It’s easier to get shrouded in the whitepapers written by many writers on cryptocurrency. We’ll help you break it down more clearly.
We have so many fascinating things about cryptocurrencies. The usefulness, the profitability, the ease of doing business, the broad acceptability, and so on are very complicated when trying to get started.
New people who hear about cryptocurrencies every day may not know how to start, as the entire concept might look strange to them and challenging to comprehend.
Some people who start but decide to test the river’s depth with both legs always end in a sad tale. You that’s reading this guide shouldn’t be like them.
For investors to get started in this cryptocurrency journey, we have realized that more resources need to be made available to them – the right information to get created, the right strategies to be adopted, and many more.
This cryptocurrency guide is for investors looking to get started, avoid costly mistakes, and reduce the learning curve that takes years.
Whether you’re venturing into cryptocurrency for trading, holding, or mining, these essential tips are for you, and be rest assured, you’re in for a treat.
Please read as we explain.
Firstly, Educate Yourself
You need to arm yourself with adequate knowledge about cryptocurrency and blockchains. It’s vital to learn how they work, the technical-know-how involved, different types of cryptocurrencies, the market, etc.
Use regular research, information digest, and zealousness to acquire more knowledge. There’s this adage that says, when you’re informed, you can never be deformed. How informed are you?
When educating yourself, understand the basics before jumping to the complex ones – very important!
You need to Strategize
To strategize requires that you ask yourself specific pertinent questions and come up with definite answers to them.
Questions like:
- Why do I want to get involved in cryptocurrencies?
- Do I have what it takes to be a successful cryptocurrency trader, investor, or miner?
- Have I acquired the right technical-know-how to kick start?
And many more questions! Let these questions reverberate in your mind as you find genuine answers to them. Use these answers to marshal out plans and implement them to get started.
Plan on the Cost to get started
You don’t need millions to get started. All you need is a good strategy and financial literacy. If you arm yourself with these two weapons, the chances of meeting all your financial needs are high.
The cost to get started depends on the area of the cryptocurrency project you intend to embark on. Trading, for example, doesn’t need much capital like a stock to get started.
With as little as USD 100, you’re good to roll. There’s no specific amount to get started.
It would help if you considered the operational cost, the developmental value, and the technological price in all of these.
Understand Wallets
It would help if you were conversant with cryptocurrency wallets and how they work. Wallets are digital software that keeps your cryptocurrencies safe.
Understand that each wallet has unique features that make is different from others.
Some have more security features than others.
An example of a cryptocurrency wallet that has enhanced security features is a Ledger wallet. Always go for wallets that give you full control of your private key.
We have so many cryptocurrency wallets, you can check them online.
Understand Exchanges
Exchanges are cryptocurrency marketplace where trading, buying, and selling of cryptocurrencies take place.
Some exchanges deal with more cryptocurrencies than others, and every exchange trades Bitcoin and at-least one other coin.
Many exchanges offer Bitcoin-to-fiat currency trading and Bitcoin-to-Altcoins currency trading.
Examples of these cryptocurrency exchanges include Coinbase (taunted as the best exchange), Binance, Bittrex, Kucoin, etc.
Adopt Security Measures
Ensure you implement all these security measures:
- The first step is to create a secure email account, specifically for cryptocurrencies. An excellent example of such an email account is Gmail.
- Ensure to set up Two-Factor Authentication (2FA) in all your cryptocurrency-related accounts to add an extra security layer. Google Authenticator is useful for setting up such in cryptocurrencies.
- Subscribe to a VPN service to secure all your cryptocurrency transaction activities. We have good VPNs such as NordVPN, Surfshark, ExpressVPN, UltraVPN, and CyberGhost VPN.
- Crypto-jacking is a new way of stealing CPU processing power from someone’s device without the person’s knowledge, to mine cryptocurrencies. Ensure you install antivirus in your device and ad-blocker in your browser for protection.
- Use secure messaging apps and wallets in all your cryptocurrency transactions and funds.
Get the Best Apps
You need the best apps of various functions to get started and ensure you get the best in cryptocurrency start-up, especially in the learning process.
- When you want to keep getting the latest updates on the cryptocurrency charts, you go for Coinmarketcap.
- For trading – TabTrader is one of the best trading apps.
- For wallet – Cobo is one of the best wallet apps.
- For tracking – CoinTracking is one of the best tracking apps.
- For exchange – Coinigy is one of the best exchange apps to access over 45 exchanges using just a single account.
The list continues.
Join the community
Joining a cryptocurrency community is the right step to take when you want to get started. It will help you understand the difficulties experienced in cryptocurrencies and the ways to overcome them.
You get to hear the latest gist, topics on the front burner, etc. A good example is Youtube Channels dominated by cryptocurrency enthusiasts.
Most ICOs have a community section where you can learn more about their project and other cryptocurrency topics.
Learn from Forums
This is one way you can be well informed about the latest happenings around cryptocurrencies.
From the forum, you hear about cryptocurrency trading, significant developments, investments, prices, the market, personalities in the industry, etc.
One good thing about forums is that they’re great destinations for cryptocurrency enthusiasts who are passionate about the industry.
Examples of such forums are Bicointalk, Reddit, CryptoTalk, and many others.
Keep up with the News
We have apps that publish news about cryptocurrencies daily. All you need is to install such app(s) in your device, and you will be getting updates.
CoinTelegraph and Crypto News Scoop are the best cryptocurrency apps in that category. Google is another great source to get cryptocurrency news updates and links.
Follow active cryptocurrency personalities on social media
If you want to get motivated about cryptocurrencies and network with top personalities. People who happen to be cryptocurrency traders, developers, evangelists, CEOs, and analysts on social media.
A colleague of ours met someone who invested in Bitcoin in 2009, and his experiences he shared helped the fellow in a great deal, especially in decision making.
These great personalities share intimate knowledge about cryptocurrencies to their followers daily. Most of what they share cannot be found, written in any book.
On Twitter, you can follow great personalities like Jihan Wu (Bitmain Co-founder), Vitalik Buterin (CEO of Ethereum), and Andreas Antonopoulos (Let’s Talk Bitcoin podcast host).
Also, check out Charlie Lee (Litecoin owner), Tyler Winklevoss (Gemini cryptocurrency exchange owner), and others.
You can follow them through their Twitter handle (easy to get via Google search).
Conclusion
Cryptocurrencies gains are still untapped, disregard the claims that the early birds have scooped everything.
Cryptocurrencies are potential life-changing innovations that require an enthusiastic approach to learning and participation.
Don’t be left out. Join the fast-moving train now, and you’ll have something to fall back tomorrow.
See you at the top!
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