How do I get started in digital assets?

Cryptocurrency and digital assets are interchangeable terms, and Bitcoin is the market leader. It can seem quite daunting when buying your first cryptocurrency, so here is a short article to help save some time.

1. Make a plan and really think about what you want to accomplish. Be honest with yourself but don't just land on "I want to be a millionaire!"

2. Decide how much capital you are comfortable risking. Start small. Think of it like dipping your toe in a hot bath before jumping straight in. There are too many delicate parts to jump straight in. You work hard for your money, so be comfortable with whatever decision you make. As a general starters guide, you may consider 3%-5% of your total investment pot. I.E., say you have a stock and share ISA with £1,000, then you may feel comfortable with somewhere between £30 - £50 in Bitcoin.

3. DO NOT APE IN WHEN YOU SEE IT INCREASE. Go slow.

4. There are a few platforms (exchanges) that you can use to get started on. A good starting platform is something like Coinbase or Crypto.com. They are both crypto exchanges. You have to complete the Know-Your-Customer (KYC) process, which entails uploading a photo of yourself and providing security information. Coinbase is a listed company and possibly the largest crypto exchange. Alternatively, you can buy crypto through PayPal and/or Revolut bank; however, you do not own your keys when you buy via PayPal and Revolut. Although there is a saying in crypto, "not your keys, not your crypto", it's better to have exposure through a third party than no exposure.

   1. Use my Coinbase referral link https://www.coinbase.com/join/wilkin_vew and receive £7.98 in Bitcoin when you invest £80.

   2. Use my referral link https://crypto.com/app/s2sx866wx9 to sign up for Crypto.com and receive $25 USD in your account to invest in whatever crypto you choose.

5. Some banks have put up firewalls for crypto exchanges. You can gamble your money on the lottery or various gambling websites. Still, people are prohibited from buying the soundest monetary asset in history. You may need to open a new bank account, and the easiest place to do this is Revolut. Revolut is a crypto-friendly bank.

   1. Link to revolut. https://www.revolut.com

6. So, once you have registered with Coinbase or Crypto.com and have a crypto-friendly bank, then you can transfer money across to your chosen exchange and buy your first crypto. These exchanges have automated options to buy crypto at a set period for a set amount if you choose to do so. I'll write about the DCA strategy in the next edition.

7. Undoubtedly the best cryptocurrency to buy for newcomers is BITCOIN. For some, Bitcoin is the only cryptocurrency to buy, ever. Most retail investors are best off only buying Bitcoin for several reasons.

   1. Available time to invest

   2. Sound mental health

   3. Personal risk levels

   4. Bitcoin is the best digital currency available. Why go cotton when you can go silk?

8. Download Coinbase Wallet. Be sure to note down your secret key phrase, which is a set of 12-24 words. DO NOT LOSE THEM, EVER. Never share or show these words to anyone. This would be the equivalent of sharing your bank account data.

9. Transfer your Bitcoin out of the Coinbase or crypto.com exchange into your Coinbase Wallet. Your wallet is the safest place for your Bitcoin.