Why Using Crypto Can Teach You More Than Reading About It

At this point, the majority of us have heard of cryptocurrency in some capacity. Whether or not we actually use the asset class, the headlines have been dominated by Bitcoin’s massive price spikes, controversy around the industry’s volatility, and opinions from top business leaders. Thanks to this, many more of us are looking to learn more about cryptocurrency, and typically, we turn to written sources. After all, there’s a myriad of books, blogs, articles, and other such content regarding crypto. But while these can be quite useful, they rarely compare to actually using the asset class. Here are a few reasons why using crypto is much more valuable than reading about it:

1. Table of Contents

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    Understanding Use Cases

For a lot of crypto newbies, one of the most confusing aspects of digital assets is how exactly they can be used. Because cryptocurrencies don’t exist as physical money, we struggle to understand how we can leverage them within certain ecosystems. But by actually using cryptocurrency in these contexts, the nuances become clearer to us, as do the benefits. Take the world of gambling, for example. For centuries, fiat currency was the only option to place wagers or enjoy such projects. Now, more of them are incorporating cryptocurrency, which means there’s more opportunity to use them. As gambling expert Alex Hoffmann writes, casino operators online are much more passionate about crypto, and so are their customers. When you log onto a gambling website and actually place a wager using crypto, you get the hang of using it for non-traditional purposes. As such, anyone looking to understand crypto should use it as opposed to just reading about it.

2. Understanding Market Movement

A large portion of the content that has been written about crypto has to do with the market and how it operates. And while this content is certainly useful, it can be looked at as jargon. Text filled with musing on hash rates, market spikes, indicators and FOMO might be difficult to understand, especially to investors who don’t have a background in finance. As such, they might feel intimidated by the market itself or might even opt out of investing altogether. However, actually taking the leap and investing, especially smaller amounts in the beginning, can shake off this anxiety. An article about a massive sell-off might not make sense to you, but seeing the value of your crypto stash go down in real time instantly makes it tangible. They say you learn best by doing, and in few places is it more true than in crypto. The more you engage with them, the quicker you’ll be able to

3. Choosing Assets to Use

Every crypto user will get to the point where they have to decide what tokens they want to leverage, whether for investment or everyday use. And while they can read endless lists of which cryptos are best, complete with technical analyses, actually engaging with them will make this choice much easier. Logging onto crypto exchanges and looking at the performance of various tokens, as well as looking at their market performance, will give you a clear idea of which tokens are doing well and which are on the decline. The same goes for tokens being used for payments and transfers. The best way to know which crypto gives you the best fee structure isn’t necessarily reading about it, but trying to make the transfers and looking at the gas fees being quoted by one versus the other. If you plan to use crypto long-term, you’ll have to get your hands dirty trying to use it as opposed to reading.

4. Demo Mode

One way that using crypto can be made easier is by leveraging the wealth of demo tools available on the market. These tools, as the name implies, allow you to get the feel of using crypto without actually taking on any risk. Some tools simulate market movements, allowing you to ‘invest’ in non-existent tokens and showing you what the outcome would be based on current market trends. If you want to use crypto for things like gambling, you can also play in demo mode and see how things will pan out. A good idea would be to read about various crypto concepts and then try them out in demo mode to truly understand them.

5. Avoiding Scams

As a crypto user, you will have to navigate the unfortunate reality of scams that will look to swindle you out of your money, data, or both. There has been a lot of coverage regarding these scams, and while reading about them helps, you might understand more by engaging with others who have been scammed. Rather than a generic article about how cryptojacking works, engage with crypto communities and speak to those who have been affected in the past. This will give a clear view of the situation, and you’re more likely to avoid such scams in the future.

Conclusion

Getting the most out of cryptocurrency means having as much information as possible. While reading about cryptocurrency and the various concepts within it can be very beneficial, you’ll gain even more benefit by actually engaging with the asset class. From trying out different tokens to exploring use cases to engaging with other crypto users, you’ll get an in-depth understanding of the asset class and how to most benefit from it.