Saturday, 16 December 2017

How I invest in multiple Cryptocurrencies

You're probably familiar with the currency rave reviews that cryptocurrencies have received.

I'm not the type to be left behind.

So I'm invested in that excitement.

But cautiously.

I'm careful to exercise caution while not denying myself the opportunity to explore.

My advise?

Don't go take a bank loan or a mortgage yet.

It's a volatile and risky investment.

Yet it's worth giving it a try.

How do I do it?

There are several models.
1. You may select a wallet which is separate from the purchasing platform. e.g. Jaxx. 

For this you need a Broker (cum wallet) like www.blockchain.info. with that you need a bit of effort.

2. My preferred method is www.coinbase.com which has an android and iOS app by a similar name.

I prefer Coinbase because it's both a broker and a wallet with an additional vault to store your purchases.

Procedure
Set yourself up.  Register with a trusted email. If on computer, use Chrome.

Confirm your email address and your phone.

Set up authenticator (download Google Authenticator, for example).

Verify yourself with either passport, driving licence or ID.

You're likely to encounter verification hiccups because they seem to have problems handling the volume of traffic.

In order to get a clear shot, I scanned my documents using Office Lens, a Microsoft product which snaps clear documents exactly by the edge.

Once you're setup, and verified, add your payment method.

A credit card would do. There's a limit, which is good to prevent excitement.

On their app you view your purchases in real-time, can purchase or create alerts (if price is below or above a certain value you're prompted).

The beauty is that with Coinbase I can purchase Bitcoin, Litecoin and Ethereum in one place.

And I view my portfolios in one place. 

Another advantage is that because of an inbuilt functionality I can switch currencies to view my portfolios in KShs, USD or Euro.

To buy, I always wait for drops to a certain percentage, then snap up some small bits. 

No need for panic buying.

Even 10€ worth is doable.

Build your portfolio at your pace.

Enjoy your purchases.

I hope this helps!

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