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  • Writer's pictureAndre Pappas

YOU'RE NOT TO OLD FOR CRYPTO



Because blockchain technology is only about 14 years old it definitely catches the interest of the younger generations and leaves the older generation baffled and confused on how a digital asset with no tangibility can have such tremendous value. A lot of the time you hear people say things along the lines of "you're buying thin air."


I like to think that I'm buying secured demand and I think with the right understanding of quality crypto principles, the older generation would be much more compelled to be involved.


This may trigger some crypto gurus but I'm just going to say it:

I do not think a deep understanding of blockchain technology and cryptocurrency is necessary to have a basic/quality crypto portfolio.


Not to say that you shouldn't strive for a better education in this category (financial education is everything!) but just to incentivize anybody who feels that a lot of information goes over their head. You have to remember crypto is new, even experts are still learners.


This being said there are a few things that all newbies should focus on before they make their first purchase of shares.



  1. Dollar Cost Averaging and diversification

Too many times people cave to social pressure and buy all at once. This is not smart, especially for newbies. There is ton of excitement when you first buy but you have to remember that the real success comes from discipline and consistency. Treat bitcoin and other cryptos like you would a 401k. Monthly allocations is always Ideal.

Diversification is important as well. In my other articles I have talked about how even "newbies" should be alt coin investors. This too needs to be done responsibly. While majority of a portfolio should probably be bitcoin and other large caps, throwing in a few moon shots is fun and can be rewarding. Remember high risk, high reward, and vice versa; so understanding what the dollar value that you are putting in means to you is important.

(Disclaimer: Alt coins and even some large caps will require some take profits during bull runs as their corrections can be a bit too much for diamond hands).



2. Brokerages and Security


There are a lot of different brokerage options when buying crypto. But for anybody that is new I highly suggest sticking with an easy to navigate platform like Coinbase. They are a public US company and allow you to set up recurring buys so so you can DCA automatically as well as manually. They secure accounts, but always remember to use 2 factor authentication as well. Especially in crypto.



3. Information Intake


Crypto has a lot of inconsistencies and wrong information. Where you are getting your information is very important. You will notice that when crypto starts to run there is a lot of "experts" that come out of nowhere; the second bitcoin falls they disappear. An example of this is the crypto youtubers. It is important to find consistent and conservative information sources. If someone is pitching you on some alt coin it probably is not the right person to take advice from. Look for people who have had skin in the game for a long time, not disappeared through the lows of the market, and have positive/knowledgable outlook on the overall benefits of blockchain financial systems and technology. This alone could make a world of a difference for you investments.



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