A lot of people don’t know how to get started in crypto. I am a supporter of people using Crypto for lots of reasons, but I know to people it can seem scary and hard to understand. I mean, it was hard for me to understand when I started. So in order to give people a bit of an understanding of it I have created a page here with some information for those who want to begin in crypto to start. There’s also more information on the blog, just search or filter by crypto!
Before we get started, you should consider crypto with an open mind. I first saw Bitcoin when it’s price was a mere $0.33 per coin. I didn’t buy it for the reasons you haven’t, I thought, it was a scam, criminals buy it, it’s nor real money… of course. That was a mistake. I then rediscovered it at $500 per Bitcoin. I felt shocked, like a fool, but also that it couldn’t possibly go higher.
On a whim I got brave and bought my first Bitcoin and a short time later it’s value had increased substantially. I then started buying a lot. Since then I have been very active in the crypto world and been a partner and broker for big banks buying it (OTC), while they were saying they were against it. To say I understand crypto and the gov / banks ploys to stop you using it while they amass as much as possible, is an understatement.
If a person tells you something about crypto or anything really, you should always ask yourself these questions
- What is in it for them?
- What do they really know about it?
- Is this misery loves company?
1. Is someones advice tainted by personal gain?
Whats in it for them? Ultimately some people give advice because they get a gain from it. Question if that’s what’s happening and make your choices based on that. Bitcoin has a bigger market cap than 3 of the worlds largest banks combined, your £1000 / $1000 isn’t going to move the market up or down.
2. Do they know what they are talking about?
What do they really know about it? I don’t mean have they read an article, I mean have they done anything in that sector, did they have any in depth knowledge or was it / is it a shot in the dark? You can jump in the sea but if you cant’ swim and nearly drown you’re not the person to advise on swimming, no matter how wet you got.
3. Misery?
This is a thing… misery loves company… It really is the same point as number 1 and 2. Analyse why someone is giving you advice or trying to convince you to do something.. anything. Sometimes it’s people just want others in the same boat as them. It’s
So lets work on how to get started in crypto
So why should a person start and how to get started in crypto are the key questions! Let’s start with why. Ultimately crypto is both freedom from control and the opportunity to make investments for a return. On the investment side I’ll go into more detail in a moment, so lets start with freedom. Banks and Governments do not exist to help us. Spoiler alert, it’s a system that we are simply ants in, existing to support the machine and this is why they are so very anti crypto. The narrative exists to prevent people going towards something they don’t have control over. If you have bitcoin or any other crypto you can hold as much as you want privately and do whatever you want with it. I’ll explain more about this here.
For an investment, well crypto is volatile, but volatility is very often opportunity. I won’t go into my personal finances here, for privacy reasons, but I can make vastly more than my work earnings in crypto with ease. And of course, investment gains are taxed at a lower rate than earned income. So there’s that.
How to get started in crypto – buying
In order to buy crypto, you should of course learn and do your own research, but you’ll also need an exchange. And exchange is a lot like when buying stocks. You add fiat money (normal £$ etc) onto the exchange where you can buy and or sell crypto.
Here are a bunch of exchanges that you can use with a brief description of them, so you have more of an understanding and can make the choice that is right for you. You can use more than one exchange if you like. At the bottom I’ll also cover wallets and tracking apps. But what if your bank doesn’t like crypto? Get a Revolut account! Easiest bank account to set up, takes minutes online and no issues with buying crypto.
Coinbase
Easy to use. Coinbase is a trusted business and the basic version is very easy to use. Coinbase has a basic and pro option in the app and on the website so you can start simple and grow your. You can download the apps and or do it on the website directly. You can load funds via bank transfer or via a payment card. If you do a bank transfer, follow the steps and use the reference name to ensure your funds are allocated to your account. Card is easier. But what if your bank doesn’t like crypto? Get a Revolut account! Easiest bank account to set up, takes minutes online and no issues with buying crypto.
Binance
Size matters. Binance is the biggest exchange on the planet. It has a basic version and a pro, but the basic version is still more complicated than Coinbase. The benefit of being on Binance is there are more token / coins available than on Coinbase. Many people use a number of exchanges, based on what is best for them at that time or long term. I like Binance for lot of reasons.
Crypto.com
They have a great brand name but I don’t think it’s the best exchange. It’s fine, easy enough to use and does have some good benefits like the crypto visa card, which means you can spend your crypto in any store directly, without having to cash it out to £$. That’s a good enough reason for me to have an account.
Kucoin
Kucoin is a great exchange with lots of features. Ignore as always the US targeting them with charges, like every other charge that has been thrown at any crypto person or exchange, it’s nothing but noise and manipulation, where they look for fines. Kucoin has great features including some very advanced ones. It’s not as simple to use as others and you can get a bit confused, but it’s a good one.
Bybit
Bybit is very much like Kucoin. It’s a great exchange that you can get some awesome opportunities on. It’s more complex that Coinbase and Binance but same of not easier than Kucoin. Which one(s) are right for you is very much about where you’re based and what you want.
More than just buying?
In order to buy, plan your buys and track when you might want to buy or sell, CoinMarketCap is an app that you can get lots of data from. There’s no buy or sell on it, but it is a good tracking app. There’s others called CoinGecko and for those in DeFi DexTools is my favourite.
What is a Wallet?
Crypto left on an exchange is vulnerable to if the exchange collapses. That’s what happened with FTX. Now, real world it’s not hugely likely but it’s best to have a wallet. This is free. You can download and send your bought crypto fro many exchange to your wallet.