Here's a Safe and Simple 3-Step Process to Get Started in Crypto Jason Yanowitz, founder of Blockworks, breaks down the initial steps new investors should take in crypto.
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Crypto too confusing? Not sure how to get started?
Riding the waves of crypto volatility can be a thrill, but for the savvy investor, it's a chance to find lucrative opportunities.
Jason Yanowitz is the founder of Blockworks, a financial media company, and regularly offers insights on how new investors can get involved in the world of cryptocurrency from an asset allocation perspective. In an exclusive interview with the team at Intro, Yanowitz outlines his three-step process for individuals looking to start their cryptocurrency journey.
You can book a one-on-one video call with Jason through the mentoring platform Intro now
Step 1. Open a centralized exchange account
This is a crucial step for individuals looking to buy and sell different assets in the cryptocurrency world. Centralized exchanges like Coinbase and Binance provide a user-friendly interface that allows new investors to manage their portfolios, purchase and sell digital assets, and keep track of their investments.
Step 2. Cold storage
Secure your cryptocurrency holdings through cold storage. Cold storage refers to offline storage of digital assets, which provides an additional layer of security for your investments. Yanowitz recommends using a hardware wallet like the Ledger Nano S to store your Bitcoin and Ethereum. By moving a portion of your cryptocurrency holdings to a hardware wallet, you can protect your assets from potential cyber threats and unauthorized access.
Step 3. Connect to Metamask
Connect to a Metamask account. What is a Metamask account?
In layman's terms, a Metamask account is like a digital wallet that lets you safely store and manage different digital currencies, like Bitcoin and Ethereum. It's kind of like having a bank account, but for digital money.
With Metamask, you can easily send and receive digital currencies, just like you would with physical money. It works with many websites and applications that use cryptocurrencies, keeping your money safe and secure.
Think of it as a simple and convenient way to manage your digital money without having to worry about losing it or having it stolen. It's like having a bank in your pocket, but for digital currencies instead of physical cash!
In more sophisticated crypto terms, a Metamask is a browser extension that acts as a bridge between the traditional internet and the decentralized web. This tool provides users with access to decentralized applications and platforms, allowing them to interact with the blockchain in a secure and seamless manner. By connecting to Metamask, individuals can participate in decentralized exchanges, trade digital assets, and access the full range of services available in the decentralized world of cryptocurrency.
Jason Yanowitz's three-step process provides a comprehensive guide for individuals looking to get involved in the world of cryptocurrency. By opening a centralized exchange account, securing your assets with cold storage, and connecting to Metamask, new investors can take the first steps towards participating in the decentralized financial future in a safe and secure manner.