How To Invest In Cryptocurrency For Beginners – The Step By Step Guide ( Pt2)
This article is the continuation of part 1 and final steps on how to invest in cryptocurrency for beginners.
Sixth Step on how to invest in cryptocurrency for beginners : In this continuation of Part 1, it’s time to create a brand new unique email address using a handle you’ve never used before anywhere else, use different name,different nickname or even different username,so you should be ready to use this new email address only for your crypto assets.Using the email address you already using online for your crypto investments is risky,you need something that is completely different from your new email address.You will have to keep this new email to yourself,not expose it to people you don’t know or trust.In this case i would suggest creating your new email address with protonmail email provider or any other email provider that take security of their users as top priority.
I’m going to show you how to set up a brand new email account using ProtonMail. Go to ProtonMail. com and click “Sign Up. Select “free plan” and click the “Select Free Plan. ” Next, choose your unique username you’ve never used anywhere else before. Next, generate a very strong password. Register a recovery email. Make sure the email address you use as a recovery has a strong password then click “Create Account. Verify/confirm that you are not robot,then you click “complete setup”and you click the “Finish” button.
Seventh Step on How To Invest In Cryptocurrency For Beginners : By using your newly protected/secured mobile phone, we will be downloading some two factor authentication apps. Using the two factor authentication should be an extra security layer that is very important to be in place before making cryptocurrency investment.See how its done:its works by having to provide the code generated by the two factor authenticator phone app when intending to log into an account.
In every 20 to 30 seconds the codes will change to prevent anyone entering into your account if the person does not have your mobile phone at that particular moment. ” If you’ve been using your gmail account for a long time now and you are not sure if it’s logging in automatically into any old devices you used before and which you don’t use anymore presently, just scroll downward to the “Devices you trust” area and choose “Revoke all, using this method will make your gmail requires two factor authentication in all the places or devices it has been used to log in.
Eightieth Step:Here is setting up a wallet,we have so many types of wallets in the crypto space and some wallets dont support all the crypto currency wallets.Wallets are a big topic in crypto and warrent its own post altogether.
In this article,we are going to use Coinbase to set up a safe and secure crypto wallet that will also be simple and easy to use,to start with,Coinbase is a crypto currency trading platform,their wallets supports many crypto currencies like Bitcoin,Bitcoin cash,Ethereum,Litecoin and more. Note that all the crypto assets held at Coinbase are completely insured in case of lose or suffer breach online,the customers will be compensated by the insurance policy provider.
Any breach of cyber security or theft by employee is covered by the insurance policy,Coinbase holds less than 2% of customer funds online. The rest is held offline in storage.Note that this insurance policy does not imply to losses incurred by customers individual mistakes or compromise,that is why you should take the responsibility to use strong and solid login details for accessing your coinbase account. When accessing any crypto exchanges online ,always make sure to check the url and be sure of the particular url you are accessing,also make sure the website has https protocol.
HTTPS means that the site has an SSL or a Secure Sockets Layer protecting the information passing through the website by a user. Always ensure that the actual URL is correct as well. Lots of phishing websites try to steal your login credentials by pretending to be the real site you are looking for.on the real web site.
Once you’re a 100% sure that you’re accessing the right URL, bookmark the page and only access the site going forward using this bookmark.With this method,you don’t become victim of hackers. Once you are at Coinbase site,you can do bookmark for the page and you click signup in the top right corner.You will have the option to set up an individual account or a business account.
Input your login details such as you first and last names,input your email address(the protonmail) and your strong and solid password.Verify that you are human, you certify that you are above 18 by clicking the check box. You also have to agree to the user agreement together with the private policy.After that you can click to “create account” and you should have in mind not to save your passphrase or password on your browser or a password manager. Input the data you saved in that your paper notebooks. You will receive an email message in the email address you used to create the account.
Now you will log in your protonmail account and check the email message sent from Coinbase exchange,then you click “verify/confirm email address”then you will be taken to login screen so that you can login.An updated user agreement may display,go through what is written there and then you click Accept The Terms.
After you are logged in, you will get to the dashboard where you will see some information on crypto currencies like Bitcoin,Litecoin,ethereum,Bitcoin cash. Go to complete your account area by scrolling down,and click to add your phone number.select you nationality,input your mobile phone number and click on send code,and a code will be sent to your phone by text message. Input the code you received into the space provided and click to “submit”. Another,click on “setting” by scrolling up to top of the page,then select the button for security and scroll downward,then choose to enable/activate authenticator,another code will be texted to your cell phone,enter the code you got in to the space and click to “verify” you can include the account via scanning of QR code with google authenticator app app or Authy.
Note down the 16 digit code in your paper notebook just the way the instruction says in third step above,so you will require this secret code to connect Coinbase to another authentication app when installed again in the case that you lost your phone or erased knowingly or unknowingly. Do not ever share this code with anyone.It should be kept in your notebook and be used only to connect to coinbase to another authenticator in-case you lost your phone or erased knowingly or unknowingly.Once the QR code has been scanned, enter the six digit code that was provided by your authenticator app, then click the “Enable” button. Now your two-factor authentication is set up for Coinbase.
I suggest in this area to keep the settings that need a verification secret code to transfer any amount of money in digital currency for additional protection layer.Next click on the “accounts” then you scroll downward and click the “Vault” button.A vault is a more secure type of wallet Coinbase offers. It is good for huge account balances,it also need you to get approvals many times if you want to send out money from it. This type of wallet is great to set up if your intension is to purchase Bitcoin,Ethereum,Litecoin or Bitcoin cash and hold them for long time period and will not bother the delay for some days to get approval for withdrawals,even if your plan is to do active trading,so we will go to create new vault since it is the safe to keep bitcoin and other cryptos for long period investing. Now click on “create Vault” and select the type of wallet you like, in this article we are using Bitcoin.
Choose a name for your Bitcoin vault and click on “Next. you will see a screen that will enable you to select if you should confirm your own withdrawals or whether to allow other people you trust to co-sign on the withdrawals.In this article,We going to choose individual and then click on “Next”. ” Withdrawals from your Coinbase bitcoin vault wallet need to be approved using two email addresses. I will recommend you use that Gmail account you signed up or cleaned up because if you have followed the steps we mentioned earlier on in this article,it means that it has a strong and solid password and two factor authenticator for protection. Another thing is you input the email address and then click on “Next”
Now email is opened , click on “use this email address to confirm withdrawals”and now you should be ready.to approve withdrawal you should see the email addresses that will berequired for that on the screen,you will also find email addresses and phone number that you will receive withdrawal notice when any withdrawal is intended, and a required delay withdrawal of 48 hour notice will be displayed,this delay must occur before any withdrawal will take place. Now click on “Continue to vault.below the account menu you should find your Bitcoin wallet and vault, an ether/ethereum wallet including Litecoin wallet.
Please make sure to repeat this process and create the vaults for all those cryptocurrencies too.And if you are into it for the long term investments hold your bitcoin, Bitcoin cash,Litecoin or ether in the appropriate vaults.
For the short term and for trading aim, hold your Bitcoin,Bitcoin cash,Litecoin and ethereum in the normal wallet on coinbase.Good! as you can see that you now have Bitcoin,Bitcoin cash,ethereum and Litecoin wallet created.
Ninetieth Step on How To Invest In Cryptocurrency For Beginners: Now lets create account for crypto exchanges. Coin base is most simple and best in user friendly trading platform , so as we have created your first wallet using coinbase go to complete the setup of your account to enable you trade on the exchange. So let’s finish setting up your Coinbase account. Now lets go back in the
dashboard area on Coinbase and click on “Add your payment method” You can choose to add a bank account, credit card, debit card, or set up a wire transfer to fund your account. It can take up-to many days to see the money in your account using bank transactions,but immediately you make your purchase by bank account the price of the ctypto will be locked at the price it was that time,but it can take up to 4 or 5 days before the funds shows up in your coinbase wallet/account. If you want to include a bank account,simply choose your bank and connect your account by submitting the login information to your bank and be required to make little deposit and withdrawal by Coinbase.making little deposit or investments are better done with debit and credit cards. You only required to input debit or credit card information,but it is only visa and mastercard allowed at the time of writing this article.
You will be required to confirm your withdrawal amount from your coinbase through the statement of your credit card in order to verify your card for use,to setup for a wire transfer will need you to confirm your identification by clicking on “verify ID” button. you will input your real name,address,the last 4 digit number of your social security,date of birth,choose from the list your purpose of using coinbase,say the source of your money or funds. As soon as your IDENTIFICATION is confirmed you will click on “continue” then you will be taken backward to your dashboard when you are choosing wire transfer.
To setup a wire transfer with your own bank account details,you will find a reference number that you will use, and the moment your payment method is confirmed you are done and set to invest in crypto assets,so congratulations!.
Tenth Step on how to invest in cryptocurrency for beginners: There should be one more steps you will be required to undertake since you have set up all your account for investing.It is true to say that most of the steps done on this article are not that simple to understand on your own,we have so many young people,millennials and singles investing in cryptocurrencies, and if in the event of death there should be someone you would like to take over your investments,so should know that who ever you wound love benefit from these your investment in time of your death will find it difficult to understand by themselves how it works,it may be your mom,sister,friend or anyone.In this case your paper notebook will help to record instructions on how to access the ccount in case they needed to.
Make sure its simple to understand to the extent that even your grand mom or dad can access it with ease. I will also suggest you even take the extra length and create your will,trust and other legal papers that can be executed if you are dead,this will help to carry out your wishes.
Thanks for reading this lengthy article,i hope it helps you enter the world of crypto currency and guide you properly on how to invest in cryptocurrency for beginners and also help you to sail safely.