What’s Your Advice to Crypto Newbies? | Trade? | Invest? | Stake? | Earn? | Or Something Else?
**Disclaimer:** Does this look like financial advice? You are right. It isn’t. Treat it so.
“Do Your Own Research” (DYOR) is not a fad but an important element of the cryptoverse. Do keep that in mind.
Cryptoverse
Multiple sources estimate that the crypto users as of 2024 stands at 560 million globally. That’s out of a population of 8.5 billion or 8500 million people. The crypto users are less than 10% of the global population. On a side note, this should convince everyone that we are the first movers in this space. Anyway, coming back to the topic – the real user base.
However, 560 million users would be a bit of a stretch, as the real numbers could be around 100-200 million users. Why is that? Because the data is going by the number of accounts at exchanges, registered users at crypto sites, and multiple other such touchpoints. Now, the data therefore gets skewed because a single user could have multiple accounts, could have accounts in multiple exchanges, and could own multiple wallets, so the same person could be counted multiple times.
Not only this, but also the crypto explorer who would have opened an account once and never returned or visited a site, but never really stayed back in the crypto world, is also counted in the 560 million. When we take out these data points, that’s when we end up with an actual user base of 100-200 million people. This again is a rough estimate, and there is no real science backing this number.
Okay, got it? | Why Is That Important?
The actual crypto base of 100-200 million users is less than 2.5% of the global population. What this means is - roughly 98% of the globe is sitting on the fence and watching the crypto game. We are the gladiators. 😊
We are not just the gladiators but also the teachers for those who want to learn, and there are a lot who would want to know. I keep getting the question of ‘what to do’ or ‘how to enter the crypto (or Bitcoin) space’. I can’t see myself asking people to blindly trade in Bitcoins if they don’t even know how the crypto space works. And then there are the crypto scammers who will leave such newbies high and dry in no time.
I usually keep my suggestions simple. And what is that suggestion?
What’s My Suggestion?
I tell people the following:
1. Register on the country-approved crypto exchange
2. Take out 0.1% of their salary or income every month and get on this exchange, and keep buying Bitcoin. Not 10%, not 1% but just 0.1%
3. Focus only on Bitcoin and no other coin/token
4. If they choose to buy any other coin/token, then that’s on them; meaning, not my suggestion
5. The 0.1% income every month will act like a measured investment in mutual funds. Only in this case, it is crypto funds.
That’s it. I keep it simple. I have also noticed that once people start putting their money into something they don’t know, they usually start reading more about it. Then they get curious about other coins/tokens BCH, ETH, BNB, etc. I give them the information that they want, but decisions on investing in any other coin/token are theirs. I only stick to Bitcoin. That’s it.
Once they are confident, they start exploring other areas of crypto growth like earn programs, staking, etc. They will keep coming back for information, and I will help as much as I can until they stop calling for crypto completely.
And that’s when I know we have added one more user to the crypto world. Interesting, isn’t it?
What About You? | How Do You Deal With Crypto Newbies?
What’s your take when someone approaches you for help in the cryptoverse? What are your recommendations? I do have different suggestions for writers or developers and ask them to explore crypto ecosystems like Hive, PublishOx, or even crypto-specific forums and sites.
The basic idea is not to put the person at too much risk when exploring the crypto space and allowing him/her to learn the tricks of the trade by themselves. I think that has served me and the newbies well so far! 😊
Image Courtesy: PabitraKaity at Pixabay(dot)com | AI Generated Crypto World by WhereBuyCoin at Pixabay(dot)com
