Getting into crypto doesn’t always have to be complicated. Sure, crypto is really changing paper money and investments in many aspects, and it might seem complicated for newcomers – but with these four steps, you’ll be ready to make your first purchase with confidence.
The whole industry might seem overwhelming at first, but breaking it down makes everything more manageable.
1. Understanding the Basics of Crypto
Crypto works like virtual money that runs on blockchain technology, without banks or governments calling the shots. Everything is happening on decentralized networks where transactions are recorded for everyone to see.
While there are thousands of different assets out there, Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) lead the pack. Bitcoin works like digital gold – people buy it to store value.
Ethereum takes things to another level by powering many apps and smart contracts, while Tether stays tied to the US dollar to keep things stable. The gains can be massive – Bitcoin shot up over 11,900% between 2016 and 2024, though the ride’s been far from easy.
2. Choosing Your Trading Platform
You’ll need somewhere to buy your crypto, and you’ve got two main options. Crypto exchanges like Binance, Coinbase, and Kraken offer tons of different cryptocurrencies and give you more control, but they might seem complex at first.
Then there are brokers like Robinhood and SoFi – they’re simpler to use but usually charge more and limit what you can do with your crypto. Think about what matters to you.
Want something straightforward? Go with a broker.
But if you’re looking to get deeper into trading or explore some less popular coins? An exchange or presale tokens are your best bets. Different platforms offer different features, so take your time choosing one that fits your needs.
3. Finding Opportunities and Setting Your Budget
The crypto market is getting bigger, and you have to choose your investments wisely.
Right now, presale tokens are the ones setting trends – and if you’re trying to explore the world of meme coins, you should check out new meme presales such as Pepe Unchained ($PEPU), Crypto All-Stars ($STARS), Flockerz ($FLOCK), FreeDum Fighters ($DUM), and Sponge V2 ($SPONGE).
According to crypto analyst Sal Miah, these low-priced tokens could bring some serious returns once they hit the listings. Spread your investments across established coins like Bitcoin and Ethereum, and some newer tokens – that way, you’ll get to know the market better.
People who bought the original Pepe early made incredible gains, and some think new tokens such as $PEPU might do just the same.
4. Securing Your Investment
Once you’ve bought crypto, you need to keep it safe. You can use hot wallets – online wallets on your phone or computer that are convenient but more vulnerable to hacking. MetaMask and Trust Wallet are popular choices.
If you want some better security, cold wallets like Ledger and Trezor can store your crypto offline, which seems perfect for your long-term holdings.
Using an exchange? Turn on two-factor authentication (2FA) for extra protection. And always back up your wallet recovery phrases somewhere safe – losing them means losing access to your crypto forever.
The Takeaway
The crypto world offers many exciting opportunities for those willing to learn and take some risks. Start small, do your homework, and keep security in mind.
New presale tokens might be also worth watching, as Sal Miah suggests, but remember to spread your investment so you don’t put all your money in one asset.
With these steps in mind, you seem to be more than ready to start your crypto journey!
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
