“How can I start buying cryptocurrencies” a friend of mine asked me today.
I have ~8 years experience with the crypto field, I am not a pro nor a newby and I consider myself an average crypto holder and investor.
However, when this question hit me today I was like: from where to start? what is crypto? what is a wallet, how can I explain it to someone who has some tech knowledge and also some financial experience but almost no information about crypto and cryptocurrencies.
I took a deep breath and explained it step by step. Two hours weren’t enough, I could barely scratch the surface of the iceberg.
So i started….
First and foremost you need to do a short reading on the web about the general concept.
Then you need a price tracking website / application to understand how everything works. From the amount of cryptocurrencies out there (8000+), marketcap, graphs, +/- evolution, volume, coin ticker, supply
Exchanges, hot and cold wallet, staking, trading, spot and futures market, adding and withdrawing fiat (money), projects, teams, products, roadmap, releases and so on.
I felt like I need months to discuss and present everything in a simple but yet powerful manner.
The most used price tracker is coinmarketcap.com which basically presents the entire picture of cryptocurrencies. Besides this one, there are plenty other webpages and apps that can help you in tracking the cryptocurrencies.
You need to acces / install it and play around a bit to understand:
- Total Market Cap — which is 1.1 trillion dollars at the time of writing this story
- Coin ticker — BTC stands for Bitcoin, ETH for Ethereum, EGLD for EGOLD and so on
- Graphs — an overall price evolution for each coin
- +/-% evolution during the last 24h and 7 days
- Market Cap for each coin — calculated by multiplying the circulating supply of the coin with its price
- Volume — how much cryptocurrency was traded in the last 24h