How to Get Into Cryptocurrency

By Raj

How to Get Into Cryptocurrency

If you’re reading this piece and you want to know how to get into cryptocurrency, then you’re likely a crypto newbie.

Congratulations! You’re in for a fun ride, and if you stick with it likely a wild ride, too.

I’ve been in crypto since 2017. I’ve been through the insane bull market of 2017/2018 and the gut-wrenching “crypto winter” of 2018-2020.

I then again rode the highs in 2020/2021 only to watch the bear market of 2022 once again erode people’s finances and confidence.

It’s also been eye-opening to watch how this last go-around brought a few crypto projects like Terra Luna, investors like Alameda and Three Arrows Capital, and exchanges like FTX, crashing, to their knees.

It’s an exciting space. A lot of good vibes from a lot of good people, and some sketchy and volatile personalities, too.

If you’re invested in crypto, it’s a financially risky space.

If you buy and sell the right cryptocurrencies at the right time, it can be a lucrative space, too.

But it’s more than that. Being in the crypto space allows you to learn about blockchain technology and everything associated with it.

That means you get to learn about the many use-cases of crypto, the different types of crypto, the key players involved, the terminology and the different communities within crypto, should you choose to participate.

With Web3, NFTs, crypto gaming and metaverse paving the way for the future, knowing these things helps you prepare to participate and benefit.

Let’s dive in and set the stage for you to get into cryptocurrency.

Read Crypto Websites and Blogs

If you want to know how to get into cryptocurrency investing, the first thing you should do is nothing.

Nothing?

Well, not nothing.

I just mean don’t rush out and buy a bunch of cryptocurrencies before you’ve had time to roll up your sleeves, get a feel for the crypto space and learn a few things, including risk and risk-management.

That means you should read and watch videos about crypto. A lot.

If you can dedicate at least an hour a day for the next several months to reading and watching videos, you’ll be amazed how much you learn in a relatively short period of time.

If you’ve got more time to dedicate, even better.

Here are few great resources to help you get started:

Get On Crypto Twitter

Twitter is one of the main gathering hubs of the crypto universe.

Many knowledgeable influencers here share their wisdom about crypto, NFTs, the metaverse and more.

They pontificate on things like the price action of individual tokens, the next new blockchain game release and where the crypto space may be heading.

If you have a token you want to research, Twitter is fantastic because you can use a “cash tag” like $SOL or $ADA to isolate and see what others are saying about that specific project.

Searching with cash tags can also lead you to other projects and cryptocurrencies of which you may not have heard, as well as like-minded individuals who share your interests.

What I really like about Twitter is that it’s a great place to gauge the sentiment of the crypto market at any given time.

In bull markets, the vibe is euphoric. In bear markets or during crashes, it’s downright depressing.

But other times when the market isn’t so obvious, the general sentiment on Twitter can provide its own useful insight as to where things are headed.

Do note that the Crypto Twitter community has pockets of extreme toxicity that’s usually much more prominent during bull markets.

If you want nothing to do with that vibe, that’s what the block/mute/unfollow functions are there for. 

Depending on your Twitter-savviness, or willingness to learn the platform, spending time poking around Twitter will help you discover, perhaps faster than anything else you can do, how to get into cryptocurrency .    

Here are some insightful Twitter accounts:

  • Vitalik Buterin – Founder of Ethereum and purveyor of blockchain wisdom
  • EllioTrades – Crypto investor, entrepreneur and developer of blockchain games
  • Willy Woo – Bitcoin on-chain analyst
  • Plan B – Experienced Bitcoin analyst, trader and investor
  • Andreas Antonopolis – Bitcoin advocate and tech entrepreneur
  • Raoul Pal – Economist and investment strategist with unique crypto insights
  • Tom Lee – Leans heavier on the side of stocks, but has some good crypto insights too

Watch YouTube Crypto Influencers

Along with Twitter, YouTube is where you’ll find crypto experts and enthusiasts gather to talk about and give their opinion on crypto-related matters.

While some of these individuals have deep level knowledge of blockchain and the crypto space, others are simply investors who give their opinions on which cryptocurrencies they like and potential price action.

Here are a few crypto YouTubers I find useful:

  • Coin Bureau – Educational and fact-based information on cryptocurrencies
  • Benjamin Cowen – Smart, data and metrics-based approach to looking at crypto
  • CryptosRUs – All around analysis of crypto, looking at fundamentals, as well news and macroeconomics
  • EllioTrades – Personable style and genuine enthusiast of the crypto space. Heavy into gaming and content on cryptocurrency for beginners.
  • Altcoin Daily – Run by two likable brothers who know the crypto space well.

Know the Different Categories of Crypto

When it comes time to buy cryptocurrencies, you want to know exactly what you’re buying and what purpose the cryptocurrency and/or project to which it’s native serves.

Here are a few examples:

  • Layer 1: A layer 1 crypto is a base network and its underlying infrastructure. It’s what developers of games, finance applications and other project build on top of. Layer 1 cryptos include Bitcoin, Ethereum and Solana.
  • Gaming: Gaming cryptos are typically used as the currency of games built on the blockchain. Players typically earn or are rewarded with these cryptocurrencies for playing and winning. Gaming cryptos include Decentraland, The Sandbox and Axie Infinity.
  • Decentralized Finance (DeFi): DeFi cryptocurrencies facilitate the functioning of financial technology built on the blockchain. DeFi projects include Compound, Curve and Uniswap.

Get to Know Crypto Price Tracking Websites

A cryptocurrency price tracker monitors the current value of digital currencies.

Some price tracker websites also provide information on market capitalization, trading volume, points of purchase and other data.

As you get more into crypto and research individual cryptocurrencies, you’ll likely spend time on these tracking websites. They’re great for researching cryptos in which you’re interested and finding new ones you didn’t know existed.

Do note that data from site-to-site varies so you’ll want to be careful which site you choose to use. CoinMarketCap is the dominant site and my favorite to use.

Here are a few others:

Learn How to Store Your Coins

Before you buy any crypto, you should figure out where you’re going to store your purchase.

Cryptocurrencies have private keys and how you protect those private keys will make or break your investment. You should always be in possession of your private keys.

That means if you buy cryptocurrency on an exchange, you shouldn’t leave it there, as you won’t be in possession of the keys.

That leaves you vulnerable to the exchange being hacked, your account being permanently locked, the exchange ceasing to operate, etc.

The FTX debacle has taught us that extreme scenarios like those above are very much in the realm of possibility.

That leaves you with a few choices.

You can get a hot wallet that’s on your computer and to which you send your cryptocurrencies. Hot wallets include Metamask, Exodus and Phantom.

Not all hot wallets hold all tokens, so you need to do your research.

Also know that hot wallets, though you will hold your private keys, are not a 100% guarantee that your crypto is safe. Any time your wallet is connected to the Internet, the risk of a hack is possible.

That brings us to cold storage crypto wallets. These are physical devices used to store your cryptocurrencies in an offline fashion.

Cold storage crypto wallets are your safest bet to store crypto. Ledger and Trezor are my favorite brands for the reliability, durability and the customer support which they offer.

These are few of my favorite models:

Once you have a cold wallet, be sure to properly protect its seed phrase.

Best Way to Invest in Cryptocurrency

If you’re at the point where you’ve spent at least a few weeks learning about cryptocurrencies and the crypto space as whole, then perhaps you’re wondering what the best way to invest in cryptocurrency is and how to buy some tokens.

Hopefully, a crypto like Bitcoin, Ethereum or another layer 1 project that has shown a strong use case and solid team behind it.

Here are some of the US based crypto exchanges on which I buy, sell and trade crypto. They all allow the deposit of USD to fund your account and make a purchase:

Always Stay Engaged

You wanted to know how to get into cryptocurrency and now you hopefully know a little, or perhaps a lot more.

But know that learning about crypto is not something you study once and then never again. It’s an ongoing educational process with which you have to remain actively engaged.

Why?

Because the crypto world moves at a quick pace. The technology evolves rapidly and investor sentiment can change at the drop of a hat.

What’s new today will quickly become old tomorrow.

Use the resources above, and the ones you find on your own, to successfully navigate this exciting space over the long run. 

Disclaimer: The above is the writer’s opinion and should not be considered investment advice. Readers should do their own research and/or consult a financial advisor. Any actions taken based on the information above is at the reader’s own risk.

Leave a Comment