How to take your first steps in the crypto

Have you decided to embark on the Crypto adventure following a discussion with a friend or after watching a number of videos? You spotted a project that interests you and that seems viable ? This ecosystem attracts you but you don’t know where to start? This week Feel Mining tries to popularize this universe for you in order to offer you a number of bases. In this episode of Feel Summer, we will try to offer you a simple and effective methodology in order to take your first steps calmly.

Introduction to cryptocurrency

Cryptocurrencies are exchanged between digital wallets (wallets), usually through a smartphone or computer. Public and private keys provide the entire responsibility of these capital to these portfolios. These transfers are secure Thanks to incitement systems such as work proof (proof-of-work-POW) and proof of stake (proof-of-stake-POS).

The blockchain, this large public register which allows cryptocurrencies to exist, stores each transaction. This allows people to follow the history of cryptocurrencies as Bitcoin or Ethereum. Thus, it is impossible to spend tokens that we do not have, copy transactions or cancel them. However, there are still some risks. Longling your wallet and therefore losing your assets is the first, you will have to be very vigilant on this point. The fact that there is no intermediary implies that there is no after -sales service, You are your bank and you are responsible of your assets.

Despite their insurance, the exchanges of cryptocurrencies (Exchanges) are, to a certain extent, vulnerable to cyber attacks. Indeed, the hack of one of these platforms could lead to the definitive loss of your investment. Scams (scams) also exist in this ecosystem so you always have to find out and be vigilant. To make the most safe choice, we advise you to choose an actor registered with the AMF (Autorité des Marchés Financiers) as PSAN (service provider on digital assets). You can find the very selective list (of which Feel Mining is a part) at this address.

Scholars frequently use social platforms and networks like Telegram, Discord or Twitter to dive consumers. It is therefore of capital importance of inquire about projects Before investing and knowing how Choose a good crypto project.

Buy your first cryptos

Given the rate of adoption of crypto, there are several ways to buy cryptocurrencies. Exchanges offer the purchase and sale of a plethora of digital assets. Regarding the purchase, these platforms offer to pay via bank transfers, other cryptos or credit cards. You can also buy cryptos between individuals with cash (peer-to-peer). We are not going to study all the exchanges in this article because it would be too long.

To buy cryptocurrency, you must therefore choose an Crypto Exchange. Although one or the other allows you to buy crypto, a few points differentiate them. On these exchanges, buyers and sellers meet to exchange cryptocurrencies. Exchanges often have relatively low costs, but they tend to have more complex interfaces with several types of transactions and advanced graphics, which can make them intimidating for new investors.

The most famous cryptocurrency exchanges are Coinbase, FTX and Binance. Although the standard trading interfaces of these companies can scare beginners, in particular those who have no experience in the trading of action, they also offer Easy and friendly purchasing systems.

However, convenience has a cost. Indeed, the options adapted to beginners are generally much more expensive than the standard trading interface of each platform. As a novice in the crypto, you will have to make sure that your exchange allows the Transfers of fiduciary currencies (Fiat). Some exchanges only allow you to buy cryptos using another crypto. Therefore, you will have to find another Exchange to buy cryptos that your favorite Exchange accepts so that you can start exchanging cryptos on this platform. Finally, make sure that the platform offers a reactive customer service which will facilitate the request for assistance in the event of a problem.

Fortunately at Feel Mining, we facilitate investment in cryptocurrencies thanks to our key solutions. With the arrival of Wiglour new payment service, you can make Instant payments From your WIGL bank account to our Feel Mining platform.

Create and check your account

Once you have chosen an cryptocurrency exchange, you can Register to open an account. Depending on the platform and the amount you plan to buy, you may need to check your identity. This is an essential step in preventing fraud and meeting regulatory requirements. You may not be able to buy or sell cryptocurrencies as long as you have not finished the Verification process (KYC). The platform may ask you to submit a copy of your driving license or passport. She can also ask you to send a selfie to prove that these documents belong to you.

Place the money you want to invest

To buy crypto, you need to make sure you have funds in your account. You can Place money on your Crypto account By linking your bank account. You can also do it by bank transfer or even by making a payment with a credit card. Depending on the Exchange and your financing method, you may have to wait a few days before you can use the money you put to buy cryptocurrency.

Although some exchanges allow you to deposit money from a credit card, this is more expensive. Credit card companies deal with cryptocurrency purchases with credit cards such as advance advances. This means that they are subject to higher interest rates than regular purchases and that you will also have to pay fees in advance of additional funds. For example, you may have to pay 5 % of the amount of the transaction when you make a fundraising. This is added to all the costs that your Exchange can charge. These can reach up to 5%, which means that you could lose 10% of your crypto purchase because of the costs.

Place a purchase order

Once there is money on your account, you are ready to Buy your first cryptocurrencies. There are hundreds of cryptocurrencies, ranging from well -known names like Bitcoin and Ethereum to more obscure cryptos. When you decide which cryptocurrency to buy, you can enter its symbol (that of Bitcoin, for example, is BTC and that of Ether, ETH) as well as the value you want to buy.

With most exchanges, you can Buy cryptocurrency fractionswhich allows you to buy a small part of a high price token like Bitcoin or Ethereum which, otherwise, would cost too much.

Secure cryptocurrency

That’s it, you bought your first cryptos. However, on cryptocurrency exchanges, you don’t have the private key to your wallet. Therefore, your cryptocurrencies depend on the platform and you are not immune to a hack or responsible for your money. You could even lose your investment if you forget or lose the codes to access your account. This is why it is so important tohave a secure storage place For your cryptocurrencies. To do this, several choices are available to you.

Leave the crypto on the exchange

When you buy cryptocurrency, it is usually Stored in a crypto wallet attached to the Exchange. If you do not like the supplier with which your Exchange associates or want to move your funds to a safer location, you can transfer them out of the Exchange. You will therefore need a separate “hot” or “cold” wallet. Depending on the Exchange and the amount of your transfer, you may need to pay fees.

Hot crypto wallets (hot wallets)

These are cryptos portfolios stored online. They run On internet connected devicessuch as tablets, computers or phones. “Hot” portfolios are practical, but the risk of flight is higher because they are always connected to the Internet.

Cold crypto wallets (Cold Wallets)

The so -called “cold” cryptos wallets are not connected to the Internet. It is therefore the most secure option to keep your cryptocurrencies. They take the form of external deviceslike a USB key or a hard drive. However, you should be careful with cold wallets. If you lose the safety sentence (seed sentence) associated with them or if the device breaks down, you may never be able to recover your cryptocurrency. The same can happen with “hot” wallets. However, some are managed by depositaries who can help you recover your account if you are blocked.

If you need a “Cold Wallet”, Feel Mining offers -30% on all of its selection until 08/31/2022 with the code Secure30.

You know now How to buy cryptocurrencies and secure them. It only remains to know when to buy and/or sell. For this, we invite you to be interested in technical analysis. If you don’t want or do not have time to look at it, Dollar Cost Averaging (DCA) may perhaps suit you.