Getting Started with Crypto
Welcome Partners!
2/27/2021
Every Day Crypto is the day-to-day discussion of hot topics and the like! Getting started in the crypto space can be a daunting challenge with how volatile the markets can be as well as the FOMO (fear of missing out) that can come with these price actions. So where do you start? As always this is for educational and informative purposes only, as I am not a financial advisor, sorry mom.
How do I get started in Crypto?
To better answer this question it is best to look at your initial FIAT (a term for a currency like USD/ PESO for example) investment, and how liquid or readily accessible you want this crypto to be. The Coinglomerate subscribes to the HODL school of thought where our asserts tend to gain value over time and are not sold in small market bursts of price action.
$0, zilch, nada, starting from the bottom, etc.
Crypto.com
We all start somewhere, and for this level of investment, I would recommend attaining a Midnight Blue Visa from Crypto.com. This card is free and gives you a cool 1% cashback on purchases, you also will be given access to the crypto.com app that hosts interest accounts in the form of Earn, exchange services for buying and selling crypto, as well as access to exclusive offerings like the 25% Booking.com discount that is currently being offered. You can even use the Pay feature to purchase gift cards to your most frequently visited establishments and earn up to 8% crypto back in the form of CRO if you use CRO to pay. If you are wanting to ease into crypto this is the way to casually earn some from everyday purchases that you were going to spend.
Cash App
This route is open to those that use the Cash App debit card, you need to go to your Boosts section from week to week and activate the Boost that gives you a % back in BTC (Bitcoin), after your purchase you will be transferred the appropriate BTC to your Cash App Crypto address. You can hold your own BTC in the app, but I prefer to have my money work for me and would transfer that balance no matter how small, to either Nexos or BlockFi to start earning interest on your BTC.
Coinbase
Coinbase offers trading at slightly inflated rates due to the ease of use of the application, a sort of premium you pay as a buyer for the ease of use. However, one saving grace is the Earn function which at the time of writing will give you over $30 of free crypto for just learning about crypto. For example, you can watch a video series on Compound (COMP) and earn a few dollars' worths. This is a great way to jumpstart your crypto holdings, and if you do not like the Tokennomics or any aspect of the coin you can exchange them on Coinbase into ATOM or ALGO which payout over 5% APY with ALGO paying interest DAILY. I have watched my daily interest deposits go from a few mills, or fractions of a penny to several cents, which compounds and increase the next day returns. Always be compounding and having your crypto working for you.
Faucets
The Coinglomerate has not found a suitable Faucet since the fall of Moon-Bitcoin, where users could watch advertisements and be rewarded a small amount of crypto. This has since been shut down and the alternatives that have replaced it are riddled with scams and the like making this very modest payout not worth the inherent risks.
$100, a Benjamín, a stack, a hundo.
BlockFi
With a little more FIAT in hand you can make your money work harder for you in the crypto world, providers like BlockFi will offer a $10 bonus when you fund a account with more than $100. There are scaling bonuses if you have additional FIAT on hand. BlockFi is a great go to when your just starting out because you can purchase several of the most common cryptos on the market like LTC, ETH, PAX,PAXG and of course BTC with over 6% APY.
Coinbase Pro
Here is where those who have a better understanding of trading pairs and fees assocatied with buying crypto can really save some FIAT and rake in some daily interest. Coinbase Pro allows the user to buy crypto from the exchange. This is not the same as the Coinbase application which is more user friendly and easy to trade but comes with a higher associated fee. If you can navigate trading pairs, this is the route for you! You will save on trading fees if you are able to use the interface correctly.
What if I want to jump in with more than $100?
Hold your horses there cowboy/girl, though we all have varying levels of disposable income we must do our own due diligence in how we invest, never invest more than you can afford to lose, and never bet on a moonshot to save your finances. Though The Coinglomerate is not a financial advisor, we cannot recommend you throw your life savings into any one basket and hope it works out for the best. Diversity you holding over several exchanges or interest accounts so that your funds are safe in multiple wallets in the event that one of them is breached you are still relatively safe and secure. If the promises made online to you through a third party broker seem to good to be true, they usually are. Stick with reputable sites and providers and if you venture into the underdeveloped world of alternative coins or “penny coins” be prepared for a wild ride.
Just one more note that definitely isn’t financial advice...
Assume that Jack and Jill have a combined credit card or similar debt at about $10,000 in value as well as a average APR or percentage rate of 10%. If you are investing instead of paying off your debt, your returns would have to exceed 10% and then some to make investing the “right move” but in all reality until your debt in controlled there is no reason to jumo into a world that may only end up worsening your condition. The only thing worse than being in debt is being in debt and owning coins that are worth nothing. Some people look to crypto as a financial blessing that will solve all the overdue bills in the mailbox, but in reality this isn’t the case for most people. Becoming a great crypto investor means controlling your FIAT flow so that you can be financially free and able to invest as you see fit, preferably under some sort of professional guidance once you get passed the start up portion of your investments.
Referrals and Disclosures
I am not paid to recommend any of the above products, nor do I explicitly recommend blanket solutions, with your own due diligence you can arrive at which of the above tools or products would be right for you. Only you can make this choice, the Coinglomerate does however ask if you choose to use the above services to please consider using our referral links to help support us. Each link below will be transparent on if and how we would receive a referral bonus and the amount of that bonus. Thank you Partner for sticking through to the end!
Opening a interest account with $100 or more will net you a cool $10 bonus in BTC, and we will also receive $10 in BTC.
The first level Midnight Blue Visa card is free to use and earns a 1% crypto back in CRO, and if you fancy the service you can upgrade or start at the Ruby Red Visa card, 2% CRO back, and 12.99 a month Spotify premium reimbursement. This does require a “stake” or holding amount of 5,000 CRO which as of writing is about $830 as CRO token price is elevated. If you do stake the required amount we will both receive an additional $25 worth of CRO. Fair warning, some people seem to have issues with the issuing of cards outside of the USA, with people having extended wait times on receiving the card.
This is the hardware wallet I own, for those of you who are going to contributing more than a few hundred dollars into offline storage I would recommend this solution. If you decide to purchase one we would receive a 10% BTC commission.
This app offers up to $30 of free crypto for just learning about different projects, and you’ll receive an extra $10 of BTC when you buy at least $100, if you do this we will also receive $10 of BTC.
Thanks for reading until the end Partner it really means the world that we are able to reach you and help you navigate through crypto.
If you have any questions please let me know!
Best,
Gabriel
Coinglomerate Partner
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