Now, having successfully navigated the cryptocurrency space for about a decade, I wanted to make a video specifically for beginners to help them 1) navigate the cryptocurrency space with confidence and 2) avoid getting REKT.
In today’s video I’m going to walk you through my personal bulletproof 3 pronged strategy that will help you to buy, transfer and store cryptocurrencies without getting scammed or REKT.
Quick disclaimer: I’m not a licensed investment advisor, so nothing I say should be taken as financial advice. As always, PLEASE make sure you do your own research.
All that said, if you want a resource to help you to NOT be overwhelmed by this process, download my FREE “Basics Of Bitcoin” guide.
And make sure you stick around until the very end for a very special bonus including how you can get $10 in FREE Bitcoin to get you started on your journey.
Let’s get into it...
Okay. You can think of today’s video as a kind of “safe quick start guide” for those of you who are looking to enter into the Bitcoin/cryptocurrency space.
So the question in most people’s minds who are looking to get into the space is ( I mean, besides “when can I buy my Lambo?”) , “is there a safe and proven way to buy, transfer and store Bitcoin and other cryptocurrencies so that I don’t get scammed”?
And the answer is yes, absolutely there is. You just have to follow a few simple steps (very carefully) to make sure you don’t get scammed out of your hard-earned cash.
I use the term Bitcoin a lot, but just know that everything I’m talking about today is 100% applicable to other cryptocurrencies as well.
BUT before we get into the 3 pronged strategy, it’s critically important to lay some groundwork for you to understand:
1) The Cryptocurrency Space
2) Market Volatility
4) Your Ideal Personal Financial Posture When Getting Into Crypto
I’m going to call this…
The Cryptocurrency space is unlike any other financial environment you’ve ever dealt with. There is no centralized authority or customer service that you can call if you:
1) lose your password,
2) lose your private keys or
3) send your Bitcoin to the wrong address.
You've probably heard the horror stories of people who bought Bitcoin when it was worth $1, forgot about it and threw their laptop in the garbage only to realize a few years later that it’s now worth millions. Please don’t be that guy.
Always remember that you’re 100% responsible for everything you do using these instruments and that no one is coming to bail you out. Harsh I know but super important.
Having been in the crypto space since around 2011-2012, I’ve seen price swings of 30%-50% up or down in one day! So, be prepared, it’s going to be a wild ride, and I want you to know that ahead of time so that you can develop more of an investor mindset rather than a short term trader mindset.
Never ever give your financial or banking information to a 3rd party that promises to “buy and or hold Bitcoin” on your behalf.
This is precisely the way some of our subscribers have been scammed. Instead of “trusting” a 3rd party, I’m going to show you how you can buy cryptocurrencies and hold them all on your own WITHOUT the need for any 3rd parties.
I would highly recommend that you are completely consumer debt-free your (i.e. any non-mortgage debt) and have 6 months-to-one-year of expenses set aside as an emergency fund BEFORE you consider getting into the cryptocurrency space.
If you’re curious about that process, I’ll leave a link in the description below for my FREE “8 Steps To Erase Debt/Foundations Of Financial Independence” workshop.
So, if you’re consumer debt-free and have a nice fat emergency fund, I would then suggest investing no more than 1% of your net worth into Bitcoin and/or any other cryptocurrency as you’re getting started.
There is a steep learning curve involved in being able to understand and navigate this space as it is again, almost nothing like the traditional finance/banking sector.
A simple math example, if your net worth is $10k, I would not recommend that you invest any more than $100 if you’re just getting into it.
Okay that’s my “proceed with extreme caution messaging”, NOW let’s get into the “meaty” 3 steps strategy for how to safely invest!
Exchange your “fiat” currency (i.e. US Dollar, Euro or whatever national currency you’re using) for Bitcoin.
To do this, you’ll need to create an account on a cryptocurrency exchange.
So for ease of entry and use, my recommendation is to go ahead and open up a Coinbase account, connect your bank account and purchase Bitcoin or the cryptocurrency of choice. There’s a link in the description below.
As a side note, I would highly recommend against buying crypto on platforms like PayPal or Robinhood. Why? Because you’re not actually buying crypto, you’re buying a claim on a crypto asset that those platforms custody and you don’t get to hold the private keys.”
Always remember the phrase, “not your keys, not your Bitcoin”.
If you’ve done all that, excellent! Welcome to the wild world of Cryptocurrencies.
BUT don’t get too cozy because I don’t want you to keep your coins on Coinbase or any other exchange, which is why I want to talk about…
Again, never allow your crypto to “stay” or “reside” on an exchange for any length of time. I’ve seen horror stories of exchanges getting hacked and subscribers losing untold amounts of money.
That said, I would transfer whatever you buy to a desktop or smartphone wallet immediately as at least a short term storage solution.
I have been personally using Exodus.com for several years and highly recommend them. I have no affiliate relationship with them.
If it's a larger amount of crypto, I would transfer it to a hardware or what’s also known as a "cold storage" wallet like the Ledger Nano. That's what I use.
A hardware wallet like the Ledger Nano allows you to store your private keys on an external hardware device.
It’s beyond the scope of this video to go into too much detail, but suffice it to say this will be your safest, most secure storage option.
Real quick: What’s the most confusing or daunting thing that’s kept you from getting into the cryptocurrency space? Let me know in the comments below.
Okay, remember that sweet little bonus step I mentioned at the beginning?
First, if you want to get $10 in FREE Bitcoin, click on the Coinbase link to get started.
Second, hackers are EVERYWHERE in the crypto-space! So if you’re going to get into it, you might as well use this as an opportunity to “up” your data and identity security.
My own information was recently hacked in a huge security breach, so I’m speaking from experience that you don’t want to skip or otherwise ignore this bonus step.
Along those lines, here are 3 additional micro-steps I believe you should take if/when you’re considering getting into the crypto space.
As you know, we’re all about taking immediate action around here, so I wanted to offer you my free “Basics of Bitcoin” resource that will help you blast through this pivotal first few steps of the process with ease and confidence.
Also, by popular demand I'll be creating much more content around this in the coming months, so be sure to subscribe and join our coaching community to stay on top of all the latest developments.
Now, if this decision process is something you struggle with and you constantly feel isolated about, I’ve got some great news for you and it’s free.
Our private Facebook group, ZeroDebtTribe. It’s a group of like minded people that are all somewhere along this P2P/debt-elimination/on their way to FI continuum. So click the image above and apply to join us. :)
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All that said, let's keep on building your financial acumen and make this your best year yet!
Thanks so much for reading and we’ll see you in the next video post!