services, I’ll make couple bucks for introducing you to their platform/service. I really don’t care if you use my links or not, just do the work! See how much easier that was rather than having to google “how to buy bitcoin” yourself.
What is Bitcoin & Blockchain and Why is it Important to You? Cryptocurrency started with Bitcoin, the very first global cryptocurrency and digital payment system. It's origin dates back to 2008, right at the height of the worldwide economic crash. You could say that...