Mar 25, 2021
CRYPTO FOR NOOBS
Before we start here, I just want to give you a quick disclaimer and tell you that I’m not a financial advisor by any means. I just happen to invest into cryptos.
Today I’ll be sharing you some tips and keywords that we use in the crypto world.
First and foremost you need to understand what is crypto currency. Crypto as it’s core is a decentralized currency.
But what is a decentralized currency? A decentralized currency is the contrary of FIAT as we use on a daily basis.
A decentralized currency gives you all the power and control over your money. You don’t have a middle man, you’re your own bank so to speak.
Interesting isn’t it?
Crypto as a whole is a revolutionary way to buy your everyday needs. We’re seeing more and more stuff that we can buy with Bitcoin for example.
Now let’s get right into it. I want to keep this simple so that you can start trading crypto today. We all value our time here.
Alright, so before you throw all your money into a coin that you don’t really know, let me tell you something. Something that you will hear often inside the crypto world. HODL.
That’s right HODL. Never day trade if it’s your first time trading. Even if it’s not your first time, I don’t really recommend day trading in general. Let me tell you why. Day trading as a whole is really risky.
Try to minimize your risks when trading in general. Slow and steady wins the race.
Alright so let’s get to it.
- Description of HODL
HODL = HOLD
so… the steps.
- Do research
Do research on the coin that you’re looking to invest into. If you believe that the project(s) will be good long term. Invest in it. Trust yourself.
2. Cost-Averaging
Cost-Averaging is basically you putting a set amount every pay or whenever you can into the project(s) that you believe will be good long term.
3. Patience
Be patient and don’t panic sell. Very important and especially in the beginning we don’t really know how the market works and we tend to panic sell when it goes down just a little. I’ll say it again, slow and steady wins the race. Keep your position in the market and don’t move. HODL.
4. Look at news, contracts and partnerships.
These are the best sources to look up for your crypto news.
This is one of them. (CoinMarketCap)
My second favorite is (CoinMarketCal)
5. Look at the team behind your project(s), very important.
Look at who developed the project. This will indicate if the project is serious, usually good teams tend to have good projects. It’s not always the case though. Make sure to do your own research on the project.
6. Staking your coins
Stake your coins when you can! If you plan on keeping your coins for long term. Stake them, it gives you more coins! You can look more on what is staking a bit later.
7. What is a bullish market?
A bullish market is basically when the market is “Green” or is in a up trend.
8. What is a Bearish market?
A bearish market is basically when the market is “Red” or when it’s in a down trend.
These are some simple steps that you can do some research on.
Keep in mind that Crypto is very volatile and has a risk like every other investments. It’s not a game. You can lose all your money. You’re not invincible.
In conclusion, It’s fun that you’re interested into crypto but don’t put all your savings into crypto. Bad decision. We don’t know where crypto will be in the next few years and we don’t really have finished projects at the moment.
Keep in mind that you need to be “Legal” that you’re of age in your country to trade crypto. If it’s banned then I can’t tell you how you can trade crypto. I don’t have the power on that.
Overall, thank you so much for reading this article, I hope this helped you learn new little things on crypto. I was not very familiar with blogging. I just wanted to help people that are interested into crypto.
Have a good day!
- Olivier Audit
