If you’ve ever felt confused by the world of crypto and NFTs, you’re not alone! This month at Your Juno, we’re tackling all things crypto and Web3 to demystify one of the least understood areas of finance.
Our campus ambassador and crypto aficionado Margot Worsley has rounded up the top 4 things you need to get started with crypto.
Buckle in, we're about to go back to basics ✨
How do I even access cryptocurrencies?
Just like you have a wallet to hold all your cards (Cash? Never heard of her 👀), cryptocurrencies need a wallet too. Your wallet holds private and public crypto keys, which allow you to access your funds and receive funds from other people.
There are four different types of wallet with their own individual pros and cons –– paper, mobile, web, or desktop.
Your wallet allows you to buy different currencies which you can then swap (we’ll get to that!), or spend your currency on things like NFTs. Margot uses Metamask, which you can access via a browser extension or mobile app. Think of your wallet as your door to the crypto world 🪐
Okay – but I want to access some new tokens!
Say you’ve bought some bitcoin but you’d like some ethereum instead. When you buy a currency in your wallet, you can swap your coins for other cryptocurrencies using platforms like Sushiswap or Quickswap. Everything stays within your wallet, but you’ll be able to access new tokens on the marketplace.
I've seen all the hype around NFTs – how do I get in on that?
If you’re not quite sure what an NFT is, you’re not alone! You might have seen them popping off on Twitter, which recently introduced a special profile picture option for some NFT holders.
NFT stands for non-fungible token. This means that it’s unique, and can’t be swapped out for something else that’s the same. When you buy an NFT, you get digital ownership of it.
NFTs encompass a huge range of digital objects, but the most popular form of NFT right now are pieces of digital artwork that you can own – like buying a painting, but a little more futuristic 👽. There are lots of different marketplaces you can use to buy NFTs, like OpenSea.
I'm hooked! Where is everyone else talking about this?
Over in the Your Juno community, we have a dedicated channel for crypto! Come find out what our community is investing in and tap into some amazing collective knowledge.
Fun fact: BTC and ETH are the most held coins in the Your Juno community, with SOL (Solana) coming in a close second!
Margot also recommends using platforms like Discord and Twitter to get a sense of what other cryptocurrency aficionados are up to.
Wanna do some further reading?
Margot has collected together some useful articles and resources to help you get started:
Decrypt is the crypto news platform that Margot swears by – and in their app you can tick off the top 5 stories as you read them. Time to up our knowledge game!
Which wallet should you choose? This article breaks down the pros and cons.
Not really sure how a token swap works? Get the DL on exchanging your coins here.
While OpenSea is the biggest NFT platform, there's a whole host of others – take a look.
Intimidated by Discord? WIRED have covered everything you need to know to get started.
SheFi is the insta account demystifying crypto in a fun, accessible way.
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