Before discussions on cryptocurrency entered the mainstream, concepts like trading crypto coins and minting new tokens on a blockchain seemed exclusive to the domain of “tech bros.” To this day, cryptocurrency has a reputation for being incomprehensible and hard to get into, and many newcomers to the field are intimidated by it. But in truth, cryptocurrency is neither as niche nor as complex as many people make it out to be. Nowadays, it’s just as easy to learn about cryptocurrency as it is to learn about other new and emergent technologies.
If you need proof that crypto isn’t half as intimidating as you think it to be, here’s a list of reasons for why it’s more accessible than ever. Consider this treatise before you start your foray into cryptocurrency.
The Barrier of Entry Isn’t Always So High
One of the most persistent beliefs about cryptocurrency is that the barrier of entry is always high. People assume that anyone who wants to become a crypto trader must be rich, technologically savvy, and willing to risk everything for their new investment. But while it’s true that you need resources, knowledge, and an awareness of the risks associated with cryptocurrency, there’s no cut-and-dried standard of the ideal crypto trader. Even traders with more modest knowledge and more conservative investment interests can give crypto a try.
In addition, there are other alternatives to popular and resource-heavy coins like Bitcoin (BTC) and Ethereum (ETH). A new trader like you can explore an up-and-coming privacy coin like Monero (XMR) and search for the best Monero wallet to store your tokens.
There’s a Wealth of Literature on Cryptocurrency for Beginners
A few years ago, it may have been hard to find exhaustive knowledge on cryptocurrency that catered to beginners or casual investors. That initial scarcity of information may have given crypto its mystique. But now that the crypto market has expanded worldwide—and now that the number of traders has surpassed 100 million—it’s not hard to find content that caters to traders of all levels.
If you’re a beginner, you can easily start your crypto journey by searching key cryptocurrency-related terms like “blockchain,” “crypto wallet,” “crypto mining,” “bullish market,” and “bearish market.” You’ll find a wealth of text, as well as infographic charts and video explainers, that will break down the basics of cryptocurrency. Since it won’t be difficult to learn and stay up-to-date with current crypto trends, it won’t be long before you become confident about your investments.
You Can Choose the Level of Crypto Investment You Want to Get Into
Even if people aren’t intimidated by the knowledge and technological proficiency that they think they have to amass, they’re likely intimidated by the risky and speculative nature of crypto. A good chunk of newbies to crypto also think that it involves an investment strategy that’s “all or nothing” in nature. The assumption is that all crypto traders have to go big or go home with their pockets completely empty.
But one important thing to note about cryptocurrency is that it is just like any other investment in the different asset classes—that is, you can choose how involved you want to be. You have the choice of trading exclusively in one coin, buying a crypto basket that allows you to hold multiple cryptocurrencies at once, or exploring mutual funds, exchange traded funds (ETFs), or index funds with crypto assets included. The important thing is that you choose according to your financial interests and that you don’t invest more than you are willing to lose.
There Are Excellent Tools That Can Make Crypto Trading Easier
Lots of people think that crypto trading is difficult and that it takes a higher level of skill than trading in other assets, like stocks or bonds. But while it’s true that there may be a learning curve to crypto trading and engaging with the crypto market, it isn’t the exclusive realm of veteran traders or tech aficionados.
In fact, there’s no better time than now to pursue crypto trading because of the wide variety of trading tools available. A new trader like you doesn’t have to feel like they’re starting from scratch. If you want to take crypto trading seriously, you can acquire crypto tools like charting tools, crypto calendar services, crypto news aggregators, and crypto trading bots. These will increase your mastery over crypto and help you hold your own as a trader.
There Are Top Developers and Supportive Communities Behind the World’s Best-Known Cryptocurrencies
Lastly, the media, popular culture, and the general public tend to portray crypto traders as lone wolf or lone genius types. This concept of what traders are like and how they operate has surely contributed to this intimidating mythos of crypto.
But there’s more to the crypto demographic than meets the eye. For sure, there are cutthroat traders and traders who like to keep to themselves. But there are many other traders who are extremely generous with their knowledge and supportive of each other’s interests. In addition, some cryptocurrencies are backed by the world’s top mindshare in technology—and these developers are very passionate about engineering the best trading experiences for their home communities. Joining the world means that you have a chance of meeting like-minded people, and the feeling that you’re sharing this experience will make crypto trading a lot less scary.
It’s high time that you put the most common impressions of crypto to rest and learn the truth about what it really is. One thing’s for certain—it may be a lot less intimidating than you think, and that could be the start of something positive for your crypto journey.