The first time I explained about cryptocurrency, I explained in details which can cover a whole book. Unfortunately, the feed back I got was that most people do not want to hear my long story initially but want a quick guide of how to participate in the space where only after that some maybe interested in knowing more. Therefore in this article, I covered the minimum necessities to start using cryptocurrency which should not take more than an hour to practice.
1. Cryptocurrency Information Sources
People who only heard about Bitcoin and cryptocurrencies probably only knew them from TV news, social medias, and rumors from their circles. Not knowing where to get the details about certain coins is probably the first wall that procastinates people from entering the space. Good thing today there are many cryptocurrency information sources and databases. My favourite is Coingecko but there are ohers out there such as Coin Market Cap and Coin Paprika that provides:
- Status of the whole cryptocurrency market.
- Crypto related news.
- The price histories of many coins.
- Details about each coins.
- Portfolio tracker.
2. Cryptocurrency Wallet
After getting information sources to know about the cryptocurrency space, to truly enter the space we need a cryptocurrency wallet. For new users on computer desktops I recommend Exodus multiple cryptocurrency wallet, Atomic Wallet for staking coins, and Metamask browser extension to enter decentralized finance (DeFi). A personal wallet is used for:
- Send and receive and access your coins.
- Full ownership of your coins by keeping your private keys and seed phrases yourself.
- Open your transactions to the public for transparent coins.
- Staking coins.
- Enter the DeFi space.
- No registration, no verification, just download, install, and use.
For new users, I recommend to click this link to install Trust Wallet only on smartphone to send and receive multiple cryptocurrencies, staking, and entering the DeFi space.
3. Cryptocurrency Local Exchange
The fact remains that cryptocurrency have not been adopted everywhere and the users needs to cash out to the current financial system to buy goods and services or the new users who wants a quick way to buy cryptocurrencies, all of that can be done through local cryptocurrency exchanges:
- To deposit cash and buy cryptocurrencies.
- To sell cryptocurrencies and withdraw cash.
- To perform trading.
While I was in Japan, I recommend using BTCBOX, and in Indonesia I recommend using the first and most popular exchange Indodax and an emerging exchange that have more DeFi chains withdrawal Tokocrypto. However, I lack knowledge of local cryptocurrency exchanges in each countries and therefore help me by leaving a comment of the local cryptocurrency exchanges you preferred in your country.
4. Cryptocurrency International Exchange
After owning our first coins, we can participate in the open cryptocurrency space, and one of them is to invest or trade more coins in an international exchange and my preference nowadays are Binance and Kucoin because they are the most popular and do not require know your customer (KYC) verification for small transactions and withdrawals if I remember correctly is under $1000.
- Buy crypto from your local exchange and deposit them into an international exchange to start using.
- A huge list of coins are available on international exchanges.
- Higher liquidity because there are more users from all over the world.
- More financial products, other than trading there are futures trading, earning interest, crypto credit cards, and participate in promos.
If you are very literate in information communication technology (ICT) like many Millennials and Generation Z today, then you probably do not need the further details. Like myself, I just need what application to install and I will explore myself. However, for those who are not ICT literate like the older generations, I will prepare the details in separate articles. I originally wanted to stack them here, but 40 images is just too much. Serious learners will probably be pleased but most people will probably be overwhelmed which is not a good marketing for crypto. Therefore, stay tune as this article will updated with hyperlinks to the detailed guide. Since most people today preferred to use smartphone, I will cover all of the detail guides screenshots in smartphone. Even my parents, uncles, and aunts are trading stocks and cryptocurrencies today, all because the applications are available on their mobile device where if the applications are only on desktop, they probably would have been too lazy to try.