How To Invest In Crypto | Complete Beginner's Guide [FREE COURSE]

00:39:06
https://www.youtube.com/watch?v=a29EPywYQEk

概要

TLDRThis video provides a detailed overview for beginners eager to invest in cryptocurrencies. It begins by explaining essential concepts such as cryptocurrency transactions, the blockchain's role, and mining methods (Proof of Work vs. Proof of Stake). The guide includes step-by-step instructions on how to conduct research on potential investments using reliable tools like CoinMarketCap and DeFiLlama. Additionally, it outlines various types of cryptocurrencies, including stablecoins and meme coins, and discusses their investment potential. Best practices for maintaining security and avoiding scams are highlighted, emphasizing preventive measures and the importance of due diligence.

収穫

  • 💰 Cryptocurrency can be overwhelming for beginners.
  • 🔑 Understanding basic concepts is crucial before investing.
  • 📊 Use CoinMarketCap for price tracking and research.
  • ⚒️ Crypto mining involves validating transactions on the blockchain.
  • 🔐 Always prioritize security measures when handling crypto.
  • 📉 Be aware of the market's volatile nature and scams.
  • 💸 Direct purchases offer control but require more expertise.
  • 🧐 Always engage in thorough research before investing.
  • 🚀 Explore decentralized finance (DeFi) for innovative financial solutions.
  • 🏦 Consider investing through ETFs for ease of access.

タイムライン

  • 00:00:00 - 00:05:00

    As the cryptocurrency market experiences a bull run, many investors are looking to re-enter the market. Beginners might find the crypto world intimidating due to its complexity, jargon, and risks; thus, it’s crucial to understand the basics of cryptocurrency, research projects, invest safely, and adhere to best practices. A Telegram chat group is available for questions, highlighting important milestones before diving into crypto investing.

  • 00:05:00 - 00:10:00

    Cryptocurrency can be understood through basic transactions. Using Bitcoin as an example, a transaction involves sending BTC along with details like cost and date. Other aspects include sending data (like NFTs on Ethereum) and executing instructions (e.g., swapping crypto). Transactions are grouped into blocks, forming a blockchain. This ensures data immutability, preventing manipulation or tampering, which instills trust in the system.

  • 00:10:00 - 00:15:00

    Blockchain's security is given by maintaining numerous copies on various machines worldwide, making it exceedingly difficult for hackers to alter the blockchain. Furthermore, crypto mining, which can be divided into two categories—Proof of Work (PoW) and Proof of Stake (PoS)—plays an essential role in validating transactions. Mining has a profound impact on the crypto market's energy consumption and investment dynamics.

  • 00:15:00 - 00:20:00

    While many believe crypto's sole purpose is to generate wealth, it fundamentally serves as a store of value and a decentralized financial system (DeFi) that reduces reliance on third parties. Cryptocurrencies enable peer-to-peer transactions, minimizing costs and delays. As understanding deepens, Bitcoin’s value as a store of wealth, superior to conventional currency due to its scarcity and potential against inflation, becomes more apparent.

  • 00:20:00 - 00:25:00

    Crypto is not solely a store of value but also enables decentralized finance use cases, with applications for lending, borrowing, trading, and decentralized prediction markets. The programmability of cryptocurrencies facilitates multiple financial products, allowing anyone to manage finances without intermediaries, thus offering lower fees, greater transparency, and control over funds compared to traditional finance.

  • 00:25:00 - 00:30:00

    Stablecoins aim to maintain a consistent value, tethered to fiat currencies, enabling reliable digital transactions within the crypto space. However, caution is advised as some stablecoins may not uphold their value, evidenced by the collapse of UST when market confidence waned. Meme coins, while popular, serve no real use and are associated with speculative trading risks, illustrating the diversity within the crypto ecosystem.

  • 00:30:00 - 00:39:06

    As the ecosystem matures, cryptocurrencies are categorized into layers for functionality, with Layer 0 enabling blockchain interoperability, Layer 1 acting as the main transaction network, Layer 2 enhancing scalability, and Layer 3 hosting decentralized applications. This structure underscores the need for careful research and awareness of the different layers when investing in specific cryptocurrencies.

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マインドマップ

ビデオQ&A

  • What is cryptocurrency?

    Cryptocurrency is a digital currency that allows for secure transactions and can also store data such as NFTs.

  • How does blockchain technology work?

    Blockchain groups transactions into blocks that are linked together, making the data immutable and preventing tampering.

  • What is crypto mining?

    Crypto mining involves validating transactions and adding them to the blockchain, primarily through Proof of Work or Proof of Stake methods.

  • How can I research cryptocurrencies before investing?

    Start with CoinMarketCap for pricing information, check whitepapers, and look at community feedback on social media.

  • What are the risks of investing in cryptocurrencies?

    Cryptocurrencies are highly volatile; scams and hacks pose significant risks.

  • How can I keep my crypto safe?

    Use two-factor authentication, avoid connecting cold wallets to DApps, and always conduct thorough research before investing.

  • What are stablecoins?

    Stablecoins are cryptocurrencies designed to maintain a stable value against a fiat currency, such as USD.

  • What are the types of crypto wallets?

    There are hot wallets (online) and cold wallets (offline) for storing cryptocurrencies.

  • How can I invest in cryptocurrencies?

    You can directly buy cryptocurrencies or invest in cryptocurrency ETFs through traditional brokers.

  • What should I do if I want to start investing in crypto?

    Conduct your research, choose a reliable exchange, and consider starting with small investments.

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  • 00:00:00
    With cryptos back in the bull season,  many investors are starting to look
  • 00:00:04
    at investing into crypto again.  However, if you are a beginner,
  • 00:00:08
    the crypto world can feel overwhelming,  with its complex jargon, numerous scams
  • 00:00:13
    and various potential pitfalls that can make  navigating the market a daunting challenge.
  • 00:00:17
    That’s why in this video, I’ll  be covering everything you need
  • 00:00:20
    to know when investing into crypto  from the basics of how crypto works,
  • 00:00:24
    how to research about crypto projects, how  to invest in crypto, step by step guides,
  • 00:00:29
    as well as some best practices that  you need follow to keep yourself safe.
  • 00:00:33
    I’ll add chapters in the timeline so that you  can jump to the section that you want. Also,
  • 00:00:38
    just a disclaimer, investing in crypto  is extremely risky and is not suitable
  • 00:00:43
    for everyone, so please do your own due  diligence before you dabble into it.
  • 00:00:48
    If you have any questions, I’ve a  Telegram chat group which you can
  • 00:00:52
    join to discuss and ask any  questions that you may have.
  • 00:00:54
    First up, what is cryptocurrency? To understand
  • 00:00:57
    that, let’s look at cryptocurrency  in its simplest form, a transaction.
  • 00:01:02
    Here, we have a Bitcoin transaction.  In this transaction, this person
  • 00:01:06
    is sending a total of 0.3115 BTC. The  transfer costs $24 to perform. And he’s
  • 00:01:13
    sending the Bitcoin to this address.  Then it also has other information,
  • 00:01:17
    like when was this transaction performed, what  was the price of BTC at that moment and so on.
  • 00:01:22
    Besides currency, you can also send data.  For example, in this Ethereum transaction,
  • 00:01:27
    someone is selling a NFT to another  person. This NFT costs 0.3 ETH,
  • 00:01:32
    and the transaction costs  about 0.016 ETH to perform.
  • 00:01:36
    Not just that, it’s also possible  to send instructions. Like here,
  • 00:01:40
    we have a transaction to swap crypto. In this  case the guy is converting his PEPU coin to ETH.
  • 00:01:46
    In short, a crypto transaction allows us to  store and share information. This information
  • 00:01:51
    can be anything that you want. It can be money,  it can be NFT, it can be instructions and so on.
  • 00:01:57
    Every few minutes, these transactions are  grouped into a block. The block is then
  • 00:02:01
    linked to the block before it. And together,  they form something called a blockchain.
  • 00:02:05
    Here’s a visualization to help  you understand this better. Each
  • 00:02:08
    of these South Park characters represent  a transaction. They are all queuing up to
  • 00:02:13
    enter a bus. This bus is a block. If I click  on a bus, you can see how full is this block,
  • 00:02:18
    what are the fees paid by each transaction,  and the total number of transactions. Once
  • 00:02:23
    this block is filled, the bus then drives  off, and gets added to the blockchain.
  • 00:02:27
    Once added, the data cannot be changed, edited  or deleted. The term for this is immutable. This
  • 00:02:33
    prevents people from tampering with the records to  steal funds or reverse payments. Because of that,
  • 00:02:38
    we can fully trust that the data is 100%  accurate and hasn’t been manipulated.
  • 00:02:44
    Now, the reason the blockchain can’t  be modified is because there are a lot
  • 00:02:48
    of copies of the blockchain, saved on many  machines all around the world. And by a lot,
  • 00:02:53
    I mean A LOT. All of them need to match  in order for the copy to be valid,
  • 00:02:57
    and the more copies you have, the harder  it is for hackers to hack the network.
  • 00:03:01
    But here’s a question, who  is doing all the work? And
  • 00:03:04
    why are they doing it? Here’s  where crypto mining comes in.
  • 00:03:07
    Crypto mining is validating transactions  and adding them to the blockchain. There
  • 00:03:11
    are 2 main types of crypto mining, one is the  Proof of Work, and another is Proof Of Stake.
  • 00:03:17
    In proof of work, miners all around the world  are competing with each other to see who can
  • 00:03:22
    solve a math problem the fastest. The winner  will get to receive some crypto as a reward.
  • 00:03:27
    Bitcoin is one such crypto that uses  proof of work. As you might imagine,
  • 00:03:31
    this is very energy intensive. So unless  you have very specialized hardware,
  • 00:03:36
    most people would be better off buying the  crypto directly instead of trying to mine it.
  • 00:03:40
    On the other hand, proof of stake doesn’t  require any specialized hardware. All you
  • 00:03:45
    need is to just stake your crypto to  the network. Miners are then randomly
  • 00:03:49
    selected to validate blocks, and  will get rewarded accordingly.
  • 00:03:52
    Cryptos that use proof of stake include  Ethereum, Cardano and Solana. For example,
  • 00:03:57
    here I’m staking my Cardano, and every few days,  I receive a small amount of crypto in return.
  • 00:04:03
    But how much returns are we talking about? Check  this out. For the major cryptos like Ethereum and
  • 00:04:08
    Bitcoin, the total fees per day could range  anywhere from $2M all the way to $5M. And
  • 00:04:15
    that’s just per day. That’s why competition is  still so fierce despite the high cost of entry.
  • 00:04:21
    But what exactly is crypto trying  to solve? Many people think that
  • 00:04:24
    the main purpose of crypto is to make you  a millionaire. Yes, that’s one use case,
  • 00:04:29
    but crypto has way more uses than that.  With the first one being the store of value.
  • 00:04:34
    You see, the original idea of Bitcoin is to  create a peer-to-peer electronic cash system. A
  • 00:04:40
    system which allows you to transfer money to one  another without having to rely on a 3rd party,
  • 00:04:45
    like a bank or a payment system like PayPal.  With it, you get to cut down 3rd party fees,
  • 00:04:50
    speed up transfers and most  importantly, bypass restrictions.
  • 00:04:54
    So, at the start, you have many people  treating Bitcoin as just like any other
  • 00:04:58
    currency. You could buy pizzas with  it, you could withdraw it from ATMs,
  • 00:05:02
    you could even spend it at  your neighborhood shops.
  • 00:05:05
    However over time, people came to understand that  Bitcoin isn’t just a currency, but rather it’s
  • 00:05:10
    more effective as a store of value. That’s because  while our fiat money is convenient and easy to
  • 00:05:15
    use, it’s susceptible to devaluation through money  printing. For example, over the past 100 years,
  • 00:05:21
    the value of the US dollar has fallen by over  90%. And this is already considered quite mild.
  • 00:05:27
    In some countries like Venezuela, Zimbabwe and
  • 00:05:29
    Yugoslavia, their currency literally becomes  worthless overnight due to hyperinflation.
  • 00:05:35
    And that’s where Bitcoin comes in. Bitcoin  has many properties that are similar to gold,
  • 00:05:40
    but better. That’s because while gold  has been a fantastic store of value
  • 00:05:44
    with a super long track record,  it has a number of downsides.
  • 00:05:47
    For example, gold is not easily divisible, meaning  you can’t easily break gold down into different
  • 00:05:53
    pieces. It’s not portable, gold can be heavy  and hard to carry around with you. It is not
  • 00:05:58
    easily verifiable, you can get counterfeit gold  if you are not careful. And while gold is scarce,
  • 00:06:03
    new gold supplies can be found from time to  time, and it can affect its value over time.
  • 00:06:08
    Meanwhile, Bitcoin is easily divisible, it is  portable, you can access it anywhere as long
  • 00:06:14
    as you can access the internet. It is verifiable,  and it’s scarce as there will be only 21 million
  • 00:06:19
    Bitcoin in the world. Meanwhile, fiat currency  just scores badly in almost every category.
  • 00:06:25
    Because of this, both the corporations and  governments are starting to slowly recognize
  • 00:06:29
    the potential of Bitcoin as  a possible store of value.
  • 00:06:33
    Next, besides being a store of value,  cryptocurrency can also function as
  • 00:06:37
    programmable money. The term for  this is decentralized finance,
  • 00:06:41
    or DeFi, and it covers every  application that you can imagine.
  • 00:06:45
    For example, Uniswap is a decentralized  crypto exchange that lets you swap your
  • 00:06:49
    cryptos. Aave is sort of like a bank where  you lend and borrow cryptos. Lido lets you
  • 00:06:54
    stake your cryptos to earn a yield. Nexus  Mutual lets you buy insurance to protect
  • 00:06:58
    against different kinds of risk. Akash lets  you buy and sell computing resources to do
  • 00:07:03
    stuff like host websites and train AI models.  Polymarket is a prediction market site which
  • 00:07:08
    lets you bet on the outcomes of real-world  events. And the list just goes on and on.
  • 00:07:13
    DeFi offers several benefits which  makes it an attractive alternative
  • 00:07:17
    to traditional applications. For example, it  is borderless. The codes are usually public,
  • 00:07:22
    which makes them easily auditable and  transparent. Users get to retain control
  • 00:07:26
    of their funds needing to trust them with a 3rd  party. And because there’s no 3rd party involved,
  • 00:07:31
    the fees are typically a lot cheaper  as compared to traditional finance.
  • 00:07:35
    Besides that, one other use of  cryptocurrency is to function
  • 00:07:38
    as something called a stablecoin. As the  name suggests, stablecoins are designed
  • 00:07:42
    to maintain a stable value relative to an  asset class, typically a fiat currency.
  • 00:07:47
    The 2 largest stablecoins are USDC and USDT, which  maintains an almost one-to-one value to USD. Or
  • 00:07:54
    in Singapore, we have XSGD, a stablecoin  that is pegged to the Singapore Dollar.
  • 00:07:59
    These are useful for doing stuff  like cross-border payments,
  • 00:08:02
    transacting in the crypto space, plus you  can even lend them out to earn a yield.
  • 00:08:07
    Though, just be aware not all stablecoins are  stable. For example, back then there was this
  • 00:08:12
    stablecoin called UST which you could  lend out to earn a 20% yield. However,
  • 00:08:17
    while most stable coins which are backed by  real assets, UST maintained its peg by relying
  • 00:08:22
    on minting and burning of another crypto called  LUNA. As investors lost confidence in UST’s peg,
  • 00:08:28
    this triggered a huge sell-off, and the  UST stablecoin eventually collapsed.
  • 00:08:33
    Lastly we have the crowd’s favorite, meme  coins. Some examples of them are DogeCoin,
  • 00:08:38
    Pepe Coin, or even the recent Hawk Tuah Coin.  Meme coins are often created as jokes or parodies,
  • 00:08:44
    driven by internet culture and community  hype rather than technological utility or
  • 00:08:48
    fundamental value. These cryptos are very high  risk, and they serve no purpose other than for
  • 00:08:54
    traders to speculate on. Blockchain Layers
  • 00:08:55
    Now, even though there are tons  and tons of cryptos out there,
  • 00:08:59
    depending on their functionality, each  of them may sit on different levels.
  • 00:09:03
    At the lowest level, we have Layer 0.  This is the foundation layer that enables
  • 00:09:07
    blockchain interoperability and the creation  of other blockchain networks. It consists of
  • 00:09:12
    the hardware and equipment required to run  the network and the consensus mechanisms.
  • 00:09:17
    Some examples of Layer 0 cryptos include  Cosmos, Polkadot, Cardano and Avalanche.
  • 00:09:22
    Then we have Layer 1. This is the primary  blockchain where transactions are validated
  • 00:09:27
    and executed. Examples of Layer 1 cryptos are  Bitcoin, Ethereum and Binance Smart Chain.
  • 00:09:33
    Then Layer 2 is built on top of Layer 1 to  improve its scalability, fees reduction and speed
  • 00:09:39
    enhancement. For example, Polygon is built on the  Ethereum blockchain to improve its scalability.
  • 00:09:45
    Lastly we have Layer 3. Layer 3  is used to build decentralized
  • 00:09:48
    applications such as Uniswap, OpenSea and Aave.
  • 00:09:52
    Now, take note some cryptos can operate across  multiple layers and blockchains. For example,
  • 00:09:57
    USDC exists on both Layer 1, and Layer  2. And if you open up CoinMarketCap and
  • 00:10:02
    check its contract, you’ll see all  the blockchains that support USDC.
  • 00:10:06
    Here’s another example. While  Polygon is a Layer 2 crypto,
  • 00:10:10
    it can also integrate with other blockchains.
  • 00:10:12
    To move your crypto across different blockchains,  you need to do something called bridging. So let’s
  • 00:10:17
    say your ETH is on the Ethereum blockchain, and  you want to move it over to the Binance Smart
  • 00:10:22
    Chain. To do that, you can use a decentralized  app to bridge your ETH over to the new blockchain.
  • 00:10:27
    Next, just like any investments, you should  always do your research before investing into any
  • 00:10:32
    cryptos. So, in this section, I’ll be sharing some  tools to help you with your research. I’ll also be
  • 00:10:37
    linking all these tools down in the description  so that you can easily reference it later on.
  • 00:10:43
    Alright, whenever I want to find out about  any crypto, the first place I always start
  • 00:10:47
    at is CoinMarketCap. This is a website that  has comprehensive information on prices,
  • 00:10:52
    market capitalization, trading volume, historical  data, and trends for thousands of cryptos.
  • 00:10:58
    So, let’s say you want to check out this crypto  called Avalanche. On the left you’ll see all the
  • 00:11:03
    important metrics such as the crypto price,  what’s the current market cap, current total
  • 00:11:07
    supply that’s in circulation, and the maximum  supply once everything is fully unlocked.
  • 00:11:12
    For example right now, only 57%  of the crypto is in circulation,
  • 00:11:16
    and there are more on the way, which could  further dilute the value of the crypto.
  • 00:11:20
    Further down you’ll have all the official  links, such as the crypto website and the
  • 00:11:24
    whitepaper. A whitepaper is essentially a  document that outlines the crypto’s purpose,
  • 00:11:29
    technology, features and roadmap to  provide insights into how the crypto works.
  • 00:11:34
    While reading the whitepaper, here are some things  that you might want to pay attention to. Does this
  • 00:11:38
    project solve a real-world issue? Is the solution  practical and valuable? What are the tokenomics
  • 00:11:43
    of the project? How do they plan to distribute  the cryptos? Are the milestones realistic and
  • 00:11:48
    clearly outlined? Who are the developers? Are they  credible? Does this project have any competitors?
  • 00:11:53
    Also, look out for any red  flags, such as vague language,
  • 00:11:57
    unrealistic promises or lack of technical details.
  • 00:12:00
    Back at CoinMarketCap, you’ll  see links to the social websites,
  • 00:12:04
    such as its official Twitter account, subreddit,  Github page, Facebook, Telegram and so on. These
  • 00:12:09
    are good places to get the latest updates from  the developers, while also finding out what the
  • 00:12:14
    community thinks about the crypto, and whether  the developers are responsive to queries or not.
  • 00:12:19
    Over to the right, you have the price chart which  you can play around with. Below it, you’ll see
  • 00:12:24
    which exchanges is this crypto available on.  One thing I like to do is sort the exchanges by
  • 00:12:29
    the trading volume. That’s because the higher the  trading volume, the bid ask spread that we’ll get.
  • 00:12:34
    Further down, you’ll find some  latest news about this crypto.
  • 00:12:37
    What is the yield that you can get if  you were to stake or lend this crypto?
  • 00:12:40
    What is unlock information of the  crypto, such as how it was distributed,
  • 00:12:45
    what’s the unlock progress, and what’s  the unlock schedule of the crypto.
  • 00:12:48
    You’ll also see some analytics. Such as the  number of addresses that have this crypto,
  • 00:12:53
    the number of whales. It even shows you the  percentage of traders vs holders of this crypto.
  • 00:12:58
    Some brief information about the crypto and how  it works. Finally, over to the right, you’ll see
  • 00:13:03
    a quick overview of what’s the current sentiment  of the crypto as well as mentions on social media.
  • 00:13:08
    Ok, the next tool that you want to check  out is DeFiLlama. DefiLlama is useful for
  • 00:13:12
    monitoring different projects in the DeFi  ecosystem and exploring their fundamentals.
  • 00:13:17
    If I click on the Chains page, we can see a  breakdown of Total Value Locked by chains. This
  • 00:13:22
    is the amount of funds that users have deposited  into the ecosystem to do stuff like staking,
  • 00:13:27
    lending, providing liquidity and so on.  A higher TVL means that there’s higher
  • 00:13:32
    trust and adoption of the platform, and  right now, the biggest chain is Ethereum.
  • 00:13:37
    Now let’s say we want to check out this  crypto called Solana. We can see how it
  • 00:13:41
    is growing over time. For example, right  now we can see that there’s around $10B
  • 00:13:45
    of TVL in this chain. This is pretty close  to the previous TVL during the previous bull
  • 00:13:50
    run. So it seems like investors are  starting to slowly come back again.
  • 00:13:54
    Besides that, you can also see how much it  earned in fees and revenue over the last
  • 00:13:59
    24 hours. And further down, what are  some of its most popular protocols.
  • 00:14:03
    Ok, there’s something cool I want to  show you. If we head over to Yields,
  • 00:14:06
    we can see where are some of the popular  places to earn a yield on your cryptos.
  • 00:14:10
    For example, let’s say I have some Ethereum,
  • 00:14:13
    and I want to earn a yield on it. Lido is  currently giving a around 3% yield for it.
  • 00:14:18
    Though, just be aware that even though this  lets you earn some additional “passive income”,
  • 00:14:22
    these are not entirely free money, because there’s  always risks when it comes to these things. For
  • 00:14:27
    example, the project can be hacked, or your  cryptos may be locked up for a certain duration,
  • 00:14:32
    so please study the project carefully  before handing your crypto over to them ya.
  • 00:14:36
    Another website that is similar to DefiLlama  is Artemis. Here, you’ll be able to see how
  • 00:14:41
    each project is doing, like what are their  daily transactions, economic activity,
  • 00:14:46
    application activity, user analytics.  Then there’s also the sector breakdown,
  • 00:14:50
    what are the net flows by chain,  developer activity and so on.
  • 00:14:54
    If you wish to do technical analysis, you  can head over to TradingView. TradingView
  • 00:14:58
    is a powerful online platform that  provides advanced charting tools,
  • 00:15:02
    technical analysis, and real-time  market data for a wide range of assets.
  • 00:15:06
    So let’s say if I search for Bitcoin, it will show  me all the Bitcoin pairs that are trading across
  • 00:15:11
    various exchanges. I can then play around  with the chart, add technical indicators,
  • 00:15:15
    compare against other cryptos, add price  alerts, and replay price movements and more.
  • 00:15:20
    However, there are times where certain  cryptos that you are searching for don't
  • 00:15:24
    appear on TradingView. This could be because  the cryptos are very new and are not listed on
  • 00:15:29
    major exchanges yet. In that case,  you could use DEXTools instead.
  • 00:15:33
    Here, you can do your usual charting stuff, but it  has a few more additional useful features. First,
  • 00:15:38
    you’ll get some quick data about the  crypto itself, like the market cap,
  • 00:15:42
    liquidity, circulating supply,  number of holders and so on.
  • 00:15:45
    But the one that’s more important is the  DEXscore. This gives you an initial idea
  • 00:15:50
    of whether this crypto is a potential scam or not.
  • 00:15:53
    The lower the score, the more likely it is a  scam. If you click on the Check Audits button,
  • 00:15:57
    you’ll see audits by a few  external parties. In this case,
  • 00:16:00
    Quick Intel listed this crypto  as a potential Scam Risk. So,
  • 00:16:03
    if you invest in this crypto, there’s a  very high chance of losing your money.
  • 00:16:07
    Then if you click on the Holders tab,  you’ll also be able to see the top few
  • 00:16:11
    addresses that are holding this crypto. In this  case, just one wallet alone holds almost 17% of
  • 00:16:17
    the crypto. The risk is that he can suddenly  sell all his holdings and crash the market.
  • 00:16:21
    But speaking of holders, another tool  where you can check the top holders
  • 00:16:25
    is Bubblemaps. This lets you see all the  top wallets that are holding this crypto,
  • 00:16:29
    as well as whether they have  interacted with one another or not.
  • 00:16:33
    Sometimes, if you see the cryptos being  concentrated to just a few wallets,
  • 00:16:36
    there’s a chance that it  could be a scam. For example,
  • 00:16:39
    this wallet alone holds over 42% of the  holdings, while the rest are split across
  • 00:16:44
    a few big holders. This is an obvious red  flag and a strong signal to stay away.
  • 00:16:49
    Next, Arkham Intelligence  is an amazing platform that
  • 00:16:52
    you can use to scrutinize blockchain addresses,
  • 00:16:55
    inspect transactions, track fund movements  and investigate counterparty connections.
  • 00:16:59
    For example, let’s say you are interested in what  cryptos a certain president invests in, you can
  • 00:17:04
    search for his wallet to see what he holds, where  he holds it, what is his profit and loss history,
  • 00:17:09
    what are his transactions and so on. Then,  if you click on the Visualize button on the
  • 00:17:13
    top right hand corner, you can also see all the  other entities that he has ever interacted with.
  • 00:17:18
    This isn’t just useful for tracking someone’s  transactions. Let’s say back at CoinMarketCap, you
  • 00:17:23
    saw that some organizations are invested in your  favorite crypto, and you are interested to find
  • 00:17:28
    out what else they are investing in, you can also  search for them using Arkham Intelligence. Then
  • 00:17:33
    if you want, you can even create alerts to get  notified whenever they perform any transactions.
  • 00:17:38
    Besides fundamental and technical analysis,  one useful way to predict the performance
  • 00:17:43
    of a crypto is by monitoring its social  sentiments. For this you can use a tool
  • 00:17:47
    called Lunar Crush. This tool lets you track  the latest trending tokens by social activity,
  • 00:17:52
    mentions, articles and trading volume over  time. For example, if you open up a coin,
  • 00:17:57
    you are able to track its engagement level,  number of mentions, and sentiment of the crypto.
  • 00:18:03
    Then over in the trending page, you’ll also be  able to see all the trending cryptos measured
  • 00:18:07
    by the amount of current social engagement. This  is especially useful if you are a crypto trader.
  • 00:18:13
    Last but not least, if you just want to learn  more about the crypto world, here are some crypto
  • 00:18:17
    related subreddits that you can follow. Each of  them focuses on different topics. For example,
  • 00:18:22
    if you are interested in general crypto  discussions and updates, you can follow the
  • 00:18:26
    cryptocurrency subreddit. If you are interested in  DeFi topics, you can follow the DeFi subreddit. Or
  • 00:18:31
    if you are interested in altcoins and projects,  you can follow the Altcoin subreddit, and so on.
  • 00:18:36
    So those are some of the tools that you can  use to research about cryptos. Obviously,
  • 00:18:41
    this list is not comprehensive, and there are a  lot more ways you can do research. For example,
  • 00:18:46
    you should always look for interviews about the  founder to further determine his intentions,
  • 00:18:50
    visions and motivations for the project.
  • 00:18:52
    And while you are watching people who  are bullish about certain cryptos,
  • 00:18:56
    just be aware that they are generally biased. And  you always want to keep a balanced perspective by
  • 00:19:01
    forming your own conclusion rather than  relying on someone else’s opinion ya.
  • 00:19:05
    Next, let’s talk about how you can invest in  cryptos. There are 2 ways you can do that: you
  • 00:19:09
    can either buy the cryptos directly, or you can  indirectly invest in them by buying crypto ETFs.
  • 00:19:15
    Each of them has their pros and cons, but the  main benefit of investing in a crypto ETF is
  • 00:19:20
    that there’s very little technical expertise  needed. All you need to do is just open up
  • 00:19:24
    your favorite brokerage, look for the crypto  ETF, click buy and you are done. So simple!
  • 00:19:30
    However, there are several downsides  to investing in a crypto ETF. First,
  • 00:19:34
    you don’t have full custody of your own crypto.  Instead, the ETF provider controls the crypto.
  • 00:19:39
    So, if ever the crypto gets stolen,  or the ETF provider collapses,
  • 00:19:43
    you can stand to lose all your crypto.  This is because the crypto itself is
  • 00:19:47
    not insured by FDIC or SIPC. Though the  chances of this happening is quite slim.
  • 00:19:52
    That’s because the providers typically use a  number of security features to protect the crypto,
  • 00:19:57
    such as storing them in cold storage, redundancy,  privacy settings, as well as multistep processes.
  • 00:20:03
    Second, crypto ETFs generally have an expense  ratio of anywhere between 0.15% to 0.25%. So,
  • 00:20:10
    for example, if you invest  $100,000 in a crypto ETF,
  • 00:20:14
    you would be paying anywhere between  $150 to $250 in fees, every single year.
  • 00:20:20
    On the other hand, there are several  benefits to buying cryptos directly. First,
  • 00:20:24
    you’ll have full custody of your own  crypto. So, there’s no 3rd party risk
  • 00:20:28
    here. The safety of your crypto will  depend on you and yourself alone.
  • 00:20:32
    Second, you won’t have to pay any recurring fees.  The only fees that you’ll have to pay is the one
  • 00:20:37
    time trading fee, the crypto transfer fee, and  the cost of buying a cold wallet, that’s all.
  • 00:20:42
    However, the downside of buying a  crypto directly is that there’s a
  • 00:20:45
    higher technical expertise involved,  such as setting up your cold wallet,
  • 00:20:48
    transferring your cryptos from the exchange to  your wallet, and keeping your seed phrase safe.
  • 00:20:53
    The risk here is that if you accidentally  transfer your cryptos to a wrong address,
  • 00:20:57
    lose your seed phrase, expose your seed phrase  to someone else, or your wallet gets hacked,
  • 00:21:01
    you could lose all your cryptos. And the risk for  this is very real, as it happens on a daily basis.
  • 00:21:07
    So, there is no right or wrong here. If  you prefer the convenience and simplicity
  • 00:21:11
    of buying a crypto ETF, you rather just  let someone else safekeep your cryptos,
  • 00:21:15
    and you don’t mind paying the small recurring  expense ratio, then just go with crypto ETFs.
  • 00:21:21
    Otherwise, if you are a little paranoid  of financial institutions collapsing
  • 00:21:25
    and you don’t trust anyone else but  yourself to keep your crypto safe,
  • 00:21:28
    then by all means, just buy your crypto directly.
  • 00:21:31
    Now, let’s say you are interested in  the easier route and go for crypto ETFs,
  • 00:21:36
    I’ve compiled a list of the best  Bitcoin ETFs and Ethereum ETFs.
  • 00:21:40
    So far, these are the only 2  classes of crypto ETFs that
  • 00:21:43
    have been launched. Though,  more of them are coming soon.
  • 00:21:46
    Among the Bitcoin ETFs, the  Grayscale Bitcoin Mini Trust ETF,
  • 00:21:50
    with the ticker symbol BTC has  the lowest expense ratio of 0.15%.
  • 00:21:55
    However, Grayscale has some  rather questionable history,
  • 00:21:58
    such as refusing to share their proof of reserves.  So, if you don’t want to have anything to do with
  • 00:22:03
    them, the next cheapest Bitcoin ETF would be the  Franklin Bitcoin ETF, ticker symbol EZBC. This ETF
  • 00:22:11
    has an expense ratio of 0.19%. Though, for some  reason, they aren’t as popular as all the other
  • 00:22:17
    ETFs as they have the lowest total net assets as  well as average volume when compared to others.
  • 00:22:22
    So, if you prefer a more popular  Bitcoin ETF, then you may want
  • 00:22:26
    to go with the Bitwise Bitcoin ETF  which charges a 0.2% expense ratio,
  • 00:22:31
    and has a rather high USD 4.2B total  net assets and 2.4M average volume.
  • 00:22:37
    Next, among the Ethereum ETFs, the  Grayscale Ethereum Mini Trust ETF,
  • 00:22:42
    with the ticker symbol ETH has the  lowest fee of 0.15%. But again,
  • 00:22:47
    if you don’t want to have anything to do with  Grayscale, the next cheapest ETF would be the
  • 00:22:52
    Franklin Ethereum ETF, ticker symbol EZET.  This ETF has an expense ratio of 0.19%,
  • 00:22:59
    but is the least popular ETF in terms of  total net assets and average trading volume.
  • 00:23:04
    So, if you want an ETF that is more popular  and has more trading volume, you could go for
  • 00:23:09
    the Bitwise Ethereum ETF, ticker symbol ETHW.  This ETF is slightly more expensive at 0.2%,
  • 00:23:16
    but has the highest total net assets and  average volume as compared to the rest.
  • 00:23:20
    You would be able to find these ETFs on any  broker that has access to the US market,
  • 00:23:25
    and allows you to trade crypto ETF.
  • 00:23:27
    As for which is the best broker to use, I have  done an entire video comparing all the fees and
  • 00:23:32
    features of each broker in Singapore,  which I’ll link up here. Additionally,
  • 00:23:36
    I’ve also done up a free comparison spreadsheet  which you can use to find the best broker for you.
  • 00:23:41
    But just in case you are wondering, personally  I’m using Interactive Brokers as my main broker,
  • 00:23:46
    as it charges very low fees, has the best FX rates
  • 00:23:49
    and access to a ton of markets. Sign up  link here if you wish to also use them.
  • 00:23:53
    Next, if you prefer to buy your cryptos directly,
  • 00:23:56
    there are a few additional steps involved.  Here’s an overview of how it works.
  • 00:24:00
    First, you’ll need to find a crypto exchange  that best suits your needs. Then you’ll need
  • 00:24:04
    to register and go through the KYC, or  know your customer process. After that,
  • 00:24:08
    you can deposit your funds and buy  the crypto that you want. And lastly,
  • 00:24:12
    you’ll need to transfer your cryptos  out of the exchange to your own wallet.
  • 00:24:15
    This is because as we have learnt in the past, no  exchange is truly safe. Even the so-called safe
  • 00:24:21
    ones aren’t 100% safe as they aren’t insured  by FDIC or SIPC. If they ever close down,
  • 00:24:28
    investors could stand to lose everything. So,
  • 00:24:31
    it’s always best to transfer your  cryptos out after buying them.
  • 00:24:34
    In this section, I’ll first go through all  the available crypto exchanges in Singapore,
  • 00:24:38
    which are the crypto wallets that you can  use and finally, I’ll show a quick step by
  • 00:24:42
    step guide as to how you can buy your  cryptos and transfer your cryptos out.
  • 00:24:46
    So first, here are all the centralized crypto  exchanges that’s available in Singapore. Take
  • 00:24:51
    note that while some of them are licensed  by MAS, there are some that aren’t licensed.
  • 00:24:55
    For example, as of making this video, Gemini has  only gotten an in-principle approval from MAS,
  • 00:25:00
    whereas Tokenize Xchange is currently  being exempted from getting a license.
  • 00:25:05
    In most cases, most investors can just  stick to these exchanges. However,
  • 00:25:09
    if you are looking to trade more crypto  pairs, or are looking for more features,
  • 00:25:13
    you may find them in Binance and Kraken.  Though, just be aware that both of them
  • 00:25:17
    aren’t licensed and regulated by  MAS, so use them at your own risk.
  • 00:25:21
    The next thing you need to know is that certain
  • 00:25:23
    crypto exchanges have something called  the simple mode and the advanced mode.
  • 00:25:27
    Simple mode lets you easily convert  your cryptos without any hassle,
  • 00:25:31
    but in return, their fees may sometimes be higher.
  • 00:25:34
    On the other hand, advanced mode  comes with additional features,
  • 00:25:37
    such as order types, charting tools and crypto  pair filters. Plus their fees tend to be lower.
  • 00:25:43
    If you prefer to trade via the Simple  Mode, Independent Reserve would be the
  • 00:25:46
    cheapest exchange, when you add up both  the trading fees and the conversion rate.
  • 00:25:51
    Otherwise, if you want cheaper fees and more  features, if you prefer to trade via the
  • 00:25:55
    Advanced Mode, Upbit, Gemini, Tokenize  Xchange, and Binance may be cheaper.
  • 00:26:00
    Besides fees, you would also want to take  note of each exchanges’ fiat withdrawal fee,
  • 00:26:04
    trading volume, number of supported cryptos,
  • 00:26:07
    fiat support as well as whether the exchange  allows you withdraw your crypto or not.
  • 00:26:11
    Next, once you have bought your  cryptos, you’ll need to transfer
  • 00:26:14
    them out to a crypto wallet. But first, what  is a crypto wallet? As the name suggests,
  • 00:26:17
    a crypto wallet is essentially an application  that functions as a wallet for your cryptos.
  • 00:26:22
    However, one common misconception that many  people have is that when you transfer cryptos
  • 00:26:26
    to your wallet, they think that your cryptos  are now sitting in that wallet. That is false.
  • 00:26:32
    Instead, a crypto wallet only stores 2  things, your public key and your private key.
  • 00:26:37
    You can think of your public key as your email  address. Whenever you send cryptos to yourself,
  • 00:26:42
    or someone else, you’ll be sending it to this  address. This address is available to the public,
  • 00:26:47
    and whoever knows your public key, will  be able to see what cryptos that you have.
  • 00:26:51
    On the other hand, a private key is the password  to your address. Anyone who has your private key,
  • 00:26:57
    will have access to your wallet and  all your cryptos. That’s why it’s
  • 00:27:00
    important that you keep your private keys safe.
  • 00:27:03
    Whenever you send your cryptos to your  wallet, this transaction sits entirely
  • 00:27:07
    online on the blockchain. It’s  never stored in your wallet. So,
  • 00:27:10
    if you ever lose your wallet, it’s totally  fine. All you need to do is use your seed
  • 00:27:15
    phrase to regenerate your private key, and  you’ll have access to your cryptos again.
  • 00:27:19
    Now, there are 2 kinds of crypto  wallets, a hot wallet and a cold wallet.
  • 00:27:23
    A hot wallet is typically an app or an extension  that sits in your browser or in your phone. It’s
  • 00:27:29
    always connected to the internet. Some  examples of a hot wallet are Metamask,
  • 00:27:33
    Trust Wallet, or my personal  favorite, the Rabby Wallet.
  • 00:27:36
    They are free to use, and they let you  easily access your cryptos anytime. However,
  • 00:27:40
    since they are connected to the internet all the  time, they can be vulnerable to cyberattacks.
  • 00:27:45
    Hence they are only suitable if you wish to  do regular trading and make quick payments.
  • 00:27:50
    For cryptos that you wish to hold long term,  it’s best to use cold wallets instead. For these,
  • 00:27:54
    the 2 of the most popular cold wallets  that you can use are Ledger and Trezor.
  • 00:27:57
    The reason they are safer is because the  private key sits offline in the device,
  • 00:28:02
    and there’s no way for a hacker  to access them over the internet.
  • 00:28:05
    These cold wallets can cost anywhere from a  few ten USD all the way to over SGD 600. But
  • 00:28:10
    personally I would recommend you to  just go for one of the cheaper ones,
  • 00:28:14
    as this is something that you don’t use often,  and you don’t really need all that fancy stuff.
  • 00:28:18
    So something like the Trezor Model One, or Ledger  Nano S Plus would work best for the majority
  • 00:28:23
    of people. Again, I have links down in the  description below if you wish to get any of them.
  • 00:28:29
    Now, here’s how you can buy  your cryptos on an exchange,
  • 00:28:32
    and transfer them out to your wallet. Here, I’m  using Coinbase. If you are using other exchanges,
  • 00:28:37
    don’t worry as this process is almost the  same no matter which exchange you are using.
  • 00:28:41
    To buy cryptos in the simple mode, over to the  right, you can choose how you want to pay for
  • 00:28:46
    the crypto. In my case, I’ll be choosing SGD  wallet as I want to be buying with SGD cash.
  • 00:28:52
    Currently the wallet doesn’t have any money in it,  so I’ll need to top up money to it. To do that,
  • 00:28:57
    I can click on Top up SGD wallet,  then choose the payment method. Then,
  • 00:29:01
    I’ll go with PayNow as it's  the most convenient method.
  • 00:29:04
    I’ll then need to scan the QR code via my  mobile app then transfer the money over. Here,
  • 00:29:09
    I’ve just transferred SGD20 into  the account. Then the next step is
  • 00:29:13
    to choose which crypto I want to  buy, let’s just go with Bitcoin.
  • 00:29:16
    Enter the amount of crypto that you want to  buy, click review order, check through to make
  • 00:29:20
    sure everything is correct then click Buy Now.  And tada, I’ve successfully bought my Bitcoin.
  • 00:29:26
    Now, if you wish to have access to more  features, in Coinbase, you can switch
  • 00:29:30
    over to the Advanced Mode by clicking on  the Advanced toggle at the bottom left.
  • 00:29:34
    Search for your trading pair. Enter in the  amount and you are done. As mentioned earlier,
  • 00:29:38
    when you are buying cryptos via the Advanced  Mode, the fees will typically be cheaper.
  • 00:29:42
    The next step is to transfer the cryptos that  I’ve bought over to my cold wallet. To do that,
  • 00:29:47
    I’ll click on the Transfer button  at the top right, click Send Crypto.
  • 00:29:51
    I’ll then need to enter the address  that I want to send to. To do that,
  • 00:29:55
    I can just click on the To input field,  select the Network that I want to use,
  • 00:29:59
    then at the top, I’ll need to enter in my address.
  • 00:30:01
    For that, I can just open up my Ledger Live, over  to the left, click on Receive, choose the account
  • 00:30:06
    that I want to use, click Continue, it’ll  then ask me to connect and unlock my device.
  • 00:30:11
    After that’s done, I’ll be able to get my wallet  address. For privacy reasons, everytime you want
  • 00:30:16
    to make a new transaction, Ledger will give  you a new address. But don’t worry as all your
  • 00:30:21
    old addresses are still usable. The only thing  that will remain the same is your private key.
  • 00:30:26
    Anyway, once you have found your address,  click copy, head back to Coinbase and paste
  • 00:30:30
    it in. You’ll then need to enter in the amount  that you want to send over. If this is your
  • 00:30:34
    first time transferring, start with a small  amount first, like SGD5 or SGD10. That way,
  • 00:30:40
    you won’t lose all your cryptos if  you accidentally made a mistake.
  • 00:30:44
    Click Preview Send. You’ll be required to select  your Wallet Type. Choose self-custody wallet,
  • 00:30:49
    and here, you’ll need to do an  ownership verification. This
  • 00:30:52
    is a requirement under the Singapore Travel Rule.
  • 00:30:55
    But, here’s the funny thing, how  can you verify your wallet if you
  • 00:30:59
    don’t have any crypto in your private wallet?
  • 00:31:02
    One way to solve that is by first linking  your Coinbase account with Coinbase wallet,
  • 00:31:06
    transfer the crypto over to Coinbase wallet,
  • 00:31:09
    transfer them to your Ledger wallet, then  transfer some crypto back to your Coinbase
  • 00:31:14
    account to prove that you own the Ledger.  Yes, I know, it’s stupid. Otherwise, another
  • 00:31:19
    way to solve that is to use other exchanges on
  • 00:31:22
    this list that don’t require you  to perform a small deposit test
  • 00:31:25
    such as crypto.com, Independent Reserve  and OKX don’t require you to perform any
  • 00:31:31
    test. Otherwise if you are using Coinhako,  you can use something called a Signature
  • 00:31:35
    Method to verify your wallet, where you  use your private key to sign a message.
  • 00:31:39
    Anyway, once you have transferred  your crypto, you’ll need to wait a
  • 00:31:42
    while for your crypto to arrive. Depending  on the network and congestion at the time,
  • 00:31:46
    it might take anywhere from  a minute to several hours.
  • 00:31:49
    Coinbase lets you check the transaction  status via the Blockchain explorer,
  • 00:31:53
    if it’s still in progress, it’ll say  Pending. Once the transaction is done,
  • 00:31:58
    this will change to Confirmed and you’ll  see your crypto in your private wallet.
  • 00:32:02
    So, that was a quick guide on how you can buy  cryptos and transfer them to your own wallet.
  • 00:32:06
    For a full step by step guide, I’ve made  in-depth tutorials for almost all of the
  • 00:32:11
    exchanges available here in Singapore, as well  as how you can transfer them to your wallet.
  • 00:32:15
    Next, in some cases you might want to use  a decentralized exchange instead. This
  • 00:32:20
    could be because the cryptos that you are  looking for aren’t listed on your exchange,
  • 00:32:24
    or it could also be because you find that  it's cheaper to use a decentralized exchange.
  • 00:32:28
    So here’s a quick tutorial on how to  use a decentralized exchange. For this,
  • 00:32:32
    rather than using Uniswap or PancakeSwap  to swap your cryptos, a better way is
  • 00:32:36
    to use aggregators, such as  DefiLlama Swap or Oku Trade.
  • 00:32:40
    That’s because they will go through  multiple decentralized exchanges and
  • 00:32:43
    liquidity sources to help you  find the best possible rates.
  • 00:32:46
    To get your cryptos into here,  first, head over to StraitsX,
  • 00:32:50
    which is a service that lets you convert  your fiat currencies into stablecoins.
  • 00:32:54
    So, let’s say I want to deposit SGD, I’ll  choose XSGD, click Bank Transfer, then click
  • 00:32:59
    Transfer In. You’ll be given a bank account  information to transfer to, so just do that.
  • 00:33:04
    Once that’s done, you’ll see your XSGD  account being updated. For example,
  • 00:33:08
    here I have deposited SGD20 into the account.
  • 00:33:11
    Next, I want to transfer this XSGD over to the  Dex aggregator. To do that, click Transfer Out,
  • 00:33:17
    XSGD, select Blockchain Transfer.  You’ll be asked to select a network,
  • 00:33:21
    the network with the gas fee is  Polygon, so let’s go with Polygon.
  • 00:33:26
    Click Link Blockchain Address.  Then click Link with your wallet.
  • 00:33:29
    Personally I’m using Rabby Wallet,  but I can also click MetaMask to
  • 00:33:32
    connect StraitsX to my Rabby Wallet.  Then just do all the verifications.
  • 00:33:37
    Once you are done, click on MetaMask, then  enter the amount that you want to transfer
  • 00:33:41
    out. Take note that the minimum transfer  amount is 10 XSGD. Click Transfer Out and
  • 00:33:46
    Confirm the transaction. After a few minutes,  you’ll see XSGD arriving in your wallet.
  • 00:33:52
    Next, head over to a Dex Aggregator.  In this case, I’m using Oku.trade,
  • 00:33:56
    but you can use any one that you prefer  as the process is exactly the same.
  • 00:34:00
    Click Connect Wallet on the top right hand side,  choose your wallet. Next, since my XSGD is on the
  • 00:34:05
    Polygon network, I want to switch over to the  Polygon network. Change the initial crypto to
  • 00:34:10
    XSGD, enter in how much you want to convert.  Then choose the crypto you want to convert to.
  • 00:34:16
    Let’s say I want to convert to AAVE,  but I’m seeing many different results
  • 00:34:20
    that have the name AAVE. So, to make  sure I’ve selected the right crypto,
  • 00:34:24
    what I can do is head over to the crypto page  in CoinMarketCap, click the down arrow beside
  • 00:34:29
    the Contracts page, and you’ll see all  the contract addresses for this crypto.
  • 00:34:33
    I’m using the Polygon chain, so let’s scroll all  the way till I see Polygon, copy the address, head
  • 00:34:38
    back and paste it in. Click on the crypto. Click  Swap. Then just confirm everything that you see.
  • 00:34:43
    But then, you’ll now come into one issue,  here it says I don’t have enough Gas balance.
  • 00:34:48
    Basically whenever you want to perform any  transaction, you’ll need to pay some fees.
  • 00:34:53
    In this case, since I’m using the Polygon network,
  • 00:34:56
    I’ll need to have some Polygon to pay the fees.  But, how do I even get Polygon in the first place?
  • 00:35:01
    Now, there are 2 ways you can do that. First,  you can either head back to your crypto exchange
  • 00:35:06
    to get some Polygon and send them over to your  wallet. Or second, which is my preferred method,
  • 00:35:11
    is to use the GasAccount feature on  Rabby Wallet to pay for the gas fee.
  • 00:35:15
    Let me show you how this works. First, open up  Rabby Wallet, then click on the balance on the
  • 00:35:20
    top right, this is your Gas Account. Here, you  are able to deposit anywhere between USD20 to
  • 00:35:25
    USD500 worth of stablecoins into this account,  and whenever you need to pay for gas fee,
  • 00:35:31
    Rabby Wallet will auto convert  your stablecoin into your gas fee.
  • 00:35:35
    So, let’s try depositing some  USDC into the account. To do that,
  • 00:35:39
    head back to StraitsX, deposit  in some XSGD, swap it to USDC,
  • 00:35:44
    then transfer out your USDC via the  Polygon network to your crypto wallet.
  • 00:35:48
    Once it has arrived, tap on the Gas Account  balance on the top right, and deposit USDC into
  • 00:35:53
    It. Don’t worry, as you can always withdraw  this money in the future whenever you want.
  • 00:35:57
    Anyway, once that’s done, head back  into the decentralize aggregator,
  • 00:36:00
    then click Swap. And this time, when  it says that Gas balance is not enough,
  • 00:36:04
    you can just switch to using  your GasAccount to pay for it.
  • 00:36:07
    If you aren’t in a hurry, you can  just change the Transaction Speed
  • 00:36:10
    to Normal to save on some fees.  Then confirm the transaction.
  • 00:36:14
    Once the first transaction is done, you’ll need  to confirm a second transaction to approve the
  • 00:36:18
    token. Again, use the GasAccount to  pay if you don’t have any gas fee.
  • 00:36:23
    Finally, once the transaction is done,
  • 00:36:25
    you’ll see the crypto in your wallet and now  you are free to do whatever you want with it.
  • 00:36:29
    As you might imagine, if you buy some  crypto here, send some crypto there,
  • 00:36:33
    while also keeping your crypto in your cold  wallet, things could get messy real fast
  • 00:36:37
    and you would lose track of how much crypto  you have, and what’s your profit and loss.
  • 00:36:41
    In that case, you might want to use a  crypto portfolio tracking tool. Personally,
  • 00:36:45
    I’m using CoinStats. The nice thing  about it is that it lets you connect
  • 00:36:49
    to most of the major exchanges and crypto wallets.
  • 00:36:51
    For example, here, I’ve connected to some of  my wallets including Ledger. And don’t worry,
  • 00:36:56
    because it doesn’t have access to  your private key. All it’s doing is
  • 00:37:00
    just taking your public address and  tracking everything that you have.
  • 00:37:03
    Then from here, you can see things like your  portfolio breakdown, profit and loss chart,
  • 00:37:07
    historical transactions and  so on. So that’s super useful.
  • 00:37:11
    For most people, you could just stick to the free  version, as it lets you connect to 10 portfolios
  • 00:37:16
    while tracking 20,000 transactions. If you need  more than that, you’ll have to upgrade to a paid
  • 00:37:21
    version. Again, you’ll find all the links in  the Google sheet down in the description below.
  • 00:37:26
    Lastly, let’s talk about some of the  best practices to keep your cryptos safe.
  • 00:37:30
    One, always turn on 2 factor authentication  on your crypto exchanges. The one that you
  • 00:37:34
    want to use is an Authenticator app, and not  the Text Message. That’s because if you are
  • 00:37:39
    using an Authenticator app, it’s almost  impossible for hackers to gain access to
  • 00:37:43
    your account. Whereas if you are using a Text  Message, you are vulnerable to sim swapping,
  • 00:37:48
    where the hacker can just gain control of  your phone number and intercept your 2FA.
  • 00:37:52
    Two, never ever connect your cold wallet to  any decentralized apps. If you are connected
  • 00:37:57
    to any scammy app, or if the app is hacked,
  • 00:38:00
    hackers will be able to drain your entire  wallet, and you will lose everything.
  • 00:38:04
    The only action that you’ll be  performing on your cold wallet
  • 00:38:07
    is to send and receive crypto from either  an exchange or a hot wallet, that’s all.
  • 00:38:12
    If you want to interact with a DApp, you need to  first transfer your crypto out to a hot wallet,
  • 00:38:17
    then use the hot wallet to  connect to the DApp. That way,
  • 00:38:20
    only your hot wallet is ever  at risk of being hacked.
  • 00:38:23
    Three, there are lots and lots  of scams out there. For example,
  • 00:38:27
    the most common one is people  impersonating a famous figure,
  • 00:38:30
    and they’ll ask you to transfer money to them  and they’ll help you trade. Don’t ever do that.
  • 00:38:36
    Then sometimes, you’ll see people  asking you to check out some crypto
  • 00:38:39
    project or claim some token. Again, don’t do that.
  • 00:38:42
    And finally, if you ever want  to invest in a crypto project,
  • 00:38:46
    always do your own research and make sure  you are investing with the money that you
  • 00:38:50
    can afford to lose. The percentage of cryptos  that have failed is astonishingly high at 70%.
  • 00:38:55
    Anyway, that was a rather long video on how to
  • 00:38:58
    invest in cryptos. Hopefully  you found that useful. Like,
  • 00:39:01
    share and subscribe as I’ll be posting new  videos every Monday, Wednesday and Friday.
タグ
  • cryptocurrency
  • blockchain
  • investing
  • crypto mining
  • stablecoins
  • ETFs
  • research tools
  • wallets
  • DeFi
  • safety practices