How To Invest Your First $100 Into Crypto
In this video Brian Jung will talk about how a person can buy bitcoin in the most safest and secure way possible.
Before summarizing the video, Let’s talk about what is cryptocurrency and what is Bitcoin? Lastly how does it work?
What is Cryptocurrency?
A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralized networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers.
A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.
What is Bitcoin?
Bitcoin is a digital currency that was created in January 2009. It follows the ideas set out in a whitepaper by the mysterious and pseudonymous Satoshi Nakamoto.
The identity of the person or persons who created the technology is still a mystery. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and, unlike government-issued currencies, it is operated by a decentralized authority.
Bitcoin is a type of cryptocurrency. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to.
How does it work?
Each Bitcoin is basically a computer file which is stored in a ‘digital wallet’ app on a smartphone or computer. People can send Bitcoins (or part of one) to your digital wallet, and you can send Bitcoins to other people. Every single transaction is recorded in a public list called the blockchain.
It enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet.
In this video Brian Jung will talk about how a person can buy bitcoin in the most safest and securest way possible. In 2021 it is very easy to invest in cryptocurrency. There are so many peer-peer financial apps for exchanges. The market of cryptocurrency in the recent year is very competitive.
Coinbase is listed as his first number one best platform to offer and this is only because they are the best for beginners their promotion details work it’s consistent all people have to do is buy or sell a hundred dollar worth of bitcoin and they give you ten dollars back into your account. Selling a bitcoin is easy.
To buy bitcoin a person has to choose any cryptocurrency on Coinbase’s exchange then he/she has to press bitcoin. Afterwards he/she needs to use a bank account linked with Coinbase’s account to send money through a middle man, that permits to connect bank account with these platforms. The next step is to click the preview and check everything and the buyer needs to press the buy now option.
It is done this way. To sell a bitcoin a person has to deposit it into his/her cash account on Coinbase then they will preview the sell. After that Coinbase will take fee again and the buyer has to press sell now. It is done this way.
Blockfy gives a higher promotion than Coinbase but it’s not as liquid because Blockfy is considered more of a savings account so it’s really up to the buyer if he/she wants to just go for the straight benefits of just signing up for some of these platforms. A person can transfer crypto from Coinbase to Blockfy. In Blockfy the process of buying and selling cryptocurrency is very similar. The next app is Gemini. In Gemini the buyer needs to verify and register his/her account.
The next step is to click on add funding source on left and link bank account or debit card. The next step is to put bank information and enable the two-factor authentication. Then the process is again very simple and similar to Blockfy and Coinbase. In Robinhood tutorial the buyer can buy a bitcoin through a stock portfolio account. Bitcoin can be bought by people through many easy and simple platforms these days.
3:08 Getting Started
4:48 Coinbase Tutorial
7:27 BlockFi Tutorial
10:42 Gemini Tutorial
12:00 Robinhood Tutorial
13:21 Final Thoughts / Conclusion