I have been dealing with the topic of “cryptocurrencies” for more than four years now and would like to share my experiences and impressions with you within the scope of this blog post. This article is primarily intended to help you get started in the complex field of cryptocurrency and increase your curiosity to learn more. What this won’t be about is recommendations or tips regarding promising investment opportunities. So, it’s kind of a step-by-step guide for crypto beginners.
People have been talking a lot about cryptocurrencies for quite some time now and more and more people are toying with the idea of investing in a cryptocurrency. However, for most people, getting started is so tedious and complex that they leave it alone again. In the meantime, one finds many articles, deals with statistics and forecasts or even follows one or the other influencer in the social networks. But to distinguish whether the information is right or wrong is very difficult in most cases. Therefore, the first important thing is to collect and structure the mass of information. The goal is to be able to form your own opinion based on your own information. How to start, which sources to use and which information is important, I have summarized for you here.
First, you should get an overview of available cryptocurrency projects to be able to decide which ones you might be most interested in and enthusiastic about. For this, I recommend the website coinmarketcap.com or cryptocompare.com, among others. These are free of charge, with no registration required, and therefore accessible to everyone. There are also numerous other websites, this is just my personal choice. Each website has its advantages and disadvantages and is differently convenient for everyone to use.
On Coinmarketcap you not only have a view of the crypto market in general (market and trading volume, bitcoin dominance, etc.) but also all projects and currencies with their current market value. The projects are sorted in descending order by market capitalization, i.e. the total value of the currency. In addition, you can find information about the current price, as well as the price history of the last 24 hours to 7 days. Circulating Supply describes the number of units of the currency that are in circulation. Following is a short guide on how to navigate coinmarketcap.com:
For more in-depth information, simply click on the project so that an overview opens. For a better illustration, an exemplary view of the Ethereum currency follows:
Based on the project description, it is already possible to gain a rough insight into the project. Innovations and important announcements can also be found under “News”. The price trend of the currency is particularly interesting. You should pay special attention to the high and low of the price, as well as to the development dynamics and speed.
Finally, you will find a list of the individual marketplaces where the respective currencies are traded, so that you are now also informed about investment opportunities.
This concludes the point on how you can get an overview of the cryptocurrency market and thus find interesting projects for yourself. The following post is about investing in a cryptocurrency. Thereby, open questions from the purchase possibilities of the cryptocurrency over storage up to the sale of it are treated.