Hey guys, we're putting together a free piece of content called "The Cryptocurrency Starter Kit" for my site CoinCentral. The idea is for it to be the perfect resource for a beginners.
Here's what we're planning on including so far:
- Essential blog or Medium posts
- Useful forum threads or posts
- Must watch videos
- Beginner friendly podcasts
- Notable cryptocurrency stories (such as the famous pizza purchase or the Bitconnect scandal)
- People worth following on Twitter
If there's any specific content you think we should include (even if it's outside of the categories above), please drop it below. I want this to be the perfect resource to send noobs to so I'm not answering the same 5 questions every day.
Thanks a ton for any contribution.
In a resource like this it would be great to have a section on the generalised style of traders and rule of thumbs for each style so newbies can get a head start.
eg. Passive investment - buy and hodl | Active investment - day trading - TA or buying and selling on rumours and news
Also, a basic understanding of market caps and how they are calculated by the demand/ supply and even touching on herd behaviour when markets increase and decrease.
eg. if the market cap drops by $100 billion it doesn't mean $100 billion was converted from cryptos to fiat.
I have introduced a lot of people 1 on 1 to blockchain/crypto/steemit and one of the first videos I have them watch is this. Its an oldie but goodie.
Don Tapscott is the go-to man to understand blockchain. This man is truly amazing, the way he explains stuff is so simple and clever. If anyone is not convinced crypto is the future, this man can change your mind,
An intro to technical analysis and fundamentals to show how to evaluate assets and opportunities would be beneficial
As for the fundamentals of Bitcoin; how much money could all the investors combined get out of Bitcoin?
As investors we are considering holders, speculators and miners.
Not sure I understand the question, but by fundamentals maybe a dig into the white paper and timelines, dev and leadership teams, any working tech, apps or services. These could all help size up an investment consideration
I like to follow @cript0 for news it was easy to understand when I was just starting out. You could add a step by step way to put your money in cold storage and why you should do that. Who has the fastest and cheapest transaction fees. Free poker site on steemit (@spl). How to freeroll your way into crypto ie (steemit, faucets, poker).
Vocabulary/definition/inside joke list. Hodl, blockchain, moon, lambo, TRON, etc.
Free beer?
Maybe some warning signs for scams, such as BitConnect so that people like me who when they are new don't get suckered into to an insidious whales plan to try to make "food" off the poor freshly hatched new minnow and like @bradn said......I remember around early mid 2017 when I started the whole inside community acronym terminology to use (HODL/MOON etc) can be slightly off putting so a basic explanation perhaps would be useful for them. Also a link to your youtube/dtube and steemit channels is a must too ;)
So you are going to try take people away from the Stemit site and move them to a currency you are involved with?
Why not put your resource items in Steemit?
Show people how to earn cryptocurrency without investiment like making a steemit account and producing content and how to produce content, show other alternatives like lunyr and lbry.
Risk management and how to evaluate a coin. From there people can go by themselves.
Btw there are some ways to win some Crypto playing poker some paid some free.
And well you can invest on SP and support people too.
Let them know that the crypto market is mostly long , if someone is willing to go long then they should be ready to hodl,
let them know they should invest in projects that they think they have potential in the future like singularity net.
Hardware wallets
Cryptocurrency exchanges
I think a good thing to include would be showing a "low budget approach" to the crypto space.
Noobs (including myself) are wary of investing money into the space seeing how volatile it is. Many of the resources out there focus on relatively high volume trading (from a noob perspective). Perhaps offering things that some traditional investing channels and podcasts do such as: how to invest $300, $200, or $100. Obviously, you're trying to shy away from providing financial advice, but that's really what they're looking for... At least until they get more involved. Maybe frame it around the idea of how you would invest that amount if you were starting out.
This would be a great way to get their feet wet, ultimately leaving to more involvement. It's kind of hard for some to envision themselves participating in the market when you see people throwing around thousands of dollars. 🤑💱🤑
Think of the nits!🃏♦️♥️♠️♣️
This is a great idea. I would also add discussion on common mistakes.
Some thoughts here:
That's all I have for now. This is a great idea.
It would be cool to list some hot cheap coins for them to invest in!
Kidding aside, tips like moving money through gdax vs coinbase to save on fees and common red flags that any investor should beware of like 1% interest GURANTEED.
It is important to recognize that this is some peoples first experience in any investing potentially having bypassed the stock market all together.
General awareness of things to consider like doing research on whitepapers or who is behind the project is something beginers dont think about. You have in general helped shed light on this over the countless hours of content you have produced. I cliffnotes version would be great.
I already follow you on twitter, So I ave that part of the course covered
When I was getting started I learned the most by mining crypto with minergate, of course I didn't earn much but I learned the basics of how this all works through mining.
Hi Doug, this seems especially relevant today in the wake of the Bitgrail hack but please include something to warn people about leaving their money on exchanges. No private key? It’s not your money then!
I think a discussion about assets would be important.
Nice post.I respect you very much because you contribute to steemit.I will do activities like you.I would like to extend the steemit..
I suggest that you share your content here in steemit for more audience. :)
the truth is that if begginers dont get voted during their first 3-4-5 posts ,most of them quit it.So in my humble opinion we must all find ways to support them even with our vote to challenge them to work harder and improve.that way the platform is gonna get bigger and bigger.
My latest post about steem! :) ;)
Looks great @dougpolkcrypto. Awesome idea for beginners. It is sometimes hard to explain crypto because all the information but what your doing would greatly help out. Looking forward to seeing the finished product. Thank you for continuing to improve the community
Looks like you've got a solid plan Doug. Great idea. A small niche I've gone into is around collecting free crypto from faucet sites. I've posted videos on how to sign up with Coinpot and the Moon faucet sites. Its great for people who either can't afford to invest atm or those still scared to, gives them a chance to own a tiny amount and get used to ideas like the wallet, having crypto, mining for crypto on the Coinpot site, conversion of crypto - all with no risk. I feel this has been a great tool for introducing my social circle and would be great for a significant amount of noobs.
Thats my two satoshis! Keep up the good work kid, love the content!
Cheers!
thank you information, may you success always ...
Basic tax implications. I am not saying give advice other than encouraging legal compliance. CYA with disclaimers. Keep it high level. I can post some examples if you are interested.
Content on what to do after one may receive a profit. Where to move it and how to move it. Suggestions of yours and other methods people have used. Theres alot of people who gain, but have no clue what to do after that.
Step by step entry procedures for technically challenged people taking them from US$ to exchange accounts and how to build a portfolio
post and threads that gives valuable insights and information is a must
I would suggest putting a disclaimer that BTC is the real bitcoin and bitcoin cash is a heavily backed altcoin...im not hating on bitcoin cash its just people are losing money downloading the wrong wallet.
I'm new to crypto. I bought my 1st BTC and ETH in Dec. I'm slowly finding good recourse. I rally enjoy your content. So I'm confident this will be a fantastic resource.
I think you should include "Steemitri The Mannequin"... the first and unique, mannequin-blogger-influencer in the whole planet ;-)
Plastic hug
Steemitri The Mannequin
@steemitri
You need to include a section on how to avoid dangerous folks in crypto.
I love your work Doug, been subscribed to your you tube channel for awhile now. I think i have seen all your videos at least once. Anyway, I, like other commentors so far, think you should include a page or section or whatever about security when dealing with crypto. My last post is about cyber security and now I'd like to help spread the word. A few examples of how some folks lost everything due to being hacked might prove helpful. Keep up the great work man!
How to get your coins off an exchange and into a hardware wallet. VITAL blow by blow steps of exactly how to do it.
@dougpolkcrypto I think the story about Litepay can be really nice. Only my 2 cents :)
I think that for anyone new to crypto, understanding the fundamentals of Bitcoin is the most important thing. Familiarizing yourself with the idea and technology behind it makes it 10x easier to grasp everything that came afterwards. And in my opinion everyone in crypto should read Mastering Bitcoin written by Andreas Antonopoulos.
In my crypto news from November 16, 2017 I have wrote an article called "What is the Lightning Network?"
https://steemit.com/news/@danyelk/your-crypto-news-on-steemit-november-16-2017
In my crypto news from November 18, 2017 I have wrote an article called
"An Intermediate Layer to charge Payment Channels!"
https://steemit.com/news/@danyelk/your-crypto-news-on-steemit-november-18-2017
In my crypto news from January 25, 2018 I have wrote an article called "The Lightning Network FAQ for advanced Users!"
https://steemit.com/crypto-news/@danyelk/your-crypto-news-on-steemit-january-25-2018
Feel free to use them and if you like you can let me know what else you need and I check if I have done an article about it and if not I can make one.
Good luck with your project and have a nice day!
Hey whats the name of Doug's Podcast?
https://m.youtube.com/channel/UC2Q-Uk6OKdgpt3Zn6uJXX_A
https://m.youtube.com/channel/UC4sS8q8E5ayyghbhiPon4uw
One of the hardest things I find to understand being new to crypto is tracking investments I've made across the trading pairs. I find it impossible to determine what I'm all in for in terms of fiat when I have to trade several times to obtain the altcoin I want. USD to LTE on coinbase. LTE to BNB on binance (mostly for 50% fees) Then BNB to my desired coin. Especially when for tax purposes I'm using the first in first out method and selling the LTE I bought last month, not the LTE I just purchased in order to trade for the alt I want today. Explain this to me, and I'll be all caught up after watching your videos and using your site.
I think it would be really helpful to give some basic categories that all of the different coins fit into.
Of course they don't all fit into simple categories and there is also a lot of crossover where coins fit into multiple categories, but it can be very overwhelming; especially at the beginning, to look at coinmarketcap and see over 1500 coins.
It would be great if there were a few basic categories explained so that when presented with a new coin, it is simple to group it with similar coins. I think this would really help people who are new to the crypto space to get an overview of what differentiates all of the different coins.
Security!