5 Ways to Make Crypto Easier

There is no doubt that understanding cryptocurrency is difficult. Blockchains, DeFi and trading can all be challenging to understand and a lack of understanding in this realm can sometimes lead to big mistakes.

But there are things you can do to simplify cryptocurrency for yourself to avoid being overwhelmed. So here are the best ways to make your crypto experience easier.

1. Limit the number of exchanges and wallets you use

With so many different crypto exchanges and wallets today, it’s easy to sign up for many of them and overload yourself with multiple accounts, passwords, private keys, and so on. While it’s not unheard of to use more than one exchange or wallet, it’s important to only sign up for what you need.

On top of this, it is best not to spread your funds across a large number of accounts unless absolutely necessary. Losing track of which funds are where can easily happen in such a scenario. This is why it is important to keep track of the exchanges and wallets you use and only use those that are necessary.

If you are new to crypto, you may want to consider using exchanges and wallets that are relatively easy to use. Some exchange interfaces can be confusing and intimidating, so it’s always worth choosing a less complex exchange when starting out.

The same applies to wallets here. While most software crypto wallets are fairly straightforward, some are easier to understand than others. And if you want to use a hardware wallet, make sure you know how they work and how to use them before you buy one.

2. Understand the key types of crypto

Although all cryptocurrency is virtual, there are different categories that a given asset can fall under. The two main categories are Bitcoin and altcoins. Of course, the only coin within the first category here is Bitcoin, but it is the first and by far the most popular cryptocurrency out there today, so all other coins are generally known as altcoins.

But the altcoin category has a wide range of subcategories, and these subcategories sometimes even have multiple categories. For example, stablecoins are considered altcoins, but there are four different types of stablecoins.

There are also privacy tokens, utility tokens and governance tokens. You should also know that there are differences between crypto coins and crypto tokens.

It is crucial to understand what each type of digital asset does, as you want to know exactly what you are investing in. For example, you would not invest in a stablecoin if you wanted to buy low and sell high, as stablecoins are not designed to increase in value massive.

So before you make any buying decisions in the crypto market, make sure you understand how each type of asset works and what it can offer you.

3. Use a Crypto Stats app

If there’s one thing you need to know about the crypto market, it’s that things can change very quickly. A coin can double or halve in value in a matter of hours, and there are huge opportunities you can miss out on if you don’t stay up to date.

This is where a cryptostats app can come in handy. Examples of such apps include CoinGecko, CoinMarketCap and Crypto Bubbles. These can offer you statistics on just about any cryptocurrency out there, be it market leaders like Bitcoin and Ethereum or smaller players like Sologenic or Dero.

Using such apps, you can check not only the current price of a given crypto, but also its past trajectory, market cap, trading volume and more. Also, many of these apps don’t just show crypto stats.

Take CoinMarketCap, for example. This app offers information about crypto exchanges, publishes updates and developments in the crypto realm, and has its own community where you can voice your opinion on crypto-related topics and see what others think.

In short, a crypto stats app can keep you updated on what’s going on and help you learn more about crypto. If you want to find which app can offer you the most, check out our article on the best crypto statistics apps available.

4. Log and organize your private passphrases

Today, fraud in the cryptocurrency industry is rife, with cybercriminals doing everything they can to get hold of your private information to access and steal your money. This is why passwords, private keys and seed phrases are used in the crypto industry.

But when you have multiple crypto-related accounts, be it with an exchange, wallet provider, lending platform, or something else, keeping track of your passphrases can be very difficult.

However, losing your private key or seed phrase is not like losing your Facebook password. Generating a new private key can be very difficult, and if you lose your passphrase, you can’t get a new one, meaning the wallet it’s associated with is now useless.

This is why it is important to organize your private data and store it very securely. Many people choose to store their login information offline, either on a hard drive or simply on a piece of paper, which is then stored in a secret safe place.

Although you can use a virtual password manager to do this, we do not recommend using apps to store highly sensitive information, as such apps are always at risk of malfunction or hacking.

5. Know your choices

The crypto market does not only involve the buying and selling of digital assets. There is now a lot you can do with your crypto assets beyond basic trading. Staking, lending, borrowing and futures trading are all options for crypto holders.

The DeFi realm is now incredibly diverse, so it’s worth researching what you can do with your crypto holdings before making any firm decisions.

Some exchanges, such as Binance, are known for their wide range of options to expand your crypto portfolio, while others have more limited features. So, depending on what you want to do with your crypto, certain exchanges may be more suitable for you.

Some merchants also accept payments in cryptocurrency, giving you another way to spend your money. You can check out the best retailers that accept Bitcoin or find Shiba Inu-friendly establishments if you want to spend some of your crypto holdings.

Crypto can be confusing, but you can also simplify it

It is natural to see the cryptocurrency market as frightening. Many see this realm as only suitable for technology and finance professionals, but this is not the case. By using the tips above, you can simplify your crypto experience and keep things manageable and simple.