First things first, just like stocks and other investments the value of crypto can and will rise and fall very quickly. So don’t just stop researching at this article. There are various types of articles that break down the many cryptocurrencies available for you to invest in. ExtraOrdinaryCrypto.com is a great site for the latest news and articles on Cryptocurrencies.
Don’t rush into anything, start at your own pace. I recommend starting slow and letting it grow, don’t just dive all the way in. This type of investment should be for the long haul, not a quick fix. There are many platforms that are easily accessible and allow you to purchase in fractions. Bitcoin for example is sitting around 17,000 to 19,000 each currency. I’m not in a position where I can afford 1, but I can invest with what I have. For the most part a lot of people have access to “PayPal” and “Cash App”. These two platforms have made investing in crypto currency very easy and allows you to invest for as little as $1.
Let’s say you started out with Bitcoin last year and from Nov 2019 to Nov 2020 you invested $5 every week from every check. With the current prices you would have a 136% return totaling $614.
Now let’s take that same $5 weekly investment and see what the potential would have been had you did the same investment in 2016 before the first wave. From Nov 2016 to Nov 2017, your $240 annual investment would have a 1,241 % return totaling $3,487.
The two tables below provide a visuals on what $20 a month for a year would look like if you invested starting Nov 2019, as well as if you invested $20 a month for a year before the first major cryptocurrency wave.
I understand for some of you saving an additional $354 a year might not seem worth it to you. Then there are those who find $3,227 extra a year appealing, but not if the risk is losing their entire investment of $260 and having nothing at the end of the year. There is always a risk in stocks and cryptocurrency. You can easily take this extra $20 a month and place it into savings and/or bonds if the risk is to much for you. Just remember it takes money to make money.
Right now, there is so much talk from several Financial advisors and CEO’s of capital management companies expecting Bitcoin to hit 100k to 200k within 1 – 5 yrs. A Citibank Executive has gone on record to predict a $318,000 trade for Bitcoin by the end of 2021. Yes, these are all predictions and theories of course, but It has the potential to be a positive financial pivotal moment for those who invested. Look what the first crypto wave in 2017 would have done for a $240 investment. With all the info and platforms available to anyone with access to a smart phone, there is no reason not to start investing in your future. This anticipated second wave has the potential to be life changing for a lot of people. There is no reason you can’t be one of them.
How To Start with PayPal
PayPal allows you to buy, sell, and hold 4 of the major cryptocurrencies available in the market. Make sure you pay attention to the fee’s they charge for investing. It’s usually a small transaction fee, like most financial transactions on Paypal.
3. Bitcoin Cash
First when you login to Paypal the 4th button from the left is the “Crypto” button.
It will then take you to the page with the 4 cryptos available for you to invest in. PayPal even has a few 3-5 min. blogs on learning more about Crypto. Take a minute or two to read through this if you want additional info.
For this walk through we will invest in Bitcoin. Once you select Bitcoin it will take you to the next screen that allows you to buy in increments of $20, $50, $100, and $500. But don’t worry if you want to start with less you can. When you select the “Buy” button you can enter any dollar amount you would like.
Paypal will ask you once during your first purchase to review their terms and agreements. Once you review your selection then you can move forward with your investment.
Select $ amount to invest then choose the payment method. You will see a “congratulations” on your purchase.
When you return to the main Crypto page you will see your investment at the top. You will also see it when you select “Bitcoin” again. It will show you how much Bitcoin you own, as well as the value of what you own.
In less than 5 minutes you have taken steps to invest in your future. You are now the owner of Bitcoin currency.
How to invest in Cash App
Currently Cash App only allows you to buy, sell, and share Bitcoin. It does not offer any other cryptocurrency outside of Bitcoin at this time. Cash App does currently have a transaction fee. For a $1 investment the fee is 3 cents. So your $1 investment will be 97 cents one they take their fees. Cash App does allow you to schedule your investments in four different frequencies.
1. Standard One Time
4. Every 2 Weeks (Bi-Weekly)
First when you login to Cash App the 4th button from the left is the button that takes you to the investing page. It looks like a line going up and down in an upward projection. Its between the dollar symbol used to pay and request money and the Clock symbol used to see activity.
Once you get to the investing page you will switch the page from “Stocks” to “Bitcoin”. It will then show you any amount you currently have invested as well as Bitcoins current price. It will also give you an overview of the daily, weekly, and annual growth of Bitcoin, with a graph.
Once you select “Buy” it will have a pull down for the frequency and set increments in which you can invest. There are four different frequency options to choose from, with a $10 min. Meaning you can set it to buy $10 worth of Bitcoin twice a month, totaling $20 a month. Select the frequency and then confirm your selection.
For the amount selection, you don’t have to select the predetermined amounts. To change it select the three dots. Then you can put in any dollar amount you would like.
Once you select the amount it will ask you to confirm. Follow the process all the way through and on the home page of investing (with “Bitcoin” selected) you will see your investment amount.
In less than 5 minutes you have taken steps to invest in your future. You are now the owner of Bitcoin currency, and with “Cash App” you can set a frequency and allow it to purchase for you going forward.
NEW: Cash App Is Giving Us Our Keys (July 21′)
You can now get they keys to your Cash App Bitcoin Wallet by Verifying your Identity. Make sure you have 3-5 mins and a form of ID. They will ask you a few questions like:
- How are you paying for your Bitcoin. (i.e. Choose “Occupation” if your using money from your paycheck)
- Why are you buying Bitcoin. (i.e. Choose “Investing” if your buying Bitcoin to save for a retirement and/or future date)
For security purposes they will also ask you to take a selfie. This is because they want to make sure you and only you will have access to your keys. And not just someone with access to your licenses, is requesting to have access.
See images below for a quick verification walk through.
When you select “View Bitcoin Address” you will see the codes (QR and Character) that can be used to transfer your Bitcoin wherever you choose. (i.e. a more secure wallet)
Where To Go From Here
Don’t focus on the amount in which you are investing, invest what you can. All that matters is that you are making the investment. Be patient with yourself and the market. Any step big or small is a step in the right direction.
Don’t stop growing your crypto knowledge and sharing that growth with your community. These aren’t the only platforms that allow you to invest. There are more advanced platforms you can use once you get comfortable in investing. Also, if you want to invest in more to create a more diverse crypto portfolio. Coinbase and Robinhood are just a couple you can create accounts and use for crypto investing. I have no loyalty to any of these platforms I mentioned. I choose PayPal and Cash App because most people I know already have accounts with both platforms and use them daily.
Try to hold out for as long as you possibly can. If push comes to shove and you and your family need to sell, then do what’s best for your family. But HOLD is key, to major life changing moves. Let’s see the change we can make for the culture by investing and holding out until that next big wave.
– Crypto Culture