Lets explore what bitcoin and blockchain is all about.
I am David, the creator of daviddecato.com. If you desire to start purchasing bitcoin (and other crypto currencies) or to start mining crypto currencies this page is for you.
My belief in helping you learn is simple, by leading by example and sharing what I have learned is what I am all about.
In my experience, what most people want is a way to go from working a 40 hour a week job to building a small business or a system of investment (either time or money) that provides residual income that automatically grows. Allowing them to escape from relying on a full time job making money for someone else to working for yourself.
In other words, if you are like me, you don't like working for someone else that takes most of the profit from the results of your effort.
The three types of income from crypto currencies we will explore are:
- Purchasing bitcoin and other crypto currencies anticipating coins will increase in value
a) Purchasing hardware miners for bitcoins and other crypto currencies
b) Purchasing mining power via cloud mining
- Trading crypto currencies on exchanges
First things first, lets get up to speed on what is bitcoin. Take a look at the video below for a quick explanation:
So now that you have a basic understanding of what bitcoin is. The next thing you are probably thinking is well how do I get some.
The first thing you will need to do is get a bitcoin wallet. Here are some of the top wallets:
USA: Coinbase (affiliate link) - This is one of the most popular wallets and you can sign up for a wallet for free and Coinbase provides easy funding of your wallet via bank transfers, debit and credit cards and wire transfers.
Canada: Coinbase (affiliate link) - This is one of the most popular wallets and you can sign up for a wallet for free and Coinbase provides easy funding of your wallet via debit and credit cards, the funds are deposited into your wallet immediately.
So, now that you have a wallet and have funded it, if you want to keep your bitcoins as an investment for the potential upside that may come in the future or you might be looking to trade bitcoin and how crypto currencies.
USA: One of the most popular exchanges is GDAX, it is owned by coinbase and with GDAX you don't need to sign up for another account, it just uses your coinbase log in and voila you are set up to trade on GDAX.
Canada: Right now it is possible to trade BTC for Ether on GDAX but (at the time of this post) trading bitcoin for Canadian dollars or US dollars is not supported for Canadian residents. So there are Canadian Exchanges that can be used. One of the most widely used Canadian bitcoin exchanges is Quadriga CX (affiliate link). With this exchange you are able to buy and sell in Canadian funds for Bitcoin, Etherium and Litecoin and Etherium for Bitcoin and vice versa.
For all of these exchanges there is the common requirement of government id and proof of address. Each of the exchanges has it set up to very quickly send if photos of each and approval is typically in a few minutes.
Before You Start Trading
Start with learning to trade on a forex with no risk so that you get practice and hone your trading skills. The system I learned the art of trading on provides a no deposit bonus of $3500 and lets you trade on the actual market with it. Sign up and start practicing your skills at no risk here.
Next, understand the dangers (and potential rewards) of trading. The whole trading industry is also a money making machine and the industry and professional traders will be happy to take your money. If you don't know what you are doing... chances are you will become part of the group of traders that lose it all, and this group in the stock trading world is 90% of retail traders. That is right, 90% of retail traders loose their entire investment in trading.
How does that happen? And how can you learn to be in the 10% group that wins? Start by watching this video from the Institute of Trading and read my post about what could be the best trading seminar ever
And they say that 80% of trading success is based on trading psychology. Learn about why and how this works in this post: Trading Psychology.
Master Candle Stick Chart Trading - Learn what most people do when reading the charts and what you need to do to profit from it.