By Ansylla Ramsey, founder, CryptoVibez
Cryptocurrency is one of the hottest investment trends today. But given that it has found its way into mainstream media, it has become somewhat of a confusing space, especially for beginners.
You may want to invest in crypto, but you're afraid of the risks and don't know where to start. It may also be intimidating because of unfamiliar terms. And because there are so many different ideas about how to invest in crypto safely, being a newbie can be truly overwhelming.
Far too often, crypto beginners hear hype about a coin’s anticipated short-term gains and want to dive right in without really understanding what crypto is or what platforms are the best for acquiring cryptocurrency. What we now know is that not all platforms are created equal.
So why not take some time to learn and evaluate various cryptocurrencies and platforms? Then you won’t have to wait to see what everyone else is buying. You will be able to make your own crypto decisions.
The crypto space is growing at an exponential rate. It's nearly impossible to keep up with all the new coins, technologies, and jargon. Additionally, it can be downright frightening when you look at all the news about cryptocurrency fraud, theft, and scams!
Add to that the countless crypto myths that are floating around.
Let me quickly dispel three of those myths.
Cryptocurrency is too complicated
Understanding the inner workings of crypto could definitely prove to be complicated. However, putting your money to work to earn crypto is primarily a matter of learning processes.
Cryptocurrency is only for the wealthy
Actually, one of the best things about crypto is that you can start with the dollar amount that you feel comfortable with. Just don’t use money that you can’t afford to lose. Cryptocurrency is volatile and the risk can be high.
Cryptocurrency is play money.
Well, Visa and MasterCard issue debit cards so that you can spend your cryptocurrency in the exact same way you use debit cards to spend the money in your bank account. Would Visa and MasterCard tie their globally respected brands to “play money”? Hardly.
Another extremely important component that is often not considered at the beginning of one’s crypto journey is security. We’ve all heard stories about thousands - if not millions - of dollars in crypto being lost because proper security measures were not taken. I know seasoned crypto traders who lost crypto because they fell into the trap of slick scammers. Knowing their tactics and staying vigilant will minimize your likelihood of falling prey.
Implementing good security and recordkeeping habits is vital to securing your assets and personal information. The harsh reality is : Not laying a solid foundation before purchasing crypto could prove to be extremely costly.
You and you alone are responsible for protecting your digital assets. If you lose your access information, It’s a wrap. There are no customer support numbers or online chat services to reset your PIN, as is done in conventional financial platforms.
Financial independence means just that — taking the time to grasp fundamentals, such as how to evaluate cryptocurrencies and exchanges, as well as ensuring that you’re taking preventive measures to avoid endangering your assets and personal information. These are other practices that will enable you to navigate the crypto space safely.
I was speaking at a private online event recently and one of the attendees said he’s afraid of crypto because he may make a serious security mistake.
My advice? Don’t be afraid. Just be careful. Take the time to learn and understand the essentials to lay a solid foundation. Clarity about cryptocurrency - what it is, how it works, how to safely acquire it and how to secure your assets and personal information - can certainly serve you well. Make sure you're comfortable with the basics before moving on to advanced topics like security and trading strategies.
Be crypto-confident.
