I want to get into crypto. Where do I start?! 5 easy steps
So you’ve made the decision to get into crypto? You believe in its future and want a slice of the pie. Fantastic. Now what?!
I know crypto can be daunting and confusing. There’s a huge amount of misinformation out there about bitcoin and other cryptocurrencies. That’s why I’ve put together this simple guide to getting started.
Find your crypto community. Speak to people who have been in crypto for a while and haven’t lost money since they got in. And people who have! If someone tries to run through a wall and they end up on their arse, I’m sure as hell not going to try myself. Learn from others’ mistakes! Find the people you trust. Facebook pages, online forums and Youtubers are the best sources for crypto knowledge. I’d recommend Crypto Hunters Facebook group as a great place to start. Even better, come along to crypto events and meet real life crypto fans!
Read up on crypto and be clear about your reasons for jumping in. There’s more to crypto than just Bitcoin. There are over 1,500 cryptocurrencies out there! Familiarise yourself with the terms. Like anything, especially within the tech world, crypto has its own language. If you are getting into crypto, don’t do it to make a quick buck. Do it because you believe in its future. If you don’t believe cryptocurrencies will disrupt the current monetary system, keep reading because I guarantee once you’re done reading, you will. That’s when you’re ready to invest.
Find a way in: mining and/or trading? These are the two ways you can invest in and profit from crypto. Within each, there are different ways of getting involved so I’d highly recommend getting clued up on the differences. Trading basically involves putting your money into an exchange and backing certain coins, similarly to stock trading. Mining involves computer hardware and although may initially seem more complicated than trading, it can be much less risky. We’ve written a specific guide to mining to cover this in more depth.
Only invest what won’t give you anxiety. Although in #2 I urge you not to invest unless you believe in the underlying technology, ultimately you’re not only investing the underlying technology. If you’re trading you’re investing in particular coins or tokens so even when the overall cryptocurrency industry succeeds, certain coins could fail. Think of this like the overall stock market going up but a particular company failing. That’s why I’d advise diversifying your investment and including mining. Essentially, to avoid risk and anxiety, don’t put your whole life savings in one coin if you decide to trade and don’t check the market every day. It will fluctuate and you’ll start losing hair. Believe in the future of the future of crypto and play the long game.
Never buy into anything that isn’t sold by real people. Unfortunately, there is a lot of misinformation out there in the crypto world. Things can sound too good to be true and often, in this crazy world of crypto, they’re not. But sometimes there are fake ICOs and ponzi schemes designed to rip you off. What can you do to avoid this? Follow the company for a while. Call the people who run it. Heck, if you can, go and visit them. I work for a company that prides itself on being totally honest and transparent and I know how important it is in this industry.
So there you have it. 5 easy steps to dipping your toes into the world’s fasting growing industry. I’m always happy to talk blockchain, bitcoin and crypto so get in touch! You can find me @easycryptohunter on Instagram/Facebook or drop me an email at Eliza@easycryptohunter.co.uk