Are you ready to dip your toes into the world of cryptocurrency and NFTs? It's an exciting time to be involved in the industry, with more and more people jumping on board, and we all know - digital currency is coming at us, so we can’t avoid it forever!!
In a recent episode of Bite-Size Business Conversations, Jenny Walke from Elephant in the Room Consulting and Kylie Mowbray-Allen from Hello Media invited special guest, Juanita Heart from Krypto Kastle, to talk about top tips for getting into cryptocurrency.
Here are some valuable insights for small business owners who are looking to explore the world of cryptocurrency.
Setting up your account
First, you have to go through a cryptocurrency exchange, which is like a stock exchange, but for cryptocurrencies. Sign up for an account with a reputable exchange such as Coinbase, Kraken, or Binance.
Once your account is set up, you can deposit money using a bank transfer, credit or debit card, or other payment methods available on the exchange.
Keep in mind that cryptocurrencies are a volatile asset and there are risks associated with investing in them, so do your own research and only invest what you can afford to lose!
Trading cryptocurrencies
Trading cryptocurrencies is similar to trading stocks and shares in the stock market.
You must learn to read charts and analyse patterns to determine the best time to buy and sell. The profit margins are only sometimes large, but they can compound over time.
It is essential as well to research the fundamentals of cryptocurrency and who has invested in it to determine what to invest in for more reference on how to do it right.
CoinGecko is a free site that offers valuable information about different coins and their prices, exchanges, and charting.
Learning and researching
The discussion revolves around the importance of learning and researching about cryptocurrency before investing in it.
Juanita Heart advises people to take small steps and join a community of people who are already into cryptocurrency. The importance of risk management and not putting all eggs in one basket is also emphasised.
Governments and companies around the world are working on their own cryptocurrencies, and digital currency is coming whether we like it or not. Read this article, “What's next for cryptocurrency regulation in Australia in 2023?” for more information.
Investing in a hardware wallet
Use a hardware wallet to keep your cryptocurrency safe.
A hardware wallet is safer because it doesn't need an internet connection, making it difficult for hackers to steal your private keys.
This means that even if your computer or phone is compromised, your cryptocurrency will remain safe.
Some popular hardware wallets you may consider are Ledger Nano S, Trezor, and KeepKey.
Identifying indigenous artwork using technology
Creating digital assets and identifying indigenous artwork using technology are also highlighted.
NFTs (Non-Fungible Tokens) are like digital collector's items. They represent something unique and special, such as a piece of artwork, a song, or a video.
NFTs are unique and cannot be swapped for something else unlike other cryptocurrencies are interchangeable with each other. This makes them valuable to collectors and artists who want to sell their digital creations as unique items
Most artists monetise their digital creations through NFTs, so it's key to have a deep understanding of the art industry and the latest trends to succeed in the NFT market.
Conclusion
Getting into cryptocurrency and NFTs is not an overnight process and does not fully guarantee success.
You have to take small steps, join a community, and most especially invest only what you can afford to lose.
If you're really interested, staying updated with the latest trends and changes could potentially lead you to become the next cryptocurrency millionaire!
Tune in to our Bite-Size podcast episode on Top tips for getting into Crypto & NFT!
Watch this episode of our Business Bite-Size on YouTube to learn more: