10 Top Tips on How to Get Into Cryptocurrency in 2024: A Comprehensive Guide for Beginners

Investing in Cryptocurrency: A Beginner’s Guide for 2024

As digital assets continue to gain popularity, many investors are looking to enter the crypto market for the first time. While the world of cryptocurrencies may seem daunting, getting started is actually quite simple. In this guide, we will explore how beginners can venture into the world of cryptocurrencies and share some tips on how to do so safely while minimizing risks.

10 Top Tips on How to Get Into Cryptocurrency in 2024

Here are some useful tips to follow when trying to get into the crypto space as a beginner:

1. Find low-cost, high-potential crypto projects like Smog
2. Get educated about the crypto market
3. Develop a strategy
4. Learn how to store cryptocurrency safely
5. Choose a crypto exchange or broker
6. Diversify investments
7. Invest with a dollar-cost averaging
8. Gain exposure to cryptocurrency indirectly
9. Earn passive income with crypto staking
10. Use leverage carefully

For complete beginners, we have prepared an extensive guide on what is cryptocurrency – explaining how digital tokens work and how they are different from other assets such as stocks and commodities.

A Closer Look at How to Get Started in Cryptocurrency

When Googling ‘how to get into crypto’, investors are likely to be bombarded with thousands of search results. There are virtually hundreds of articles on the likes of ‘next cryptocurrency to explode‘ and ‘how to get rich with crypto‘.

However, many guides fail to explain how risky the crypto space actually is. In fact, cryptocurrencies are perhaps the most volatile asset class in the financial market. It is not uncommon for the price of cryptocurrencies to swing up or down by 10% or even more within a single day.

For some investors, the high risks might be too much to handle. That being said, there are also ways to deal with risk when investing in cryptocurrencies. With this in mind, let us dive right into 10 tips that investors can use to get into the crypto market in a risk-averse manner.

1. Crypto Presales – Get Into the Crypto Market at a Low Entry Price

As of writing, the most popular cryptocurrencies, Bitcoin and Ethereum, are trading at around $26,000 and $1,700, respectively. Hence, the first thing that might occur to new investors is that major cryptocurrencies are expensive. However, that isn’t the full picture.

Investors need not buy well-established, large-cap cryptocurrencies to make money. Instead, the best way is to identify the fastest-growing cryptocurrencies that are available at a low entry price. This is where crypto presales come in.

In a nutshell, crypto presales happen before the digital token is listed for market trading. The main purpose of token presales is to raise capital for the expansion of an emerging crypto project. For investors, crypto presales come with many advantages. For instance:

– Crypto presales allow investors to gain access to a disruptive new project from an early stage.
– Additionally, crypto presale tokens are often sold at a low price – when compared to their future listing price on an exchange.
– This means that there is high upside potential, and furthermore, inexperienced investors are not required to risk vast sums of money to gain exposure.

For example, take the case of Ethereum, one of the most successful cryptocurrencies of all time. Ethereum held its presale in 2014, where investors could one ETH token for just $0.31. In 2021, one ETH was worth over $4,900. Even during the 2022 bear market, ETH was trading above $1,000. Therefore, those who bought Ethereum during presale and held onto their coins would have seen their portfolios grow by unprecedented amounts.

Some of the best crypto presales of 2022 included Tamadoge, Battle Infinity, and Lucky Block. Tamadoge started its presale at a price of $0.01 per token. By the time it was listed on crypto exchanges, TAMA tokens were trading at around $0.20 – registering a profit of 2,000% for early investors.

Bearing all of this in mind, we have researched a number of upcoming crypto presales that have every chance of mirroring the success of Ethereum, Tamadoge, and other notable projects. These presales can be a great way to get started in the crypto space without having to risk large amounts of money.

Smog – Best Alternative to a Crypto Presale, $100 Million Market Cap

While Smog ($SMOG) is not a cryptocurrency presale, it is a new meme token that has offered huge returns since its exchange listing. In February 2024, $SMOG was listed on the Jupiter decentralized exchange. The initial market cap was only $2 million, which soared past $100 million in just a couple of days.

This new cryptocurrency promises to conduct one of the biggest airdrops on the Solana blockchain. From a total supply of 1.4 billion tokens, 490 million will be offered as airdrops. Users can sign up for the airdrop campaign with Zealy and start completing tasks and challenges to earn airdrop points.

The $SMOG token can also be staked on the smart contract to generate passive income. At the time of writing, one can earn 42% staking yields through the staking mechanism. More than 10 million tokens have been locked on the smart contract. To promote the project, Smog is allocating 50% of the token supply for marketing purposes.

This can help Smog compete with other successful meme tokens such as Bonk and Pepe Coin. Just like how $BONK soared after listing on Coinbase, Smog will be eyeing new listings on tier-one exchanges. This can help increase trading volume and offer further growth in the long-term. For more information on this cryptocurrency, read the Smog whitepaper and join the Telegram channel for more information.

Sponge V2 – New Presale Harnessing the Momentum of its Predecessor, Offers High Staking Rewards

Getting into cryptocurrency is exciting, but it can also be exhausting. After all, there are many options to choose from. However, two things always help gauge a token’s worth: the token’s growth numbers and its value proposition. Sponge V2, the sequel to the popular memecoin Sponge V1, scores well on both. This makes Sponge V2 one of the most popular crypto presales right now.

It promises 191% rewards on buying and staking Sponge V1 to earn Sponge V2. Sponge V1 has already registered nearly a 3,000% price increase from its launch date to today. In the 2023 bear market, Sponge V1 registered a $100 million market cap, ensured presence in more than ten centralized exchanges, and accumulated 13,000+holders.

Sponge V2 has added more to the proposition by introducing a P2E model that helps earn more tokens in-game. It has become more utilitarian and allocated a significant percentage of 51% of the total token supply for distribution as rewards.

The token spends less on marketing and more on CEX liquidity so that investors always find the token useful for broader transactability. To participate, one needs to stake their Sponge V1 tokens to earn Sponge V2, and to buy Sponge V1 tokens, one can opt for ETH or USDT swaps or card purchases.

Learn more about Sponge V2 by taking a look at its whitepaper, and make sure to follow Sponge on Telegram and Twitter for regular updates.

Bitcoin Minetrix – New Presale Redefining Bitcoin Mining with a Stake-to-Mine Model And a High APY, Raised Over $11 million

Bitcoin Minetrix is a brand-new project offering an innovative alternative to traditional Bitcoin mining. The platform has quickly gained traction, raising over $11 million within a few months of its launch. Unlike conventional mining methods that require expensive hardware and are energy-intensive, Bitcoin Minetrix introduces a Stake-to-Mine model, making it eco-friendly and accessible to the average user.

With a total supply limit of 4 billion tokens, Bitcoin Minetrix allocates 42.5% for mining activities and 7.5% for staking. Currently, $BTCMTX is priced at $0.0135 per token. The unique Stake-to-Mine mechanism allows users to stake $BTCMTX tokens in exchange for non-tradable mining credits.

Per the Bitcoin Minetrix whitepaper, these credits can be used to mine Bitcoin on the platform. Unlike traditional cloud mining contracts, which often lock up your funds and are susceptible to scams, Bitcoin Minetrix offers a more secure and flexible approach.

If you decide to exit, you can unstake your tokens and sell them at market prices. The platform features an integrated dashboard, giving users a comprehensive view of their mining activities. From hashing power to mining credit earnings, all crucial metrics are displayed, enabling you to manage your Bitcoin mining effortlessly from your desktop or mobile.

Bitcoin Minetrix is designed with environmental concerns, leveraging cloud mining for energy efficiency. Additionally, the platform has undergone a third-party smart contract audit, ensuring its security and reducing the risk of fraud. The project has set a hard cap of $30 million for platform development, marketing, and staking rewards. Given the strong initial investor support, it seems well-positioned to achieve these goals.

2. Get Educated About the Crypto Market

Crypto presales are undeniably one of the less-expensive ways to gain exposure to the blockchain space. However, before moving forward, investors should also ensure that there is a firm understanding of the ins and outs of this market. To get started, investors should familiarize themselves with the most popular cryptocurrency terms.

When navigating the crypto space, investors will come across many new terms – such as HODL, wallets, NFTs, meme tokens, and exchanges – all of which might have a different meaning elsewhere.

It is also crucial for investors to have a clear idea about cryptocurrency regulations in their country. Although cryptocurrencies are largely unregulated, some countries have policies that limit the trading of digital assets. Similarly, countries across the world also have distinct rules regarding crypto tax.

Some nations require their residents to pay taxes on the profits generated from cryptocurrency investments. As such, investors should be clear about what their duties are and how they can protect themselves before risking money on a volatile asset class like crypto.

3. Develop a Strategy

Once investors have a basic understanding of what digital assets are, it is time to consider how to get rich off crypto. After all, this is the overarching reason for learning to invest in cryptocurrencies. In this regard, investors can take on two different approaches:

– Long-term investing – In this strategy, investors will buy a cryptocurrency and hold the tokens for years at a time. This method is popularly known as ‘HODL’ or ‘buy and hold’. Crypto HODLers believe that the value of the cryptocurrency will appreciate over the long term due to their use cases or potential for growth.
– Short-term Trading – On the other hand, crypto traders are much more active in this space. In this strategy, traders speculate on the future price of a cryptocurrency and open positions accordingly to make a profit. The main difference is that traders open and close positions in the short run.

For instance, an investor might speculate that the price of Bitcoin will increase by the end of the day. So, they might open a trade to buy Bitcoin and close it in a few hours if and when the price of BTC coins increases. As is evident, the profit with short-term crypto trades can be marginal.

However, crypto traders open and close multiple positions so that their profits add up over time. Moreover, crypto traders are not always after digital assets with growth potential. Instead, they are looking to profit from the short-term volatility of cryptocurrencies.

There are many strategies in the realm of crypto trading – while some professionals keep their positions open for a few hours, others close them within a matter of minutes. In addition to this, traders can also use derivatives such as CFDs to go short – to profit from the falling prices of digital assets.

Traders generally rely on technical indicators and other crypto tools to arrive at their decisions. Needless to say, crypto trading is not entirely suited for complete beginners, as it requires some expertise. Over time, investors can decide on a strategy best suited for themselves based on their risk appetite and financial standing.

Regardless, it is always necessary to be clear about the proposed strategy before buying crypto. This will help to find answers to important questions such as which digital assets to buy and how much to invest in cryptocurrency.

4. Learn How to Store Cryptocurrency Safely

Before proceeding to buy digital assets, investors and traders should also think about how to store cryptocurrencies safely. For those unaware, cryptocurrencies are stored in digital wallets. Let’s explore how crypto wallets work.

– A crypto wallet has two components – a public and a private key.
– The public key is used to create wallet addresses that can be viewed by everyone. A public key is made of numbers and letters and can be shared with others in order to receive cryptocurrencies in the wallet. Public keys are automatically created when setting up a crypto wallet.
– The private key, on the contrary, is not publicly viewable. Investors will need to have this private key in order to send cryptocurrencies from their wallets. In other words, the private key essentially serves as the password.

On top of this, new crypto wallets also generate a seed phrase during the initial setup. This seed phrase is used to recover the crypto in the wallet in case the password is lost. Without the recovery phrase, users of the wallet won’t be able to access their cryptocurrencies if they lose the password.

This is why it is always necessary to keep the private key of the wallet safe. Moreover, the safety of the cryptocurrencies will also be determined by the type of digital wallet chosen. When thinking of how to get a crypto wallet, investors have two options.

Software wallets

– Software wallets come in the form of applications that can be downloaded to a device, such as a laptop, tablet, or phone. This type of wallet comes in both custodial and non-custodial varieties. For instance, custodial wallets are those that come integrated with exchanges and brokers. With custodial storage, the provider will have access to the cryptocurrencies stored in the wallet to carry out transactions on the user’s behalf. However, entrusting a third-party crypto exchange for the purpose of storage might not be the wisest of ideas – considering the recent collapse of FTX.
– Instead, non-custodial wallets are the safest option. Non-custodial wallets are those that hand over full control to the user. This means that the user is the only person who has access to the wallet and, subsequently, the crypto assets.

Hard Wallets

– Hard wallets come in the form of small devices that can be connected to laptops and phones. Hard wallets might be the best option for investors who prefer to hold on to their assets for months or years at a time. That being said, hard wallets can be cumbersome when it comes to convenience.

Not only will users need to keep their passwords safe, but they will also need to have access to the device every time they wish to carry out a crypto transaction. Put simply, the best crypto wallet will ultimately depend on the strategy of the investor. For instance, someone who carries out a lot of trades might prefer to use a software wallet. On the other hand, hard wallets might be best suited for those who take on a long-term ‘buy and hold’ strategy.

5. Choose an Exchange or Broker

Now that we have covered the basics, let us move on to the process of how to get cryptocurrency. Perhaps the most common way of buying digital assets is to go via a crypto exchange. Investors should opt for online brokers that are regulated, which offers a more secure environment.

6. Diversify Investments

As with any investment, cryptocurrencies also carry an inherent level of risk meaning it’s important to have the right allocation of crypto in your portfolio. Moreover, this asset class is particularly volatile – and a single event can lead to the broader crypto market losing a considerable amount of value in the span of a day.

Therefore, when learning how to get into cryptocurrency, investors should also understand the best ways to mitigate the risk. Diversification is one of the core concepts of investing. In simple terms, this strategy involves spreading investments into different cryptocurrencies. Instead of buying a single cryptocurrency, investors will allocate certain percentages to multiple digital assets.

By taking this approach, investors can limit the risk and reduce exposure to volatility. To make things even better, it would also be smart to diversify into asset classes other than just crypto. This ensures that investors avoid losing everything at once, even if one asset goes down in value.

When diversifying, It might be best to pick a number of well-established digital assets, along with some of the best emerging cryptocurrencies – such as Dash 2 Trade. Investors should also explore utility tokens with different use cases, which can further reduce exposure to a single market.

7. Invest With Dollar-Cost Averaging

Dollar-cost averaging is another popular strategy that can help take better control over crypto investments.

– For instance, let’s say an investor is wondering how to get started with cryptocurrency but is not sure when to buy a digital asset or what amount to invest.
– In dollar-cost averaging, the investor will allocate a fixed amount of money at regular intervals to the same asset.
– This way, investors don’t have to worry about getting the ‘timing’ right.
– Instead, it takes away the emotion from the decision-making process and reduces the risk while still offering an opportunity to profit from market swings.

When choosing an investment strategy, it is essential for investors to do their own research to make the best possible judgment. Always remember that the value of cryptocurrencies can increase or decrease within a short time, so investors should be prepared to lose their stake.

8. Gain Exposure to Cryptocurrency Indirectly

If investing in a cryptocurrency directly does not feel like the right choice, there are also other ways to gain exposure to the blockchain industry – such as:

– Invest in companies connected to blockchain – One way is to buy stocks in companies that operate in the crypto space. This allows investors to benefit from regulatory oversight and evade the risk associated with storing crypto. There are several companies that are publicly listed that fall under this category – such as Coinbase, PayPal, or Square.
– Invest in Blockchain ETFs – Crypto ETFs are another emerging asset class that is gaining popularity among investors. It allows investors to gain exposure to multiple digital assets via