This post contains affiliate links.
music selection: “No Sleep Till Brooklyn” — Beastie Boys
weigh-in: 221.4 (n/c)
I have been watching the crypto space and learning. What I think, is that there is a tremendous opportunity coupled with tremendous risk. Virtually any coin can go to the moon – or to zero. I don’t want to miss out so I have decided to just dip my toes in the water. I’ll be risking amounts so small that it won’t bother me if I lose everything. The potential though is so great that a trivial investment could still turn into a life changing return.
Last week, I bought $75 each of Bitcoin (BTC) and Ethereum (ETH). My holdings are currently worth $149.25 (marked to market). I’m actually down on both BTC and ETH but have some free coins which I’ll show you how to pick up in a moment.
To invest in crypto you need a wallet. After doing some research I decided the easiest, most secure and most reputable provide was Coinbase. I’d like to say getting set up is a no-sweat proposition but there were actually quite a few security hoops to jump through. It is easier to set up a new bank account in the US. I had to link my checking account with a two deposit test procedure. I also had to provide a scan of the front and back of my driver’s license and an additional webcam photo to prove my identity. The whole process took about three days. After that, the interface was intuitive and easy to use. I learned from a friend to convert cash to USDC first and then make conversions rather than make multiple purchases from cash. You pay a commission to buy with cash but no commission to convert cryptos.
Earning with Coinbase
Coinbase offers several opportunities to earn free coins. I have already picked up $16 in cost basis of BTC and CGLD. The first $10 came by using an affiliate link to sign up and buy at least $100 of crypto through Coinbase. It took about 3 hours for the bonus BTC to show up in my account. You can do the same by using my affiliate link here. If you meet the terms, you will be granted $10 in BTC and (full disclosure) so will I as a referral bonus. I found that to be a very easy way to get $10 in BTC.
There are also informational videos on Coinbase. At first, you will find they are all on a ‘waitlist’ and you’ll have to wait for an email to participate. I got my first email invite yesterday and watched three short two minute videos about Celo (CGLD). After answering one easy multiple choice question about the video for each, I was credited $2 each for a total of $6 in CGLD.
If you don’t already own some crypto, consider making a very small investment. I don’t think anyone should go “all-in”. Sure, there are a lot of bitcoin millionaires out there but if they haven’t diversified, they could see their earnings fall to zero if bitcoin becomes illegal. I’ll be sticking with less than $500 for the foreseeable future. Really appreciate it if you use my affiliate link if you do. We will both earn a free ten easy bucks. I’d note it is also super easy to get your own affiliate link once you qualify. If you have friends who are still on the fence about crypto, you might persuade them to buy a hundred bucks and earn you both a ten note.
The markets were closed for the holiday today but I’ll be back with a fresh trade in the morning.
Devour your prey raptors!