Introduction To Crypto
Before investing I want to caution you to get acquainted with this vertical and do your own research on everything. My first advice to you as a newcomer is not to FOMO in. I “FOMO-ed” in last year, not knowing what I was doing exactly and I’ve got burnt as markets didn’t play out the way I’ve wanted them. I’ve considered that as a price of admission to digital finance academy.
Crypto has its own cycles, and anyones advice, including my own, can have harmful consequences on your financial situation.
Use this article as a guide on how to get involved with the ecosystem and what its opportunities are, and try to get comfortable with the platforms and understanding the space, before making bigger moves. Invest with caution. I can assure you that Knowledge will give you bigger payouts than size of $ amounts invested.
By applying to some of these services by using these links I may benefit in the terms of affiliate commissions. However, all of these services are the ones that I personally use (on daily basis) and I had positive experience with. Crypto currency should start as a hobby, and you should be in control over the situation. I advise you to do your own research before moving forward, as it is your own money on the line, and neither I, nor anything I wrote here will be responsible for the decisions you make.
This is not an advice to invest into crypto currencies, I am just stating services and companies I am using, and that had integrity in their business dealings with me. I hope you have the same positive experience that I had with them so far.
How To Obtain Legitimate Crypto Currencies Without Paying A Dime (up to $60 a month)
Presearch is one of my favorite Crypto projects, and I think is an excellent place for people that want to get involved with Crypto, but don’t want to invest their hard earned dollars before they gain some experience. Their platforms allows their users to make their crypto tokens for using their search interface instead of Google’s. You can chose which results you will see, and for every search you make you get 0.25 $PRE. After you conclude the search, they send you to the search platform of your choice.
Get started with Presearch here, and start earning your PRE tokens. Afterwards you need to move these tokens to some exchange and trade them either for Bitcoin or for some other currencies that you want to invest in. To generate the best result, make sure to install their Chrome extension which will help you make the most out of it. It has a cap of 8 $PRE tokens per day, which is 32 searches per day.
Presearch rewards are limited to 8 tokens per day, which would be around $2 per day ($60 per month). This is a lot of money when starting out in Crypto, especially if you get lucky with picking some wild rides on alts. It can quickly move from just a hobby to a strong side or even full time opportunity.
Besides Presearch there are numerous other projects out there that are offering AirDrops, rewards and similar incentives that I recommend you research into. If you don’t have money to invest, you should have time to invest into crypto projects, and they are hungry for the users, so it is relatively easy to get involved. Do your own research and get started today, and reap great rewards over time. In case you don’t have money, nor time, than I definitively suggest that you reconsider your life situation.
Getting Started With Mining – (up to $60 a month)
Technically, you will spend minimal amount of money for the electricity on running your GPU. If you have a high performance graphics card, it’s time to put it to good use. Running some graphic cards for the entire month can cost around $10–20 per month, and can yield you $30–60 of returns. This is a great way to get involved with Crypto, as it leverages what you already have, and allows you the opportunity to get some money back on the device you already have.
When chosing what coin you want to mine, check out WhatToMine.com website, and pick the coins that are the most stable in the long run. As you are involved with minimal effort over here, I would send some of those coins to Binance or KuCoin (read bellow for more on these), at which point you will be able to chose the coin that yields you the highest dollar return. These $50–60 a month can go a long way, considering we’re still in the very early adopter stages of crypto.
You will need to learn how to setup the miner and how to properly optimize the speed of your graphic card and electricity consumption
Second thing you could do, is add a couple of cheap graphic cards and fill out the empty slots in your computer. I will create a mining guide down the road, and will link it here. If you want to update
Convenient Place To Bank Your Crypto
Coinbase is a Crypto gateway drug because it is extremely convenient, and you can register here Register here. While convenience is there for the retail investors, they also deal with fees if you want to make instantaneous purchases.
Coinbase is a good place to withdraw your profits to, as it is one of the most secure exchanges out there, that didn’t get hacked so far. Their security process is very complex, even impeding at times, but very well worth it.
Convenient Places To Trade Alt Coins: Binance and KuCoin
Alts are famous for their volatility and are the money makers in Crypto trading. Most of these coins have only speculative value, and you can lose substantial sums of money when trading them. Binance is located in Malta and KuCoin is located in Hong Kong. KYC regulations aren’t compulsory for either of these platforms, but if you are trading with larger sums of money I suggest you fill them out.
The reason why I love Binance and KuCoin is because they’ve got great mobile applications that allow me to have control over my assets even when I am away from the computer.
These exchanges aren’t like stock exchanges, but are extremely gamified, and often allow you to have some rewards and airdrops, based on Crypto currencies that you own.
Understanding Wallets, Addresses and Beyond
Every crypto currency that is worth something has its wallet. Wallets can be referred to as “cold storage” or “hot storage”, depending wether they are connected to the hardware wallet, online wallet or wether they are just an address on the exchange. Whatever you do, you will need to have some wallets handy. Personally I am using Ledger Nano
Actually start doing it, have a calm excitement, as crypto is not a sprint, it’s a marathon. Be careful whom you listen to for your advice, and trust no one. A lot of people have a vested interest in promoting certain coins, products or services. More often than not, they’ve invested in a coin before you did, and want that coin to increase in value. That is the case with various influencers on YouTube, Twitter and other social media platforms.
The world of Crypto Currencies is full of shady people, so use your best judgment on whom you will trust. This market seriously lacks integrity amongst its participants. Having a policy where you trust no one is your best bet.
I’ve seen my friends get hacked for $30 000+. Seen exchanges lock their doors, and slide away with your hard earned dollars. But all these issues are challenges that you resolve as an early adopter. So get your skeptic hat on, and come for the ride…