Notes:
- This will be updated on an ongoing basis. (Last Updated: Jan 5, 2021)
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Welcome to the Crypto (Cryptocurrency) Beginner Kit, an easy how-to that will get you into the world of cryptocurrencies, quickly.
In many cases, the tactics covered here can be implemented within minutes and are simple adjustments to things you are already doing – like shopping or browsing the internet – and these low-friction adjustments will allow you to start collecting crypto today with no investments on your part.
Disclaimer: Not one thing on this article or website is financial advice, always go to your friendly, local financial/tax pro for advice before doing anything. Everything provided here is for educational purposes only, and some/all actions might have tax implications. Links here are not affiliated with us and you will use at your own risk. Some links may include a referral code where we will make a commission on.
Before we dive into the Crypto Beginner Kit, here are a few words that will support you on your journey:
- Blockchain: A shared, distributed digital database of records that’s functions and powers are public, with no central authority, that’s also publicly accessible.
- CeFi (Centralized Finance): A financial system run by a traditional business setup and business owndesship model (like an LLC or Inc.) or groups of businesses. This setup will have a Know Your Customer (KYC) system built into them. KYC is the process where you are asked to provide your personally identifiable information (name, address, social security, etc.),
- Defi (Decentralized Finance): A financial system run by code (via the blockchain using smart contracts) versus by a centralized bank or person. These are most commonly run as a DAO (see below) and do not have a KYC system.
- DAO (Decentralized Autonomous Organization): An organization run by code vs. leaders (like in an LCC or Inc.).
- Staking: The action of locking up crypto to obtain rewards or earn interest.
- Exchange: Any platform that allows customers to trade crypto. Popular ones include Gemini, Coinbase, and Crypto.com.
Crypto Beginner Kit – Level 1 – Easy
Remember: Using any/all of the below doesn’t require you to buy any cryptocurrency, you are simply earning it for things you already do or by acquiring new knowledge.
- Use the Brave Browser: It’s basically Chrome with better security and speed, and you earn crypto for using it.
- Link: Brave.com
- Pro-Tip: (1) Not everything (websites, extensions, etc.) will work on this browser, Lolli (see below) is one extension that does not work on Brave. (2) Even if you don’t want to collect crypto, it’s a very pricey-first browser everyone should consider.
- Use Lolli Browser Extension: Buy stuff you are going to buy anyway and get Bitcoin back from places like BestBuy and other major retailers.
- Link: Start a Lolli account.
- Pro-Tip: Go to their site to search for new stores.
- Use Coinbase to learn and earn free cryptocurrencies of all kinds.
- Link: You will need to sign up for an account. You can then learn how to earn crypto.
- Pro-Tip: Take all the classes!
Crypto Beginner Kit – Level 2 – Intermediate
- Earn 8.05% APY via CeFi: Crypto is synonymous with extreme price swings, but stable coins are cryptos that are pegged to “traditional money” like USD.
There are different ways to earn with your crypto – including ones with higher APR/APY. This is a good way to get started:- Start a Gemini account
- Buy some GUSD (Gemini dollar) – it’s pegged to the US dollar
- “Stake” it, by putting it to “Earn.” With Gemini, you can also earn with other crypto you own in the exchange.
- Start a Gemini account
Have fun, be careful and explore. If you have questions, please reach out via Twitter (@MoreLeo).
2. Donate Your Crypto: Along with supporting charities and the people they help, donating to nonprofits using crypto can also have tax benefits: Read Cryptocurrency Donations: Tax Benefits To Donors
