Crypto is still growing as a recent article from Cointelegraph demonstrates. But crypto is not always an easy game in which to get started if you have just come to the party. As such, we have compiled a list of potentially useful resources for those starting out.
Understanding the Basics
Bitcoin Basics: Charles Hoskinson, creator of Cardano Coin, created one of the best free tutorials on the basics of Bitcoin back in 2013. You can check it out here. Yes, the contents may be a little outdated – but the basic principles which govern the behaviour of blockchains under the hood have not, so the program remains relevant.
Blockchain Basics: If you are happy to pay a small sum of money to find out more, you can check out George Levy’s course on Udemy, Blockchain and Bitcoin Fundamentals, which is more pedagogically structured, more recent and also gives some insight into the possibilities of blockchain technology itself.
ROI: If you are planning to invest in cryptocurrencies, then it will help to get some idea of how to measure your cryptocurrency’s return on investment. You can find more information over at Medium: https://medium.com/amberdata/roi-are-cryptocurrencies-good-investments-ebb9a308924f.
Tracking: CoinMarketCap tracks pricing for all major cryptocurrencies. It currently lists over 2400 cryptos at the time of writing. There is also Coingecko, a similar platform but one one which also tracks more obscure – though admittely often entirely meaningless – cryptos. However, you will find the odd gem – EasyMine is an example – which CoinMarketCap do not provide coverage for.
To get your hands on cryptocurrency, you have two options. You can either earn it or buy it. To buy it, you will have to get registered with an exchange. Here’s a few you can check out:
Binance (https://www.binance.com/en/): one of the world’s largest cryptocurrency exchanges by trading volume, and one with arguably one of the most intuitive trading interfaces (although still far from perfect).
Coinbase (https://www.coinbase.com): an all-round excellent exchange with a dedicated professional service approach – something which is fairly unusual for the crypto space.
Rubix: (https://rubix.io/ada-exchange): a more recent arrival in the crypto space, and an exchange with a difference – it offers a crypto wallet that you use to collaborate with its exchange services but, unlike traditional exchanges, it is an exchange wallet which allows the user to remain firmly in control of his or her crypto assets at all time.
At the same time, you may also struggle with what may appear to be intimidating exchange interfaces – in which case, you may want to get started with a basic exchange interface. One such service worth considering is CoinMetro which simplifies the exchange process as far as possible.
The upside with such a service is that trading is intuitive and simple – and there is a team of advisors available to guide you through the process. The downside is that you are limited to the number of cryptocurrencies you can trade and will engage in a trade that is far from the optimal rate available to you with the more advanced trading interface – but it should at least give you a positive introductory experience to the world of trading.
When learning to navigate the crypto world, you also need to learn how to keep your crypto assets secure. Secure assets generally imply a secure wallet – the market leader in the crypto wallet space is Ledger. And whilst Ledger could do a better job of explaining how their own products work, there is no lack of resources on Youtube to help fill the gap.
And if you are thinking of investing in an ICO, be careful. Make sure that that the team is transparent about who they are and where they are located. Never invest with an ICO that is not a formally registered business. There are too many examples to count of so-called ICO projects which simply created a website, a white-paper and a wallet (for investor contributions) – something which any technically literate fourteen year old can achieve alone – before disappearing back into the wild with your hard-earned cash.