KEY COMPONENTS OF CRYPTO
for the first-time investor
What does a person need to know before starting to play in the cryptocurrency sandbox? Not much, I can tell you from experience. You don't need to understand blockchains, stake pools, or any of the engineering terms used by programmers.
Basically, to play in the game, it is helpful to gain some knowledge of coins, exchanges, and security. That's it! There is much more that can be learned, but as I've proven, with a handle on those three, investments can be made.
Even three components can be daunting when there are so many options. According to The Motley Fool, at the time of its writing, there were 1,658 cryptocurrencies in existence:
How Many Cryptocurrencies Are There?
'There are 1,658 cryptocurrencies, according to investing.com's current list as of Thursday afternoon. This is up from 1,638 on Monday and less than 1,600 just a couple of weeks ago. And it's up from one cryptocurrency in existence until just a few years ago (bitcoin).' - The Motley Fool
How many cryptocurrency exchanges are there?
There are now more than 500 Cryptocurrency Exchanges. - Bitcoin News
How many cryptocurrency wallets are there?
Best cryptocurrency wallets of 2020 | 70+ compared ...
'If you want to buy bitcoin or any other digital currency, you must choose a wallet where you can securely store your coins or tokens. But if you’re just starting out, choosing a wallet and learning how to use it can feel complicated and overwhelming.
Find out how coins are stored on the blockchain and how to store, buy or sell coins in your wallet. We’ll also cover common aspects of cryptocurrencies and altcoins to help you understand this important and often overlooked aspect of the technology that’s taking the world by storm.' - Finder
I said it is relatively simple to start investing in crypto. I didn't said making choices would be easy. Choices are just the first hurdle, there are more. If you'd like to have the experience at a lower risk, you could follow my story. Of course, I am not giving financial advice!
To keep it really simple, I chose the Cardano ADA as my first cryptocurrency coin, Crypto dot com as my exchange, and Emurgo Yoroi as my mobile wallet. And I am still learning (does that ever end?)
Use my referral link https://platinum.crypto.com/r/djrhwfb35w to sign up for Crypto dot com and we both get $50 USD :)