This document is tailored for individuals looking to get into cryptocurrency and learn more about the space.
Before you get started with crypto, wewant to highlight DO NOT’s:
- Do not look for ‘quick wins’ and get sucked into hype coins and pump and dumps from influencers on Youtube or Twitter. They need users to buy after they have bought certain tokens or got them for free. As soon as the masses buy, they can dump their bags.
- Trading will most likely lose you money. Timing the market is almost impossible and many gurus will try to tell you they can draw lines on markets and time them. Just think, if they could, they would all be multi-billionaires and running biggest crypto funds in the world.
- Do not get sucked in by maximalism
Now, you need to decide on a few things -
- What is your risk tolerance?
- What assets do you want to buy?
- What would you do if crypto goes to zero or for any other reason you lose everything?
When starting off in crypto, wewould initially suggest sticking to the blue-chip cryptocurrencies while you start to get an understanding of the landscape. Examples -
When starting off, wewould suggest going 50/50 in BTC and ETH.
There are numerous exchanges where you can buy cryptocurrencies, with varying degrees of ease and availability of coins.
You can get free crypto for signing up to various exchanges and platforms : more information here — https://www.captainbitcoin.io/rewards
One of my favourite guides on Bitcoin — https://www.upfolio.com/ultimate-bitcoin-guide
We suggest investing something as little as $100 to get started, as if you are invested in the industry you are more keen to research/read and investigate what is happening. If you’re not invested at all, you have nothing at stake and your interest will diffuse pretty fast.
You are your own bank. If you lose passwords, private keys or seed phrase you cannot recover this money.
Before we get started with crypto, you have to learn how to manage your passwords. If you lose your passwords, private keys, seed phrases and so on. (a lot of new words)
You will accumulate a lot of different passwords and security is of the utmost importance. If you lose your passwords, you will have an extremely low chance of gaining access to your exchanges or wallets.
We recommend using a password manager that will generate strong passwords and store them all securely in the one place. It can be accessed online anywhere.
Various password managers available. Feel free to pick one -
We cannot emphasise enough that you set up 2 FACTOR AUTHENTICATION for all of your accounts. This provides an added level of security for your accounts. Including gmail AND your password manager. If someone has access to your gmail or password manager they can reset all passwords or have access to all your passwords.
There are few apps you can use for this and the most popular one is Google Authenticator but we personally prefer Authy.
The reason weprefer Authy is it allows multi device login. This makes it easier to recover your accounts in case your phone is lost/stolen or simply needs an upgrade.
You may want to do your own research on this and see what you prefer.
Storing your crypto assets
We have a rather contrarian view on this. Most people will tell you ‘not your keys, not your coin’ — we believe for beginners this does not hold true.
And while you are getting a handle on crypto and learning, I would recommend leaving your assets on exchanges where you purchased them, as long as they are top tier exchanges such a Binance, Coinbase and so on.
We are not a fan of hardware wallets as they are just too….messy.
Best strategy to buy
DCA — Dollar Cost Average.
Best thing to do is set aside an amount you would like to invest every day / week / month and start investing.
Why? Because crypto is volatile and prices are constantly changing.
Set a schedule and stick to it. You will catch the highs and the lows.
www.coingecko.com is one of the most useful sources to look at cryptocurrency market cap rankings, charts, and more.
By clicking on the name of the coin, you are taken to more information on it, such as what exchanges it’s listed on, price charts, the company’s website and chat groups such as Telegram or Discord, Twitter and more.
Interesting developments in crypto
An interesting area to pay attention to and focus on currently is DeFi — Decentralised Finance.
Highly recommend reading this blog — https://defipulse.com/blog/what-is-defi/
Top defi protocols with value of assets locked in them can be found here — https://defipulse.com/
To learn more about Ethereum focused ecosystem wewould recommend — https://newsletter.banklesshq.com/
Some great insights into Bitcoin and crypto markets — https://iconicholding.medium.com/
Many other great blogs out there.
Do you want to earn free crypto?
Yes, it is entirely possible to make free money in crypto. We specifically created www.captainbitcoin.io for new users like yourself. A place where users can learn about various crypto products, services and earn free crypto and win Bitcoin.
Head over to our rewards page and you can learn more ways you can get your hands on free crypto.
If you have any questions, you are more than welcome to join this Telegram chat — https://t.me/capt_bitcoin
Finally, join strong communities, be active and learn. Your life will never be the same again.