Learn Crypto Using Practical Industry Knowledge

Last updated on June 8th, 2023 at 02:51 pm

Cryptocurrency can be a complex and confusing subject to learn about. It’s important to break it down into its elemental areas to make it digestible.

By focusing on the fundamental aspects of cryptocurrency, you’ll be better equipped to make informed decisions and understand the implications of your decisions.

When learning about crypto you should focus on the basics of crypto and how it works, the different types of crypto, blockchain technology, smart contracts, how to do your own research (DYOR), strategic investing in stable & volatile markets, crypto exchanges, crypto regulations and taxation, avoiding crypto scams and overcoming FUD.

Having an in-depth understanding of cryptocurrency will help you spot emerging trends and opportunities, ultimately helping you make well-informed investments.

In short, if you want to be a smart crypto investor, it’s essential to gain a deep understanding of the fundamentals.

So, don’t let a lack of knowledge hold you back. Let’s look at these areas of focus to increase your knowledge of this amazing technology that is cryptocurrency.

What You Need To Learn:

Areas of Crypto To Focus on Learning

When it comes to learning about cryptocurrency, the best approach is to create an outline. Start by focusing on the core areas until eventually you can drill down further into certain ones.

You should prioritize learning the fundamentals, such as what cryptocurrency is, the different types of cryptos, what blockchain is and what smart contracts are and how they work.

While that may not seem like a lot of information to consume, it truly is!

So, let’s help by breaking it down for you.

Get the Basics: Cryptocurrency and How It Works

As you start out learning about crypto and before you can get involved in any meaningful way, you need to understand the basics.

Knowing about cryptocurrency and blockchain is essential for making informed decisions when investing, trading or spending your crypto.

Once you have a general understanding of cryptocurrency, you can start making sound decisions.

Top 10 Cryptocurrencies by Marketcap

Explore the Different Types of Cryptocurrency

Call me crazy, but if you’re going to invest your time and hard earned money into something, you should know something about it.

With this thought in mind, learning about the different types of cryptocurrency is a must. 

There are thousands of cryptocurrencies available, each with their own unique advantages and disadvantages… and frankly, some are nothing more than shitcoins!

Some of the most popular coins include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE), Ripple (XRP), and Binance Coin (BNB).

However, most people don’t realize that there are different types of cryptocurrency. Honestly, this is because when people talk about them, they lump all the different types of digital assets into one group.

If you don’t already know about the different categories of cryptos, you need to start your education here.

Generally speaking, cryptocurrency is broken into coins, tokens, stablecoins and privacy coins.

By understanding the differences between these coins, you can make better decisions about which ones to invest in.

As you learn about the different types of cryptos, you will begin to understand how each type works. This will help you understand the technology behind a blockchain.

Diving Deeper Into Blockchain Technology

It’s easy to get swept away by the potential profits of cryptocurrency, but it’s important to understand the technology behind it before you make any investments.

Blockchain technology is the foundation of most digital assets and understanding its mechanics can help you make smarter investment decisions. This knowledge can give you a competitive edge to ensure that your investments are well-informed, educated decisions.

If you don’t already understand blockchain, you need to start your education here.

Ultimately, understanding how blockchain works will help you make smarter investments and avoid costly mistakes. Many of these mistakes can be found in one section of blockchain operability.

Exploring Smart Contracts

Smart contracts are often overlooked when it comes to blockchain technology. However they play a significant role in the overall security and operability.

Smart contracts are essentially agreements that are placed on a blockchain and enforced by a series of protocols. Learning about smart contracts is important if you want to make sure your investments are safe, secure.

If you don’t already know about smart contracts, you need to start your education here.

Having a basic understanding of smart contracts is important for lots of reasons, not the least of which is if you plan to actually invest in cryptocurrency.

Initial Cryptocurrency Portfolio

Making Smart Investments: Tips for Crypto Beginners

Investing in cryptocurrency can be a tricky, but rewarding endeavor.

While crypto offers all kinds of amazing opportunities to make money, investing without doing your due diligence could end up costing you more than you bargained for.

So let’s look at some tips for beginners.

Do Your Own Research Before Investing

Doing your own research, or DYOR for short, is the key to successful crypto investing… and quite frankly, any investing.

DYOR is about digging deep into the technology behind a coin before you take the plunge and buy some.

Doing your own research means understanding exactly what you’re getting involved with, from its features to its risks. You need to research the team behind the coin, their track record and the tokenomics to name but a few areas.

By doing this kind of research, you can become aware of any red flags that may affect your investment in the future. In addition, you should read up on how others feel about a particular project before investing in it yourself.

At the end of the day, DYOR is essential for making smart crypto investments. Part of this DYOR process includes a bit of reading.

Research Cryptocurrency Whitepapers

Most crypto projects, when they are initially formed, in order to create a roadmap and gain traction in the space, usually produce something called a Whitepaper.

Cryptocurrency whitepapers are a great way to get an in-depth look into specific projects. Whitepapers provide detailed information about the project, its technology, and some valuable insight into how it plans on working.

Most whitepapers don’t just give you a snapshot of the company or project, they can also provide details on the team behind it. This is as close to an “insider look” as you can get without actually being a part of the project itself.

So, if you really want to know what a particular coin is all about, and how its technology works, then reading up on its whitepaper is a great place to start. Educating yourself about a project is definitely a great means of planning an investment strategy.

Strategic Crypto Investment Strategies

Developing a smart and strategic crypto investment plan should be at the top of your list before investing. Just like any other kind of investing, following a strategy helps you make the most out of your resources while minimizing losses.

Some strategies to consider include diversification by allocating funds across different coins or projects, having a long-term plan that allows for gradual accumulation of gains over time, otherwise known as dollar cost averaging (DCA).

Are you still deciding if investing into cryptocurrency is for you?

You need to start your decision process here.

Not sure about how much of your investment portfolio should be in crypto, you need to start your education here.

If you’re a beginner to investing in cryptocurrency, you need to see the beginner portfolio overview here.

If you need to learn more about investing, you need to start your education here.

By having a solid crypto investment strategy in place, you’ll be able to maximize potential profits while minimizing unnecessary risks. But not all investing markets are created equal.

Profitable Decisions in Volatile Markets

Planning to invest in crypto during high inflation and recession?

Start your education here to discover how to invest in this type of hostile economy.

Don’t be put off when it comes to investing. If you’re mindful and make smart decisions, you can still turn a profit in a volatile market. And to start investing you will need an exchange.

Learn About Crypto Exchanges

Exchanges are an essential part of the crypto landscape, and understanding them is a key component of making smart investments.

In a nutshell, exchanges allow users to buy and sell cryptocurrencies, as well as provide a platform for traders to conduct their transactions.

It’s important to recognize however, that not all exchanges are created equal. To start with, some offer more features than others, some offer less fees than others and some are far more reliable than others.

Generally speaking there are two types of exchanges currently operating in the crypto space, centralized and decentralized.

Centralized cryptocurrency exchanges are those hosted by a third-party provider. All transactions take place on the provider’s platform. These exchanges usually offer features such as high liquidity, leverage trading, fiat on-ramps and margin trading.

Centralized exchanges mimic the current financial system. You have to register, verify your identity and ultimately get permission to buy, sell, trade and withdraw on the platform.

On the other hand, decentralized exchanges operate without a middleman or centralized platform. Transactions are conducted directly between users and funds are stored in wallets that are controlled by the users.

Decentralized exchanges offer a greater degree of privacy and security, most only require the connection of a wallet. However, they also come with drawbacks such as low liquidity.

Ultimately, it’s important to weigh the pros and cons of each exchange type before making a decision about which one is best for your needs.

Once you find an exchange that you are comfortable with using, there is another, more important consideration, your online security.

Learn About Online Security With Crypto

Not Your Keys, Not Your Coins

– Andreas Antonopoulos

Self custody of your crypto is the key to your financial sovereignty. You should store your private keys in a non-custodial wallet.

If you are holding your crypto for the long-term, I use and suggest Ledger.

Finally, don’t let anyone else access your private keys. Your private keys are what give you access to your crypto assets.

If you need to learn more about private keys, start your education journey here.

Ultimately, the best way to protect yourself is to stay informed about the latest online security practices for crypto in order to protect your investments. You should also protect your investments by understanding your local regulations.

Educate Yourself on Crypto Regulations & Taxation

The world of cryptocurrency is ever-evolving and playing by the rules is essential to your success.

It’s important to be informed on all relevant regulations, laws, and taxation policies in regards to crypto holdings in order to protect yourself from potential legal issues or financial losses down the road.

By staying up-to-date on these topics, you can ensure your investments remain safe and secure.

You can stay up-to-date on the latest cryptocurrency related regulatory information on my website as well as my YouTube Channel playlist.

You can stay up-to-date on the latest crypto related taxation information on my website as well as my YouTube Channel playlist.

Don’t forget to do your due diligence when it comes to crypto regulations and taxation. But, there is another area to understand so it can be avoided.

Avoid Cryptocurrency Scams

Cryptocurrency scams are everywhere!

Sadly, crypto scams are sadly all too common… and as an advocate of cryptocurrency, it pains me to say that!

But as much as it pains me to say, it bothers me more that scammers are allowed to bilk honest crypto investors of their hard earned cash.

From online wallet hacks to phishing attacks, these malicious actors are out to steal your coins and personal information. And no person, no matter how popular is immune… scammers even used celebrities as bait for the unsuspecting.

Do your due diligence and make sure to only trust reputable sources for advice.

Don’t believe get-rich-quick schemes or promises of guaranteed returns. If you’re not sure about what your expectations should be in the space, start your education journey here.

Remember, if something seems too good to be true, it probably is!

Don’t let scammers take advantage of you, stay informed and protect yourself. Don’t let FUD stop you from investing in crypto either.

Overcome FUD About Delving Into Crypto

Fear, Uncertainty and Doubt (FUD) are not just synonymous to the cryptocurrency space.

If you’re tempted to jump into the crypto space, but FUD is holding you back, just remember that entrepreneurship of any kind comes with some risk.

That’s why it’s important to do your research and familiarize yourself with all the risks involved before taking the plunge.

This will help you keep FUD from allowing you to explore the potential of crypto. The truth is, the best rewards often come with taking risks, so don’t be afraid to dive in.

A little bit of knowledge and education, you could open up a new world of opportunities. The key is letting this knowledge fuel your actions.

Put Knowledge Into Action – Start Your Journey

Now that you’ve gathered all the information, it’s time to put your newfound knowledge into action. Start small and test out the waters before diving in head first.

You could start with low-risk investments and create a cryptocurrency wallet. Once you get the hang of it, and see how the whole thing works, you can then gradually increase your areas of expertise.

At the end of the day, success in crypto is all about making smart decisions and being action oriented. It doesn’t have to be a gamble if you’re educated and taking calculated risks.

Disclaimer

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