Eyal Avramovich, CEO of MineBest, on the start of your crypto adventure
After years of disbelief, cryptocurrencies are finally entering the mainstream with rapidly growing adoption. But a lot of people are still wondering how to join this innovative world.
There are many reasons why people want to start their journey in the cryptocurrency world. Some are encouraged by the possibility of protecting their wealth from the unstable future of the current financial system. Others want to follow the ever-changing market for the benefits that blockchain technology brings. And of course, some would like to earn money and build their fortunes there.
Whatever the reason, everyone has to start somewhere to build the solid foundation needed in this rapidly changing industry.
This is why we contacted Eyal avramovich, which has been involved in cryptocurrencies for a considerable time.
He built MineBest, one of the fastest growing companies in the crypto mining industry.
Based in Warsaw, Poland, it operates internationally, constantly expanding its reach of influence.
Information before making decisions
According to Eyal avramovich, the first and most important step is to educate yourself. “It is essential to take your time to do this; there is no room for hasty and risky moves, ”he says. “Without the proper knowledge and a solid idea of what you’re doing, every move would be more like playing.”
Understanding the basics of cryptocurrency and blockchain technology is crucial before exploring the market. Additionally, it is recommended that you gain a general understanding of what crypto wallets and exchanges are. “When you learn the fundamental concepts of crypto, the whole industry becomes easier to understand,” says Avramovich.
Educational articles, online videos, and dedicated workshops are just a few ways to expand your knowledge. “At first it may seem like a lot of work, but a few days of research will be far more beneficial than making random decisions without any understanding of the crypto world,” he adds.
Do your research
The next step in the cryptocurrency industry is a very popular concept that even has its own acronym – Do Your Own Research (DYOR).
In the cryptocurrency industry, it is important to do proper research. After spending some time understanding crypto and blockchain, you might find it easier to browse the internet for projects worth checking out.
But how can you do it? “Google everything and read as much as you can!” Diving into a white paper can be quite difficult for beginners. But checking the chart history, market cap, track record, team transparency and actual work product is something achievable even while you are just starting out in the market, ”says MineBest CEO.
Research is a time consuming process. Why not just buy some random cryptocurrency recommended by a friend or guy on the internet?
The cryptocurrency market is volatile, which means that the price changes within minutes or even seconds. “As a result, when you buy a cryptocurrency without any solid support, there is a good chance that you will panic to sell on the first price drop. It means an obvious loss, even if the price could rebound, ”he said.
Based on his experience, Eyal avramovich finds this kind of situation more manageable when you trust the cryptocurrency you are buying.
How to buy cryptocurrency?
Now, once you’ve gotten some basic industry knowledge and found some projects you like, it’s time to buy the cryptocurrency! It might seem like a long way to go before your purchase, but this way you will be spending your hard earned money on something you believe in. There will be no random speculation based on nothing.
So where can you buy cryptocurrency? The most popular medium is crypto exchanges. They allow users to exchange cryptocurrencies for other assets, such as conventional currency or other digital currencies.
First of all, you need to create an account. Then, in order to transfer your money to the exchange account, you will likely need to verify your identity due to the Know Your Customer (KYC) and Anti-Money Laundering (AML) policies that most exchanges must adhere to. . Then you can top up your account by wire transfer, with a credit card, or using one of the many other methods most exchanges offer.
After that, you can finally buy your first cryptocurrency. However, Eyal Avramovich gives a warning. “You should only use funds that you can afford to lose. As already mentioned, the cryptocurrency market is extremely volatile, which can lead to potential losses. It is essential to be aware of this. ”
How to mine cryptocurrency?
There are ways to participate in the market other than buying cryptocurrency through an exchange. One of them is mining.
Crypto mining is the process by which powerful computers solve complex mathematical puzzles to create a new block on the blockchain. The first miner to complete the puzzle receives newly created pieces as a reward. In addition, this process maintains and secures the entire network.
It may be a better choice for new market participants because mining is more stable and less stressful. However, you need expensive equipment (mining rigs), as well as technical knowledge to start mining parts.
Due to the costs, some people decide to mine with outside companies who help with various aspects of the process – such as maintenance of mining rigs, technical organization, etc. MineBest is one of the companies specializing in providing equipment and know-how to people or entities wishing to mine cryptocurrencies.