My journey this year in crypto has been nothing short of what I imagined. I started with the dream in my head to make it. I don’t care about the money but building something from the ground up and making it succeed is quite amazing.
I started in May when I originally put in a couple thousand into Coinbase. Why did I choose Coinbase? One of the main reasons was security (two-factor authentication) and the background the company had as being legitimate. I saw a couple horror story reviews online at first but decided to take the risk.
Ever since I haven’t had any issues with Coinbase in terms of buying crypto. Of course, it takes awhile once you buy Ethereum, Bitcoin, or Litecoin to actually get it in your wallet. Also, at times their site does go down. But these are normal problems to deal with when you are in at the beginning stages of a paradigm shift.
In addition, Coinbase is one of few exchanges that actually let you deposit USD from a bank account. So once I have it in the account I can move it around. I’m going to move some into the Ledger Nano S once it ships to store some crypto for a long period of time. The rest will stay on exchanges and be moved around. Below is what the interface looks like for adding your bank account so you can buy crypto.
Generally, it will take a couple days once you add the bank account for them to verify it. The fees you will pay on trades are 1% but you can avoid the fee by going through this process.
In case you are skeptical, I have also tested selling crypto on Coinbase and it showed up in my bank account within a couple days without any issues. Most people I think will continue to be on the sidelines until the point of Bitcoin passing $10,000 and Ethereum going above $500. However, the longer you wait the longer you are potentially missing out on one of the greatest opportunities in finance that I have ever seen.
I don’t say these things as a pitch….I could care less if you get a Coinbase account. I own plenty of crypto so what you do doesn’t affect me. I’m just trying to provide the general public an opportunity to make more than the average 5% they make in a 401k.