For many, cryptocurrencies seem to have been around for ages, making it difficult to remember when you didn’t hear Bitcoin, Ethereum, and other mammoths being rambled around when discussions regarding economy, money, investments, etc. hit the table. However, this novel industry has taken the world by storm, revolutionizing industries ranging from entertainment to communication to medicine. As more and more people learn how to buy bitcoin with credit card, the need to learn how to approach this topic sensibly and responsibly rises.
The fact that not everyone gets or props crypto back is anything but a shocker. In fact, the broader audience’s sentiment related to digital currencies depends on numerous factors. Examples include but are not limited to the token in question, underlying consensus mechanism, reward on investment potential, celebrity endorsement, crypto’s involvement in different industries, the capacity of serving as a good investment or value exchange means, and so on. Clearly, such a colossal industry attracts all sorts of sentiments and harbingers paradigms that can make approaching this topic a challenging undertaking, all the more given its complexity.
Being almost impossible not to hear “Bitcoin”, “Ethereum”, and “cryptocurrency” in general muttered every once in a while, crypto connoisseurs often find themselves oscillating between explaining the concept to a rookie or directing them to the industry’s online gurus for in-depth insights. There are numerous ways to help someone get to grips with this multifaceted topic that expands with the speed of light. It may feel like a tough nut to crack, but the result can only take some pressure off, so let’s discover your opportunities and options.
Kick it humbly with the basics
As with mathematics, physics, financials, accounting, and any other complex subject you may come across, explaining crypto to a newcomer must be tackled bit by bit. Gradually working towards your goal implies starting with the nitty-gritties, namely breaking down crypto, with an emphasis on Bitcoin, one step at a time.
For many a-tech individuals, crypto is simply miraculous internet money. For those with an inclination toward techier stuff, crypto can be anything from a program to a database to a network of computers working to give value to an online form of payment. An experienced crypto investor or pundit must subconsciously put themselves into the mind of the neophyte, even if this undertaking can be difficult due to the vast knowledge appropriated and long time spent on learning “crypto”.
Without further ado, trying to explain cryptocurrency as if you were talking to a child can help you work your way towards your goal, understanding where the interlocutor’s power of understanding stands. Do they know a thing or two about crypto? Can you access your online crypto trading account and show them some features, indices, charts, and so on?
Visuals help a lot, so exposing your trainee to a real-life app where the magic occurs can help lighten your load.
Podcasts can cut it
There’s a podcast on almost any topic of interest that may cross one’s mind. As expected, the array of those breaking crypto, blockchain, etc. down is more abundant than one may think. One of the biggest podcasts in existence is Bankless, promising to help individuals from all walks of life get to grips with decentralized finance, digital money, investment strategies, trading platforms, Ethereum, Bitcoin, and so on. With so many well-dissected insights, the likelihood of making sense of this vast industry rises significantly.
Evidently, just because you direct your trainee to one of the best crypto-related podcasts to date doesn’t mean they’ll automatically find the project alluring. What you can do, instead, is browse through a few options with them, allowing them to gain a clearer understanding of what they expect from their preacher.
Finally, some of the best podcasts to shed light on crypto or improve knowledge in trading and investing in it include:
- Markets Daily Crypto Roundup
- TFTC – A BTC Podcast
- The Pomp Podcast
- What Bitcoin Did
- Crypto Sapiens
- Unchained
- Empire.
Guide them to suitable online teaching sources
The internet abounds in everything crypto, which makes sorting through the educational options a challenging task. After all, the things one stumbles upon shape one’s perception and understanding of a topic. You don’t want your apprentice to appropriate information from sketchy, biased, and untrusty self-made gurus or websites. You’re versed in crypto, meaning that you can take a few steps back to remember what you relied on at the beginning of your journey to trading.
Online forums like Bitcointalk or Reddit may serve as great departure points for asking and getting answers to questions from seasoned investors and traders. From the information that helps the trainee grasp the fundamentals to those that build their knowledge from the ground up, you can safely suggest that crypto-curious minds look to shift to these platforms rather than websites, be they poor or high authority.
Present the downsides of the industry
As with any financial instrument, investing in highly volatile digital currencies comes with risks that should be emphasized from the beginning. If your trainee hopes to trade and make money off Bitcoin, Ethereum, or any other crypto, then reminding them that nothing guarantees returns is necessary.
The recent spike in prices and the fact that Bitcoin rose from almost nothing to a $73K currency may quickly have dreamers imagining how they’ll double their investments in a few years. Notably, charts shouldn’t be used with such science-fiction scopes, for Bitcoin, Ethereum, and every other crypto can always fall abruptly and without notice.
As with any investment, one must work through the ranks to become a seasoned trader. Help your trainee pick the right investing platform and digital wallet, assist their first steps on the platform, and ensure they’re up-to-date with legal matters.
Bottomline
Now that you’ve cleared up some of the most important matters that make or break a neophyte’s understanding of crypto, it’s time you let them decide whether they should proceed with learning about the domain. Curiosity may be there, but once one dives deeper into the topic, the many intricacies arising down the road may turn this business into a rather uninteresting one.
