“You have to know that for every subject and course in life there is a need for effort, it’s a challenge to learn new things. Since we all need a push and some guidance to get started, I’d like to share with you 5 steps on how to join the crypto world and start your journey as a crypto trader.”.
The crypto world is not usually presented as the easiest thing to learn, I also took my time before being able to call myself a blockchain and crypto enthusiast. Even countries like Venezuela say they have a “national cryptocurrency” that does not comply with the statements of crypto at all and none seem to contradict them apart from some really strong crypto fans. Whether you want to invest in cryptocurrencies, trade them, use them, mine them, use them to make savings or avoid political blockage and economic crisis, some basic steps will help you immensely. First of all, you have to know that for every subject and course in life there is a need for effort, it’s a challenge to learn new things. Since we all need a push and some guidance to get started, I’d like to share with you 5 steps on how to join the crypto world and start your journey as a crypto trader.
Step 1 Consciousness and understanding
Many people would like to get involved but they give up before even scratching the surface. Even if you have a finance background or not, it is crucial to know what you are doing when it comes to money, intelligent investing is a skill that everyone needs. Regardless of how much experience you may have, it’s never too late (or early) to start learning. As cryptocurrency continues to solidify its role as the potential future of finance and grow on its way to become mind-stream, we have to grow in knowledge alongside it.
So the first step in crypto consciousness is understanding the underlying technology blockchain and getting yourself started by reading about early concepts: Wallet, Mining, Peer to peer, proof of work, hash, timestamp, are some of those concepts that you can start reading about. The first step is not for those who give up since I’m pretty sure that not many people like to read but the good news is that you can always look for videos or podcast, there are always many entrepreneurs and enthusiasts around wanting to share knowledge so take advantage of it and enjoy the warm-up learning process. As said before, educating yourself, and staying up to date is not only for starters or beginners but something that you will want to keep doing since technologies are in constant development.
A good starting point is reading articles, joining groups or checking online forums and vlogs discussing blockchain and crypto. Getting in contact with other people can not only help you learn faster since you are able to address personal questions directly but also this can reassure you into the path you are following and convince you of the many possibilities. You’d soon find out why governments and central corporations are already inquiring in this nascent technology and wondering how they could integrate it to their systems to improve, also why banks are fearful of Blockchain and cryptocurrencies as a threat to their existence and looking to clamp down its growth
Then, before doing anything at all, set aside time to wrap your head around what cryptocurrency is, the early concepts and growing in consciousness and understanding. Learn the difference between de decentralized ledger and how the current centralized financial system works and be aware of the distinctions between cryptocurrency and traditional fiat currencies.
Step 2 Secure yourself
Even though the best way to secure yourself is the knowledge there are other ways too, like getting a secure email account. Your email account should, apart from being popular and easy to use be very secure, with a 2FA (Two Factor Authentication) activated to protect you from phishing attacks and make it impossible for hackers to crack your password. Keep track of every step you make, even more carefully when you are a beginner and make sure all of your passwords are saved properly and that you did not make mistakes over a point. This is very important since when signing up for a platform or creating a wallet for the first time you won’t want to go through the process of having to ask for a new password, also you will be aware of why every number of your wallet is vital.
Also, you have to know that in the crypto space, you’re dealing with people at the forefront of technology, and some of them are ill-intentioned. So, safeguard yourself from hackers protecting your identity.
As a second point about security, you must understand what wallets are and how to use them properly. Wallets are digital software used to store cryptocurrencies. Each wallet is unique and possesses distinct features. Some wallets are more secure than others, some wallets can save different currencies at the same time and some are made to save just one kind of crypto coin or token, so part of securing yourself is not choosing just any wallet and making sure is the wallet that you need.
“ Saving your information is something that every platform that you apply for should offer, if you ever bump into a platform that does not offer 2FA or that asks too much personal information this should be an alert that something is wrong, be alert!”.
Step 3 be strategic.
When you start in any affair you should always have set your expectations and aims properly, then to be strategic you should be able to answer what do you want from crypto? Are you interested in technology further than the money or vice versa? Do you intend to be a crypto enthusiast, an investor, or a trader? Do you want to earn money long term or are you looking for fast monetization? Make a plan for your future actions and intentions. Once you are clear about those answers and the objectives you have you will be able to research what you need to do to achieve your goals and find the proper path for yourself. For instances MintMe's platform can get you started into tokens trading from scratch which can be a good alternative to try and get to know more about how trading works.
Another thing about being strategic is taking into account every move you make. Usually when people start they don’t take conscience of to how many platforms they are signing up, how many passwords they are using or they go crazy doing them all at the same time and mining until they fry their computers, also something very important to take into account are the prices of a coin, or how the market is doing, is not about simply seeing the figures of a chart randomly controlled by bots. You need to pay attention while placing a buy order or a sell and observe when the market moves in a bullish direction to count your gains.
Step 4 Start small
With every investment opportunity, the golden rule must be followed: do not put in more money than you are willing to lose. This adage applies to the world of crypto more than any other industry, given how quickly a cash position can depreciate. Play around with a strict amount of money and test some of the strategies you’ve deemed successful in the past or if you haven’t tried any then try one by one to make sure you understand the process and if it works for you. Remember that is recommended to create multiple wallets and accounts to keep your assets diversified and record your passwords for each on paper. As you continue to progress in your knowledge and understanding and grow more comfortable, you can start to invest more and change your strategy.
Cryptocurrencies are still a very volatile business, so part of the idea of starting small is to understand that you must never invest more than what you are willing to lose. The crypto market is exceptionally volatile because it is fueled by hype and market sentiments rather than fundamental elements, this is not ultimately bad since it can work for your benefit many times, but it can also mean that one day you could be in the high end and drop drastically. And for risky things, it is better not to get too excited as to give it all one and for all thinking that you will grow a money three like Pinocchio. There must be a smooth mindful balance between having the potential to make loads of money or lose everything instantly.
Step 5 Try it out
As the last step for this guide is to actually put this into practice, you can’t be a trader only in theory but become one by actually getting your hands on the job. Of course, as a beginner one of the questions you probably have is how can I start being a trader without needing any money? There is where MintMe Coin and MintMe come in handy.
In the first place, MintMe is a very easily mineable coin, for which you only need a device with an internet connection. Once you have a device you can start mining using the coinimp.com platform. At CoinIMP you will find instructions to create a wallet and the withdrawal process.
After you obtain MintMe coins there it comes the funny part, you can start using MintMe to trade. In minMe.com you can create a sell order and change your coins for Bitcoin if you want, and later on, you can change your bitcoin for fiat currencies. Another good thing about mintMe is that you can trade tokens that you create, that would be based on mintMe coins so you could use those tokens to crowdfund a project and whenever people buy from you you will receive mintMe coins and continue the trading process or just sell them to other traders and investors. Token creationcan become your best and more secure step into the crypto world.
By Mary Schwartz