Breaking down some of the most common questions in crypto, and introducing our guides.
By Bec Jones
19th September 2021
The market is hot right now…well, it was at the time we wrote this blog but don’t worry, it’s natural for crypto markets to move quickly.
But when it was hot, it was hotter than Rhianna, and people were excited.
More than when Beyonce announced she was having twins and posted these on Twitter:
What does that mean?
People are talking about, and investing in crypto at a ferocious pace, and as a result, the market is moving in a very positive direction 📈
It’s important to note that we’re speaking (generally) because crypto can be quite volatile, and of course, like any other asset class (stocks, real estate etc), there are red days.
But enough of that, let’s get back to the purpose of this blog 🙃
We speak with a lot of women who are seeing the excitement around cryptocurrencies build, and as a result, they want to get in…but they stop themselves, letting the doubt and anxiety take over.
They tell us all sorts of things:
“I feel lost”
“How do you even start?”
“Where’s the best place to buy it?”
These are common questions and feelings, and we really feel for those of you who are experiencing this because we too, were once in your shoes. But fear not, because our goal is to make cryptocurrency investing and general participation easy, fun and overall, an enjoyable experience.
To help immediately, we’ve put together a quick cheat sheet for those of you who want to buy right now but don’t have trusted or clear steps to follow on how to actually do it.
Note: We’re still building out our Clutch Wallet so in the meantime, we’re going to show you how to purchase crypto using a competitor product ***shivers down the spine***
Before we jump in, let’s go over some basic questions – see below.
People in the crypto industry will often say 'there is never a good time; you just need to get in'. Their enthusiasm isn't misplaced...Crypto markets move quickly, and in our view, they aren't going away so it's best to start as soon as you can. And by start, we mean in both education and investment.
The wonderful things about cryptocurrency is that it's fractional, meaning, you don't need to purchase a whole coin, like you do a share. You can buy a fraction of a coin ($10 or less.)
Possibly. It could also keep going up. That’s a decision you need to make. Some questions you can ask yourself to help you arrive at your desired outcome:
1. How will I respond if the market goes down?
2. What do I understand about my investment and its use case and whether or not it’s a useful product to the industry?
Furthermore, predicting the price of any asset is impossible. Experienced investors analyze charts, read news, and sometimes use sophisticated software to try and determine which direction the market will move, and still, they get it wrong.
Yes, you can wait and if you are fearful, that might be the best option, although be warned that if the market continues to move higher, you might need to buy at a higher price later. If you adopt the mindset that you will lose money at some point and holding long-term often builds your wealth, you should be okay!
Investing is serious business. I mean, we’re talking about your wealth here so it must be said that you should always proceed with caution when undertaking an investment, even if you’re simply experimenting.
Furthermore, mindset and emotion are two major things that will come into play when making your investments, especially if this is your first time. Try and maintain a state of awareness when investing. Be aware of your mood, what triggers you to act, what the feeling is, and how you feel after you have acted, as this will give you some insight into your own investing style.
Through future courses and other content, we’ll do our best to address the more emotional side of investing in crypto, and how you can get yourself into a prime state to participate.
Ok! Now that we have that out of the way, we can get to the fun stuff!
This is a newly launched section in our Clutch universe, and to kick things off, we’re starting with two key guides:
Note: These guides are specific for Coinbase, a regulated, U.S-based crypto company, and in time, this content will be updated to reflect the process for our very own Clutch Wallet.