Based on our own experience as well as friends and family, there is a natural progression that occurs when getting involved in crypto and we want to make sure we have it covered for you and summarized in one spot.
Step 1: Being curious about crypto, and wanting to learn about Bitcoin and what various phrases or acronyms mean in the crypto universe.
Step 2: Setting up an exchange account and buying your first amount of Bitcoin or other crypto.
- Alternatively, you might not be ready to jump right in and would rather get involved with less risk, which might be purchasing a Bitcoin ETF or earning Bitcoin through everyday purchases or debit card spending and gift card purchasing.
Step 3: Wanting to set up your own crypto wallet to store your assets and take custody of your assets, sending your crypto off of your Centralized Exchange.
Step 4: Wanting to swap into the hottest new crypto, such as a new meme coin like Dogwifhat.
Step 5: Wanting to trade on-chain using a Decentralized Exchange (DEX) instead of sending your assets from your wallet back to your Centralized Exchange to sell or trade, or wanting to buy a crypto that isn’t available on your exchange so you’ll need to use a DEX or DEX aggregator.
- You’ll need to know how to connect your wallet to a DEX or DApp.
Step 6: You own your crypto in your wallet, and now what? You may decide you want to earn yield/rewards on your crypto while you are investing in it and hoping the value increases.
**there will always be protocol risk to earning yield, so be aware and be sure to do your own research.
Step 7: Lend against your crypto to fund your lifestyle or major expense without selling your assets.
**there will always be protocol risk to lending, so be aware and be sure to do your own research
Step 8: Take profits! Too many people hold on too long thinking their crypto will go up infinitely and miss out on profits completely.
