Cryptocurrency is one of the biggest phenomenon in the world right now. The most recognizable currency, Bitcoin, currently sits at just over $14,000 for a single coin. However there are tons of other currencies, including Litecoin and Ether, each with their own uses and perks. And famous DJ’s are taking notice of this increasingly popular investment trend. Gareth Emery and Grammatik both launched cryptocurrencies this year. Now 3LAU has released his own beginners guide to cryptocurrencies. And while he gives a disclaimer about the fact that he is not a cryptocurrency expert, there are definitely a few tips to pay attention to in this seven page information packet. Before becoming a DJ, 3LAU was planning a career in investment banking at Washington University in St. Louis.
The allure of Bitcoin and other cryptos is undeniable. Prices continue to rise at rates far greater than other investments. But don’t think you can just buy a Bitcoin and have wealth for the rest of your life. 3LAU lays out five big misconceptions that plague the world of amateur investment in digital money. Putting it simply, “a lot of basic questions aren’t answered with a simple Google search.”
3LAU delves into the differences in currency valuation, different exchanges, digital and paper wallets, and ignoring FOMO. Although these five very basic elements of cryptocurrency barely scratch the surface, they are important for beginners. But really investing takes much more knowledge and effort. There are hundreds of different currencies on different exchanges. And if understanding the stock market seems complicated, then understanding crypto may appear impossible. However, if you want to invest in crypto then don’t hold back on learning everything you can about it. And even though 3LAU claims that this guide is his “personal views and should not be interpreted as investment advice,” there is one piece of advice you should definitely follow. Even though crypto is “fun and exciting,” “if you don’t understand something, don’t buy it!”