Feeling like you’ve missed the boat with Bitcoin?
[If you like to beat yourself up see how much you would have made investing in Bitcoin with whatifbitcoin.com]
Plus there is still the potential for very large gains from Bitcoin (BTC). Max Kaiser believes that Bitcoin will go to $100k a coin and beyond and a Paypal director believes that Bitcoin can reach $1 Million a coin within 5-10 years! That’s an annual interest rate of 200% for 5 years from the current price of $4k a coin when this post was published August 2017.
Think that’s far fetched? Since last year BTC has achieved a 576% growth rate:
And it’s annual average yearly growth rate since 2010 is 167%:
Bitcoin average DAILY value change:
— Jameson Lopp (@lopp) June 5, 2017
Rise of the Altcoins
The biggest upside gains will likely come from investing in one of the alternatives to Bitcoin such as NEO (termed altcoins) that can have much larger than 200% or 600% yearly gains. NEO recently went from a price of less than $1 a coin to $50 within 3 months (now trading after a correction at $35).
And it’s not just NEO (with its 31620% gain from the start of 2017 to August), below are the returns of the top altcoins (from Crypto Daily the best youtube channel on cryptocurrencies):
Q: Which is the Best Crypto Currency to Invest
A: All of the best ones. I think the best strategy is to do your research and pick your top 20 or so in the top 50 on coinmarketcap.com. You will come across some scam coins which are Ponzi schemes but most are legitimate. Spreading ownership across a large number of coins means that you are more likely to have one of your coins pop.
How to buy NEO coin (and other altcoins)
STEP 1 – Buy Bitcoin
First you need to go from fiat money to digital coin. To do this I use coinbase.com (the world’s largest Bitcoin exchange) where I exchange my GBP (or USD) for Bitcoin (BTC). All online funds are now insured.
Sign up through my link and we will both receive $10 of Bitcoin for FREE!
STEP 2 – Transfer Bitcoin to an exchange
Find the exchange that your chosen altcoin (such as NEO, IOT, OMG, CVC etc) is traded on. A useful site to find the right exchange is coingecko.com (I just google something such as “NEO exchange gecko”).
Once you sign up with the exchange you will need to transfer some bitcoin (BTC) in order to then purchase altcoins with it.
In bittrex simply go to the ‘Wallets’ tab and hit the + icon:
Then a popup will appear with an address and QR code:
Copy down the address and head back to coinbase, click on accounts and hit the ‘Send’ button where it will ask you to enter a BTC wallet address:
Type in the address given above from the (bittrex) exchange and transfer the amount you choose. It can take a few minutes up to a few hours for the transfer to go through due to the current speed of the network so you may need to be patient. It’s best just to test with a small amount first such as $10 too, then transfer a larger amount once you’re familiar.
STEP 3 – Make the trade
Inside the exchange, bittrex in this case, click on the market for the coin you want to purchase. If you purchased BTC and want to buy NEO cryptocurrency then that’s the BTC-NEO one (below)
Type in the number of coins you want to buy (trading your BTC for), choose your bid price (just hit ‘Last’ to select the market price) and place your trade by hitting the buy button:
Once the trade is exectued the coins will show up in the corresponding wallet for the coin.
Siam Kidd from the Realistic Trader has a video below where he shows how he placed a trade for NEO cryptocurrency:
STEP 4 – Get your coins off the exchange
Now you need to get your coin off the exchange and into a wallet that you control. Each coin website recommends wallets to use, below are the wallets for NEO.
STEP 5 – Get your coins into cold storage
- Bitcoin Cash
- Ethereum Classic
- Dogecoin (read the awesome backstory on wiki)
Any questions, just hit me up in the comments 🙂