10 Simple Ways To Get Into Cryptocurrency

You might have heard about cryptocurrency on your timeline, the news, or even advertisements at gas stations

However crypto entered your consciousness, most day-to-day internet users, which is most of us

may have noticed the buzz around crypto has boomed. If you're not an expert in crypto, which again is most of us, you probably have plenty of questions

For those that are curious, today we're going to show you the 10 simple ways to get into cryptocurrency

Homework generally does suck, yet getting good grades in the crypto game can get you cold hard cash instead of cute stickers

Crypto is a pretty volatile investment, so playing fast and loose with your money should be treated with caution

Invest what you are willing to lose is the general investment mantra

Understanding which coins are worth it outside of their popularity is important

Especially since there are thousands of coins to look into But don't worry, most of them aren't worth much

Whoa, this is worthless It's easy to spot which coins are rising to the top

Start your detective work by looking into the team behind the coin. Are they legit

How active are they on the project? What makes them unique? Does this project have a purpose

Do you like that purpose? Dig into the behind-the-scenes information about a coin

mainly to avoid going all-in on meme projects like CryptoKitties or Garlic Coins

We wish we were making this up. Recognize if the coin you're investing in has some longevity

Short-term gains and day trading may seem like fun, but are way too risky to start with

After your detective work, put down your magnifying glass, sit and close your eyes

Set an intention for your crypto journey. Are you looking to save a certain amount of money to retire

To save up for a vacation? Capital for your next big idea? Tickets to Coachella

Whatever your goal is, setting up a clear why is key. The more investment clarity you have

the more confident you can trade. Ask yourself a few questions. How much money are you willing to lose

Are you in this for the long haul or do you want short term profits? This would dictate whether you watching the market every once in a while or hour on the hour minute by minute Think about whether or not you support the team behind the project Are you solely concerned about making a profit or do you want to invest in the company mission The highs and lows of the crypto market is a drastic one Rooting yourself in a goal helps

you from being swept away when the waves start chopping. Bend your knees and ride the wave

In the early days of crypto, exchanging coins was like the wild west, but for nerds. Formal

software was hard to come by and the learning curve of buying and selling wasn't easy. Thankfully

the prominence of cryptocurrency has risen, causing reputable platforms to pop up. Here's a few popular

exchanges that make it easier to set your digital wallet up. Each exchange charges a fee to process

trades, so be sure to calculate that cost into your investment plan. Let's dig in. Coinbase

It's one of the largest Bitcoin exchanges in the world. Easy to set up and start buying and selling

quickly. Bittrex is also a popular exchange. It stands out due to it hosting a lot more

alternative coins, also known as altcoins. Here's where you'll find those garlic coins and pizza

coins. All right, well, now I'm just getting hungry. Lastly, Binance. It's another popular

exchange known for its friendly user interface, lower fees, and ease of use. After you set up an

exchange, you need to do a few security checks. But don't worry, this is also for your security

Most credible exchanges will ask for sensitive information, so be sure you're on the correct

site and not to share this information with others. With cryptocurrency thriving in a pretty

anonymous space, exchanges want to make sure that you are a real human and not a robot just trying

to manipulate the market. No offense to robots, of course. Once you're in the clear, most exchanges

will expand your daily buying and selling limits from $100 limits to $1,000 ones. The exchanges will

expand your options once you complete this step. Have all of the relevant information on hand and

keep a backup of any security questions asked. Then store in a secured and safe space. Once you're

all set up for an account on the exchange make sure you connect your bank account so you can trade your currency for crypto After all you need to buy in the crypto market With this setup you be allowed to fund your investments and withdraw them for any reason

whether to cash out on some or all of your earnings or to enable recurring investments

depending on the platform you use. You're not in this alone. Every day, the crypto world gains more and more interested people

Communities all across the web have been formed to help you start your journey

From subreddits to online forums to the comment section of popular blogs

there's a variety of ways to connect with other people who are more than excited to help

After all, the more people that invest in crypto, the more profits everyone makes

But be advised, communities can be helpful to know what's going on

but with every piece of information you acquire, be sure to back it up with your own research

Reddit has an abundance of communities to follow. It would also be good to follow leaders in the crypto industry

Nick Sabo is one of the many pioneers of crypto and often thought of as the inventor of Bitcoin

His blog is seldom updated, but his Twitter feed can be a useful place to find out the latest

Andrea O'Sullivan is another thought leader in the industry and author of Bitcoin, a primer for policy makers

Lastly, Andreas Antonopoulos, who has a stellar YouTube channel. Here you can find clear and concise videos to keep up with the rapid pace of crypto news

As we mentioned before, there are a lot of coins to look into

Some people find luck and profit by supporting a new coin, but the odds are very slim

It's best to start off with common coins that have been showing some consistency

The top movers normally being Ethereum, Bitcoin, Litecoin, and Bitcoin Cash. You can use sites like CoinGecko to see which coins have the highest value

Start small and slowly build. Consistency is key here. Similar to the stock exchange, buying on the dip is a strategy a lot of investors use

Whenever the price drops, you purchase a little more, so if it swings back up, you're likely to make more of a profit gain

Starting with the core position then branching out is a good way to go As your comfort grows and hopefully your profits it might be worth looking into new coins that could be worth pennies now but a lot more in the future In the event you do patience is key while holding onto these currencies Since some of them are new

and still in development, it may take a while before you see any significant gains. It all ties

back to your research and your goals. Having stake in more than one coin spreads your risk. Some days

one coin will be up and others will be down. Long-term trading usually comes with some

increase in value if you're consistent enough. Having all of your eggs in one basket isn't the

best approach when it comes to high-risk trading like digital currency. This is where the doing

the research portion of these tips comes in handy. Due to the high risk and volatility of digital

currency, the price can go up super fast and drop even faster. A first-time investor can jump the

gun and sell all of their portions of crypto if they see a decrease in its value. More often than

not, the price corrects after a while and can have an upswing. Believing in whatever you're putting

money into is key here. And finally, let's say at this point you have a couple of hundreds of

dollars and your knowledge of buying and selling has hit a groove. You're going to want to protect

your assets. Despite crypto being a digital currency, having a wallet is still essential

While exchanges are perfect for convenience, they are still susceptible to hacking and getting shut down

Best way to back up your goods is with a crypto wallet. This increases the security of your assets as well as the access

Some crypto wallets are cold and hot. This means they are either not attached to an online network, cold, and have a physical device like a USB

or connected to a network, hot, that actively syncs with the coin networks

Choosing which one is best for you is based off of your own needs

If you have a ton of money stored, you might want to go for the more cold storage route

Companies like Trezor offer cold storage devices with software to manage them

On the other end, software companies like Exodus offer hot storage that can also sync with your cold

And there you have it. Did any of this make sense to you? Are you inspired to be the next big crypto trader