This will be the first of series where i will explain some of the basic topics in crypto for the new users. I am convinced – only way to bring any light into this world is to educate the world around You towards the better vision in mind. Knowledge is the most efficient solution against the terrors of today. So lets start on a topic that is itself a way to learn. Newbies often focus on fast gains and toss aside a far bigger concept that is actually true throughout the creation – one needs to put in work to gain a better viewpoint. Yes, this means researching for hours, days and weeks. No shortcuts here. Lets get at it!
1. https://bitcointalk.org/ and https://coinmarketcap.com/ are Your best tools to use. Period.
Go and create a account for Yourself on bitcointalk. It is the number 1 crypto forum on the planet. Everything pretty much happens there. Main place for You is https://bitcointalk.org/index.php?board=159.0
That is announcements board where all the coins and other crypto related services announce their start. After posting ANN thread, coin is considered public. There is hundreds and at times thousands of new coins coming in daily. Lot of them never end up anywhere, but they are a great source of information for You about what is popular on the market. If You go through them, trust Your gut. Its the best way to go because You cannot go through all of them. There is literally endless supply of new ones popping up constantly.
Coinmarketcap (often referred as CMC) is a website which makes the random shitcoin go legit. Shitcoin by the way is a term for coins that end up going nowhere. So CMC has a policy that coin has to have at least 10 000 usd daily volume before they list it on their site. This makes getting on their site a bit tricky and makes all the difference in crypto. Being listed on CMC means that developers understand the unspoken rule – without CMC listing You are nothing. Big investors (often called whales) never invest into an asset that is not listed CMC. Cryptocurrencies’ total market capitalization is stated on the top of the main page of CMC. There is 24 volume rankings for coins and exchanges both. Biggest gainers/losers. So CMC is a wonderful site to visit every morning first thing, because it provides fresh information about the current state of the markets. If every price in the top 10 is in red and total marketcap is way smaller than before You went to sleep, You have reason to believe it is overall a bearish market. This means everything is going down and not up. Going up is marked with a term bullish.
2. ANN thread
It is the announcement thread on bitcointalk forum. After making it public, users can comment on the assets thread so basically it is a public backlog for everybody to read if there has been a scam, bad service or something went well for the announcer. If You find a coin that feels right then read through the whole thread if You have time. You will see how developers (often called devs) are talking to the community. If their tone does not feel right or their agendas then its time to move on. Reading through couple of the ANN threads can be a beautiful insight into crypto slang and how the world works. Google the unknown phrases and find out what there is to learn while reading. There is lot of people like You asking for explanations on those boards too so learning opportunities everywhere.
3. Join social media channels
Most used are Telegram, Discord, Slack. Lately Slack has been excluded from many because it lacks possibilities to give roles to the Admins and this is bad for the users security. This enabled lot of scamming and drove people away from using Slack, but lot of the coins have the channel still available. Join in and read back on the latest news on the #general channel inside the medium You chose. This will show You how the devs are presenting their ideas. Personally i would advise against devs who hype their asset with phases like “mooning” or “pumping”. Aggressive ones are usually not a good choice either. Often there is a possibility to ask about the project so the community or the devs themselves will tell You about the project.
4. Look for dev blog
Devblogs are usually a great source of information. Often its the best place to find out about new developments before the info gets passed around on the forums. Very nice way to gain a bit of advantage.
5. Use the classical tools for catching up like google, twitter etc.
Try to stay creative how to obtain information about the asset You are researching into. Go through classic ways and then try to think if there is more ways to learn extra.
Be friendly and compassionate towards other users, no matter their experience level.
If You understand… then You should feel obligated to help the ones in need rather making their journey harder.
This is the only way for us to grow.