Whoa…..slow down there. We aren’t ready to buy quite yet.
You really should do a little bit of research (like spend a few hours on this site and others) before you start spending any money on Crypto anything.
To start with we at “Toys2Work Crypto” are not financial advisors and we are not giving anyone financial advice.
We are merely giving you the viewer/reader information about a very fascinating topic which could easily bankrupt you or give you some money or make you a small fortune.
If nothing else I want you to know what they are talking about on the television or when you get together with your friends.
Then if you decide to buy some type of crypto it can be as easy as this.
- set up an account with one of several online sites like Coinbase BitBuy, Ndax
- or get someone to “gift” some to you
- there are some Bitcoin ATMs in many larger cities where you can insert your credit card and buy some Bitcoin
Now “ideally” if you already have an investment advisor or have some stocks then you should talk with your advisor and see what he or she has to say about your situation.
But the Crypto scene has gotten everybody thinking like its a free for all…a casino or sorts and everybody wants to get their cards on the table.
Lets start talking about the history of crypto, how it is different from regular paper money, why it is catching on and what this whole crazy word “decentralized” is so important.
We will talk about the concepts of the blockchain,, why there are over 6,000 cryptocurrencies around today and how come they have crazy names of cats and dogs.
Are there crooks in this game?
You better believe it but a lot of great people too so you just have to get into it with your eyes WIDE open and your wallet CLOSED or at least under your watch.
In a nutshell here is the process if you wanted to buy some crypto this very hour because it can happen that fast.
You follow these basic steps
- get verified in about 15 minutes as they ask for some id
- then you either Etransfer or wire transfer money into your account or use a credit card
- then you start buying and you put your crypto in their wallet until you can get it off their site onto your own wallet (we later explain hot and cold wallets and their benefits)
- they you sit and wait. You are either a trader who buys & sells or more of an investor who waits
Here are the above same steps broken down in more detail.
- go to a major crypto site like Coinbase or Ndax
- they want you to show some identification in the “verification” process. You may be asked for your full name and address and your job type and then submit a photo of the front/back of your driver license or some government id. You MAY be asked for a complete copy of your last bank statement.
- some may then within the same short 20 minutes that have gone by ask you to set up a 2 factor authentication with Google. This requires filling in some info and getting an app on your smart phone
- you may agree to a basic surface ‘soft touch” credit check and some will ask for your social insurance number although you don’t have to show it in Canada
- You will probably be approved on the spot and ready to put money in your account
- you can send money by etransfer from your bank or use a wire transfer or use a credit card
- some sites will only allow you to transfer your money to Paypal or to buy another type of crypto
Every site has their own fee structures and you should do your research on this.
Lets stop this section now and in the other section we’ll talk about the history of Crypto and all the terms like blockchain, why is there a Bitcoin and a Bitcoin Cash and an Ethereum and an Ethereum 2.0.
Why are people talking about Gas fees and are crypto miners really wasting alot of electricty and heat in the world and what are they doing about it?
What is POW versus POS (proof of work versus proof of stake) and is it true that there isn’t just one blockchain but lots and lots of them?
(under construction Dec 16, 2021)