5 Minute Crypto Jumpstart Training | Crypto Tips And Tricks
[00:00:00] All right. So welcome to this five-minute crypto jumpstart training in this training, we’re going to very rapidly in five minutes or less help you understand common crypto terminology, how to set up a crypto trading account and how to open a crypto wallet. These crypto tips and tricks are the very basic bare minimum things that you need to do in order to start using and engaging with the crypto space.
[00:00:26] So we’re going to cover these in a very brief. You’re encouraged to follow up by researching things further, especially if you’re interested in trading, it can be very volatile. So make sure that you know what you’re doing and don’t take any risks. Don’t risk, any money that you’re not willing to lose and so on and so forth.
[00:00:45] But here is our first item on the agenda crypto terminology. So cryptocurrency. Means a decentralized digital currency built on a digital ledger system called a blockchain. So what’s a blockchain. Well, it’s a [00:01:00] digital database that uses high levels of cryptography. That’s where we get the phrase crypto from used for securing storing and maintaining transaction records, verifying ownership, controlling the creation of more coins and several other things as well.
[00:01:14] Defi means decentralized finance. It refers to financial assets and activity that are not reliant on a central authority, like a government or a bank, allowing individuals to conduct business with each other without the need for brokerages or intermediaries’ smart contract. So, a smart contract is a digital program or protocol that automatically executes parts of an agreement based on predetermined triggers, conditions or settings, allowing contract fulfillment to take place without the need of intermediaries and with less risk of violate.
[00:01:47] Finally NFT stands for non-fungible token, and it’s used to represent ownership of unique items like art collectibles, even real estate uniqueness, and proof of ownership is secured by the blockchain and [00:02:00] increasingly popular form of digital art and investment assets. So let’s jump into the first step here.
[00:02:07] If you’re interested in crypto trading or investing first off, huge, huge disclaimer, here. There is no investment advice anywhere in this video. Proceed with caution because crypto can be very volatile. So buying and selling cryptocurrency on a crypto exchange or a marketplace is what people mean when they say crypto trading cryptocurrencies can be purchased and then potentially resold at a higher price.
[00:02:32] But extreme caution is recommended. As I said, a moment ago, due to the volatility of cryptocurrencies in general. Finally. Trading in cryptocurrencies requires an account on a crypto exchange like Coinbase, which is what we’re going to be using for our example. Right now, if you want to trade cryptocurrencies on Coinbase, you go to coinbase.com.
[00:02:51] You click on, sign up, and then you’re going to create an account and complete some verification steps. Then you’re going to [00:03:00] add a payment method. It’s going to be a credit card, debit card bank account, that sort of thing. When you’re ready to trade you, click on trade in the navigation menu. You can browse through all the currencies that they have choose one that you want to purchase and using your appropriate payment method.
[00:03:18] You purchase that cryptocurrency. Now, one thing that we didn’t mention here was a wallet because you don’t need a wallet in order to trade on crypto exchanges, or at least not on Coinbase. However, it’s still a good idea to have an individual. Wallet of your own. And so if you want a wallet, you can, since we’re on Coinbase already, you can go straight up to the top, right.
[00:03:40] Click on wallet, and that’ll bring you to their wallet page. You can get a Coinbase wallet. There’s plenty of wallets out there. I encourage you to research them all and pick the one that’s best for you. If you do this on the desktop site, it’ll actually create and give you access to a wallet, um, via a Chrome extens.
[00:03:58] Well, it depends on what browser you’re [00:04:00] using, but there’s an extension that Coinbase has for using your wallet. However, most people like to have their wallet on their smartphone. You can actually do both. If you already created one via the desktop website, well, then you can download their smartphone app and you use your recovery phrases to be able to access that wallet on your phone.
[00:04:18] If you haven’t created one yet, well, then you can create one from scratch right there on your phone. That’s what the process for creating a new wallet on the. App looks like really, really important here. Do not ever lose your recovery phrases ever. It’s not like losing your password or your pin number for your bank account.
[00:04:40] And yeah, you got to jump through some hoops, but eventually they can get it back. No, you are completely out of luck if you lose your recovery phrases, so never, ever, ever lose those cherish those more than you would usually cherish access information for important. So as promised that was short, sweet to the point, you now [00:05:00] have an understanding of the basic minimum things that you can do to start interacting with the crypto space.
[00:05:06] Hopefully that was useful to you guys, and we wish you the best of luck on your crypto journey from our crypto tips and tricks training.
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