The cryptocurrency space is growing at a rapid pace, so much so that in the first quarter of this year multiple trends associated with it have been trending on social media: these include non-fungible tokens, the Dogecoin price pump, meme coins, and Bitcoin’s rise.
If you haven’t heard about bitcoin or any other crypto asset before, you may be feeling a bit overwhelmed by now with all of the information about it online. After all, it’s a new financial system outside of the traditional one you’re accustomed to.
Blockchain technology, staking, decentralized finance, order books, arbitrage. There’s a lot to take in and we understand it can’t be easy. As such, we’ve decided to share a few tips to help you get started in this nascent space.
Start off Slowly
Learning about cryptocurrencies can be so overwhelming that you may want to give up, and if your only motivation are the prices know that the space is well-known for its volatility: a coin may be going up steadily today, but tomorrow a new buying opportunity may arise.
As such, it’s best to start off slowly. Read a few articles online, watch some explainer videos, and try to grasp one concept at a time. You don’t have to learn how cryptocurrencies work in a day so you can enter a market you barely understand.
A lot of investors do this and once a trend reverses, they dump their holdings. Often they sell at a loss and decided to abandon the space without scratching its surface.
If you which to learn about a specific cryptocurrency right away, dig as much as you can about it, and try to understand every concept you can, from what blockchain technology is to its consensus mechanism and tokenomics.
Take Crypto Courses
Learning crypto on your own is difficult not because of the complexity of the domain but because you may not know where to begin. Therefore, joining a crypto course will help you learn about everything related to it in a simple and logical manner.
The best part – most courses are available for free since the interest of blockchain businesses is to expand crypto acceptance. What better way than helping newcomers lose the anxiety and dip their toes?
Student Coin has one of the best crypto courses, with chapters that come together with short exams. That way, the team behind the project made sure not to let anybody read the more advanced courses before they master the basic ones.
Follow Crypto Websites
Things in the cryptocurrency world move much faster than outside of it. Fortunes are made and lost in a week, and new opportunities may only be around for a few days before someone takes advantage of them.
Similarly, protocol upgrades are discussed and accepted or rejected in quick meetings or through governance proposals you may not even be aware of. To stay up to date, we’d advise you to follow some cryptocurrency websites and blogs.
Coinbase’s learning platform may be a great place to start understanding how the market works, basic concepts, and why specific cryptocurrencies are as popular as they are. To stay up to date with the news there are hundreds of websites out there, including CryptoGlobe.
To stay updated on price performances and trading volumes,CryptoCompare may be your best option, as it even allows you to create a portfolio for free and track your exposure.
Follow Crypto Influencers
On Twitter, Reddit, Facebook, and YouTube there are hundreds of cryptocurrency influencers you can follow who go over specific coins and concepts over time. It’s important to avoid pump and dump schemes, and influencers selling poor-quality projects to their audiences because they were paid to do so.
Try to follow influencers like 99Bitcoins, who provide honest reviews on projects and platforms and try to keep their audience in the know.
DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Featured image via Pixabay
