Start dealing with Crypto

Basic

1st rule in crypto, invest only the amount you're willing to lose, it could be as small as 15 USD.

1. Create a centralized exchange (CEX) account: https://www.coingecko.com/en/exchanges

2. Exchange your fiat currency to crypto currency

   • Option A: For example on Binance, you can buy coins from other users via bank transfer (C2C)

   • Option B: Alternatively, fund your crypto wallet with credit card are also available on most CEX

3. It's highly suggested to firstly purchase stable coin, e.g. USDC, BUSD, USDT which are popular stable coin that 1 USDC/1 BUSD/1 USDT virtually pegged to 1 USD.

4. You can then use your stable coin to purchase crypto from CEX For example,

   • BTC/USDT means [to purchase BTC]/[pay with USDT]

   • You can either buy it with a market order (pick it from the lowest price sell order)

   • or buy it with a limit order (only buy when the coin fall into the price you set)

5. You got your first crypto! 🎉

💡 Centralized exchange (CEX): an open crypto marketplace that owned by a company.

💡 Stable Coin: The stable coin operators uses collateralization (i.e. real world asset) to back and mint stable coin with a 1:1 USD peg mechanism.

Intermediate

Quite a lot new coins provide liquidity on DEX before listing on CEX, so to be an earlier investor, Decentralized Exchanges (DEX) is somewhere you want to explore.

1. https://www.coingecko.com/en/dex list common CEXs you can use.

2. Take Uniswap app.uniswap.org as an example, it's a DEX supports multiple chains.

3. For example, you are interested to a new coin Ethereum (ETH) on Ethereum network that's currently not available on any other CEX.

4. Download the Metamask crypto wallet metamask.io extension on your browser

5. Purchase stable coin e.g. USDC from CEX, send to your wallet

6. Swap USDC into ETH, approve the transaction, pay gas fee via wallet, and get your ETH.

7. You know how to walk without CEX's hands! 🎉

💡 Decentralized exchange (DEX): A non-custodial peer-to-peer (P2P) marketplace that connects buyers and sellers, users remains in full ownership of their assets & wallet

💡 Liquidity: Pairing new coin with other existing coin, e.g. stablecoin, giving a 'value' to that coin, so people can swap their coin into new coin to complete a 'purchase'.

💡 Crypto Wallet: It could be hot (online) or cold (offline) wallet, having access to the private key of a digital wallet grants you access to mange assets on an wallet address in the blockchain.

You should have your own plan already

Some directions...

• patiently HODLing coin on CEXs

• participant in IDO/ICO to be an early investor

• grid trading/future trading to maximize returns

• get passive income from reliable DeFi platfrom via yield farming or lending

• invest in NFTs to realize the power of unique digital assets

• probably you want to be the owner of DeFi/NFT platform somedays?

It's totally up to your risk and return strategies! 😎

💡 Initial DEX Offering (IDO) / Initial Coin Offering (ICO): A team sells cryptocurrency or tokens at project early stage to raise fund, generally it’s lower than public sale price and comes with lockup period, which you cannot transfer and sell token assigned before certain timeframe.