The safe approach to entering the crypto world
CRYPTO CRYPTO CRYPTO….do you ever feel like the word is suddenly screaming at you at every turn! Crypto Bowl….oops, meant Super Bowl LVI was saturated with “crypto ads” inviting you to download their app and register at their exchange and then voila: magically with the click of a button and Bob’s your uncle, you are a legitimate crypto investor. Now 112 million people have seen the Super Bowl, with all its crypto ads, enticing viewers with celebrities reminding you of the urgency of not being left behind in the new revolution! YOU WANT IN! You want to get yourself some Bitcoin BTC or Ethereum ETH or any of the many Altcoins available, but you want to make sure your money is safe. How do you do it? Well you’ve stumbled upon the right article because after reading this, you’ll know exactly how to safely get into crypto.
What’s first? Who are all those companies advertising during Super Bowl LVI? Firstly, every crypto commercial aired during the Super Bowl represented exchanges only! Let me reiterate, exchanges only! There are many ways to buy cryptocurrency, though the most accessible method for beginners is likely to be a centralized exchange. Centralized exchanges act as a third party overseeing transactions to give customers confidence that they are getting what they pay for. These exchanges typically sell crypto at market rates, and they make money on fees for various aspects of their services. If you’re looking for an exchange that operates solely within the cryptocurrency world, look for pure-play crypto exchanges such as the ones advertised during the Super Bowl like Coinbase, FTX, Crypto.com, and Etoro. These platforms won’t give you access to core assets like stocks and bonds, but they typically have a much better selection of cryptocurrencies, and more on-platform crypto storage options; however they only represent a few of the many exchanges available to you. If you’re more accustomed to traditional brokerage accounts, there are a few online brokers that offer access to cryptocurrencies as well as stocks. Of the online brokers reviewed by PCtronics, these include Robinhood, Webull, SoFi Active Investing and TradeStation. However there are more exchanges than advertised during SuperBowl LVI, so which one is best? All of this being so relatively new, you may not know what exchanges are safe to use or which coins are safe to buy. We got you covered!
Here is a list of the top cryptocurrency spot exchanges ranked by volume. As you will see some of the exchanges represented made the Super Bowl ads and some didn’t.
So now you’ve downloaded your app. What’s next?
Once downloaded, a series of questions will need to be answered requesting for personal information. This will include things like: your name, your address, a picture of yourself, a copy of your driver’s license, and other oddly specific pieces of personal information, including linking directly to your bank or credit card – DON’T FREAK OUT! I know it seems unnatural at first (it’s not a scam) it’s there to protect your identity. Many people stop at this step because it makes them feel exposed or vulnerable – be cautious but continue the process. Literally all of us early adopters were shit scared at first but now realize that this will soon be the norm and it is safe with many protocols in place to protect your account.
That’s it. You now have an active account on a crypto exchange. Make sure you enable all security protocols it recommends including two-factor authentication. This is, after all, an account that will be holding your cryptocurrency. Therefore, for obvious reasons, you should not share your login name, password, seed phrase or personal details associated with your new crypto account with anyone as this would compromise your account.
NOW that your bank account is linked to the exchange or whatever medium you choose to use as a funding source, let the buying begin! Pick any of the coins on the exchange (Bitcoin and Ethereum are just two of hundreds of available coins) and purchase any quantity. Once the pending transaction process is complete, give yourself a pat on the back, take a drink and smile because you are now the proud owner of some cryptocurrency – and you did it safely.
Here it comes, now you are asking yourself was this a safe investment. Is buying crypto a safe investment? Well there are no guarantees in any investment, so do your homework.
Don’t fret, if you are the extra cautious type there is a crypto for you. A safer way to enter the crypto market is with a stablecoin. Stablecoin is a crypto currency that is tied to the value of a dollar. It generally has less volatility than the known crypto currencies such as Bitcoin and Ethereum and will pay interest for holding. Most Stablecoins pay at least 4% interest and can get even more ridiculous returns but of course the higher the return the higher the volatility.
During the writing of this article the best Stablecoins are:
- USDT (Tether)
- DAI (Dai)
- BUSD (Binance USD)
- TUSD (TrueUSD)
- USDC (USD Coin)
- UST (TerraUSD)
- DGX (Digix Gold)
Purchasing Stablecoins is a way to enter the crypto market safely and give you the ability to watch the market and convert your Stablecoin to the crypto of your choice once you feel comfortable. Earn interest while you wait and learn.
So now I am a crypto investor, what’s next? Well there are many things you can do with cryptocurrency and blockchain technology and we are excited that you stumbled upon us. We have lots to share and are here for any questions you pose our way!
Interesting Super Bowl Facts regarding crypto:
- The Coinbase QR code yielded over 20 million hits in one minute, crashing the site. This was the splash screen when the app went down.
- The 2022 Super Bowl was dubbed the “Crypto Bowl”
- After the Super Bowl, Coinbase took the #1 spot for being the MOST DOWNLOADED app on the Apple App Store.
- Coinbase jumped from #186 to #2 DURING the Super Bowl
- Despite it’s popularity, “Crypto” was only used 4 times during the Super Bowl
At the time of this article the writers were actively using Coinbase, FTX, Metamask, Trust Wallet, Crypto.com, Binance, Robinhood, Webull, KuCoin, Voyager and Hotbit. They also own currencies: BTC, ETH, USDC, SOL, AVAX, ALGO, MATIC, CRO, ENS, DOT, XLM, MANA, RARI, ENJ, XRP, FIL, SAND, HNT.
