It is always challenging to begin with something new, especially once talking about new technologies, but there is a nice saying: “You’ll never know until you try”, that is why we’ve decided to list some fruitful tips based on years of other people real experience to help you in making your first steps with crypto.
What is Crypto?
Crypto is a contraction for cryptocurrency, and it is a real buzzword nowadays. The idea is could be traced back to the 80s when people got a bright idea of decentralized currency for the first time. Why was that so? Because of the development of high technologies mixed with new social demands. People wanted a trustworthy, handy currency that was not tied to centralized banking, and they make dreams come true — now we have a whole variety of assets to store and invest, to buy goods and pay for services, build our own DApps, and mint NFTs, mine new coins, and do many other not only beneficial but also exciting things.
Why should you pay attention to crypto?
Cryptocurrency has many advantages to the fiat money we use in our daily life. Here’s a shortlist of the most prominent features:
- It makes your transactions faster and cheaper. If there is nobody in the middle, no banks, agents, brokers, it means no additional fees, commissions, and your transactions don’t take a lot of time, as well.
- It’s safer and more confidential because all transactions are encrypted and nobody can get your personal data.
- The widening investment field matters. There are thousands of altcoins you can invest in right now. Future asks for new gold, gas, and oil for a new currency that would be more convenient in all possible ways. It’s a great chance to invest some money and wait while your funds are growing day by day, working for your future.
10 top tips for you to start with
Do a thorough research
There is no such thing as perfect research that was done for you and served on a silver platter, but that only means you have a space to grow and become even smarter. You can google whatever you would like to learn about and find articles, resources, and reviews on any cryptocurrency topic you need — starting from various cryptos and ending with crypto games. Exactly, those things are evident, but we always forget about essentials. Here’s just a kind reminder. These websites could be super helpful at the beginning: CoinMarketCap, CoinStats, Messari Screener, Binance Research, etc.
Grab a wallet
Once you do proper research, you know that your absolute must is a handy and secure crypto wallet. There are several possible options — hot (stands for online storage) or cold (offline storage using hardware). Which one to choose depends on your needs and demands.
By the way, you can read our guide about different types of wallets here, in our blog.
Choose a crypto trading network
It’s high time to get your first crypto, and there are the two most popular currencies out there — Bitcoin (BTC) and Ethereum(ETH), but they aren’t the only ones, of course. There are special places called exchanges where you can obtain some crypto paying by credit or debit card, bank transfer, or any other option supported by the platform you’ve chosen. The most prominent points you should consider once choosing an exchange are the following: fees, security, and the availability of assets you would like to buy. Top-ranked exchanges are Binance, Coinbase, Kraken, Crypto.com, Gemini, Simple Swap.
Pick a currency
We can’t advise you which currency is better, but you can always check on them, as all sources are open and relatively liquid, go to a CoinMarketCap and find out which one rocks the world at the moment or stay conservative - go for BTC or ETC.
Create a cryptocurrency portfolio
It’s a helpful tool to track your assets without logging in to different accounts and wasting your time and energy. The portfolio will show you all your losses and profits in one place, and some portfolios can even display real-time market prices. According to the total downloads, the current tops are FTX, Delta, Coin Stats App, BitUniverse.
Join a community
Twitter? Reddit? Quora? Clubhouse? Discord? Maybe all of them? It doesn’t really matter, as they are all well-known and have their own large communities of those who are really into crypto. You can learn a lot at first hand, and that is what matters. Plus, it is always helpful to feel yourself as a part of a supportive and friendly club sharing experiences, ups and downs, or even some funny crypto memes to cheer up one’s mood.
Monitor news and blogs
Stay updated and follow the interesting blogs you’ve found on the Net. Don’t forget that your first research on crypto shouldn’t be the last one. You have to be always into the topic, to be prepared for anything. There is always something new to learn about, so google the news on crypto, save helpful blog articles as bookmarks, and read high-quality content. The best are Cointelegraph, CoinDesk, Bitcoin.com News, UToday, CryptoPotato.
Follow crypto influencers
This point is about an old saying — “Knowledge is power.” Following those crypto experts doesn’t always mean to do whatever they say, but it’s mostly about staying on top and taking things seriously. They are all on Twitter sharing their ideas and insights there, so why not subscribe and have an additional source of knowledge? Vitalik Buterin, Roger Ver, Andreas M. Antonopoulos, Tim Draper, and Charlie Lee are top crypto influencers. They are famous and successful entrepreneurs with significant experience in cryptocurrency, who run their own podcasts, write for financial magazines, and sometimes do prophetic price forecasts.
Mining as an option
Once you are not into trading and investing, you can still be tied to cryptocurrency. You can start mining and making money through it. Be aware that you need to get appropriate hardware that should be quite powerful, get a crypto wallet, set up mining software, and join a mining pool. The process is profitable and grew into something bigger than just mining a small amount of BTC per 10 min.
Be patient and believe in yourself
Always remember that trading and investing is a kind of swing with ups, downs, and a period of stagnation when it seems nothing is happening and you come to a standstill. Your mindset is a crucial point, so if you’ve started, there is no need to wait for billions of dollars whatsoever. Well, of course, you know that Rome wasn't built in a day, and the same is your prosperity. Cryptocurrency is a great chance to try your trading/investing instincts and different strategies, so don’t miss the opportunity you could be sorry about in several years and be ready for different outcomes.