In this weeks update, we suggest three great starter coins and show you how to buy them.
⚠️ Spoiler alert – you can have a securely funded crypto wallet in under 5 minutes.
Written by: Mike Martin | Updated January 27 2024
Reviewed by: Ryan Grace
Not sure where to begin with crypto? It’s simple. Just follow these three steps.
1. Choose What Cryptos To Invest In
There are over 10,000 cryptos in existence. About 99% of these coins are crap, but the other 1% do indeed have real-world value and astonishing potential.
Here are 3 great coins to get you started. 👇👇👇
Bitcoin (BTC)
In crypto, everything begins and ends with Bitcoin (BTC). Currently, this highly-liquid coin accounts for more than 50% of the entire crypto market cap.
Due to its gargantuan size, bitcoin is also one of the least volatile cryptocurrencies in the market (excluding stablecoins of course).
In fact, with Bitcoin’s ongoing maturation, it often exhibits less volatility now than many large-cap Nasdaq stocks and, surprisingly, even gold!😲
For all these reasons, common sense says that every crypto portfolio should have at least a 50% allocation to BTC. And we agree.
So what about the other 50% allocation? Where do you invest that?
Crypto ex Bitcoin
Source: CoinMarketCap
Unlike Bitcoin, Ethereum can store and execute smart contracts. These contracts are the lifeblood of Web3, which is the latest iteration of the internet. Web3 apps are decentralized, efficient, and community rather than C-Suite-driven.
They are lean, mean self-executing machines.
All decentralized applications are built atop existing blockchains, kind of like how all apps on your phone are built atop the Internet.
But in blockchain, the ‘internet’ is represented by different blockchains, like Ethereum – which happens to host more than 50% of all Web3 apps in existence.
DeFi Pulse Index (DPI)
After Ethereum, investing in decentralized finance (DeFi) platforms is probably your best bet as they have the most value and potential.
For beginners, we recommend investing in DeFi protocols rather than interacting with them.
After you learn the basics, there are many ways to earn yield in DeFi:
- Lend crypto
- Stake crypto
- Become a market maker (and earn fees instead of paying them!)
The DeFi Pulse Index (DPI) is a crypto ETF that gives you exposure to the top ten DeFi protocols by market cap. You can buy DPI in the tastycrypto app, along with 1,000+ other coins!
🍒 Here are a few other choice DeFi coins for you to peruse.
2. I Have Selected My Coins – Now What? 🤔
So how do you get possession of those tasty coins?
You can buy BTC and ETH directly with tastytrade. Our brokerage partner offers the following digital assets:
- BTC/USD – Bitcoin
- BCH/USD – Bitcoin Cash
- ETH/USD – Ethereum
- LTC/USD – Litecoin
Why only four? Ask Gary Gensler.
But blockchain was designed to be accessed through self-custody wallets anyway.
“Not your keys, not your coins”
In addition to being able to track your crypto assets 1×1 on a blockchain, self-custody allows for:
- Access to 1,000+ tokens
- Participation in DeFi
- Buying and storing NFTs
- Complete privacy
Self-Custody Makes Sense. Let’s Go!
Congrats on being responsible with your digital assets. Now let’s get those tasty coins into your tastycrypto wallet! 🍒
Download tastycrypto
First things first – you must download a crypto wallet.
We have three different wallets available for you to choose from. We recommend starting with the mobile apps. The extension wallet will come in handy after you master DeFi.
- Android wallet
- iOS wallet
- Browser wallet (Chrome extension)
3. Get Crypto In
Let’s now get some crypto into your shiny new wallet. ✨
If you already have crypto but it’s held at an exchange like Coinbase, follow these steps:
- Copy the respective address of your tastycrypto wallet. (e.g., Ethereum addresses begin with 0X…”)
- Log into your Coinbase account.
- Select ‘Send & Receive’ and then choose ‘Send’.
- Paste your tastycrypto wallet address and enter the amount of crypto to transfer.
- Asure you are sending to like blockchains
- Confirm and complete the transaction.
But I Don’t Have Any Crypto!
If you’re brand new to cryptocurrency, follow these steps. We recommended buying PYUSD through PayPal because they currently do not charge any fees (but you’ll always pay gas fees!)
PYUSD is a stablecoin, which tracks the price of the US Dollar and is backed by the US Dollar and cash equivalents.
- Login to your tastycrypto app
- Click ‘Add’
- Choose PayPal
- Choose Your Crypto (ETH, BTC, or PYUSD) – again, no extra fees with PYUSD!
- Confirm with PayPal
And voila! After a few minutes, you will have crypto in your account.
⚠️ 20% of all Bitcoin has been lost due to misplaced seed phrases. WRITE YOURS DOWN NOW!!!
Swap The Night Away
As you have noticed, PayPal only allows you to purchase three cryptocurrencies: ETH, BTC & PYUSD.
You can easily ‘Swap’ out of these and into DPI or any of the 1,000+ cryptos that tastycrypto offers with our in-app swap feature.
In collaboration with 0x, we ensure you get the best fill price for your swaps by comparing rates across multiple exchanges.
As you begin to swap, you’re going to have two questions. Luckily, we have you covered. Here are a few tasty reads to aid you in your journey 👇
🍒 Slippage in Crypto Explained
Shoot us an email with any questions. If you don’t have any questions, you can at least console me for being a Buffalo Bills fan.
Happy Trading!
See you next week – same tasty place; same tasty time. 🍒
Mike
mike@tastycrypto.com
🍒 tasty reads
7 Ways to Make Money With Crypto in 2024
What Is Degen and How Does it Work?
