How do I get into Cryptocurrency?
No matter where you turn these days, there seems to be a lot of people talking about cryptocurrency and they also seem to come across as if they know all there is to know about this intriguing subject. And they probably do…………..but chances are they built that knowledge over time………….. and once upon a time they too wondered just how do I get into cryptocurrency? If you find yourself in that position then you are very welcome to both this post and my website that has been developed to offer you (yes YOU) the building blocks, knowledge and confidence to start your cryptocurrency journey.
One small step for man…
It’s well known that every journey starts with a single step and your journey into crypto is no different. When I first started out I tried to understand the finer points of crypto……….essentially trying to learn EVERYTHING from scratch (mainly because I thought I had to) and I honestly felt like I was trying to learn a new language as there are SO many terms that I just had NO IDEA about and constantly reading them just made me feel more and more like I didn’t belong here. But like so many things in life, the more you expose yourself to something knew the more comfortable you start to feel with it. So let’s start right there……with a quick run down of a “so THAT’s what that means” list of some of the most popular phrases you’re likely to hear:
So hopefully that helped to clear up at least a few of the strange words you’ve either already heard or are likely to hear very soon. You now know some basic terms but what next I hear you say. Well it’s important to understand what is you’re getting yourself into and that you understand the risks with this form of investment. Don’t worry though as it’s not as scary as it all appears to be.
Who’s afraid of the big black bat?
Batman is a formidable character who only exists in the fantasy world, while Crypto only exists in the virtual world. Unlike Batman, Crypto is real and is here to stay – that I’m sure of. But some people are perplexed by it – mainly due to the fact that it’s a form of money that you can’t touch. You can’t just go to the bank and ask for some Bitcoin to be handed to you……….. and that’s where some people hit a wall of resistance.
If you’re one of them then join the team as I was once as confused as you are. But the way to think about Crypto is to grab a physical bank note you have in your wallet. You’ll notice a serial number on that note. EVERY single note in the world has it’s own unique serial number. Now imagine someone placed each and every serial number onto a MASSIVE spreadsheet…………….they would essentially have a record of each physical note in circulation. Now imagine each note was of the same currency and only existed on that spreadsheet with a comment added each time that note passed from one person to the next. A digital record would be created showing who owns that note at any given time. That is essentially what Cryptocurrency is. It’s a currency that exists in the digital world.
Is it the same as other currencies from around the world?
Yes and no. I know that’s not the answer you were hoping for but the explanation is far easier to follow. Crypto is essentially an extension of the forms of currency from around the world that we are accustomed to………………with two major difference – you can’t physically hold it and more vitally, it’s not controlled by any bank. So what I hear you say, how does that make any difference? Well currency that is controlled by banks is regulated. These banks (and Governments) oversee the issue of the currency, its supply, and value. Cryptocurrencies, however, are decentralized and operate on a technology called blockchain. There is no single central authority; instead, transactions and the creation of new coins are managed collectively by a network of computers. And this is a good thing.
Ok great…………….but how do I “get into” Crypto?
Now you know some of the basic fundamentals about Crypto and you’re itching to buy some? That’s great news…………….but now you’re probably wondering where to go to buy it and more importantly……….which Crypto you should buy? Two excellent questions, so let’s dive into them.
How do I buy Crypto?
In order to buy Crypto you need to find something called an exchange. It does as the name suggests – it exchanges your local currency (Fiat) for Crypto. If you Google “Crypto exchanges” you will find A LOT out there. You may also be surprised to learn (well I certainly was) that not all exchanges have the same Crypto available. It’s a bit like car dealers…………..not every showroom will sell exactly the same cars…………you may need to shop around to find a dealer that has the car you’re after.
Crypto is similar. From all the options out there, I use Coinbase. It’s really easy to use and as simple as it gets. Plus it has an App which is great. You’ll need to create an account but once done you’re good to go.
But what Crypto should I buy?
Yeah that’s the $64,000,000 question! I don’t know the answer to that………….but thankfully I know someone who does. Since the summer of 2022, at the time I was interested in Crypto, I started to study ways and means to figure out what Crypto to buy. But as there are over 22,000 different Crypto currencies out there, how on earth do I decide which is worth spending my hard earned money on and which should be left well and truly alone? Well during my research I found a guy on YouTube called James McMahon.
James runs a members only website called Copy My Crypto. Essentially James does all the hard work for you and tells you not only what coins to buy but also when to sell them. He is so well versed in all things Crypto having dedicated thousands of hours to learning and understanding what makes a coin valuable and what makes a coin completely worthless. He is an expert who is simply incredible at both predicting the market as well as finding the next big thing. As a member you will be first to know when James identifies a coin worth buying and then it’s up to you to decide if you want to buy it or not and if so at what level of investment.
I highly recommend spending 30 minutes watching this YouTube video where James explains how he finds coins and also tell you a bit more about his members only site.
That’s all folks
Well I hope this has been of help to you and you’re able to venture into the Crypto world with a bit more confidence now. I sincerely wish you every success with your Crypto journey.
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