How to Understand Crypto as a Newbie And Carve Out a Niche For Yourself.
The bear market is upon us like a thief in the night. And this is the time when people who do not understand crypto are moving on with their lives off crypto or getting into another walk of life.
I have been there. The 2017 bear cycle took me by surprise, and my million-dollar dreams flew out the window when I had to angrily sell off my crypto at a loss after waiting for months for me to at least recover my capital.
Every bull cycle attracts a lot of people into the crypto industry, and the majority of these people think that they can just buy any coin that is being shilled by an influencer or “guru,” wait for the coin to do “100x” and retire before the age of 30.
But sometimes, when it doesn’t work as expected, they lose faith in their “guru” and the crypto market.
The crypto industry is very vast. It transcends “buy the dip and sell the high.”
It is an industry filled with smart people. The decentralized and unregulated nature of the crypto industry has made it very quick for new projects to spring up very often.
If you suddenly leave the crypto industry for six months, when you come back, you will be lost in the number of new projects that are bringing in innovations. And this will make you feel overwhelmed.
Nevertheless, as a newbie, you must focus on getting your fundamental right. Chasing the trends is never going to help you. Instead, it would help if you concentrate on understanding blockchain technology and what Bitcoin wants to achieve in the world.
The crypto industry’s vast nature will confuse you with concepts and terminologies if you try to understand the industry desperately.
In this case, you should pick a niche and focus on it to understand it. You will save yourself from feeling overwhelmed about having a lot to keep up with in the industry, more clarity to pick the next topic, and specialized knowledge in that niche.
Imagine trying to understand blockchain technology, cryptocurrency, Web3, NFT, DeFi, Metaverse, Scalability Trilemma, Interoperability trilemma, etc., all at once. You will feel overwhelmed even when there is progress.
If you are among the majority who joined crypto to make a “100x”, and it didn’t come to pass, but then you have an interest in the technology.
Do not seek to chase the trend. Seek to understand what blockchain technology is all about. Spend as much time as you can to understand it.
And if you are interested in making money in the crypto space, there is a list of skills you can learn and offer as a service in the crypto industry, such as;
- Content writing
- Community Manager (Discord, Telegram)
- Twitter account manager
- Solidity developer
- Learn how to trade
Choose one and go all in; anyone you choose has to correlate with your personality. For instance, if you are passionate about moderating people and holding conversations, then community management is a good skill to develop.
The crypto industry transcends “buying the deep and selling the high.”