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5 Things To Know When Starting Crypto

5 Things To Know When Starting Crypto

5 Things To Know When Starting Crypto

Valueable Things To Know When Starting

Full Value Dan always has good info in his videos and we recommend him

5 Things To Know When Starting Crypto

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5 Things I wish I learned when I started in crypto

Fundraiser24,493 viewsNov 21, 2021 

Full Value Dan 

118K subscribers

 There are a lot of things to know for new investors in crypto, so I’m sharing some of the things I wish I learned when I started. None of this is financial advice, just something to consider. 00:00 Things every crypto investor should know 02:15 What is crypto market cap? 05:44 How to invest in crypto 06:56 Everything has fees! 13:20 Earn passive income from staking 15:21 Avoid crypto scams . Social Media Links and Discord:***************************************************************

5 Things To Know When Starting Crypto

 5 Things To Know When Starting Crypto


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 00:00five things every crypto investor should00:02know all right this is targeting new00:04users but if you’ve been trading for00:05less than a year and you don’t00:07understand this stuff00:09uh it’s about time so number one market00:12cap that determines the value of a coin00:15and not coin price because if it has a00:18very low coin price what if the coin00:20supply is in the trillions in00:22quadrillions that means it’s not as00:25valuable as a coin with a smaller supply00:27in the millions in billions range so00:29we’ll get into that a little more later00:32number two don’t trade invest it’s a lot00:35easier to be a crypto investor than a00:38trader if you’re new to the whole crypto00:41scene and investing anyway00:43the chances of you becoming a very good00:45trader right off the bat are very low00:48and it’s really gambling on you guessing00:50when the price is high or low with a00:52very little information or experience in00:55trading so invest that’s a lot easier00:58number three everything has fees yes01:01every platform has fees including01:04robinhood etoro voyager everything has a01:08fee because there’s fees for trading01:11there’s a spread there’s withdrawal fees01:14there’s gas fees and we’ll get into that01:16number four staking staking allows you01:19to earn crypto passive income for having01:21that coin so let’s say you have bitcoin01:24you can kind of stake it on some passive01:27income platforms and then you earn more01:28bitcoin but that one isn’t exactly01:30staking01:31but you can do that for ethereum and a01:34lot of other coins which we’ll get into01:37as well and finding these things is01:39really just a google search and then a01:40quick check to make sure it’s actually a01:42safe platform01:44and number five scams everyone’s been01:46scammed in crypto especially if you’ve01:49gone off the main exchanges and you’ve01:52ventured into decentralized finance with01:54managing your own wallet trying to be01:56early in investing i’ve made that01:59mistake several times so i’ve learned my02:01lesson to the point where i minimize my02:03risk and we’ll talk about a couple02:05different scams that will happen in02:08cryptocurrency but before we get started02:10if you can hit that like button i would02:12appreciate it so we are going to start02:14off with market cap and we’re going to02:16go to coin market cap so this will tell02:19you the value of the coin in the market02:23cap section so you have your coin price02:26and then your circulating supply and02:28that helps you determine the coin’s02:29value you’re going to see all these02:31different coins with a price of let’s02:33say 1.91 109 41 214 595 coin price02:40doesn’t matter market cap matters so02:44market cap essentially is the total02:46value of that coin with bitcoin for02:49example each coin is 59 00002:52there is a 18.8 million circulating02:54supply02:55it’s actually going to be a max supply02:57of 21 million but we’re going to go off02:59circulating supply you multiply the 18.803:02million by the coin price and then you03:05have your market cap so for bitcoin to03:08double03:091.12 trillion dollars would have to be03:12invested into it for you to see a 10003:15gain and if you saw a 1.12 trillion03:19dollar investment in a coin that is a03:22one billion dollar market cap let’s say03:25anything in the one billion dollar range03:27right here uh not endorsing these i’m03:30just saying if 1.12 trillion dollars03:33went into a coin with a 1 billion dollar03:36market cap your investment would gain by03:381 120 times now03:42very unlikely for that to happen on any03:43of these smaller coins because it always03:45depends on the demand for the coin the03:48utility and most importantly the03:50marketing marketing actually plays a big03:52factor in a lot of these coins when03:54you’re investing in mean coins like doge03:58or shiba they heavily rely on marketing04:00rather than people needing the coin to04:02use their services or platform which is04:05why we see a lot of the top coins like04:08bnb ethereum solana cardano04:12polka dot these are ecosystem tokens04:15that run smart contracts and you need04:17this coin to run things within their04:20network so they create the demand and04:22apparently these coins can go up04:24significantly in price as people want to04:26be a part of that ecosystem they want to04:29use things they want to build things and04:31they need that coin to be a part of it04:33so they create a need rather than04:35marketing and for the most part04:37marketing does work well but there is a04:39limit on how high something can go and04:41if you are going to invest in dog coins04:43just know anyone can make a dog coin and04:46there are a lot of them uh coin market04:48cap doesn’t track all of them but04:51there’s a lot and these are just coins04:54that registered with coin market cap04:57i think there’s like over 160 and these05:00are just the dog related ones there’s05:02also other animals so05:05it’s05:06a very high risk thing if you want to05:08invest in meme tokens utility tokens05:11create more demand and build in the long05:14term which is something you want to see05:16whereas a lot of these05:18meme coins might only be available for a05:21month or two and then just run off with05:23all your money so there is a lot of risk05:26when investing in animal related coins05:29that have no05:30utility utility just means purpose is05:33there a purpose why you need this coin05:34or you just like the picture of the05:36animal it’s up to you you can make money05:39either way but there is a lot more risk05:41investing in these meme coins than coins05:43with utility number two don’t trade05:46invest now you’re going to want to start05:48trading because like oh buy sell limit05:51order market order stop loss you’re just05:53gonna kind of have fun with it05:55especially if it’s new to you i05:58certainly did i did a lot of trading and06:00i was making judgments based on a couple06:02videos i watched on technical analysis06:06where i was just06:08trying to be smarter than the market06:11in the long run06:13it just makes more sense to invest and06:15just hold the coin because06:18no one can really predict whether the06:19coin will go up or down technical06:21analysis works to a small extent because06:24the markets are volatile you can just06:27have the price jackknife and then your06:29stop loss activates that then you have06:30to buy back in at a higher price that06:32happened to me many times so i don’t use06:35stop losses i invest in things i believe06:37in over a long period of time and if you06:41are new to crypto trading you know take06:44your time and understand the fees06:46because there are a lot of fees when06:48trading and you have to do better than06:51those fees to make that trade worth it06:53which is why number three06:56fees everything has fees let’s say06:59you’re trading on coinbase if you’re on07:01coinbase the regular site it has a 1.507:04trading fee if you’re on their more07:06professional trading site coinbase pro07:08they have a 0.5 percent trading fee and07:12that means if you’re buying and selling07:14you’re trying to predict if the coin is07:15going up or down uh it doesn’t really07:18matter if the coin price moves a small07:20amount it really matters if your trades07:23make more than that trading fee so each07:25trade has to make 0.5 or more just to07:28outweigh that fee which means if you are07:31going to buy and sell you know buy low07:34sell high you need to make a profit of07:36at least one percent to07:39outweigh that trading fee because it’s07:410.5 to buy 0.5 to sell you need at least07:45one percent to outweigh that fee now07:48every platform has a different fee07:50whether it’s for the trading fees or the07:53spread a lot of the more professional07:55platforms that are in exchange they are07:57going to have trading fees and they can08:00range for much different prices i08:03personally use the lowest fee ones08:05finance kucoin and pionect’s pioneer08:08sponsors of this channel and i would08:10recommend them there will be a referral08:12link in the description because they08:14have the lowest trading fees at 0.0508:17percent they are a broker for finance08:19which means if you’re from the us and08:21you’re worried about kyc they don’t08:24really do kyc and you can access all the08:27quality coins on finance because if you08:30are trading and you are a new trader you08:32are looking for coins to buy08:34it makes sense to stay on the big08:36platforms like coinbase and binance08:38because they thoroughly vet the coins08:41being listed there and the chances of08:43you getting scammed are very low08:45more about the fees08:47there are a lot of fees when trading so08:50we talked about trading fees there’s08:52also fees built into the spread you’re08:54gonna see that on platforms like voyager08:57etoro and robinhood which we’ll take a09:00look at here’s some screenshots of the09:02buy price and sell price when looking at09:05robinhood each of these fees are more09:07than zero point one percent so you are09:09paying more in fees than you would be on09:12finance kucoin and pionics but of course09:16there’s also a trading spread you want09:18to make sure that the trading spread is09:21very low so you’re not paying a premium09:24what really matters is how much coins09:26are you getting for your money you have09:28a thousand dollars you want to get as09:30close to a thousand dollars worth of09:32coins as possible then there’s09:34withdrawal fees every platform has09:37withdrawal fees and it also depends on09:39the network if you’re on one of the09:42major us exchanges in platforms a lot of09:45them operate on ethereum on the erc2009:48network so you are going to be paying09:51much more in fees if you’re doing any09:53transfers on that network where fees can09:56be anywhere from 20 to 3509:59sometimes even higher in times of high10:02volatility and high network use so if10:06you actually want to see what those gas10:07fees look like we can take a look so10:10this is etherscan.io10:12and this is the gas tracker and you can10:14see to move an erc20 token at the moment10:17so this is this time now it’s going to10:19be very different when you see it it’s10:22going to cost at least 23 to 25 dollars10:24worth of gas using una swap will cost10:27between 71 to 78 dollars removing or10:31adding liquidity 62 to 6810:34now cast fees will fluctuate if you are10:37operating from your own personal wallet10:40especially on the erc20 network these10:42are the fees you’re going to be10:44responsible for and a lot of people new10:46to crypto investing don’t understand10:48that they have to pay these gas fees you10:51need ether in your account to operate10:53things if you’re withdrawing a coin like10:55ship to your personal wallet10:57and you don’t have any eath in your10:59wallet you’re going to have that ship in11:01your wallet but you can’t take it out11:02because you need as gas to fund that11:05transaction so for the most part11:08operating on a centralized exchange for11:11a new user is great sure you’re not11:14responsible for your coins too11:17a lot of people say not your keys not11:18your crypto but if you are a new user11:21and you’re not familiar with any of this11:23your crypto is significantly safer on a11:27centralized exchange i know people are11:29going to say otherwise but11:32new users11:33not that responsible and11:36learning the intricacies of the fees and11:38moving things around and staying safe is11:41something that you learn over time and11:43not something you can pick up11:44immediately as a new user and as for gas11:47fees it always depends on the network11:50ethereum is going to be high it’s going11:52to be much cheaper on finance smart11:54chain salana11:57polka dot any of the other networks are11:59going to be significantly cheaper so12:02understand where you’re moving coins12:04what you’re using and what are your12:06options i recommend to a lot of people12:09trying to move their coins off coinbase12:11to something like pionx or kucoin or any12:14other type of platform to buy litecoin12:18make that transfer because it’s going to12:20be less than a penny to withdraw from12:22coinbase and then you trade that12:24litecoin for usdt or whatever you want12:28on that platform you just move those12:29coins to something like litecoin has low12:32fees and it’s supported everywhere and i12:34kind of use it as a way to move money12:37around especially in small amounts now12:40if you’re transferring like 10 000 worth12:43of coins or even more than that12:45those trading fees are going to outweigh12:48that savings and gas and it makes sense12:50to just pay that gas fee for people12:52trading less than ten thousand dollars12:54i’m talking about a thousand dollars or12:56less and you want to save those gas fees12:58because it’s going to be a hit to your12:59account it does make sense to have this13:02intermediary coin with low network fees13:05to make those transfers so13:07that sounded confusing even i heard what13:09i said13:10but13:11uh the key to this is understanding what13:13the gas fees are and what options you13:15have to make trades at lower rates and13:18get full value13:20number four staking all right this video13:22got way too long because there’s a lot13:24of stuff on fees but staking is one of13:27the easiest ways for you to earn crypto13:29passive income for holding your coins a13:32lot of coins will offer staking rewards13:35or something similar13:38i’ve covered that in multiple videos and13:40i will have a playlist at the end of13:42this video uh explaining all the13:44different places where you can get13:46crypto passive income at least for the13:48topics i’ve already covered feel free to13:51let me know in the comments if there is13:53a specific platform you want covered um13:56if it’s big enough13:57i’ll cover it if it’s like a really13:59small platform and a small coin but14:01wants attention i’m gonna skip it so14:04with staking there are a lot of14:06different places uh i really if you’re eligible for that14:11because you can do staking within their14:13exchange you can also do staking on14:16kucoin it does have less options and if14:19you are going to stick your coins look14:21up the name of your coin and staking in14:23google and then see what your staking14:26options are because just by holding that14:29coin within a certain platform you can14:31see massive rewards especially if you’re14:34long-term you understand what they’re14:36doing you you love their community and14:38you see them continuously building that14:41is a great coin to stake and hold long14:43term for me personally i’m staking a lot14:46of different coins in a lot of different14:47places but there’s none i necessarily14:50want to recommend because maybe it’s14:52going to be a short-term trade maybe14:54it’s something with a small market cap14:55that i don’t want to reveal because i14:57don’t want to have people uh buy that15:00coin without understanding what it is so15:04if you’re in my discord which i’ll leave15:07a link in the description or if i forget15:09there you’ll you’ll see what the link is15:11in at the end of the video and you can15:14join the discord i do talk about some of15:16these things and why and i do tell you15:18that hey this is high risk but i’m going15:21for it and number five scams15:23i don’t like recommending coins because15:26i have influence and a lot of youtubers15:29do and not everyone is honest about when15:32a video is sponsored i recommend not15:35trusting anyone and just researching it15:37for yourself i try to give a lot of deep15:39dive information otherwise i just don’t15:42give that information because uh it is a15:44lot of work to do i might just make some15:46shorter videos about why some of my15:48investments did well or not but there15:51are a lot of scams in crypto anyone can15:53make a coin i’ve made several videos on15:55that but yes you can make a coin very15:58quickly15:59if you’re new to cryptocurrency just16:01stay on the big exchanges especially16:03when you’re managing your own coins your16:05meta mask that your personal wallet can16:07be compromised your wallets within your16:09phone can be compromised your copy and16:12paste function within your computer can16:14be compromised there are so many16:16different ways to be scammed or hacked16:18that very likely within your first year16:21of crypto trading you are going to be16:23scammed that’s happened to me that’s16:25happened to a lot of people i know and16:27from that you learn to be more cautious16:29i’ve heard a lot of stories personally16:32from people that were reaching out to me16:34for help about how to uh get unscammed16:36and get their money back but for the16:39most part within cryptocurrency there’s16:41it’s unregulated once that money’s gone16:44it’s gone so i know that’s not detailed16:46advice on how to not get scammed but the16:49safest thing you can do if you are a new16:52crypto trader is to16:53slowly and use a small amount of funds16:57to get comfortable with decentralized16:59finance managing your wallet restoring17:02your wallet saving things before putting17:04a significant amount of money into it17:07because you should be investing money17:09you can afford to lose because crypto is17:11very volatile if you’re just comfortable17:13trading and just keeping things simple17:16stay on the big exchanges they are safer17:19i know some people might say otherwise17:21but if you are a new user and you’re17:23really bad at managing passwords or17:25keeping your computer secure you’re17:27gonna be a lot better off on a17:29centralized exchange and just big ones17:32i’m talking about the the big exchanges17:35coinbase finance17:37gemini any of those platforms that are17:40secure they’re insured and they provide17:43coin custody services and with that i17:45hope you learned a lot and you hit that17:47like button that helps me out this was a17:49pretty casual video just because there17:51were a couple topics i wanted to share17:52because a lot of people keep asking me17:54this and i’m just gonna point them to17:56this video so with that i hope you got17:59your full value for today18:06  

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