How to get started in Crypto 2022!
Here are some of the best tips to help get you started in Crypto!
- Opening an account
The most common mistake I see new users make why they start in Crypto is they tend to only open one account with one major exchange, but they are limited due to the different benefits of each platform, they also miss out on free money from referrals. I’ve been in this space for a while and still am opening accounts with new exchanges. Some of my favorites involve FTX, Voyager, and Coinbase but head’s up, it’s more expensive to trade on the Coinbase app go to Coinbase pro for cheaper fees and the login is exactly the same as normal Coinbase. Plus, you get a better trading view!
2. Learn the Basics of a Wallet
You know that weird string of letters and numbers that you see when people send money for example "31xvgueFhUAtkrNSikSwChihNpcguELT7q". This is a wallet address, when someone sends you money it goes here. Also, know that once a transaction is sent, it’s irreversible. Now, here’s one of the most important tips! Make sure you NEVER give away your seed phrase, I cannot stress this enough. Your seed phrase should be a group of words usually 12-24 words, keep this safe and hidden! You don’t want to wake up one day and see an empty wallet like many of the Bored Ape Owners have experienced. I would recommend buying a ledger especially if you have more than $500 invested, great device for security of coins and NFT’s.
3. Learn the Basics of Bitcoin & Ethereum
Bitcoin recently celebrated it’s 13th birthday, yet most people don’t know how transactions work. Even doing one transaction and understanding why your money went from point A to point B, will help you get a basic understanding of blockchain. Once, you’ve tried Bitcoin, hopefully with a small amount, then do the same on Ethereum, start testing it out. Personally for me, I learned way faster by doing transactions then reviewing them.
4. Be Open Minded
Once you have a basic understanding of blockchain, start researching about projects you believe will have an impact on the future of blockchains. Then you can decide if you want to invest in that project, you can setup automatic buys or buy them immediately from an exchange. Please note, you should never invest more than you can afford to lose. Important tip for all investors in all markets.
5. Find Crypto Friends
With today’s technology it’s easier than ever to find people that are interested in the same topics you. Most people are a simple message away. Twitter is probably the best app to be up to date on Crypto, follow me on Twitter for updates. Regardless, if they are anonymous or not, you can interact with anyone and not be judged. I’ve met great people simply by sending a message and it moved on from that.
6. Keep Learning
I would have not be able to catch opportunities if I didn’t use my free time properly. You need to continue to learn about new technologies, if you are limited on time find podcasts or friends to help guide you or give you ideas. You can really learn a lot in a short period of time. Don’t stress out.
7. Don't Burnout
Crypto can be mentally exhausting, something new comes out everyday. Don’t feel bad for not being up to date or missing an opportunity, because it’s impossible to catch everything. Be sure to go exercise, have fun, and relax. I’ve seen too many people burnout, including myself. I’ve learned to stop chasing and just do the best that I can, which has worked out quite well.
I hope this helps you out, see you next time!