First Steps to the World of Crypto!

An insight by Mads

Stepping into the world of crypto can seem daunting. First it is an emerging field and second it can be volatile. But the good parts — it is mostly rewarding, once you understand it. A question that keeps popping up — where do I start, what app do I utilize, how do I convert my crypto into disposable cash? Etc. There are several ways, and these can differ based on region. This article will focus on one of the easiest ways.

There are apps that aid the process, so do not take this as being exhaustive, but just a guide. The Binance App will be the focus of this article. This app aids in converting a type of crypto into other types, or tokens into coins or into a real currency, it is a seamless process, but this is also obtainable in other applications. I share this with you, because I want you to understand my journey and how I have utilized the Binance App. Please do not take this as any financial advice, but merely my input of what has worked for me.

The big benefit that got me choosing Binance was the little to non-existent fees involved in transactions within and without the application. This is good, because if you do not want to trade in crypto you could easily convert to your local currencies, with little fees attached. And, if you do decide to trade, the same applies. Making it easier to break even, as the fees are little to nothing. The timeframe for conversions, transfers takes less than a minute to conclude, making the process seamless and less time consuming or frustrating.

In starting your journey in the crypto space, Stablecoins are important aspects to consider. These coins try to bridge the gaps between cryptos (which has the perceived value of what we give it) and the current financial world. They are designed to make crypto more predictable. There are several types, but I use one called BUSD and it is connected to USD. This is approved by the New York State Department of Financial Services and are back by real life assets, which is unlike other coins without similar assets backing. There are many more within the crypto space, so it is advised you carry out your research before converting your money to these coins, as they are equally volatile as crypto. And if you are thinking of holding USD in crypto then BUSD becomes a preferable option. It gives up to 10% in yearly returns in staking on Binance, consequently your money could be double in 8–10 years if you retain it there and the interest remains the same.

These are the few things I would be writing for now, a cursory introduction into the world of crypto.

Related posts:

The gwawdodyn is a Welsh form with a strict syllable count and rhyme scheme. It includes an internal rhyme in line three. There is another variation of this form in which the internal rhyme is…

Hyderabad Encounter Killing. My dear friends in today’s article, I will tell you about Hyderabad Encounter Killing , If you encounter any problem reading this article, you comment the same. Please…

CustomPaint provides the Canvas and delegates the painting process to the CustomPainter. Without CustomPaint we can’t paint. Constanting is my business, a one-man business settled in The Netherlands…