The Most Updated Way to Play Crypto for Beginners in 2024, Hora Umum

Bittime - How to play crypto for beginners is actually not difficult, but the most important thing is that you must always be careful, and not have FOMO.

The following is the most updated discussion in 2024 about how to play crypto for beginners hora umum.

Get to Know Cryptocurrency

The term 'crypto' (in Indonesian it is called crypto), comes from the Greek 'kruptos' which means hidden. Meanwhile, 'currency' comes from English which means 'currency'.

Based on the terms above, cryptocurrency can literally be understood as 'hidden currency'.

Why is it called 'cryptocurrency' or 'hidden currency'? Because there is no physical form of crypto, and the high level of privacy makes 'crypto' seem hidden.

Read Also: Easy Steps on How to Invest in Bitcoin Safely

For example, we will not find someone's clear name on a crypto transaction like a bank transaction!

For your information, in Indonesia crypto is not a means of payment, so we cannot call it 'crypto currency' or 'digital currency'.

Different Types of Crypto

There are actually quite a few types of crypto when viewed in terms of use and development.

However, considering that this article focuses on how to play crypto for beginners, as a beginner there are 4 types of crypto that you need to know to start with based on the intensity of interaction on the internet and social media, namely Bitcoin, Altcoin, Stablecoin, and Meme Coin.

1. Bitcoin

Bitcoin is the world's first and most famous cryptocurrency. Originally created as an alternative to traditional payment systems, Bitcoin is now also considered a digital asset.

The number of Bitcoins is limited, namely there are only 21 million Bitcoins. These limitations make Bitcoin often considered "digital gold" and Bitcoin price tends to be more stable compared to other crypto coins.

2. Altcoin

Altcoin is a general term for all cryptocurrencies other than Bitcoin.

Altcoin have various purposes and functions, from payments, smart contracts, to special projects such as gaming or decentralized finance (DeFi).

Examples of major Altcoins include, Ethereum, Litecoin, Dogecoin, Cardano, Ripple.

3. Stablecoins

Stablecoins are designed to maintain a stable value, usually pegged to a fiat currency (such as the US dollar) or another asset (such as gold). Stablecoins are useful for protecting the value of digital assets from high market fluctuations.

Examples of the most common stablecoins are Tether (USDT), USD Coin (USDC).

4. Meme Coin

Meme coins are cryptocurrencies inspired by popular internet memes. The value of meme coins is highly volatile and is often driven by changing market sentiment.

An example of a meme coin is Dogecoin, Shiba Inu, Floki, Moodeng, And HIGH.

Meme coins are a highly speculative and high-risk investment.

How to Play Crypto for Beginners?

After understanding the meaning and types of cryptocurrency, now let's review in more depth how to play crypto for beginners.

The steps you need to do include:

1. Learn the basics of crypto knowledge
2. Register on a trusted crypto platform, for example Bittime
3. Make a deposit first into a crypto platform account, in this case for example Bittime
4. Choose a crypto asset that suits your financial and psychological condition
5. Make a crypto asset purchase
6. Save the crypto assets that you have purchased, you can store them in an external wallet or make them assets for crypto staking on Bittime so that your profits can be doubled.

That's the complete steps of how to play crypto for beginners. 

If you need a more detailed guide, you can read the guide on the page how to buy crypto on Bittime.

Read Also: Complete Guide to Staking for Beginners during a Bear Market

Tips on How to Play Crypto for Beginners

So that you don't lose money when playing crypto, pay attention to the tips below:

1. Learn Cryptocurrency Basics

The first thing in playing crypto is understanding blockchain technology, reason Blockchain technology is the basis of cryptocurrency.

Also understand about various types of cryptocurrencies such as Bitcoin, Ethereum, altcoins, stablecoins and other crypto assets.

Lastly in the initial understanding of crypto is getting to know various things key terms in crypto, for example Wallet, exchange, mining, staking, and so on.

2. Choose the Right and Safe Crypto Platform

Second, when you enter the world of crypto for the first time, make sure you choose the right crypto platform that is safe and trustworthy.

One of the safe and trusted crypto platforms in Indonesia is Bittime. You can download the Bittime application on the Playstore or App Store.

Read Also: Crypto Asset Converter & Calculator

3. Start with Small Amounts

Considering that this is your first time playing crypto, don't start crypto immediately with a large nominal amount, start with a small amount.

In fact, the term 'small amount' here is relative, depending on the financial condition of each individual starting crypto.

Just make sure that the capital you want to use to buy crypto assets is 'cold money', not money that has been allocated for primary needs!

4. Store Crypto Assets in a Safe Place

After purchasing crypto assets, store your crypto assets in a safe place. You can store it in a decentralized wallet or just in the Bittime application. 

If possible, you can take advantage of the features staking di Bittime for the assets you save, so you get additional profits.

What is staking? Staking is a crypto investment mechanism that is similar to depositing at a bank. 

You lock your assets on a certain platform for a certain period of time to earn a certain amount of interest.

5. Always Follow the Latest News and Trends

Next, one of the tips for playing crypto for beginners is to diligently read the latest news and trends in the world.

Crypto assets are volatile assets, every event that occurs in the world can immediately change the price of a crypto asset, from Elon Musk's tweet on X, to the Middle East war.

Understanding world movements will make you wiser when investing in crypto.

6. Don't be easily influenced (FOMO)

The next tip is not to be easily influenced or FOMO (Fear of Missing Out). 

This FOMO behavior could plunge you into a level of loss that will make you give up playing crypto.

Don't just because a crypto influencer shares on social media about the benefits of investing in certain assets and you follow him. Don't!

Do your own research and investigation, understand your financial condition, and understand your psychology.

Your money is your responsibility!

Read Also: How to Trade & Invest in Crypto Assets

7. Diversify your Portfolio

The next tip when investing in crypto is to diversify your portfolio. This means, you need to buy a variety of crypto assets, don't depend on one crypto asset.

This crypto portfolio diversification action will minimize the level of your losses if an asset falls in value.

8. Understand Cryptocurrency Taxes

Lastly, understand crypto taxes where you are. In Indonesia, sellers of crypto assets are required to pay PPh tax of 0.1% of the transaction value.

Meanwhile, buyers of crypto assets must pay VAT of 0.11% of the transaction price.

For more complete details regarding crypto tax in Indonesia, you can read it here.

Given the change in government that has occurred, it is possible that crypto tax policy will change.

Final Note

That's the discussion on how to play crypto for the most updated 2024 beginners general hora.

Crypto investment is a risky investment. The risks in question include rapid price changes, as well as the many frauds that target beginners.

So that you are always updated with various information about crypto, you can diligently read the Bittime blog.

If you want to start investing in crypto, make sure you also choose a safe and trusted crypto platform like Bittime. Hopefully this is useful, and happy learning.

How to Buy Crypto on Bittime

Want to trade, sell, buy Bitcoin and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with CoFTRA, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.