I'm new"ish" to crypto, and taking the plunge into really starting to understand Defi, trading, farming, how to vet new blockchain projects etc...AKA I'm a muggle.
I'm starting this blog for anyone who - like me - is trying to learn about this stuff and not get overwhelmed. I also learn best by putting concepts into my own words. So that's what I'm going to do, and if you're in the same boat as me let's learn together.
Later in this post I'll share how I bought my first crypto and set up my first digital wallet.
Image from Unsplash.
So like I said, I'm "new" but I'm not "brand new".
I started my journey with crypto in 2017 by blogging on Steemit (now known as Hive). I earned a decent amount of money doing that until I got busy and stopped. My partner runs a decentralized gaming company so he helped me set up some accounts and set me up with a few sites where I can farm and auto-compound my profits. BUT I don't entirely understand all that. I'm an artist, a storyteller, and a writer - not a finance expert. HOWEVER, I want to start a decentralized film production company in the next year because I believe that cryptocurrency is wildly lucrative for artists. So I decided that I'd deep dive into learning how this all works - and if all goes according to plan - readers will learn crypto basics with me in real-time and see my company start from the ground up.
Image from Unsplash.
So I suppose I should share a few simple tips now, so here goes: if you're totally, 100% brand-new to crypto you're going to want to get started by buying some. Here's how I did that.
*Please remember, I'm not an expert (AT ALL) - but I am going to share my own step-by-step process and what has worked for me with you. Please also do your * :)
Okay - so - to buy crypto I'd recommend you do two things:
(1) Set up a Coinbase Account and buy some crypto.
Think of Coinbase like Cashapp, i.e. it is a financial platform not a bank. For this reason you'll also want to set-up a wallet (see #2) to serve as a "bank account". There are other sites similar to Coinbase, but CB is really large which gives you more insurance. Also, Coinbase has a lot of simple tutorials, and you can earn free crypto every month by taking their quizzes.
What to buy? You can't go wrong with Bitcoin or Ethereum. DO NOT spend all of your money at once. The market moves a lot, both up and down. Instead, use the strategy of Dollar Cost Averaging which means you'll divide up the total amount to be invested and make smaller purchases over a period of time.
(2) Set up a Wallet
I use Metamask as my wallet. Metamask is a digital wallet (it functions similar to a bank account). You will access it with a private key and seed phrase. There are also physical hardware wallets which you can buy and which are uber secure. In my opinion, Metamask is a great starter wallet for a total muggle like me.
To note: not all cryptocurrencies can be held in every wallet - so if there's something specific you have in mind make sure you can keep it in your wallet.
PLEASE NOTE - when you set up decentralized accounts of any kind you will be sent private keys and seed phrases. You MUST SAVE THESE. You cannot simply reset your password. Save yourself the pain of lost money and lost accounts by carefully saving everything you are given.
Image from Unsplash.
And that's all for now. I know most people here aren't muggles like me, so please feel free to offer advice or links to your fave resources in the comments. :) Cheers!
Posted Using LeoFinance Beta
Well, for a newbie, using reliable facility is advised. But I'd suggest using any of these dexes and investing in very young project. But yeah, personal differences.
Hello @lily.raabe! This is @indayclara from @ocd (Original Content Decentralized) team. We saw that you already posted your first blog here in Hive! Congratulations and welcome!
Anyways, the best way to start your journey here in Hive is do an awesome introduction post. You can choose on whatever information you would like to share and be creative as you want to be. This will help other Hivers get to know you and be comfortable supporting your works here.
It's also best to subscribe to Communities you like and share your blogs there to have a wider range of audience. Or you can check out the Communities Incubation Program.
Also, letting you know since content on the Hive platform is monetized, using other people’s ideas or images could be considered as an offense and which is also viewed in a serious light on the blockchain. Here is a useful collection of resources about how plagiarism and abuse is viewed and handled on Hive.
If you are looking for tips and information as a Hive newbie, click here: Newbie guide. If you have questions, you can hop into Discord server and we'll gladly answer your questions. Feel free to tag @lovesniper @indayclara once you have made your awesome introduction post! See you around.
Ah, now I see you already blogged on Steemit before so Hive isn't totally new to you. That defo helps to get you started probably.. A lot has changed though, we now have so many communities around with different front ends and all these tokens on hive engine you start earning as well. I will give you a follow! Welcome back :)