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Anyone who has been dealing in Bitcoin for a while will tell you that there is always someone asking how they can get started. Of course, everyone wants to jump in with both feet, but if you are trying to help someone get off to the best possible start, then you know that you need to give them a bit more of a helping hand. Here are a few ways that you can make sure that your friend will steer clear of the most common errors.
Start From Scratch
One of the biggest problems that a lot of people have when they want to get into dealing with crypto is that they think they understand more than they actually do. The main reason for this is that it has entered pop culture and mainstream conversation to such an extent that there is a lot of misinformation out there. It seems you can’t go a week without Bitcoin being in the news, so sit them down and help them separate the facts from the fiction. Once they have a clear understanding of what cryptocurrency is and how it works, they will be much better situated. This brings us to our next point
Make Sure They Understand The Basics
Once you have separated the facts from the fiction, one of the most helpful things that you can do is to walk them through a transaction from start to finish. Ensure that they have a handle on the basic terminology, from blockchain to Ethereum. Explain to them how cryptocurrency exchanges work and what they need to be looking for. For example, people who do not have a helpful guide may forget that some exchanges are not accessible in certain countries. Others may try to trade on a platform that is designed for experts and find that they are in over their heads. If they want to find where to buy Bitcoin, show them a platform that offers them plenty of options. Paxful is a great platform regardless of your experience level and they make it safe and easy.
Help Them Get Secure
People who have never dealt with Bitcoin before will always have a lot of safety concerns. We have all heard the horror stories about theft and there have been plenty of news stories recently which will make newcomers nervous. With that in mind, this is a great time to teach them the basics of buying and selling Bitcoin securely. Make sure that they are using password generators and two-factor authentication on the accounts that they are using. Explain to them that, although dealing with crypto is no riskier than other trades online, they still need to get proactive when it comes to keeping the cybercriminals at bay. You should also encourage them to use hot wallets and cold wallets for their coins. It is also well worth explaining to them that there are some risks involved when it comes to the self-appointed crypto gurus who will try to sell them on the virtues of coins that no one has ever heard of.
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