We were all new once, and anyone that tells you it wasn’t at least somewhat confusing at first, is probably lying. Contrary to what you may have heard, you do not need a background in technology to get involved. You also don’t need any money to get started collecting a few coins. In fact, you can get started with nothing more than an email account, making cryptocurrency the lowest entry barrier financial product ever.
Only a non-tech newbie has the right to label anything in cryptocurrency “user friendly”
In cryptocurrency, the term “user friendly” gets thrown around a lot and usually means you can master it with some previous experience in cryptocurrency, and at least some degree of technology knowhow. What about the other 80 or 90% of the people that have neither? We need to take a few steps back and and make sure the introduction to cryptocurrency is available for everyone to understand.
#1 – WATCH BEGINNER LEVEL VIDEOS
#2 – READ OUR ENTRY LEVEL ARTICLES
#3 – GETTING STARTED WITH WALLETS
#4 – PRACTICE CRYPTOCURRENCY TRADING
There is a lot to learn just covering the basics of cryptocurrency and how to buy your first bitcoin. Even though you may have told yourself you can handle the risk and volatility, when you finally attempt trading cryptocurrency on an exchange, your stomach may tell you otherwise. Volatility is what traders rely on to make money, and on any given day individual cryptocurrencies could be going up or down anywhere from 5 – 50% (or more). There may be a hundred or more cryptocurrencies trading on a particular exchange, and each one may have multiple trading pairs. Without a little practise beforehand, the experience can be so overwhelming, you may feel like giving up before you even start. What you need is a controlled place to practise that doesn’t involve risk to your money.
#5 – SIGN UP AT AN EXCHANGE
It costs nothing to sign up at an exchange, and it can act as your first wallet for very small amounts of various cryptocurrencies, but should only be for a very short period of time. If you are wanted to trade or collect free coins from faucets and other giveaways, you should sign up at an exchange that lists a lot of cryptocurrencies. Exchanges vary in the amount of personal information you have to provide, and it is always a good idea to use a separate email address.
#6 – GET YOUR FEET WET WITH CRYPTOCURRENCY FAUCETS
After you have practiced trading on Coin2learn, and signed up for an account at an exchange, it is time to put some of your new found skill to work. A ‘faucet’ sends very small amounts of particular cryptocurrency to your wallet, usually after you complete a captcha. It doesn’t amount to much even after collecting for a while, but it is a great way to get a little bit of bitcoin and other currencies without spending any money. If you spend enough time collecting from faucets, you may collect enough to trade for other coins on the exchange.
#7 – LEARN HOW TO BUY BITCOIN AND OTHER CRYPTOCURRENCIES
#8 – READ THE ICO MODULE
Why? Because Initial Coin Offerings (ICO) are like dot.com penny stocks on steroids. They are getting so much media attention because of their astronomical returns, but you need to understand the level of danger (risk isn’t a powerful enough word) when gambling on them.
#9 – HOW TO RESEARCH CRYPTOCURRENCIES
#10 – ASK QUESTIONS
While you are doing your research, discussion forums such as Bitcointalk can be a great place to start getting more information. Make sure there is proof of any claims (other than a bloated market cap) that make a particular coin look more valuable than it actually is. Before asking any questions, please take the time to read the opening page (1), and as many of the most recent pages as possible. Quite often you will either find the information you are looking for or the same question has already been answered. Ask questions and keep asking them, until someone can give you an understandable answer. If you are interested in helping out or joining a team and want more information, send a message or email to the development team.
For more information check out the Cryptocurrency & ICO Screening Guide for Investors
#11 – CHECK OUT ALL DNOTESEDU MODULES
#12 – REPEAT THE ABOVE STEPS IF NECESSARY
Cryptocurrency Education: Free Courses
Bitcoin and Cryptocurrency Technologies Course
Princeton University, one of the most prestigious universities in the United States, offers a free online “Bitcoin and Cryptocurrency Technologies” course through their partnership with Coursera. It consists of eleven, one week modules, and may be best suited for those that have a computer science background and wish to understand bitcoin on a technical level. Students learn through video lectures, embedded quizzes, and an online community to engage with in course discussions.
“To really understand what is special about bitcoin, we need to understand how it works at a technical level. We’ll address the important questions about Bitcoin, such as:
- How does Bitcoin work?
- What makes Bitcoin different?
- How secure are your Bitcoins?
- How anonymous are Bitcoin users?
- What determines the price of Bitcoins?
- Can cryptocurrencies be regulated?
- What might the future hold?
After this course, you’ll know everything you need to be able to separate fact from fiction when reading claims about Bitcoin and other cryptocurrencies. You’ll have the conceptual foundations you need to engineer secure software that interacts with the Bitcoin network. And you’ll be able to integrate ideas from Bitcoin in your projects”