This guide will help you learn about Cryptocurrencies in record time.
(In other words: no need to worry if you are struggling with Cryptocurrencies here I will show you step by step how.)
So, without further ado, let's get started…
Table of Contents
About the Author
I am Giorgos Bitsounis and I have been dealing with Cryptocurrencies since 2014 and properly since 2018.
I remember trying to buy my first Cryptocurrencies and altcoins and how stressed I was the first few times about not making a mistake, and when I made a wrong amount it upset me.
I was hearing various confusing terms that were really unfamiliar to me.
However, after several years on the market I managed to be able to invest safely and with a risk tolerance.
However, I want you to learn as much as possible about Cryptocurrencies from the right sources to avoid being scammed or losing a lot of money.
Cryptocurrency Basics
This chapter is all about teaching the basics of cryptocurrencies
Therefore if you are a complete beginner and do not know "What are Cryptocurrencies" the following articles are a must read.
Why
they will help you understand the basics before we go into more specialized categories.
What are Cryptocurrencies? Positive negative
This guide will take you to an in-depth post that will answer all your questions about what Cryptocurrencies are.
Step by Step Guide to What is Blockchain (In Simple Words)
Complete course in simple words on what Blockchain is.
You will learn to cross without a lot of jargon about how Blockchain works, what it is used for and its Advantages.
Cryptocurrency Scams (What You Need To Know)
Complete detailed step-by-step guide with examples of scams you should know about in the cryptocurrency market.
It is very important just as we know how to keep the money we have in the bank or at home, so we need to know how to keep online money in Cryptocurrencies.
How to choose a cryptocurrency exchange
Choosing an exchange for a beginner it is very important to choose a platform that is easy enough, so that it does not complicate you, has all the security protocols, but also has enough Cryptocurrencies
One of the best Exchanges after much analysis and research we have done, We saw that the Bybit exchange it is the best.
You can also see other exchanges such as
- MEXC – It has several rising Cryptocurrencies (Mexc guide)
- Binance – Also one of the best exchanges (Binance Guide)
- lbank – Has several Small Cap Cryptocurrencies (Lbank Guide)
How to buy your first Tether USDT
After you have chosen the exchange you want, it's time to buy your first Cryptocurrencies with usdt.
For those who don't know, what is Tether (USDT) is a token that has a fixed value of $1.
For a detailed presentation of what USDT is and how to buy it you will find it in the article.
How to buy Bitcoin Step by Step
After you have bought your first Tethers you can now buy Bitcoins.
However the way I will show you in this guide works on all Cryptocurrencies if you want to buy something other than Bitcoin.
Useful Cryptocurrency Platforms
Staying informed in this growing market is the best thing you can do.
The websites you should have are:
Twitter – Twitter is one of the best platforms to learn about Cryptocurrencies such as: New, New Cryptocurrencies, Tokens Worth Investing and many more. However you have to follow some specific people to be able to have this information like: @eliz883, @WatcherGuru, @CryptoGodJohn.
Coinmarketcap – CoinMarketCap is the most popular price tracking website for Cryptocurrencies. It offers a range of services, Price tracking, Historical data, updates.
Tradingview – TradingView is a powerful market analysis platform that offers users access to a wealth of tools and data to make informed investment decisions. We have also made a detailed guide on how it works and how to do it Register on TradingView
Reddit – Reddit hosts several popular subreddits, like online communities, dedicated to discussing Cryptocurrencies such as Bitcoin, Ethereum, and new meme coins.
How to properly invest in Cryptocurrencies
There are hundreds of strategies in Cryptocurrencies.
What you have to do is see what suits you.
I scouted the strategy that won me over was DCA” Dollar-Cost Averaging".
The process of investing is as follows, every month you will put money into a cryptocurrency at a random point without caring about its price.
However, after some years I have changed my strategy a bit and what I have done is to set purchase targets.
Example of DCA
For example, if I want to invest in Bitcoin every month, I won't do it, I just save the money I would invest and say when my price reaches a target of 47159$ I will buy all the money I had saved for so many months.
Now if Bitcoin price takes more than 3 months to go to the first target I will break the money I will hold in USDT and buy with a 50% at $47159 and another 50% at the next target $43694.
However the price of Bitcoin for example is stuck at the level 47159$ and next month, since it is a DCA target I will buy again.
The purpose of this strategy is to avoid buying at high prices and to be able to buy Bitcoin or some other cryptocurrency at the right prices.
Be greedy when others are afraid
A huge percentage of the cryptocurrency market will invest when everything has risen above 100% or even 1000% in order to catch the rise.
However, in order to understand how high the psychology of the world is and when we will start to be careful, 3 Indicators will show us.
Fear & Greed Index
The first is the Fear & Greed Index which shows us the greed of the world and the amount of joy there is in the market.
For me, when it is at low levels I make purchases, as long as it goes up especially above 85 I am very careful.
Bitcoin: The Puell Multiple
The Bitcoin Puell Multiple is an indicator used to measure the profitability of Bitcoin miners. Specifically, it is calculated by dividing the daily value (in USD) of Bitcoins produced by miners, by the 365-day moving average of the daily value.
Bitcoin: Price Forecast Tools
That's it Bitcoin Price Forecast Tools Uses a selection of tools blockchain to determine how high or how low Bitcoin could go.
You can see that these tools have been accurate in previous cycles, so the latest data for each of them may give us clues as to how far Bitcoin prices can fall and how high they can go.
Storage of Cryptocurrencies
Storing Cryptocurrencies is a very important category and you need to be very careful where you keep your Cryptocurrencies.
The best option is in a cold wallet like Ledger or Tangen Wallet
However in this article I have the best Cryptocurrency wallets for you.
Thank you for coming this far I hope you found this guide very useful. I await your comments and questions.
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