💎 How to crash the Crypto party as a newbie!

It’s early 2022, you go on Twitter and everybody’s tweeting “gm”, “wagmi”, “lfg”, and a bunch of other weird acronyms and you’re wondering what in the sweet world those are supposed to mean? Well, you probably missed the train to crypto express the previous season, hop into this article to get prepared to catch the next one!

WHY IS CRYPTO BLOWING UP? 🚀🚀🚀

Cryptocurrency or crypto, in short, is a form of digital currency that is decentralized, meaning there’s no central body governing it, the power lies in the hands of its holders. This started as a revolution after Occupy Wallstreet in 2009, but we are not talking about it in this piece.

Now, since it is not controlled by a central body, consider a government, cryptocurrencies provide a quicker way of payment with much less transaction fee than regular currency, part of the reason why it is getting popular by the day. Another part of the rise in popularity is the possibility of getting good returns on investments into them, which we will be going through now. 🚀

CRYPTO, CLIMBS & CRASHES

Let’s cut to the chase, how do you get into the crypto party? You’ve been seeing and hearing about the market crashes and insane sudden returns off of the crypto tide, but should this be your motivation to start investing in those coins? Absolutely not!

Hit me with your favourite crypto memes/gifs... here’s mine
9gag

The volatile nature of the crypto market is why you shouldn’t get into FOMO investing in the first place. Since most of the coins have gained recognition recently, investors are still trying to figure out their value, which creates an unstable environment. Moreover, they are in limited supply, so, when wallets with large holdings sell or buy coins/tokens, the market gets heavily influenced. 

PATIENCE, MY FRIEND!

Okay, now you have understood that giving in to the hype is not a good strategy, but what next?

r/Bitcoin - Your reminder to remain calm, drink in the Buddha, and HODL on

BUDDHA LEVEL PATIENCE!

Crypto markets are filled with jumps and fall, the graph does virtual gymnastics now and then, and sometimes it stays at a place for a bit longer than usual. It’s very natural for you, for anyone, to panic when the fall comes, or lose their senses when the jump happens. But in its very essence, the market favors investors who are going to hold their investments.

Values of various crypto tokens are still in the discovery phase, it is a better bet to invest and wait for the value to mature. If you’re gonna be that guy who sits watching the graphs the whole day, attempting to capitalize over every rise and fall, you’d probably lose your sanity and maybe your money as well.

WATCHING OUT FOR SCAMS!

Screen grab of crypto scam on Youtube

Ahh, scams, the Elaichi in our Biryanis. They are everywhere, in all sectors, and crypto is not a stranger to them. DMs claiming to double your money, fishy websites, fake coins; you’d come across at least one of these during your journey into the crypto realm.

Not only scammy DMs, fake websites, and coins are equally capable of luring you in. You can judge coins with a bit of thorough research on your part. However, websites are a bit tricky. The imposter website might look exactly the one you’re trying to visit, and redirect you to a different payment page than before during the transaction. That is a red flag.

There’s a solid chance that your investment into a shit coin coin solely based upon its hype may end up in dust and rubble. Take, for example, The Squid Game token, which rose from 1 cent to $2,856 in less than a week, and then lost 99.9% of its value in a matter of minutes! 

WHAT TO BUY?

Different categories of cryptocurrencies

Bluechip currencies or tokens with a valuation of above $2 Billion are what you should be primarily eyeing.

Bitcoin is almost synonymous with crypto, Ethereum has a whole ecosystem behind it, Solana and Cardano are booming because they are fast, cost-efficient, and environmentally conscious. It is a safe bet to invest in these tokens and hold them since their future is very promising. Other blue-chip cryptos like LiteCoin, Ripple, Tron, and Polkadot are also dependable for long-term investing.

These tokens can be followed by others like Polygon Matic, Loopring, etc with average value acquisition. Meme tokens like the Dogecoin have no real-world value they only function on the sentiments of the investors and influencers, but there is money to be made where there is a supply & demand difference.

Diversifying your portfolio with well-researched and promising tokens is the way you will ace the crypto game.

The most important thing though is, to leave out your greed outside the door and have a clear goal that you stick with throughout your stake in a token. Precisely, you should have an approximate price to buy and sell the tokens of your choice, without getting distracted by the market fluctuations. Lol.

WHERE TO GET THE SCOOP?

Now, you’re well versed with the fundamentals and risks involved with crypto investments, and ready to jump into the pool you might need resources to keep a tab on.

The websites below provide you with the latest and in-depth news and trends from the crypto world :

Charts & Prices on coinmarketcap.com, TradingView.com

⭐ One of the guides we found to learn about reading charts by CoinTelegraph: https://cointelegraph.com/trading-for-beginners/crypto-charts-101-how-to-read-cryptocurrency-charts

EXCHANGES TO TRADE CRYPTO IN INDIA:

If you want to hold crypto privately, you’ll need wallets to keep them secure and safe in a hot wallet, USB stick or a computer disconnected from internet to avoid getting hacked.

This article mentions the 5 best crypto wallets with detailed overviews of each: https://money.com/best-crypto-wallets/

Have fun, my fren!

Merry Christmas 🎄 and HODL!
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