How to Start your Crypto Journey

Image by Christian Bueltemann from Pixabay

There are over 2300 cryptocurrencies on Coinmarketcap and that’s not all the cryptos that exist. Some questions that newbies ask when they start include;“Which coin do I buy?” “How do I begin?” There are so many options to choose from. I usually encourage people to start with EOS because it is simple and easy to use. EOS is a cryptocurrency and a platform for building applications.

A while ago, someone told me he wanted to invest in cryptocurrency and that I should advise him on the coin to buy. He claimed that all the money he had in this life was $3 (that’s about 1,000Naira). I thought about it for a while. A $3 investment can’t do much for anyone in this bear market. If $3 is all you have, then investing it into crypto and hoping that it would go to the moon (gain an astronomical increase) may not be the best decision. If you are lucky, you would lose everything and learn valuable life lessons, and if you are unlucky, you would lose everything and not learn anything. So I advised him to invest in his education. The greatest investment you can make is an investment in your financial education.

”An investment in knowledge pays the best interest.” — Benjamin Franklin.

I advised him to take that $3 and buy my book “Understanding EOS” (at a ridiculous 70% discount). I told him that if he buys the book, I would commit myself to mentor him and teach him how I started from being a broke untalented chap with a negative account balance to making millions (in Naira) from cryptocurrency and having a voice in the cryptocurrency space. Guess what he did? He told me he would “get back to me”. He never got back.

What I didn’t tell him though, is that I run an organization that wants to help marginalized youths learn about blockchain, digital currencies and that we are looking for people to sponsor into our EmpowermeEOS program where we want to give out free phones and internet subscription to people like him. I also didn’t tell him he can earn $10 and a lot more by watching simple videos online on sites like Coinbase. I wanted to, but I realise that people who do not value education won’t value education even if you attach a subsidy or reward to it.

I’m sure that he would have gone to someone who would tell him he can make $3000 if he invests that $3 into their crypto project. You would find many scams like that in the cryptocurrency space. Those things don’t work. If any project tells you that you can double your money in a short while, with no risk, by doing nothing, run from it. Don’t invest your money in crypto Ponzi schemes especially if you are new to the world of investing. Some people can stomach the risk but most of the time, it’ll leave you poorer and more bitter than it found you and you would waste time. I’m not saying that it is impossible to make an incredible profit from cryptocurrency. I have witnessed profits of up to 10,000% but it’s not by investing in Ponzi schemes.

Avoid Scams! There are many crypto scams out there waiting to dupe greedy people. Any project that tells you to buy a coin and that you would get huge returns >30% per month/week/day is probably a scam!!

It is possible to become crypto rich without investing a single dime by earning cryptocurrency. It is possible to become crypto rich by investing a small amount of money and trading with it or just passively watching it grow. It is also possible to invest $3 into a coin, and then it becomes $3,000 in a short time. Yes! You could get lucky but this is rare, you shouldn’t bank on it. There is a more excellent way.

Start with TokenPocket

If you are new to the world of cryptocurrencies and you need a wallet, start with TokenPocket.

TokenPocket is perhaps the best place to start your cryptocurrency journey. One problem with cryptocurrencies today is that most of the applications are not user-friendly. TokenPocket is simple and easy to use. It has a great UI and UX.

I was pretty impressed when I first discovered the wallet. So impressed that I reached out to the team on telegram to learn more about what they were building. The person who responded to me was their CTO (Chief Technological Officer). I loved the way he responded to me. TP people put a lot of effort into giving their users an awesome user experience. I got to learn that the CTO worked in Baidu Cloud Computing for 4 years developing storage-related products. Baidu is the Chinese version of Google. That tells you that the team is solid and competent.

If you visit the TokenPocket Twitter account, you’ll notice that they do a lot of giveaways to engage their community. It could be an opportunity for anyone who is interested in accumulating tokens while learning about projects. Some people have even made a business out of partaking in crypto giveaways and bounties.

TokenPocket is the best mobile and desktop wallet for all cryptocurrencies, a place where you can access most blockchain applications, a one-stop-shop for dApps and all things crypto! (Click to Tweet)

Get a Free Account

Now that you have a crypto wallet, you need a crypto account. Notice that there is a difference between a wallet and an account. A wallet is an app that helps you to interact with your account (s). Your cryptocurrency account is your username or public address/key and your private key. So you can have many cryptocurrency accounts and import them to a simple wallet like TokenPocket. Opening a crypto account is as easy as opening an email account, and most times the wallet and account come together.

EOS accounts are not free right now because of the special and awesome features in EOS. They cost $1 to $10 or even more depending on where/how you are getting them. I identify with a lot of young people who could not buy EOS accounts because Google PlayStore would not accept their ATM. I have therefore secured 100 free EOS accounts for you awesome people. If you need a free EOS account (and other freebies), click on this link. It will automatically generate a tweet. Tweet it. When you have tweeted that, holler at me on twitter and I’ll drop a promo code in your inbox which you can use to get a free EOS account.

For a meagre fee, you can get an EOS account/wallet from Google PlayStore or AppStore, you can also get a desktop wallet/account for your computer and you can pay with any means including PayPal.

Earn Some Cryptocurrency

We are on the brink of cryptocurrency adoption, and people are getting paid for learning about cryptocurrency and doing simple tasks. If you are not familiar with cryptocurrencies, this may sound strange to you but if you have been lurking around the crypto space, you should already know that people get paid for doing simple things. All forms of value will eventually be represented as tokens. Everything will be tokenized.

Below are some ways that you can earn cryptocurrency by doing simple online tasks. These require that you have an EOS account.

Get paid for learning; Coinbase and TokenPocket

You could earn over $130 from Coinbase for viewing educational videos about cryptocurrency. The only problem is that they would put you in a perpetual waiting list before you can access your funds. I know few people who have been able to earn this way but the majority of the folks I know are still waiting.

You can earn some TokenPocket tokens by reading this post titled “5 things you probably didn’t know about TokenPocket” and sharing it on Twitter.

Get paid for doing simple tasks to help AI

In effect.ai you can get paid in EFX tokens for doing online tasks such as audio transcription, content moderation e.t.c. By doing those tasks, you are also training an AI algorithm.

Get paid for Doing Good

Karma aims to reward people with karma tokens for doing good. You can earn karma tokens for posting positive content via their app.

Earn Cryptocurrency by Playing Games. Prospectors.io is a fine example.

Prospectors is a real-time, multilayer economic strategy game where players mine gold(PGL tokens) which they can spend in real life. The plot of the game mimics a typical gold rush.

Join a Local Crypto Community

“Surround yourself with people that inspire and encourage positive change in your life. Build a team in which you can work together to support each other and build better lives.”
Avina Celeste

If you are new to crypto, being part of a crypto community where you can learn and converse with other crypto enthusiasts is very important. You need a local support group where you can discuss and gossip about the latest crypto trends and learn about updates and opportunities. The cryptocurrency industry is still young and just like a child, it is growing rapidly. Being part of a community and joining in the discussions helps you keep up to date with the latest trends.

If you don’t have a local crypto community, that’s a problem waiting for you to solve it. Create one. Raise the discussion. Assume the position of a leader. The benefits are immense.

Read a book about Crypto

I started this post talking about getting an education and knowledge about cryptocurrency. I’m reemphasizing it for the sake of emphasis. Your knowledge and understanding of the crypto technology and market will make a huge difference and make you stand out. The more you know about crypto, the more you could identify opportunities along the value chain.

One book I recommend for you is “Understanding EOS. This is perhaps the best book that you would read about blockchain and cryptocurrency.

Click here to pre-order for the book.

Understanding EOS

“If you will get anywhere in life, you have to read a lot of books.” — Roald Dahl

Go for more Knowledge

Register for cryptocurrency course and more knowledge about the subject. The only investment I made in crypto was a $100 course on Nexxus university. It paid off. Getting knowledge about cryptocurrency would give you an edge in the years to come. No matter what your interest is, you will have to deal with money one way or the other, a crypto education is therefore important. Cryptocurrency is money! Everyone will use it. It is not only for crypto enthusiasts. Blockchain and Cryptocurrency education opens up new businesses and employment for people as new innovations come to the market.

If you are a developer of you, are interested in coding, check out this EOS Developer Course below. It’s awesome!

https://medium.com/media/bc311b6daa64ef4973389f25f847a9b2/href

Get a Crypto Job

There is a lot of opportunity in the cryptocurrency space for talented people. If you have digital skills, I bet that you could earn more if you are working for a blockchain company or project. This is not a random guess; According to Hired.com, the average pay for blockchain engineers is significantly higher than the average salary of a software engineer in other roles. There has been a 517% increase in demand for blockchain developers, and research proves that this will continue to rise over the years. Companies and employers do not care about your university degree/certificates. They only care about your ability to perform.

Invest in Crypto

Investing in crypto is one of the smartest things you can do in 2019. Negative interest rates, hyperinflation in many countries, trade wars, e.t.c indicate that we are heading for a major financial crisis. Venezuela, Zimbabwe, Sudan, Argentina, are facing an economic crisis because of bad monetary policies. In Venezuela for example, you’ll need a wheelbarrow of cash to buy tissue paper because the money has lost a lot of value because of hyperinflation caused by excessive printing of money. You want to invest in crypto because it would give you a hedge against the Naira or the dollar or any other government-backed currency.

The Venezuelan bolivar has become near-worthless, following a severe economic downturn. To show the extent to which hyperinflation has gripped the country, Reuters photographer Carlos Garcia Rawlins created images of everyday food and household items alongside the amount of money it costs to buy them. A 2.4kg chicken has been costing 14,600,000 bolivars (equivalent to $2.22, or £1.74) in the capital, Caracas.

Investing in crypto is good. But don’t just invest because everyone is investing or because there is a lot of hype. You need to invest in yourself first. Invest in your knowledge. You need to know what is going on because investing in crypto is risky. Learn before you invest. Investing is risky. Take calculated risks. Invest an amount that you can part with, and you can gradually increase your portfolio as you become more confident and understand more about crypto.

Bottomline

In a nutshell, these are 10 practical steps that you can take to begin your crypto journey.

  1. Invest in your education first.
  2. Avoid scams.
  3. Start with TokenPocket.
  4. Create Crypto Accounts and import them to TokenPocket app.
  5. Earn Some Cryptocurrency: Get paid for learning (Coinbase), for doing simple tasks to help AI (effect.ai), for doing good and for playing games like Prospectors.io, e.t.c
  6. Join a local crypto community.
  7. Read a book about crypto.
  8. Go for more knowledge: register for a cryptocurrency/blockchain course.
  9. Get a crypto job.
  10. Invest.

Conclusion

Now that you are bestowed with all this knowledge, it’s time to take action. This crypto race is not a sprint but a marathon. So as you start your crypto journey, do not crouch. Stand up!

Remember that this is a war. We are in the middle of a financial revolution. It’s not just a revolution of money. Blockchain and cryptocurrency would change the way we perceive and transfer value and interact with one another. It would change everything. There will be a massive wealth transfer in this decade. You have a choice to make. You can let others decide for you and let life happen to you or you can educate yourself, take an active role in deciding your future and take part in this revolution.


How to Start your Crypto Journey was originally published in Data Driven Investor on Medium, where people are continuing the conversation by highlighting and responding to this story.