The world of cryptocurrency is as murky as it is exciting for NFT marketing. Every day, new coins and tokens are introduced, old ones die, and the market swings wildly to the tune of billions of dollars in value.
It’s an electronic landscape where nobody really knows what’s going on — and that includes you. That’s why we created this guide to help those who want to do business with cryptocurrencies but don’t know how.
1. Choose your coin
The first step is to choose your coin. Crypto coins have value only if people agree they do, so you’ll need to choose a coin that has some substance behind it. It should be established, with a strong team and relevant uses in the real world. Here are the three things you should consider:
2. Get the currency
Once you have chosen a crypto coin, you will need to buy some “coins” or “tokens” if it’s not available through an exchange. This can be done through brokers or at cryptocurrency ATMs, depending on what type of currency you want to buy and how much money you want to spend.
3. Participate in the community
Once you own some crypto coins, you can never stop networking and promoting your business. As a beginner, it may be hard to tell what is a good opportunity and what is pure nonsense. Just follow the most influential people in the industry on social media and take part in their conversations. Pay attention to how they talk about projects and other coins — that will help you understand if your choice of coin is a good one or not. Our site list is here.
4. Get involved with ICOs
ICOs (initial coin offerings) are when startups offer you coins or tokens in exchange for real money, usually Bitcoin or Ether (another popular cryptocurrency). The company is trying to raise money for development in return for early profits.
ICOs are risky: Most startups fail within the first few months and you could lose your money if the project fails. But if you choose carefully, ICOs can be a great way of generating passive income from cryptocurrency without having to take any risks as an investor, or remember to check prices every day.
5. Don’t forget about Tax Day
The United States has some of the harshest tax laws around — which is why most people use cryptocurrencies to begin with! But the IRS has recently made some strides in understanding the crypto market and it’s clear that you may have missed out on claiming your share of those massive profits.
6. Choose your exchange
Cryptocurrency exchanges – or “exchanges,” as they are usually called – are websites where you can buy, sell and trade crypto coins.
There are some important things to look for in a cryptocurrency exchange before you sign up:
7. Follow the news
Following the news in the cryptocurrency world isn’t about reading The New York Times or Wall Street Journal for their reporting on bitcoin for link building; it’s about keeping on top of what people are saying about individual cryptocurrencies and their related projects on Twitter, Reddit and any other social media platform that matters to you.
8. Help others get started
If you want to stay ahead of the curve, you should help those who are just getting started with cryptocurrencies. You can do it by sharing your knowledge, advice and experience on social media or in person, or by helping to create tutorials in places like YouTube.
9. Watch out for scams
The crypto community is far from immune to scam artists — and it’s especially important to beware these when you are starting out. The tricks can be hard to spot and sometimes people who seemed genuine at first turn out not to be what they appear. For example, if someone sends you a sudden large amount of Bitcoin, you should probably run a test on the transaction before you put all your funds at risk. If a crypto coin looks too good to be true, someone may have found an old wallet address which they didn’t know about.
10. Stay up to date
Just like in anything else, if you want to succeed in crypto you need to stay on top of the changes and trends. New coins or NFT and tokens are introduced every day, and older ones are constantly being upgraded. They can also be bought and sold at any time of the day or night, so you need to know when changes occur.
Summary:
Cryptocurrency is a highly profitable market, but it can be hard to enter if you don’t know what you’re doing. This guide will help you avoid common pitfalls like scams and tax issues, and it can serve as a reliable resource for years to come.
This is a newbie guide for bitcoin and altcoin enthusiasts. This article is written for those who want to get started with crypto trading but don’t know where to get started and how. In this article I will be trying to make as many generalizations as possible and try to steer clear of the technicalities that can come with crypto trading.
Currency exchange is the easiest way of buying bitcoin without having any knowledge about what you are doing.