If you’re new to crypto, it can seem daunting to understand and navigate. It’s essential to have plenty of resources at your fingertips for learning, trading, and managing your investments properly. Here are a few crypto resources and tips for anyone considering investing in this growing economy.
Every new crypto token is designed with specific incentives, regulations, and benefits for its users. The whitepaper of a token will lay out the motivations and goals behind the design of the token. The whitepaper is an essential resource for investors looking to compare and contrast the benefits of investing in different tokens. With over 19,000 options for cryptocurrency out there today, the whitepaper is becoming an increasingly important factor in speculation for ground-level investors.
Digital Crypto Communities
Joining a digital crypto community through social media platforms, including Twitter or Reddit, can be a helpful starting point for learning the latest crypto news. Keeping up to date on the most recent valuations and new blockchain projects can help you maintain your insight into the digital economy and generate new investment opportunities. The public opinion of specific crypto projects could be a determining factor in that blockchain’s long-term success. Be sure to join an online community to stay in the know.
dApps or decentralized apps are other critical resources in the crypto community. Decentralized apps allow you to access liquidity farms for borrowing and lending. If you’re planning on holding your coins for an extended period, entering a liquidity pool through a dApp can generate returns on your investment over time. Your coins are lent out to borrowers on the network through this liquidity pool in exchange for fees and sometimes new coins. Be sure to research the various dApps available before entering a liquidity pool, as there is risk involved in lending your cryptocurrency.
Podcasts, Blogs, Etc.
Though social media can help you stay up to date on the current happenings in the crypto world, you will need to access other resources to build your crypto knowledge base and more easily understand the present-day updates. Podcasts like the FTX Podcast can offer practical crypto knowledge and keep you updated on the latest crypto pop culture, like their recent interview about the Mark Cuban NFT endorsement and his journey into the crypto world. Podcasts, blogs, and other content about the crypto world can help you understand the basics of crypto and help you prepare for your investments.
The exchange you select will impact your day-to-day crypto activities. Some exchanges are centralized, meaning they act as third-party intermediaries verifying transactions between traders. Others are decentralized exchanges (DEXs) that are generally less user-friendly but use smart contracts to verify transactions, so no intermediary fee is charged during a trade. Generally, centralized exchanges will offer learning resources and a broad crypto knowledge base to incentivize users to join their platforms. However, when you enter the crypto space, learning of the benefits of DEXs could help you make more intelligent investment options. A DEX could benefit you over a centralized exchange if you plan on making regular or daily trades. Some groups like FTX are attempting to design an improved DEX platform that is easy to use and beneficial for coin holders who want to enter the decentralized finance market.
These are just a few resources you can take advantage of to learn more about crypto and make informed investment decisions. Join an online community today and learn everything you can about cryptocurrencies before making your first investment.