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Beginners buying bitcoins should do these three things… – Stansberry Churchouse

Beginners buying bitcoins should do these three things…

We’ve received a lot of feedback from our last few write-ups on the bitcoin and cryptocurrency market.

And because a many readers have said they are going to roll up their sleeves and come in the market themselves, we thought we’d suggest three ordinary lumps of advice to bitcoin beginners.

Begin petite

Speaking from private practice, I very recommend that folks looking to buy some bitcoin begin with an enormously petite amount… no more than a bitcoins worth, which today is the equivalent of a duo thousand U.S. dollars. (You can use less money and buy a fraction of a bitcoin also if you choose).

The process of buying, moving and storing bitcoin is not like traditional online banking or investing. If you send bitcoin to the wrong location, for example, you can’t just call up your bank and cancel your transaction. So it’s critical to familiarise yourself with the mechanics of buying and moving bitcoin around very first with a relatively puny sum, before moving on to larger dollar amounts.

Write everything down

It’s ironic that whilst bitcoin is a very modern technology, you must make sure you keep ‘offline’ records of all your bitcoin information. That means a pen and paper, or at least using a Microsoft word document and printing it out as a back up.

Storing and sending/receiving bitcoin involves setting up a digital wallet. This is a where you ‘keep’ your bitcoin.

Your wallet has a public key (which might look a bit like this: 1GwV7fPX97hmavc6iNrUZUogmjpLPrPFoE) which is where the bitcoin gets sent to. This is like an account name.

This is your chance to make a fortune from one of the largest explosions of wealth ever…

To understand the best way to play it, we have to go back to 1950s America…

Your wallet also has a private key. This will either be an alpha-numeric sequence that looks like the public key above, or a long sequence of random words generated by the wallet. This is the ‘password’ you use to access your wallet.

Either way, secure wallets do not have an ‘I left behind my password’ option.

If you lose or leave behind your private key, you lose access to your wallet. And you lose your investment. Period.

I write everything down, and I print out screen grabs (that is, printouts of what is shown on the screen).

Don’t leave money at the exchange

In order to convert your cash into bitcoin, you need to open an account with an exchange.

This process will typically take a few days as the exchange will need to conduct KYC (know your customer) diligence on you. This means they’ll do a standard identity verification so the exchange knows who you are, and that you’re not a desired criminal.

Once you’ve opened the account, you’ll be able to fund it with a bank transfer – or by credit card in some cases – before you buy bitcoin.

If the exchange where you bought bitcoin (and left it there) gets hacked ,then you can lose your money. This has happened in a duo of high-profile cases.

For example, in two thousand fourteen bitcoin exchange Mt. Gox, which at the tie was treating up to seventy percent of all bitcoin volume, filed for bankruptcy, telling that 750,000 of customer bitcoin was missing. That’s US$1.Five billion-worth at today’s prices.

The safest place to store your bitcoin is in a wallet. There’s a good selection to choose from here.

Beginners buying bitcoins should do these three things… – Stansberry Churchouse

Beginners buying bitcoins should do these three things…

We’ve received a lot of feedback from our last few write-ups on the bitcoin and cryptocurrency market.

And because a many readers have said they are going to roll up their sleeves and inject the market themselves, we thought we’d suggest three plain chunks of advice to bitcoin beginners.

Embark puny

Speaking from individual practice, I very recommend that folks looking to buy some bitcoin embark with an enormously puny amount… no more than a bitcoins worth, which today is the equivalent of a duo thousand U.S. dollars. (You can use less money and buy a fraction of a bitcoin also if you choose).

The process of buying, moving and storing bitcoin is not like traditional online banking or investing. If you send bitcoin to the wrong location, for example, you can’t just call up your bank and cancel your transaction. So it’s critical to familiarise yourself with the mechanics of buying and moving bitcoin around very first with a relatively puny sum, before moving on to larger dollar amounts.

Write everything down

It’s ironic that whilst bitcoin is a very modern technology, you must make sure you keep ‘offline’ records of all your bitcoin information. That means a pen and paper, or at least using a Microsoft word document and printing it out as a back up.

Storing and sending/receiving bitcoin involves setting up a digital wallet. This is a where you ‘keep’ your bitcoin.

Your wallet has a public key (which might look a bit like this: 1GwV7fPX97hmavc6iNrUZUogmjpLPrPFoE) which is where the bitcoin gets sent to. This is like an account name.

This is your chance to make a fortune from one of the largest explosions of wealth ever…

To understand the best way to play it, we have to go back to 1950s America…

Your wallet also has a private key. This will either be an alpha-numeric sequence that looks like the public key above, or a long sequence of random words generated by the wallet. This is the ‘password’ you use to access your wallet.

Either way, secure wallets do not have an ‘I left behind my password’ option.

If you lose or leave behind your private key, you lose access to your wallet. And you lose your investment. Period.

I write everything down, and I print out screen grabs (that is, printouts of what is shown on the screen).

Don’t leave money at the exchange

In order to convert your cash into bitcoin, you need to open an account with an exchange.

This process will typically take a few days as the exchange will need to conduct KYC (know your customer) diligence on you. This means they’ll do a standard identity verification so the exchange knows who you are, and that you’re not a dreamed criminal.

Once you’ve opened the account, you’ll be able to fund it with a bank transfer – or by credit card in some cases – before you buy bitcoin.

If the exchange where you bought bitcoin (and left it there) gets hacked ,then you can lose your money. This has happened in a duo of high-profile cases.

For example, in two thousand fourteen bitcoin exchange Mt. Gox, which at the tie was treating up to seventy percent of all bitcoin volume, filed for bankruptcy, telling that 750,000 of customer bitcoin was missing. That’s US$1.Five billion-worth at today’s prices.

The safest place to store your bitcoin is in a wallet. There’s a good selection to choose from here.

Beginners buying bitcoins should do these three things… – Stansberry Churchouse

Beginners buying bitcoins should do these three things…

We’ve received a lot of feedback from our last few write-ups on the bitcoin and cryptocurrency market.

And because a many readers have said they are going to roll up their sleeves and inject the market themselves, we thought we’d suggest three elementary lumps of advice to bitcoin beginners.

Begin puny

Speaking from individual practice, I very recommend that folks looking to buy some bitcoin embark with an enormously petite amount… no more than a bitcoins worth, which today is the equivalent of a duo thousand U.S. dollars. (You can use less money and buy a fraction of a bitcoin also if you choose).

The process of buying, moving and storing bitcoin is not like traditional online banking or investing. If you send bitcoin to the wrong location, for example, you can’t just call up your bank and cancel your transaction. So it’s critical to familiarise yourself with the mechanics of buying and moving bitcoin around very first with a relatively petite sum, before moving on to larger dollar amounts.

Write everything down

It’s ironic that whilst bitcoin is a very modern technology, you must make sure you keep ‘offline’ records of all your bitcoin information. That means a pen and paper, or at least using a Microsoft word document and printing it out as a back up.

Storing and sending/receiving bitcoin involves setting up a digital wallet. This is a where you ‘keep’ your bitcoin.

Your wallet has a public key (which might look a bit like this: 1GwV7fPX97hmavc6iNrUZUogmjpLPrPFoE) which is where the bitcoin gets sent to. This is like an account name.

This is your chance to make a fortune from one of the largest explosions of wealth ever…

To understand the best way to play it, we have to go back to 1950s America…

Your wallet also has a private key. This will either be an alpha-numeric sequence that looks like the public key above, or a long sequence of random words generated by the wallet. This is the ‘password’ you use to access your wallet.

Either way, secure wallets do not have an ‘I left behind my password’ option.

If you lose or leave behind your private key, you lose access to your wallet. And you lose your investment. Period.

I write everything down, and I print out screen grabs (that is, printouts of what is shown on the screen).

Don’t leave money at the exchange

In order to convert your cash into bitcoin, you need to open an account with an exchange.

This process will typically take a few days as the exchange will need to conduct KYC (know your customer) diligence on you. This means they’ll do a standard identity verification so the exchange knows who you are, and that you’re not a dreamed criminal.

Once you’ve opened the account, you’ll be able to fund it with a bank transfer – or by credit card in some cases – before you buy bitcoin.

If the exchange where you bought bitcoin (and left it there) gets hacked ,then you can lose your money. This has happened in a duo of high-profile cases.

For example, in two thousand fourteen bitcoin exchange Mt. Gox, which at the tie was treating up to seventy percent of all bitcoin volume, filed for bankruptcy, telling that 750,000 of customer bitcoin was missing. That’s US$1.Five billion-worth at today’s prices.

The safest place to store your bitcoin is in a wallet. There’s a good selection to choose from here.

Beginners buying bitcoins should do these three things… – Stansberry Churchouse

Beginners buying bitcoins should do these three things…

We’ve received a lot of feedback from our last few write-ups on the bitcoin and cryptocurrency market.

And because a many readers have said they are going to roll up their sleeves and inject the market themselves, we thought we’d suggest three plain chunks of advice to bitcoin beginners.

Begin puny

Speaking from private practice, I very recommend that folks looking to buy some bitcoin begin with an enormously petite amount… no more than a bitcoins worth, which today is the equivalent of a duo thousand U.S. dollars. (You can use less money and buy a fraction of a bitcoin also if you choose).

The process of buying, moving and storing bitcoin is not like traditional online banking or investing. If you send bitcoin to the wrong location, for example, you can’t just call up your bank and cancel your transaction. So it’s critical to familiarise yourself with the mechanics of buying and moving bitcoin around very first with a relatively petite sum, before moving on to larger dollar amounts.

Write everything down

It’s ironic that whilst bitcoin is a very modern technology, you must make sure you keep ‘offline’ records of all your bitcoin information. That means a pen and paper, or at least using a Microsoft word document and printing it out as a back up.

Storing and sending/receiving bitcoin involves setting up a digital wallet. This is a where you ‘keep’ your bitcoin.

Your wallet has a public key (which might look a bit like this: 1GwV7fPX97hmavc6iNrUZUogmjpLPrPFoE) which is where the bitcoin gets sent to. This is like an account name.

This is your chance to make a fortune from one of the largest explosions of wealth ever…

To understand the best way to play it, we have to go back to 1950s America…

Your wallet also has a private key. This will either be an alpha-numeric sequence that looks like the public key above, or a long sequence of random words generated by the wallet. This is the ‘password’ you use to access your wallet.

Either way, secure wallets do not have an ‘I left behind my password’ option.

If you lose or leave behind your private key, you lose access to your wallet. And you lose your investment. Period.

I write everything down, and I print out screen grabs (that is, printouts of what is shown on the screen).

Don’t leave money at the exchange

In order to convert your cash into bitcoin, you need to open an account with an exchange.

This process will typically take a few days as the exchange will need to conduct KYC (know your customer) diligence on you. This means they’ll do a standard identity verification so the exchange knows who you are, and that you’re not a desired criminal.

Once you’ve opened the account, you’ll be able to fund it with a bank transfer – or by credit card in some cases – before you buy bitcoin.

If the exchange where you bought bitcoin (and left it there) gets hacked ,then you can lose your money. This has happened in a duo of high-profile cases.

For example, in two thousand fourteen bitcoin exchange Mt. Gox, which at the tie was treating up to seventy percent of all bitcoin volume, filed for bankruptcy, telling that 750,000 of customer bitcoin was missing. That’s US$1.Five billion-worth at today’s prices.

The safest place to store your bitcoin is in a wallet. There’s a good selection to choose from here.

Related video:

http://www.youtube.com/watch?v=7dqcDw57KiA


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