What is Crypto?
Cryptocurrency is a type of digital money that works on a system spread across many computers. Because it’s spread out like this, it isn’t controlled by any one government or authority like the banks.
You can use crypto to buy things, just like regular money. Some people also invest in crypto, hoping its value will go up over time, similar to shares and stocks.
Important: Setting yourself up for success in the crypto space is key BEFORE you start purchasing crypto. Recoveries or refunds don’t work like centralised banks, so lets be smart about navigating in this space.
1. Identify your purpose / Investment strategy
Long term vs Short term Investing.
How much can you dedicate a week/month.
2. Choose an exchange platform
— This is where you can buy, sell and, trade your crypto.
Depending on the platform you choose, you will need:
– ID Verification
– Proof of Address
– An email address
– Set up 2FA
3. Choose a Wallet
Deciding which crypto wallet to use is entirely up to you in finding what suits your needs. If you plan to buy A LOT of crypto and “HODL” as a long term investment, you are better off putting your crypto into cold storage – (this is just a physical hardware wallet, but is more secure).
4. DYOR – Fact checking
Doing your own research helps you better understand what you’re investing in and knowing the difference between opportunities and scams. This is very important, especially when mapping out your investment strategy.
5. Time to Buy
Now that you have completed your set up and research, you are ready to buy your first crypto!
6. Security Checks
Ensure you complete regular security checks to reduce any risks.