Checkpoint #1
Write down your goals for Bitcoin investing. Get clear on how much you are able to invest and stick to it.
Monitor the price of Bitcoin using CoinDesk.com
Learn about the previous cycles of Bitcoin to identify swings
Use CoinMarketCap.com to monitor Bitcoin trends
Goal: Prepare yourself with all of the information that you need for successful Bitcoin investment. To make the highest profits you need to buy at the lowest price and sell at the highest price. Dollar cost averaging is one of the best ways to get started. Timing the market is almost impossible.
Checkpoint #2
Look at a number of cryptocurrency exchanges for the best deals
Check out the reputations of any exchange you are considering and also look for reviews
Look for cash exchanges where you can easily and securely trade Bitcoins for cash
If you want to work for Bitcoins then check which freelancing websites will pay you this way
Look into offering your customers a Bitcoin payment option for your offline or online store
Look for websites that pay in Bitcoin for performing small tasks
Look for Bitcoin Faucets that give away Bitcoins
Goal: There are different ways that you can acquire Bitcoins so consider the options that best suit you.
Checkpoint #3
Get a free online wallet from a reputable exchange or at Blockchain.com
If you use a mobile device then checkout online wallets that are mobile friendly
Investigate the different desktop wallet options for medium security
If you want to use a paper wallet then consider where you will store this – a safety deposit box?
Look at the different types of hardware wallet available and choose one that best suits your requirements and budget
Goal: You must have a secure wallet for most of your Bitcoins. Never leave your Bitcoins in an exchange online wallet as you could lose them all.
Checkpoint #4
Look for cryptocurrency trading websites that provide a free demo account. Check out BitsGap and you’ll be able to get the feel of trading platforms.
Investigate how experienced traders make profits from Bitcoin
Create a plan for Bitcoin trading and stick to it
Goal: Bitcoin day trading is difficult but it can be very profitable. Learn as much as you can and use a demo account for a while before you start to use real money for Bitcoin trades. Invest time in learning and understanding the markets. It will pay off for you in the long run.
Checkpoint #5
Identify cryptocurrency exchanges that provide you with what you want e.g. exchanging fiat currency for Bitcoins
Check all of the potential cryptocurrency exchanges for good reviews and a good track record. Use forums to identify any scam exchanges.
Decide on how much you can afford to invest on a regular basis using the dollar cost averaging method
If you want to invest a lump sum into Bitcoin then spend time learning how to check trends and identify when you can buy at the lowest prices
Do some research into cryptocurrency hedge funds and see if this is something that appeals to you Goal: You need to choose a Bitcoin investment strategy that suits you best.