💫💖🌹 Dear subscriber, welcome to the world of cryptocurrencies. (As promised, and my apologies for the delay in my response. 🙏)
Imagine cryptocurrencies as digital currencies that thrive on the Internet.
💶 The euro is a currency managed by a central bank.
🪙 A cryptocurrency is a digital currency that operates on a decentralized computer network.
The most well-known is Bitcoin (BTC), but there are thousands out there today.
✒️ What is Binance?
Binance is a platform that allows, among other things:
• to buy cryptocurrencies;
• to sell;
• to exchange among themselves;
• to hold them in a digital wallet.
We can see Binance as a mix between a bank, an exchange, and an investment app.
✒️ The cryptocurrencies we often encounter
1️⃣ Bitcoin (BTC)
The "granddaddy" of cryptos.
📖 Analogy: digital gold.
Main objective:
• store of value;
• long-term investment.
2️⃣ Ethereum (ETH)
📖 Analogy: the smartphone of blockchains.
Ethereum allows you to create:
• decentralized applications;
• NFTs;
• games;
• smart contracts.
3️⃣ Stablecoins
📖 Analogy: digital euros or dollars.
They often serve to:
• secure your gains;
• wait for a buying opportunity;
• limit exposure to market volatility.
4️⃣ Altcoins
All cryptocurrencies other than Bitcoin. (Examples: Solana, XRP, etc.)
⚠️ Their potential for gains can be significant, but their risk level is as well.
✒️ Rule #1: volatility
Today: 100 €
Tomorrow: 120 €
Day after tomorrow: 85 €
In crypto, this type of fluctuation can be normal.
🙏 Don't panic with every market move.
✒️ How to buy your first crypto?
On Binance:
1. Deposit euros.
2. Go to "Buy".
3. Choose a cryptocurrency.
4. Confirm your purchase.
✒️ The FOMO trap
FOMO stands for "Fear Of Missing Out".
Translation:
« Everyone's making money, I'm buying in now! »
Often:
• the price is skyrocketing;
• beginners buy;
• then the market corrects.
Buying because an influencer recommended it is not an investment strategy.
✒️ Golden rules for beginners
✅ Only invest what you can afford to lose.
Cryptocurrencies remain risky assets.
✅ Enable two-factor authentication (2FA).
In Binance:
Profile → Security → Two-factor authentication.
✅ Never share:
• your password;
• your 2FA code;
• your recovery phrase (Seed Phrase).
Never. With anyone.
🏆 Quick quiz
Question 1
Bitcoin is:
A) A bank
B) A cryptocurrency
C) A debit card
Question 2
FOMO is about:
A) Buy out of fear of missing a rise
B) Secure your account
C) Create a cryptocurrency
Question 3
Should you share your Seed Phrase?
A) Yes, with Binance
B) Yes, with a trusted friend
C) Never
🌹 « In crypto, we don't chase the moon in 7 days. We plant seeds, water them with patience, and watch our garden grow: sometimes in the rain, sometimes in the sun. The real treasure is not just what we earn but also what we learn along the way. »
I hope I've answered your question to the best of my ability. This universe is vast, and there are always new things to discover.
I've preserved your anonymity as agreed.
I wish you the best in your learning journey. 🙏
Kindly ✨️
#PATRICIABM 🌹💖💫