Hey everyone!
This is an introduction to a series of cryptocurrency educational posts that I am creating.
I have been trading it for a while by now but before going into actual trading I have spend a lot of time on learning the whole process from A to Z. During that period there were more than a few difficulties. I tried to study every question that I had come up with as thoroughly as I could, so there is a huge pile of data stored by now. I have done some researches over the information about the topic in Internet and found out that there are little changes in the quality of the available materials since I was learning myself. So the main idea is to collect all the information I have in one place and share it with anybody who finds it useful.
There is a planned list of important matters to write about and I am going to cover them all in my future posts in a short time.
Before we proceed to them, let me tell you first about the reasons I am writing this.
By the moment I started taking cryptocurrencies seriously enough to get my full attention to it I already had some experience in forex, CFDs and stocks trading. So, I was not completely new to trading sphere or as uncertain about it as lots of beginners. Though, the need to create wallets, safety issues, selecting exchanges and other concerns that all newcomers have, got me utterly lost. There are tons of materials in the Internet but back then I had no idea of how to sort all that info or distinguish valuable data from irrelevant or even harmful one.
I am strongly convinced that there are no such thing as "easy money", however there are lots of ways to lose it easily. Thus, before diving into anything (especially when it comes to a great opportunity to make money), one must spend some time and efforts to learn and prepare. Therefore, I started googling, visiting lots of meetups, participated in webinars but mostly that was just milk-and-water that would end with offers to join a "unique" private program (pre-paid of course), with promises of education, guidance and what not.
I cannot say that this way is bad or ineffective, but at that moment I could not afford myself to spend a couple of thousands USD on it and feel ok would not the courses meet my needs.
So, I decided to go in a "hard" way and started digging the info, learning to filter and use it to my benefit. Running ahead I have to say that even after all the researches were done (as I thought) and I made the deposit to my first exchange, I then found myself having new, smaller questions and difficulties, thought not less important, that caused me additional inconvenience.
To avoid most of the irrelevant actions or information (that I did not), you need to know what information to look for and so, to know what questions to ask; you can use the way I used:
- Sit down to your working place;
- Take a reasonable amount of money in your hands (the amount that excites you but will not cause insomnia or take you into financial problems);
- Imagine that you are willing to invest it right now.
When I did this, even taking into consideration the fact that I had done a proper research, I still felt a sort of confusion about lots of things, so I took a pen and wrote down every question that came up.
Here is the example, but not the full list, of what you might have:
- How to buy a cryptocurrency? Where to buy it?
- How to store my coins?
- Which wallet or how many of them do I need? How to protect my wallets?
- How to protect my funds?
- Do I need to pay something for my transactions?
- What exchanges should I use? How to make sure that I can trust my money to a certain exchange?
And I am not even talking about trading itself.
Write down every question you come up with, when those are answered, you will have more. It makes sense buying cryptocurrencies only when you know how to keep your funds safe and how the process of operating with them looks like. I have seen lots of people losing their investments even before they reach a trading exchange.
Here is the list of subjects I am going to cover:
- What you need to do in order to buy a cryptocurrency?
- Wallets. Types, advantages and disadvantages
- Wallets. Security
- Commissions. Bitcoin and Ethereum networks
- Exchanges.
- Blockchain
Each post will contain useful links&important additional materials.
The list will grow if I see that there is a need to highlight some fields. Also, feel free to ask questions, I will be glad to help you out if that is within my knowledge.