Buying Your First Crypto - $60k+ in Passive Income With Crypto

Hey, I'm James Pelton and I just wanted to put together some videos kind of just showing what I'm doing in the crypto space and kind of showing what I've learned and how you can get started. There's a lot, you know, crypto is all over the news and there's people seems like are getting rich all over the place using crypto. If you're anything like me, you can maybe have a little bit of FOMO where you're kind of and I'm missing out on these these deals. You know, I'm involved in a lot of other income producing things, but I'm not involved in crypto the way I'd like to be. And it's not an easy space to get into. There is a lot to learn and it's kind of difficult. I'm a software engineer and I found a lot of the things pretty difficult to figure out. So, yeah, I just want to make some videos to kind of show how you can get started. And I'm just going to be real upfront about and transparent about what I have in right now. So I've got $260,000 invested in crypto right now and that's producing about 60K profit a month. I've only been in for about a month. So, I mean, these numbers are subject to change, but they look pretty good, though. So and I'm going to make different videos kind of showing you each of these projects and how you can get involved in them. Some of them are, you know, have bigger returns than others. Some are riskier. These are monthly returns. Some of them are easier to get into. Some are harder to get into. Some are risky. Some are pretty safe. So I'll kind of walk through that. But for this video, I kind of wanted to start back at square one. And that is, how do you buy your first crypto? That's a question I get a lot is there's people who want to get involved, but they don't even know, you know, everybody's heard of Bitcoin. But there's some people who I don't even know how to go in and buy Bitcoin. So that's what I'm going to talk about in this video. And if you already have a crypto exchange that you use and you're pretty familiar with it, you can probably skip the rest of this video and just go to the next one. But the the two exchanges I'm going to talk about, the two that I use is the first is Binance. And I use Binance because of the low fees. So it has a lot lower fees than Coinbase or Coinbase Pro or some of the other exchanges. And we'll do a video some other time about fees. Fees in crypto exchanges are very, very difficult to figure out. And you kind of just have to accept fees as part of your crypto experience. You're going to get hit with gas fees and transfer fees and in fees and out fees, maker fees and taker fees. And if you're fee adverse or you're trying to figure out all the fees as you go along, you're probably you're going to get out. You're not going to be able to do it. So just accept that there's a certain level of fees that are going to be part of your your transactions and just be OK with that. But I use Binance because they have what I think are the lowest fees. They have very bad customer support. So I would say that is a con. But the pro is the low fees. And also another pro is I used to use Coinbase Pro. But when I would send in money, they would lock it up for more days. So you could trade within Coinbase. But if you wanted to move it to another wallet or one of these other projects that I'll be talking about, they would say, oh, you can't move it for seven days. And so I'm sitting there watching this coin go up that I was wanting to buy seven days ago, but I'm not able to get in because Coinbase locked locked me up. So I've just found Binance to be a lot smoother in getting the funds in there and get going. So first, I want to show you how to sign up for Binance. I'm not going to walk you through the whole process. I don't think you guys are stupid or anything, but something that tripped me up to start with was you cannot just go to Binance.com and get started. Binance.com is not available in the US. In fact, it might pop something up here. Maybe not. I figured it probably would. It probably should. But yeah, Binance.com is not available in the US. So if you want to use Binance in the US, you have to go to Binance.us. It's very intuitive. And then you can figure out the register process. It's not too difficult. And then the first thing you're going to want to do when you sign up for Binance is do your identity verification. And this is going to be on any of the crypto exchanges. There's just a ton of fraud and scams going on all over the place. So any crypto exchange, if they don't ask you to verify your identity in some way, then they're probably a scam exchange and I wouldn't use them. Binance is pretty safe. It's the biggest crypto exchange. So you don't have to worry as much there. And usually what they do for identification verification is they just have you upload a driver's license front and back. I think that's usually all that you have to do for Binance. So that's what you're going to register for your Binance account. You're going to go ahead and verify your identification. Then you're going to want to set up some kind of security. Again, scamming and hacking is kind of rampant in the crypto world. So Binance has some good tools for helping keep down on scams and from people getting into your account. And for me, the single biggest preventer of people getting into your account is just simple SMS authentication, two-factor authentication with SMS. So basically, if anyone does anything with your account, if they log in or they try to withdraw or they try to buy something, it just texts you and makes you confirm. So that'll cut out 99% of any hackers getting into your account or anything like that. They've been running into more of SIM hijacking, which is where somebody will call into Verizon and say, hey, I'm James Pelton. I lost my phone. Can you transfer my SIM card to this phone? Then they have access to your SMS. But Verizon and T-Mobile and AT&T and those guys are spotting that pretty easily now. So if you turn on SMS authentication, you should be pretty safe. If you're still a little nervous, I know some people are more security conscious than I am, but you can turn on whitelisting, which is basically if you turn this on, your account can only withdraw to your wallet. And I'll talk about wallets later. You don't need to worry about that now for this. But that's very, very safe. So if anybody does get into your account, they can't take anything out except for to your wallet. So that is like an extra layer of protection. I have it off because I have several wallets and it just got to be kind of annoying when I was trying to get into these different projects using different wallets for different things. And I had to keep, I kept running into this problem on Binance. So I turned that off. Okay. So you kind of balance security and pragmatism sometimes. But so you set up your security, you identify, verify your identification. That's kind of hard to say. And then the next thing you want to do is fund your account. So you're going to want to get dollars into your account. So you're going to deposit, deposit US dollars. And there's three ways that you can deposit. You can connect directly to your bank using Plaid. Plaid is a service that basically just lets you type in your bank username and password from your bank's online banking. And it lets you connect directly into your bank. And I think there's a $10,000 daily limit on doing it that way. I think that, I can't remember for sure. I think it's a $10,000 daily limit. And I think they lock up your funds for like three to five days, just waiting for the bank to clear them. But if you don't care, you're going to do less than $10,000 and you don't care if it takes three to five days, then that's probably the easiest way. The second way is just a simple ACH. I think maybe my bank didn't have Plaid hooked up to it. So a simple ACH is just you type in your routing number, you type in your account number, and then you can do an ACH transfer, just like a check. You can see there's a $5,000 daily limit and they'll hold your funds for seven to 10 days if you do that method. But again, if you don't care, if you're going to do some small trade and you don't care if it takes a week, then you can do that method. But what I usually do when I'm depositing funds is I will deposit via wire. So you can do a wire up to any amount. It might be a million dollar limit, but you can do a very large wire. And it only costs my bank, I think it costs $20. And the funds get there. So for my bank, my wires go out at 3 p.m. and then Binance usually has my funds by like 10 p.m. So you get your funds in seven hours and then it's all in there ready for you to use. So that's how I usually fund is via wire transfer. So then once you have your money deposited into USD, then you can buy crypto. And we'll talk more about this as I go through specific projects that we're going to buy. But yeah, if you want to buy Bitcoin, you can go in here. You can either say, I want to buy, I currently have this $1,000 and I want to buy $1,000 worth of Bitcoin, which is right now their price. It's going to give you 0.01556 Bitcoin at $63,843. If you want to do a different way, you can say, I want to buy one Bitcoin and it'll say, hey, you don't have $64,000. You'll notice that there's a difference between the price here and the listed price of Bitcoin, and that goes along with the fees. If you've ever done any like Forex trading or anything like that, you understand kind of there's some spreads when you're making purchases. But it's that easy. So I could come in here and say, hey, give me $1,000 worth of Bitcoin, preview purchase, and then it'll go into your account. It'll take maybe about 15 minutes, but then it'll be in your wallet and it'll be ready for you to go in your wallet. So it's that easy. So I use Binance for most of my purchases. And you'll see this as I go through my different projects. We're going to buy a lot of USDT, Tether for a lot of these projects. But that's, I use mainly Binance for that. The other one I wanted to mention is called BlockFi. And the reason I wanted to mention BlockFi is they're not nearly as good as Binance. They take a lot longer to get your funds in. They take a lot longer to get your funds out. But what I like about BlockFi is a couple of things. The first is that any crypto that you leave in BlockFi, they will give you interest on it. So it's kind of like a little savings account for your crypto. So like Ethereum and Bitcoin, those are probably the two you've heard of. For Bitcoin, you get 4.5% APY, not including the price of the coin. So the coin, of course, is going to go up and down and whatever. It's at 64K on BlockFi right now. But you're going to also get 4.5% on the Bitcoin that you have there. And you're going to get 5% on your Ethereum. You're going to get 9% on your DAI. So if there's a coin that I'm planning, hey, I just want to hold on to this coin. There's a strategy that we'll talk about called HODL, which is just hold on for dear life. So basically, hey, I'm just going to buy some coin and I just am going to hope that it goes up and I'm just going to hang on to it for years until it goes up. Well, if you're going to do something like that, if you're going to hold on to a coin for a long time like Bitcoin or Ethereum, you're going to want to use BlockFi because you'll also get that interest on top of it. And I also like BlockFi has a credit card that you can see some of my purchases there. I just got it recently. But BlockFi has a credit card that gives you rewards in Bitcoin. So I just think that's pretty cool. It's a pretty cool looking coin. It's got the Bitcoin symbol on the front. So just a great way to get rewards those. So and there's other exchanges, too. Again, if there's ones that you don't, you know, you didn't like either of those, there's Coinbase, there's Coinbase Pro, there's Gemini, I know some people are fans of. So you can pick a different one if you like. But your homework after watching this video is I want you to go and create a Binance account and a BlockFi account. It'd be great if you use my referral links down below. I get some kind of bonus. I don't even know what it is, but I'm sure it'll be nice. But go ahead and create your Binance account, create your BlockFi account, kind of see how those work, maybe buy a little bit or at least deposit some money in there so that as we get into these other strategies, you'll be ready to go and won't have to wait on those. Thank you so much. I'll see you in the next video.