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Hello BMF, I'm an old head in crypto. I was initially introduced back in 2013 to Bitcoin and ETH in early 2016. I still remember seeing the original "Frontier" website for ETH way back in the day. It's been amazing to see the entire Crypto ecosystem grow since then. In my time I've worked at a variety of Crypto/DeFi startups, some successful, some not so much.

You've probably seen a lot of different types of sites and opportunities here based around Crypto and DeFi. I hope I can share my experience and help illuminate a path towards profitability for you in this thread. I personally went through a lot of heartache/pain for the knowledge I've gained and I'm hoping through me sharing some tips you can avoid some of the mistakes I've made.

Before going too much further I'd like to share three of my main rules for Crypto. These have guided me on my way since having learned them

• Rule #1: If something sounds too good, it probably is.
• Rule #2: Time in market beats timing the market everytime
• Rule #3: Never put money in you can't afford to lose

#1 is pretty self explanatory. There is no get rich quick. There is no easy and quick path to wealth. Wealth is built over time, how much work you put in and the opportunity you choose determines how long it will take.

#2 I don't recall the exact study and cba to find it, but if you remove the top 10 or 20 gain days in the stock market over the last 80 years it goes from up 80,000% to only 200% or so. So being in the market is always way more valuable than not or trying to time that exact day.

#3 People only become emotional investors and pull out too early, or too late, when they've put too much in. So don't do that.

Life lessons done, let's get into some more specific tips.

Determine Your Onramp

You will need to decide how you will be acquiring your first bit of Crypto. Most of the time this is going to be an exchange. Bitcoin ATMs and the like are typically huge ripoffs. A few years back I would use a service like LocalBitcoins, today I use a few exchanges. My personal favorites are Gemini and Coinbase, however you can never go wrong with Binance. I have linked my bank account with both of these, however if you're having issues with doing that I recommend LocalBitcoins or maybe scrolling down to the "Start Earning" section below.

Personal Safety - Secure the Bag!

Some people might skim right past this but this is one of the biggest tips here! Don't just leave your money on some exchange or hot wallet. Secure the bag!

Personally I recommend any cold wallet, Ledger is obviously one of the most well known, another lesser-known option is Ellipal. I like Ellipal for the display screen and detailed information displayed therein. However if you're short on cash you can pickup any cheap knockoff android phone, remove the SIM card and any connection to the internet, and use any wallet app on it. Without connection to the internet your private keys are generally safe.

Another thing worth pointing out is never share personal info (your location, your personal details, etc.) and never share your private key or mnemonic phrase. Keep personal info personal.

Start Earning - Faucets, GPT, DeFi, Work

Usually where people start is with Faucets and GPT I can't say too much here, they don't generally pay very well but the two that I can personally recommend are Freebitco.in and Cointiply. Both have been around for a long time, I've received payments from and earned a fair bit at. With Freebitco.in the idea is to use their other services and Reward Points. Cointiply is a typical GPT with a faucet and additional fun leveling services. Another great, lesser known faucet is Publish0x. You can earn some decent returns for reading and tipping authors out of the communal Publish0x pot.

As for DeFi, this is a world of possibilities. What I would recommend is only using the Blue Chip protocols and only highly known coins/tokens. A valuable resource here is DeFi Llama, you can see a Total Value Locked breakdown of the top DeFi protocols. I do not recommend venturing outside of the top 3 there or using any coin/token outside btc/eth/usdc/usdt/dai. Another useful tool here for DeFi is Debank, it's a portfolio viewer and can help you track some of the biggest wallets around.

Lastly you can get to work. Both Fiverr and Upwork have solid job/freelance listings all the time that are usually related to Crypto. You can also get involved in DAOs, these mostly function in Discord or Telegram. I've personally found a wealth of experience doing both of these options.

Other Methods/Tools

Trading Bots - These are tough to setup and even harder to master, however I've heard of success with HaasOnline. But please keep in mind you need to do a ton of research and testing to make these things work. There's no such thing as no effort, no work, set and forget. Everything worthwhile requires effort.

Swap Services - There are a ton out there, my favorite/one that I've never had an issue with is SimpleSwap. Others I've had delays and/or complete loss of my funds while I've never had a single issue with SimpleSwap. These make it easier for you to swap non like assets, so ETH -> TRON and can act as an easier path for arbitrages or other types of exchanges.

Staking - As I said above you'll want to stick with the Blue Chip assets here. I currently stake ETH and ATOM however I wouldn't recommend any beginner to get into staking at this time unless they have a 5 year+ time horizon. Asset prices will likely continue to fall so you will need a strong gut to make it through.

DCA - Dollar Cost Averaging. This is the poor man's entry into long term investing. I don't have time to extol all the benefits but there's a great article here about DCA here that I found.

Taxes - There is no one size fits all solution here but I really like CoinLedger. I make an obscene amount of trades and they were able to help simplify the process. However the onus is still on you to keep good records.

I'll continue to update this guide if it gets any sort of traction. Full disclosure my affiliate links are above but you can avoid them by using Google, however since I took the time to write this I would love if you used them

 

[magnus2022]

I really enjoyed reading this thread,it is an eye opener. Cryptocurrency is not easy to master in all its diversity. I have joined a lot of faucets but I realized am simply wasting my time. Recently, I joined freebit.coin and it seemed to be legitimate. I have read a lot of review about the site. I will bookmark this thread and try to follow your tutorial.

 

[JunkMale]

I really enjoyed reading this thread,it is an eye opener. Cryptocurrency is not easy to master in all its diversity. I have joined a lot of faucets but I realized am simply wasting my time. Recently, I joined freebit.coin and it seemed to be legitimate. I have read a lot of review about the site. I will bookmark this thread and try to follow your tutorial.

Hey Magnus, thanks for reading and I'm glad you enjoyed it! There's nothing wrong with faucets, even with all the things I've done I still frequent a few in my spare time. However it pays infinitely better to develop skills, highly recommend you check out some of the work ideas I put out there!

 

[magnus2022]

Hey Magnus, thanks for reading and I'm glad you enjoyed it! There's nothing wrong with faucets, even with all the things I've done I still frequent a few in my spare time. However it pays infinitely better to develop skills, highly recommend you check out some of the work ideas I put out there!

I will still go through it at my private time. I still yet to understand the entire post. Am new to crypto. Am still learning the fundamentals.

 

[btaliat]

I have always been discouraged from working on faucets. The critics always tell me that it is a time waster. But truly, the post seems to change my orientation about how faucet works. If I can see some recommended faucet websites, I may give them some trials.

 

[Emmanuel24]

This is an interesting lesson and love to have it because I have little idea about crypto currency but with the what you have shared I am able to add to my knowledge as a beginner. However I would put into practice what you have analyzed.

 

[btaliat]

I love the second analysis. Time in market may differ a lot with the real time. Sometimes we may be think a particular time is the best to buy a coin whereas that may not be market perfect time for such a coin.

 

[Sammydan]

This is great and insightful write-up. Everything was explained in details. The analysis was topnotch. I want to delve fully into cryptocurrency and forex trading this year. But before I will invested heavily, I want to meet an expert to teach the rudiment of trading.

 

[btaliat]

This is great and insightful write-up. Everything was explained in details. The analysis was topnotch. I want to delve fully into cryptocurrency and forex trading this year. But before I will invested heavily, I want to meet an expert to teach the rudiment of trading.

You have made a very good step. I will even advice you never rely only on the information that you get online. You may still need to meet an expert on physical training for more explanation on how it works.

 

[Bango]

In my opinion, staking is one of the safest possible methods. But it has its own risks and of course your capital should be freeze. But this is the least risky method possible, but don't forget to stack a valid currency

 

[GoldenLady]

This is an excellent learning point for beginners in cryptocurrency. I wish I found this earlier, but I doubt if I would have used it though. Most beginners get so overwhelmed with all the information out there, they end up making mistakes and then learning from them

 

[Riberet19]

This is an excellent learning point for beginners in cryptocurrency. I wish I found this earlier, but I doubt if I would have used it though. Most beginners get so overwhelmed with all the information out there, they end up making mistakes and then learning from them

Yes, in the end, the best teaching is the one you learn from your mistakes, there is none better than that, although it is a very complete guide, and you can learn a lot from it, but we must complement it with what we know and what we are learning also in the long way of investment.

 

[Crystal247]

Hello BMF, I'm an old head in crypto. I was initially introduced back in 2013 to Bitcoin and ETH in early 2016. I still remember seeing the original "Frontier" website for ETH way back in the day. It's been amazing to see the entire Crypto ecosystem grow since then. In my time I've worked at a variety of Crypto/DeFi startups, some successful, some not so much.

You've probably seen a lot of different types of sites and opportunities here based around Crypto and DeFi. I hope I can share my experience and help illuminate a path towards profitability for you in this thread. I personally went through a lot of heartache/pain for the knowledge I've gained and I'm hoping through me sharing some tips you can avoid some of the mistakes I've made.

Before going too much further I'd like to share three of my main rules for Crypto. These have guided me on my way since having learned them

• Rule #1: If something sounds too good, it probably is.
• Rule #2: Time in market beats timing the market everytime
• Rule #3: Never put money in you can't afford to lose

#1 is pretty self explanatory. There is no get rich quick. There is no easy and quick path to wealth. Wealth is built over time, how much work you put in and the opportunity you choose determines how long it will take.

#2 I don't recall the exact study and cba to find it, but if you remove the top 10 or 20 gain days in the stock market over the last 80 years it goes from up 80,000% to only 200% or so. So being in the market is always way more valuable than not or trying to time that exact day.

#3 People only become emotional investors and pull out too early, or too late, when they've put too much in. So don't do that.

Life lessons done, let's get into some more specific tips.

Determine Your Onramp

You will need to decide how you will be acquiring your first bit of Crypto. Most of the time this is going to be an exchange. Bitcoin ATMs and the like are typically huge ripoffs. A few years back I would use a service like LocalBitcoins, today I use a few exchanges. My personal favorites are Gemini and Coinbase, however you can never go wrong with Binance. I have linked my bank account with both of these, however if you're having issues with doing that I recommend LocalBitcoins or maybe scrolling down to the "Start Earning" section below.

Personal Safety - Secure the Bag!

Some people might skim right past this but this is one of the biggest tips here! Don't just leave your money on some exchange or hot wallet. Secure the bag!

Personally I recommend any cold wallet, Ledger is obviously one of the most well known, another lesser-known option is Ellipal. I like Ellipal for the display screen and detailed information displayed therein. However if you're short on cash you can pickup any cheap knockoff android phone, remove the SIM card and any connection to the internet, and use any wallet app on it. Without connection to the internet your private keys are generally safe.

Another thing worth pointing out is never share personal info (your location, your personal details, etc.) and never share your private key or mnemonic phrase. Keep personal info personal.

Start Earning - Faucets, GPT, DeFi, Work

Usually where people start is with Faucets and GPT I can't say too much here, they don't generally pay very well but the two that I can personally recommend are Freebitco.in and Cointiply. Both have been around for a long time, I've received payments from and earned a fair bit at. With Freebitco.in the idea is to use their other services and Reward Points. Cointiply is a typical GPT with a faucet and additional fun leveling services. Another great, lesser known faucet is Publish0x. You can earn some decent returns for reading and tipping authors out of the communal Publish0x pot.

As for DeFi, this is a world of possibilities. What I would recommend is only using the Blue Chip protocols and only highly known coins/tokens. A valuable resource here is DeFi Llama, you can see a Total Value Locked breakdown of the top DeFi protocols. I do not recommend venturing outside of the top 3 there or using any coin/token outside btc/eth/usdc/usdt/dai. Another useful tool here for DeFi is Debank, it's a portfolio viewer and can help you track some of the biggest wallets around.

Lastly you can get to work. Both Fiverr and Upwork have solid job/freelance listings all the time that are usually related to Crypto. You can also get involved in DAOs, these mostly function in Discord or Telegram. I've personally found a wealth of experience doing both of these options.

Other Methods/Tools

Trading Bots - These are tough to setup and even harder to master, however I've heard of success with HaasOnline. But please keep in mind you need to do a ton of research and testing to make these things work. There's no such thing as no effort, no work, set and forget. Everything worthwhile requires effort.

Swap Services - There are a ton out there, my favorite/one that I've never had an issue with is SimpleSwap. Others I've had delays and/or complete loss of my funds while I've never had a single issue with SimpleSwap. These make it easier for you to swap non like assets, so ETH -> TRON and can act as an easier path for arbitrages or other types of exchanges.

Staking - As I said above you'll want to stick with the Blue Chip assets here. I currently stake ETH and ATOM however I wouldn't recommend any beginner to get into staking at this time unless they have a 5 year+ time horizon. Asset prices will likely continue to fall so you will need a strong gut to make it through.

DCA - Dollar Cost Averaging. This is the poor man's entry into long term investing. I don't have time to extol all the benefits but there's a great article here about DCA here that I found.

Taxes - There is no one size fits all solution here but I really like CoinLedger. I make an obscene amount of trades and they were able to help simplify the process. However the onus is still on you to keep good records.

I'll continue to update this guide if it gets any sort of traction. Full disclosure my affiliate links are above but you can avoid them by using Google, however since I took the time to write this I would love if you used them

Wow that's great, I really enjoyed reading your contents and I have learned a lot from your explanation.
That's why it's always good to study before starting any business online, I lost a lot of money on cryptocurrency due to ignorance.
Well, that was then.

 

[Crystal247]

This is an excellent learning point for beginners in cryptocurrency. I wish I found this earlier, but I doubt if I would have used it though. Most beginners get so overwhelmed with all the information out there, they end up making mistakes and then learning from them

Yes, same wish. It's really helpful for crypto newbies. The first time I started involving myself on cryptocurrency business I wasn't has any one to guide me through like this that's why I was facing loses and all that.