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How and Where Do I Get Started With Crypto?

By bentaylor

In the midst of yet another eye-opening crypto asset bull market, there are many first-time investors and users in both retail and institutional use cases. This jump in reach seems different than previous manias such as 2017, in that crypto and blockchain as a whole have moved from a nascent technology and speculative asset into a new adoption phase. 

Prominent investors such as Paul Tudor Jones have made statements and, more importantly, investments in Bitcoin recently to back their claims of being bullish on the asset. Moreover, big-time corporations such as Tesla or Square now have significant portions of their balance sheet invested in Bitcoin. 

So in This Adoption Phase, Have You Made Plans to Gain Exposure to Crypto Assets?

The good news is there may already be a service you use that has some form of crypto asset available. Paypal and Venmo now allow users to buy and sell crypto on their apps. The Square Cash App on the other hand has allowed its customers to buy and sell crypto since January 2018.

If you are more comfortable with established forms of payments, you can now earn crypto on your credit card purchases. For example, companies such as BlockFi or Crypto.com. Or if you want to set out a certain portion of your income to crypto, Bitwage can distribute salaries in a mixture of fiat and crypto assets.

Within This Growing Ecosystem, Where’s a Good Place to Start if You’d Like to Buy and Sell on an Exchange?

While the answer likely depends on where you live. Exchange dominance is largely regional, and within the United States, Coinbase is the gold standard. Many of the widely covered large purchases of Bitcoin have been facilitated by Coinbase, but the company has a  host of different service offerings that cater to everything from retail investors to custody providers. To get familiar with how to set up and execute your first crypto transactions follow the below steps:

  1. Create an account and get started on Coinbase with an accepted form of identification and a phone number.
  2. Once your account has been created and verified, you can link either a bank account or credit card. You are then able to bring in fiat funds to start trading immediately.
  3. Follow a similar process with another exchange, such as Liquid to set up a second account.
  4. Add or white-label the Bitcoin address between the two exchanges you have created accounts with. This way you can exchange funds between the two.
  5. Buy a small amount of Bitcoin on one exchange and transfer it to another.

The on and off rails for crypto assets are here, making it possible for anyone with an Internet connection to participate in the, now more than ever, global economy. SoftLedger is helping drive this economy by providing the infrastructure to manage your digital and fiat assets in one place. This way there is no hesitation or headache once you decide to take the leap.

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