One minute per topic – easy to understand and perfect for beginners.
Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.
Today, let’s go step by step through the process of putting your first $10 into crypto. But before we start, as always, this is not investment advice. Only invest what you can afford to lose.
But if you have decided that you want to dabble in crypto… how do you actually start?
First, understand that you’ll need to go through a few steps – those are exchanging real money into crypto, finding a wallet to keep that, tracking your investment, and eventually selling it if you want.
The easiest way to solve all of these problems is to trade through a public exchange, the largest two being Binance and Coinbase, but there are many more. Those handle all of the steps above in one simple app.
But which exchange is right for you? Generally consider that the larger ones tend to be more reliable, but also see if they operate where you live. There is also a difference between the cryptocurrencies each supports. Ask your friends too - often they can generate a referral link for you, and you both get something for free.
Once you’ve chosen your exchange, simply download their app, open it, and create an account. It will very likely want to see a government ID or other things to prove your identity, so be prepared for that.
Inside the app, you’ll also need to connect a bank account or another form of payment. Keep in mind that buying crypto with credit cards is usually more expensive due to fees.
And lastly, you’ll need to make your crypto purchase right from the app. And voila! In just a few minutes, you’ve become a proud owner of crypto and can see the value of your portfolio right there in your app.
And next time, we’ll talk about who or what actually sets the price for crypto currencies.
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