Crypto Portfolio Building – 1. Getting Started
Only investing what one can afford to loose using predominantly fundamental analysis to develop a basket of “cryptos” that have potential for longer term gains. You can of course leverage and also use alot more technical/ sentiment analysis and price action but thats just not my style. I am looking to hold cryptos I think have good fundamental ideas/solutions for the longterm (partly because I think digital currency has a future AND the blockchain technology will revolutionise our lives) and less concerned about short term fluctuation and volatility.
I think Bitcoin has paved the way but I get this feeling its not necessarily “it” and we have only just started. Similar to how “Hi5” paved the way to connect with old school friends, was highly successful then crashed and burned when the more elegant solution came of Facebook that has far weathered the storm in terms of longevity. This is akin to Yahoo and then Google etc etc history repeats itself type of paradigm thinking. It will be interesting to see how this market evolves, what we end up building on block chain technology that revolutionises industries and changes our ways of life for the better.
So you understand where I am coming from better, watch this top 19 industries blockchain will disrupt video here.
Ok to the basics…
Get A Wallet To Store Your Cryptos
You need to first get a wallet. You can have a digital wallet, hardware wallet or paper wallet. For a quick start, I’d opt for the digital and use a platform like this to obtain one able to store Ether/coins based on this technology: https://www.myetherwallet.com/ use this site for a buying guide on coins you are interested in, its a step by step process pretty easy: https://getcrypto.info
You then need to be able to purchase from an exchange. Now you can leave your coins on the exchange but its not advisable incase they get hacked. Always transfer it back into your wallet! Coinbase is quite a popular one but due to skyrocketing demand everyone is trying to get on a platform so it may take a few days to have your identity verified – be patient. Once you get access connect your bank card and hit buy then store your coins offline in a digital/hardware or paper wallet. YOU CANNOT LOOSE YOUR WALLET PRIVATE KEY DETAILS!!! Otherwise your coins are “poof” gone! Never share it! And never discuss how many coins you have, lets keep our lives and relationships simple 🙂
For my first set of 20 coins I’ve been looking at from a basic fundamental perspective visit here. And if you are totally new to crypto, read my basics for what these words like crypto, blockchain, exchange mean here. Honestly its not that complex so get to grips with it. Its going to change our lives quite literally…