Hi everyone, I would like to ask a very simple question on how to start on crypto if that is what it is called. The idea for me is in hopes I can just earn here and there mainly to help with monthly expenses. Not looking to invest like 5 figures but more of like 3 to 4 figure ranges to create that monthly recurring for my expenses.
Starting in crypto is relatively easy, and there are a few steps you can follow to get started:
1. Learn about cryptocurrency
It should take him a long time to learn about cryptocurrency because cryptocurrency is so widespread that anyone who wants to can't get a complete understanding of cryptocurrency so easily. If he shows keen interest to know then surely he will learn about cryptocurrency.
2. Choose a cryptocurrency exchange
3. Create & fund an account
4. Buy cryptocurrency
5. Boom
Opening an account on any exchange is a very easy task, anyone can open an account on any exchange through youtube. But the next steps of accounting will be very difficult for him. You said easy to buy any currency after opening account but he is new to this site as he has no experience in this so how he will buy currency. And even if the currency is purchased then what is its future. Because he will not buy any currency after analyzing the market. So I don't think the few steps you tried to convince him will work for him. Rather, if he follows your steps directly, he may have a great chance of losing his wealth.
Also, it is pertinent to mention that in the beginning, invest small amounts in minimizing the risk of loss. Good luck.
You said everything in very simple language. If you could do it as easily as you said, then everyone would not have made so many mistakes.