How do you start your crypto journey?
The first and most important step is to read up on yourself. Only when you know what you are getting into can you start a successful journey!
Once you have read up properly, you can start looking at all the options. There are a lot of them, so take a good look at what suits you!
When you have read up carefully and you know what is possible, it is time to think about what you want to achieve. Make a good plan that is actually feasible!
1. Informing about crypto
As you may have already noticed, there is a huge amount of time to spend on knowledge that you can acquire. It is therefore important to understand that it is not what you often hear: you can make money quickly with crypto. This is often not the case. It is often the case that people (yes, myself included) lose a lot of money to crypto. Just like with shares, it is important that you know what you are doing and that you do not fall for the big trap of “get rich quick”. It is often true that someone gets rich quickly. Unfortunately, that person is often not you and it is the person who promised it to you. So it is great that you have started reading my Crypto journey! On this page I will go into more detail about what can be learned and which sources are reliable.
The information available about crypto is enormous. But if you want to start, it is useful to read up on the basis of everything: Bitcoin. Blox (place an affiliate link here) is a Dutch crypto party that also has a lot of good YouTube videos about many types of crypto currencies. They are definitely worth taking a closer look! You can also (if you speak English well) watch the following YouTube channels:
-The coin bureau (link)
-The defiant (link)
Both are parties that have been active in crypto for a long time and who really know their stuff. Especially if you really want to learn how crypto works, these channels are highly recommended! However, this goes into a lot more depth, so it can be a bit overwhelming for a novice crypto journey.
In addition, the BLOX party (place an affiliate link here) has a very good summary of all the important crypto news of that day every working day! Really highly recommended!
In addition to watching videos, there is of course also a lot to read! Consider, for example, the Bitcoin “white paper”. This is Bitcoin's founder (Satoshi Nagamoto)'s explanation of why he invented Bitcoin and how it works. A book like “The Bitcoin Standard” (place an affiliate link here) is also a very interesting one to read.
In addition to a party like Blox, you can also look at other central parties. Large companies that have been working in the crypto world for a long time benefit from you learning more about crypto. In addition, they have no interest in providing false information. They have their reputation to uphold. For example, if you create an account with Coinbase (insert affiliate link here) you will even get paid for learning about crypto! When you read information on their platform, you will receive a reward in crypto. This method of promotion is called “learn and earn”, which means “learn and earn”. This method of promotion is used on many central trading platforms and is a fun way to start learning. Because learning is of course a lot more fun when you get paid for it!
2. View possibilities within crypto
Now that you have a better idea of what crypto entails, it is of course not unimportant to know what all the options are. There are really a lot of them. On this page I will list a number of options and then refer you to the page on this site with a more detailed explanation. There I will further discuss possible strategies that are possible per platform and what I am currently doing myself. In every case I will mention a party where I use this service myself. Once again it is not financial advice, it is purely my own findings that I am going to share. My goal is to show you what is possible, not to help you earn money quickly.
But what are those options?
-Saving: Nexo (there may also be other parties, but they offer savings in euros)
-Staken: Bitvavo, Blox, Coinmerce, Nexo, Bybit
-Lending: Bitvavo, Blox, Coinmerce, Nexo, Bybit
-Stable coins: Bitvavo, Blox, Coinmerce, Nexo, Bybit
-Traden: Bitvavo, Blox, Coinmerce, Nexo, Bybit
-Investing: Bitvavo, Blox, Coinmerce, Nexo, Bybit
-Shares: Etorro
-DCA: Bitmymoney, Bitvavo, Blox, Coinmerce, Nexo, Bybit
-Bots: Bybit, Coinmerce
-Farming: Bybit and at Defi
-Speculation: Everywhere
-Going: Pi, Gomining
-Open a current account: Nexo, Bybit
As can be seen in this table, the possible profit is closely related to the risk you run. In my opinion, it is wise to start with easy and relatively low-risk options. This is not financial advice but my personal opinion when I look at the mistakes I have made. Be careful with your hard-earned Euros! The chance of return is certainly there, but the chance of loss should certainly not be underestimated!
What is also wise, in my opinion, is to look at the combination of the figure for risk and for knowledge. If you are at high risk and you need a lot of knowledge, it means that you are working on something difficult. This means that not everyone can do it and you therefore have to specialize yourself. This also makes it possible to achieve a higher return. Because if not everyone can do it, then with a good amount of knowledge you are one step ahead!
If there is a lot of risk involved but little knowledge, then it actually means that it is better to stay away from it when you are just starting out. In my opinion, this is a bit of a “to good to be true” thing. If everyone can just do it without knowledge but with the possibility of a high return and a high risk, then you have to wonder why everyone doesn't do it. But also certainly who makes money from it. For example, if we use a bot, the platform earns money because you make trades and leave them open, which means a fee has to be paid. The more you trade, the more a platform earns. However, it can of course be profitable if you have enough knowledge. According to the book “rich dad poor dad” we currently live in the world where knowledge is power. This means that by gathering more knowledge you have an advantage over other users who think they can earn money quickly.
An example: If the market is in a positive trend, you use a bot that trades “long” just like the rest. But because of your knowledge of the market, you have the feeling that the “sentiment” in the market is deteriorating. As a result, you decide to stop your current bot and switch to a bot that goes “short”. You are one of the first and therefore most will think you are crazy because the sky is the limit! Until things actually get worse and the “long” bots are all stopped and everyone has lost their money. Except you, because because of your research you took your profit on time and you are in the next bot. Perhaps slightly less profit than was possible. But at least it's a win.
So this is just an example. Certainly not financial advice. Because you can also choose to go with the pack, stop using bots altogether, choose a neutral bot or not start at all. The only thing I want to say with the example is that you may be able to start with certain options with knowledge than someone who has no knowledge of this at all. Just like with trading, you can reduce your own risk through knowledge. In my opinion, it is therefore wise to really start learning. The more knowledge you have, the more you will benefit from this and the less painful the losses will be!
Make a plan for your crypto journey
Now that you have a clear idea of what is possible in the world of cryptos, it is a good idea to consider for yourself what you really want to achieve. What is your goal, what is your drive and in what time frame do you want to achieve this? Talk about this with your partner or a good friend.
For convenience, I will post a word document with the extras. Here you can easily answer a number of questions to give yourself a better idea of why you really want to start with cryptos. Once you have a good idea of what you want to achieve, we can move on to the most important part of being involved with cryptos: The risks