Submitted 2 days ago by PTSDwarrior@lemmy.ml to nostupidquestions@lemmy.world
In this day and age, I unfortunately have to have an alternative source of income to sustain myself. How the fuck do I get started with cryptocurrency?
unfortunately have to have an alternative source of income
How the fuck do I get started with cryptocurrency?
Who is going to tell them
I hope you’re not looking at trading crypto as a source of income. It’s not. It’s just as easy to lose money as it is to make it. I also encourage you to carefully consider tax implications.
As for the rest, it all depends on what you plan to do, what currencies you want to use, how much risk you’re comfortable with, and your expendable income.
You can create an account on on of many exchanges (Binance, Coinbase, etc) that will allow you to deposit or withdraw US currency and buy or sell many different crypto coins. I believe of these will require you to register an ID (if you live in the US) for reporting to the IRS. Also, crypto exchanges have been hacked and people have lost money, so it’s worth considering how much you are comfortable with leaving on the exchange.
If you just need to receive crypto, or care to transfer your money from an exchange to a wallet that you control, you can use a number of different wallets. There are hardware wallets that you can buy that are dedicated to storing crypto. There are also apps for your phone for multi currency wallets. However you do it, you’re going to want to make sure that you store passwords/seed phrases/etc safely and securely. If you lose your keys, you lose your currency.
Nerdwallet (a pretty great financial website if you’re ever looking to compare banks or credit cards) has a pretty detailed write up on the different types of wallets and how to create one. You can find it here: www.nerdwallet.com/article/…/get-a-crypto-wallet
Good luck!
Using crypto as a second source of income is like playing hopscotch in a minefield.
All i thought reading this was, “Im super Hungary. I should do some cocaine to get rid of my hungar.”
Prolly outdated sentiment, haven’t checked crypto prices in prolly over a year. For all I know it could be more stable than the actual market and they solved the issues they were having with monster wallets pumping and dumping. So im not here to give any advice or comment on your decision but I will give you my experience in kinda similar situation.
I found that that the amount of work you will need to put in learning enough about crypto trading, asset managment, trading strategies and anything else it will take to turn enough of a profit to make it worth it, you will prolly in hindsight think, “it woulda been more efficient getting a second job and investing the paycheck.”
Like I said, never fucked with crypto but I did go through a 3-5 year phase of being balls deep in day trading and trading options contracts. Lost about $10,000 in the first 3 months I gave it a try before I ever saw a single penny and still dont think I ever made the initial lost money back despite hitting big a bunch of times. Including but not limited to the gamestop explosion, the AMC shorting among other meme stock swings.
Oh so it’s guess there is at least one stupid question. The only way to make money with crypto is to scam people by rug pulling. So the real question you are asking is how do I scam people for a secondary income.
Crypto is shit beta now, you trade it like that. The liquidity pool is too small to handle large entry/exit.
Although I agree this is like going to vegas for him.
How the fuck do I get started with cryptocurrency?
Take a $1 bill and burn it. Repeat that process as long as you don’t understand what shitcoins is all about.
Each currency has foss software that pairs with it.
Some of them require serious hardware to run locally but they can generate a wallet for you.
It’s crucial you back that up.
Ceedoestrees@lemmy.world 2 days ago
I say this as someone who’s been involved in cryptocurrency, in some way, for almost a decade: Do not look at it as a source of income. That’s my warning.
Most the money I’ve made ofd crypto was by accepting it as a source of payment for freelance work, and selling when the price went up. I’ve made only one lucrative investment on a token and it’s because the developer team was a friend of a friend, I only spent the money I could easily afford and pulled out early, once it tripled. Don’t fall for FOMO, even if you could have made more money.
If you go forward, stick with media put out by the major, legitimate exchanges. They have a lot of information on how to get started.
Stay away from crypto-bro hype schemes, do not buy/trade anything from any project/company that isn’t legitimate, with a strong social media presence and a community.
However, you can make good money off pump schemes if you’re in their communities and keeping and close watch on what they’re doing.
Sign up for airdrops of new tokens and coins, shit you can get for free just by joining/signing up for something. A lot of times it’s trash you’ll never get rid of, sometimes it’s free money.
I’ve been using metamask as a wallet for years, it’s one of the most accessible platforms and has a lot of information and support on how to use it.
For the love of god do not look to NFTs as an investment.
Never, ever, spend money you can’t afford to lose.
iamanurd@midwest.social 2 days ago
Keep in mind that pump and dump schemes always consist of someone getting fucked over. Either you’re getting fucked over or you are fucking someone else over. I prefer to avoid those situations.
I guess to a lesser extent, it’s the core of capitalism.
Ceedoestrees@lemmy.world 2 days ago
Didn’t call it a Pump and Dump for a reason.
I knew the people involved and it looked like they were legitimately trying to develop a product. It was 50/50 pump scheme/real project, since they never did a rug pull. They were honest with themselves about most investors not a shit about their project, who going to sell high anyway.