Let’s start with the basics. Investing in almost any asset (RE, Stocks, Businesses, Crypto) involves some risk. Just like in life, greater the risk, greater the reward. With that being said, all investing is, speculating that the valuation of an asset will be more than it was at the time you invested. If I were to break that down in more simple terms…. Investing is educated gambling. Individuals research and learn everything they can on the particular asset and opportunity present, and place a bet that their view is the right one.
Only reason I start there is, a major piece of my philosophy is… If I don’t understand, I don’t invest. Research and understanding is by far the biggest piece of beginning your investing journey. So below aren’t any of my views on coins or projects I like. Everything below are the tools to put in your toolbox to be more informed to make your own decisions regarding cryptocurrency investing.
Easy place to start to gain familiarity with the players are in the space. Each coin is ranked by their marketcap and their price. The secret is to click into the coin and visit their website. Figure out what does the technology actually do, why is it so popular, whats its potential? Get inquisitive
Arguably the most popular cryptocurrency news platform. A big part about investing in the space is staying up to date on current events. They do a great job of this with color around why things matter. They also supply some very basic technical analysis explanations
Twitter may be the holy grail for information on cryptocurrencies. You have a mix of traders giving technical analysis on specific trades, communities of projects giving out critical updates on partnerships and success or lack there of, and geeks that are just passionate about the space giving out free game.Unfortunately its so much noise out there, its hard to figure out where to start. I suggest following everyone I follow, and if you REALLY want to be in the loop, turn on notifications from those people to get sent to your phone.
If you went through all of the above and ready to drop some bread, this is where you start. The largest and most trusted exchange in the states. You will be able to purchase a few of the largest coins with your bank account or bank wire.
Binance is later once you feel comfortable with everything. Binance offers many of the smaller coins that you wouldn’t find on Coinbase. Probably my favorite exchange for altcoins. Cheaper fees and better UIUX than Bittrex. Although I do love Bittrex.
Reddit is the secret underworld of crypto. If you really want to learn about specific projects, subscribe to their reddit pages. You get to engage their community and delve much deeper into the past and upcoming developments in the project.