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Cryptocurrencies can generate large profits or significant losses. Start your journey with training; Here you will find some ways to learn about cryptocurrency trading for free.
While the cryptocurrency market can certainly be attractive to traders, diving into it can be daunting, especially for newcomers. Fortunately, learning the basics of cryptocurrency trading doesn't have to come with a high price tag. There are numerous resources available that offer comprehensive guidance and completely free education.
By leveraging these resources and employing strategic learning approaches, mastering the art of cryptocurrency trading can become not only feasible but also accessible to those willing to put in the effort.
Where to start learning about cryptocurrencies
The first step in any aspiring cryptocurrency trader's journey should probably be to understand how the blockchain works and what tokens, cryptocurrencies, and NFTs are. Consider starting by researching and learning the basic terms as well as the jargon. The definitions should be freely available online and, as they are used by most experts, should allow traders to access the material much more easily.
Traders are also recommended to create a wallet to store cryptocurrencies. This way they can start practicing basic operations with digital assets. At the same time, it is worth reading about the different types of hoaxes or scams, to avoid fraudulent schemes.
In terms of things traders may want to avoid in the early stages, one of the main ones is probably giving in to success stories. Many articles and Telegram channels contain cases of traders who made profits 5, 10, 20 or even 50 times their initial investment. However, you shouldn't believe everything. People are always much more likely to post their wins rather than their losses, which can make it seem extremely easy to make money with cryptocurrency quickly.
It's also best to avoid FOMO. Most cryptomaniacs end up getting burned precisely because of the wrong strategy. They give in to emotions and lose money.
Free Study Materials Worth Considering
Online courses
One of the best methods to learn about cryptocurrency market analysis are online courses where the authors explain the basics of this area and examine the conditional aspects. Some popular free tutorials include:
1. Coursera
Coursera, online course provider, presents a course that Introduces the basics. of cryptocurrencies. In the video, the teacher explains in classes how decentralization is implemented in practice, how bitcoin mining works and how digital assets are stored. He also offers a brief explanation of altcoins.
The course was created by Princeton University. Although a certificate is not issued, the resource could be considered an effective way to develop a basic understanding of cryptocurrencies.
2. EdX
The UC Berkeley course differs from other courses because, among other things, it has a ethereum” data-type=”link” data-id=”https://www.edx.org/learn/ethereum” target=”_blank” rel=”noopener”>section on ethereum. In other columns, the authors discuss game theory and also offer a unique approach to highlighting security issues in the context of cryptoassets. Although the course can be viewed for free, if users want a certificate they must pay a $99 fee.
3. Udemy
This two-hour video course explains the essence of distributed systems and their place in the history of money. This course could be perfect for those who want to learn at a slightly slower pace than what is available on sites like Coinbase. It may also appeal to those who do not intend to fully immerse themselves in various aspects of the bitcoin blockchain and ecosystem.
4. Media
Many cryptocurrency media outlets have their own knowledge base. In particular, crypto.news has a special section dedicated to the most popular topics in the cryptocurrency market.
Youtube
Of course, we must not forget about the old method – YouTube. On YouTube, there are many educational channels about the fairly new cryptocurrency industry. But finding a high-quality channel where everything is explained in your preferred language can be a lot of work!
Viewers should also be wary of various “experts” who only want to profit from them. For example, in November 2023, SpaceX and BitOK revealed a fraudulent crypto giveaway orchestrated by scammers posing as Elon Musk, who managed to raise $165,000 in donations. The scheme was said to involve a deepfake version of Elon Musk on YouTube live streams, which have since been removed.
Telegram
Aspiring traders can also find Telegram channels with similar information. These channels will provide the latest information and different Airdrops that can help beginner and more experienced traders.
What are the advantages of Telegram channels? The fact is that information comes at any given time, from all over the world, and channels can react to this or that information faster than many sites or other sources. However, it is important to note that there is a lot of misleading information about the service and users should be careful and check that they are receiving the correct advice.
Exchanges
Large exchanges are increasingly focusing on training beginners. This benefits both users and platforms. crypto exchanges provide guides for free (usually) and in return receive new loyal users.
Major market players such as Binance, Coinbase, and Bybit have free mini-courses as well as an extensive knowledge base to help beginners understand the basics of the cryptocurrency market.
To take the first steps in trading, users are offered beginner-friendly tools. The most popular are demo trading (test trading with fake assets), as well as copy trading, a strategy that involves copying the actions of experienced traders.
In October 2023, Base, Coinbase's Layer 2 (L2) network, launched an eight-week training course aimed at transforming traditional software developers into blockchain developers. The Bootcamp aims to be “hands-on and collaborative, so participants can feel like they are learning with someone rather than sitting in a lecture hall.”
How to recognize scammers and pseudotrading gurus
The digital asset market is unpredictable. At any moment, news can emerge that triggers a panic sale of cryptocurrencies.
No one, not even the most professional trader, knows for sure when a promising moment to make money will appear. In addition, no one can guarantee quick income for a beginner. Aspiring traders should be wary of learning how to trade cryptocurrencies from a coach who promises instant profits.
Trading, like any other occupation, is not suitable for everyone. It is impossible to know in advance whether a person will succeed in the profession. Not everyone can understand how to trade on the digital asset exchange with the maximum level of profit.
let's summarize it
Beginners who want to make money from trading are an attractive audience for scammers. In order not to fall into the hands of unscrupulous teachers and project representatives, it is important to analyze the proposals.
Even if the resources provided are free, following bad advice can lead traders to make costly financial mistakes in the future. Therefore, anyone considering studying cryptography should take the time to research the sources any information comes from to ensure they are credible.
