Getting Started with Crypto - Crypto Resources
The world of Crypto & Blockchain can be overwhelming to those who do not have help. This guide will show you some of the resources I went through to get started.
Outline:
- Understanding Crypto Fundamentals
- Getting a Wallet
- Crypto Exchanges
- Crypto influencers I follow
Understanding Crypto Fundamentals
Before you start, you should know the fundamentals of Bitcoin and Blockchain. Here are a few videos that I recommend.
- BBC's explanation on distributed ledger- Recommended
- How does bitcoin work (Longer but more details)
- Bitcoin Boom or Bust (2018) by CNBC
If you have time and the patience, you can also read the Satoshi white paper, the 8 pager document that started everything crypto.
Your Access to Crypto - Your Crypto Wallet
To interact with the crypto space, you will need a wallet. Just like how you need a wallet to hold your cash, you need a wallet to hold your crypto. For starters, i recommend CoinBase, one of the most downloaded wallets out there.http://onehourinvesting.com/coinbase
Alternatively, there are financial services that offer easy buying and selling of crypto like PayPal and Mogo. The only down side to these services is the crypto purchased cannot be taken out and the only thing you can do is to sell at a later time. Mogo is a Canadian based FinTech and they currently have a $5 welcome bonus (no need to buy or deposit anything)
If you plan to participate in different cryptocurrencies beyond bitcoin, you may want to consider getting a hardware wallet like Nano Ledger.
Trading Crypto for other Crypto - Exchanges
If you want to trade crypto for more crypto, you will need to use an exchange. For starters, centralized exchanges like Binance and Coinbase exchange are designed for beginners to use.
It is recommended that as a beginner you keep your crypto on YOUR wallet and not on exchanges. There has been many instances of exchange hacks and people losing their crypto overnight.
List of popular exchanges
- Binance (#1 exchange worldwide)
- Coinbase exchange
- Crypto.com
- Kraken (European)
- Bitfinex
- KuCoin
- Gemini
In a later article, I will share about how to interact with a decentralized exchange.
Use Crypto Infographics & Resources:
Our team has created a number of helpful infographics to get started with crypto and avoid pitfalls.
We also have a crypto FAQ to check out
https://onehourinvesting.com/pages/crypto-faq
Following Crypto Influencers
In a bull market, we will be seeing a lot of 'crypto experts' coming out of the wood work. Before following anyone it is important to ask the following questions:
- How long have they been trading for? (Most started in 2019 and happen to be good with videos)
- Are their contents providing substance or is it just fluff?
- Have they been providing contents during the bear market?
- What is their why for being in this space? Many are just shilling coins and projects.
- What is their bias?
A recommended mix of crypto influencers to follow should consist of a mix of crypto bulls, crypto bears, fundamentals traders, technical traders and other recognized leaders in the space. Here's a list of some notable influencers we follow:
At one Hour Crypto, we know that not everyone has the time to watch everyone and that's why we provide regular summaries of different crypto influencers to give you a 360 degree picture of what the sentiment is in the crypto space.
Future topics to cover:
- 8 ways to grow your crypto
- Crypto safety and privacy
- Crypto taxes and how to be compliant
- Using a decentralized exchange
- Trading fundamentals
Disclaimer: This is not financial advice, I am just recommending top resources and platforms I use for anyone who wants to get into crypto. Crypto is volatile and trading has significant risks. Consult a financial advisor for professional advice. Some of these links are referral links, by using these links you support this website and receive referral welcome bonuses on some of these platforms.