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How to Start With Cryptocurrency So You'll Feel Like a Crypto Nomad

Investing in cryptocurrency continues to be a hot topic trending on the internet these days, and despite its appeal, getting started seems too difficult for many people. However, that shouldn’t stop you from taking action.

And although there are many resources available on digital assets, the amount of information can be overwhelming. To simplify things for you, in this article, we’re going to explore some myths about cryptocurrency that may be holding you back from investing and give you a few tips on how to start with cryptocurrency.

What to Know When Getting Started With Cryptocurrency

People that get into cryptocurrency plan to use it either as a speculative investment or as a means of payment. No matter which one of those is your goal, to succeed in the crypto world, you first need to build a stable foundation.

The way you achieve that is by starting small, creating a roadmap, and fine-tuning your strategy as you learn new things. If you invest in cryptocurrency with the idea of making high returns quickly, you’re in for a disappointment. Calibrating expectations separates people who make money with cryptocurrency from those who do not.

Keep in mind that everyone’s journey with crypto is unique and that cryptocurrency investing is not a straightforward process. However, if you are smart about it, you can become one of the crypto nomads who travel the world on nothing but digital assets.

Common Myths About Cryptocurrency That You Need to Ignore

Some existing misconceptions about digital assets can determine people to believe that investing in cryptocurrency is not for them. Here are the most common ones:

You can only invest in Bitcoin —according to CoinMarketCap, there are 11.026 coins. So although Bitcoin gets the spotlight in the media, and it’s the cryptocurrency with the highest trading price, you have plenty of other coins based on blockchain to choose from
The technology behind it is too complicated —to invest in cryptocurrency, you don’t have to understand coding. For now, understand that it's important to make sure you send the cryptocurrency to the right public address and keep your private keys to yourself
Cryptocurrencies are only used for illegal activities —they aren’t. Cryptos can be used for great purposes like sending remittances in countries with poorly developed banking systems, or paying for clothes, utilities, trips, and even supporting your favorite charities
Cryptocurrencies aren’t secure —the cryptography used in blockchain technology is safe. However, cybercriminals can exploit vulnerabilities in hot wallets. If you take precautions to store your coins safely, your funds should be fine
It’s necessary to buy a whole Bitcoin —no, you don’t have to invest over 32k to get started with crypto. You have the option to purchase a fraction of Bitcoin, just like you would with fiat currencies

How to Start With Cryptocurrency

The most straightforward way to get into the crypto world is, though:

Centralized exchanges —this is the most straightforward way of getting into the crypto space. Many people prefer this option because it’s easy, but it’s not the safest
Decentralized exchanges —this option is a bit more technical, but if you are concerned about your privacy and safety, then this is the way to go

It’s worth taking the time to learn what are the advantages and disadvantages of these exchanges. However, once you decide which one you’ll go for, to purchase cryptocurrency, you'll need to:

Go on the website of a reputed exchange platform such as Binance or Coinbase
Create an account with them by following the steps that they indicate
Purchase the desired amount of digital assets using your credit card, PayPal or directly connect your profile to your bank account

Once you have your cryptos, you are entirely responsible for their safety. So, research and choose a wallet that gives you the best custodianship over your cryptos. Keep in mind that storing your coins offline as much as possible protects them from various security threats, and that losing your private keys means that your digital assets are also gone.

A common question that people getting started with cryptocurrency have is how much should they be investing? This decision is entirely up to you, but it’s a good practice to start with a small amount of money —1 to 5% of your earnings are more than enough.

Also, only invest an amount that you are comfortable losing, should that happen. Remember that the goal of investing in cryptocurrency is to create more wealth in your life, not to lose your savings or money you need for everyday necessities.

How to Make Money With Cryptocurrency

A few years ago, you could only make money with cryptocurrency by mining or buying, but today, you have plenty more options —from getting paid for your services in digital assets to cash backs on spending and DeFi farming

While staking cryptocurrency or running master nodes can be great options for you to make money with crypto, they may sound complicated. Luckily, there are beginner level friendly ways for you to achieve that:

1. Accepting crypto payments —start getting paid for your freelance work or integrate this payment option in your business’ website

2. Joining airdrops —this is a great way to learn about new crypto projects and earn tokens by helping them create a community for the upcoming coin through performing tasks such as:

Downloading their app
Signing up on their website
Following the projects’ social media handles

3. Performing micro tasks —similar to airdrops, you will help promote a project through completing a set of tasks. However, the skill level is a bit higher than in the case of airdrops. Examples of micro tasks are:

Creating videos or testimonials
Sharing promo videos
Writing press releases

Start Investing and Keep Yourself Educated

Investing in cryptocurrency is an accessible option for you to make money when traveling around the world. And as you can see, getting started with cryptocurrency doesn’t have to be complicated if you get a few basics right.