Learning About Crypto

It's no secret, crypto is super confusing. But it doesn't have to be, here are my tips to you so you can grasp how crypto works, what different coins do, and what are blockchains and nfts, etc.

Step #1

My first tip is to understand that you won't understand any of it immediately. There are a lot of moving parts, so as you learn more you will realize how different things connect to one another. Before you start step 2 make sure you know the difference between decentralized and centralized.

Step #2

My second tip is to start small. If you are new to crypto I suggest researching only Bitcoin and learning everything about it. Learn how a blockchain works and what it is, how to send and receive BTC, how to use a wallet, what is a wallet, the different types of wallet, what problem BTC solves, what is a block, what is POW(proof of work), how to buy BTC, what are transaction fees/gas fees, what is a transaction, and what is a whitepaper. Once you can answer those questions you are ready for step 3

Step #3

By now you have a solid understanding of the basic in and outs of crypto. Now things get more complex. You are entering the world of smart contracts. The next coin you will research is Etheruem. The way Ethereum works in terms of blocks, securing networks, wallets, sending, and receiving is very similar to BTC but ETH has a lot of new things to offer. Learn what a smart contract platform is, what is a dapp, what problem ETH solves, what is POS(proof of stake), what is a coin or token burn, how to connect your wallet to dapps, how to add custom tokens to your wallet, how a dapp works, what layer 2 scaling is (do this last), what are stable coins and how they work, hacks and risks of using cryptocurrency, what is decentralized finance and how it works, what is an nft how does a transfer of ownership work using an nft.

Once you have completed step 3 you will know the basics of every single cryptocurrency. With your knowledge, you can now enter the market and do a deep dive into BTC or ETH or any other cryptocurrency as you already know the basics. Following these steps will ensure you don't get lost in the space and learn everything there is to know so that you can be successful.

Further concepts to learn are: what is a market cycle, what is BTC dominance, what is governance and how does it work, what's a hard fork. As you explore the space you will come up with questions of your own which you will answer yourself.

This is article aims to provide you with a starting base so you don't get confused in the crypto space. This is not financial advice and is for research and entertainment purposes only

All of this research can be found online, on whitepapers, on websites, in groups on Reddit, telegram, discord.

Thanks for reading my article, I hope you enjoyed reading it and learned something, if you did be sure to give the article a like and follow me as doing so helps me grow as a writer and share my work with more people which results in more people learning about the future: crypto and blockchain.

Cheers!

Bonus: Altcoins I recommend you check out after you understand cryptocurrency.

1. Olympus Finance (OHM)

2. Celo (CELO)

3. Nexas Mutual (NXM) Do a deep dive on how buying and selling it works

4. Monero (XMR) (aka the future of privacy)