Keeping Up With Crypto
The crypto world is definitely not the easiest thing to master. It’s difficult enough for experienced traders to keep up with the constant developments in the field, let alone for newbies who have yet to learn the basics. As the most novel addition to the financial scene, with a rather high level of complexity, cryptos come with a steep learning curve, especially if you are not tech-minded.
However, this doesn’t mean cryptocurrencies are something only a select number of people can access. Quite the opposite, one of the main purposes of digital currencies was to create a more inclusive financial system that everyone can benefit from.
So, while becoming crypto savvy does require time and effort, there are plenty of resources that can help you advance your crypto education, regardless of your current level of knowledge. Besides, understanding the ins and outs of crypto trading represents an important step in developing financial literacy, as digital currencies are gaining more ground all over the world.
Five Ways to Level Up Your Cryptocurrency Knowledge
If you’re determined to take your crypto knowledge and skills to the next level, here are a few methods that will support you on your learning journey.
1. Explore Different Crypto Projects
As the original cryptocurrency, Bitcoin has dominated the crypto space from the very beginning, and it remains to this day the most valuable digital currency by market cap. However, this doesn’t mean it’s the only crypto worth taking an interest in. In fact, by the latest count, there are over 10,000 active crypto projects out there, with the growth rate having almost doubled over the past year.
Obviously, not all of them are relevant or have any real utility. Many of the newly emerged cryptos don’t have much to bring to the table, and some will never make it to maturity, but among them, there are certain projects with great potential. The point is you shouldn’t get stuck on Bitcoin and ignore all the other cryptos. Research different projects, find out what differentiates them from their peers, and learn about their pros and their cons so you can gain a more encompassing view of the crypto sphere.
2. Search for the Best Educational Materials
As with any other topic, acquiring new crypto knowledge and skills is a process that happens over time. Therefore, you’ll have to arm yourself with patience and tap into resources that can facilitate your learning journey. This includes all types of materials, from articles and podcasts to YouTube tutorials or online courses.
You’ll have to check the reliability and legitimacy of each source before you start consuming the information they provide. Fortunately, it’s not that difficult to spot reputable and credible sources. Websites with .edu or .org domains, information provided by official institutions and organizations, professional and scholarly publications and established sites with positive online reputation are generally the best sources for learning purposes.
Many reputable exchange platforms also provide educational resources to help users dive deeper into the world of crypto. For example, Binance has its own education portal called Binance Academy, where users can find accurate and easy-to-understand content on a wide variety of topics, from Bitcoin and other crypto projects to blockchain, security and economics.
3. Follow the Experts
You may not be able to decipher the intricacies of the crypto environment just yet, but others can do it for you, or at least they can provide certain guidelines and point you in the right direction. Certain individuals have been in the crypto game since the very beginning, amassing vast amounts of knowledge and perfecting their trading skills over time. And some of them are willing to share what they’ve learned with others.
Many experts choose to share their opinions and insights on different crypto-related subjects in their podcasts or on their social media accounts, so it’s a good idea to subscribe to their channels and hit the notification button, so you can be the first to know when they post new content.
4. Stay Up to Date With the Latest Crypto News
Things move quite fast in the crypto world, with volatility being the name of the game. There are many factors influencing crypto value and the evolution of the market, such as supply and demand dynamics, government interference, political events, social media hype, and so on. All these variables can lead to sudden price swings, which makes it rather difficult to make accurate predictions. An asset can end the day with a certain value and drop or increase in price by morning.
Given the constant fluctuations in the crypto sphere, it’s necessary to keep an eye on the elements that can produce disruptions and stay informed about the latest news and developments in the market. If anything changes, at least you’ll be able to act fast and adapt your strategy depending on how things evolve.
5. Interact With Like-minded People
You have to work hard and put in some effort if you want to become skilled at trading crypto. But there may be one shortcut to advancing your knowledge and skills in the field, and that is connecting with more experienced traders.
The crypto community is getting bigger by the day, boasting many professionals who are active on forums and crypto platforms, so interacting with like-minded people is easier than you may think. You can reach out to more versed crypto users and ask them about their own learning process, the trading strategies they use and any recommendations they might have for someone who wants to advance in this field. There are plenty of people who have already completed the stages you’re now going through, so they can serve as invaluable sources of knowledge and wisdom.
The Takeaway
Crypto trading is a vast and complex domain, so you’ve got a long road ahead of you if you want to be up there with the best. However, you should not let the difficulty of the process discourage you. If you take things step by step and use the right tools and strategies, you can one day become a proficient crypto trader and even turn this into a full-time career.
