Cryptocurrency can be a confusing concept for people that have not had much interaction with the industry. So, for crypto beginners in Australia, finding reliable sources of educational information is crucial to hitting the ground running and avoiding potentially costly rookie mistakes.
Why Educate Yourself About Cryptocurrency?
The primary reason for learning about cryptocurrency is understanding the opportunities and harnessing potential benefits while avoiding the risks.
The main benefits of investing and trading in cryptocurrency are:
- Protection against inflation – Unlike fiat currencies, leading cryptocurrencies like Bitcoin have a hard cap on the total number of coins that can ever be minted. Cryptocurrencies have seen substantial price fluctuations but the limit is expected to eventually provide a similar degree of price stability and inflation protection as gold and other precious metals.
- Quick and cost-effective transfers – Funds can be moved across the world in a matter of minutes. That’s quicker than many conventional options including wire transfers. And it costs considerably less given the absence of a third party to facilitate the transaction.
- Portfolio diversification – No single investment class is risk-free, nor can it continually experience stable, continuous growth. Investing in crypto increases portfolio diversification ensuring more stable returns.
While crypto trading has wide ranging opportunities, it is not devoid of risks. These risks include:
- Changing regulations – As a relatively new market segment, crypto regulations are still evolving. New laws could cause a market crash or make it harder to transfer or transact.
- Exchange vulnerability – Crypto exchanges store a significant amount of user cryptocurrency. A security breach on an exchange could result in the loss or theft of your investment.
- Market manipulation – Influential people, groups or organisations can act unethically by promoting a cryptocurrency to temporarily increase its price and then sell at the peak before the price collapses.
Overview of Crypto Education Options in Australia
Crypto education can take on multiple forms such as:
- Webinars – Virtual training and awareness events hosted by experts that share their knowledge of blockchain and cryptocurrency. Each event is live and interactive but the saved videos are usually available for later viewing. The webinars typically run for anywhere between 15 minutes to an hour.
- Podcasts – Similar to crypto webinars except conducted in audio format only, podcasts are often less formal and have more free flowing conversation than webinars. The host(s) and guest(s) may weave into and out of the topic during the session depending on what they consider most interesting to their audience at the time.
- Workshops – Crypto workshops are finite, time-bound series of sessions that go into greater depth on each topic than webinars or podcasts. And unlike webinars and podcasts, workshops may be online or in-person. They are chronological such that subsequent sessions build on the knowledge shared in previous sessions.
- Online courses – Crypto courses are structured training programs that may be short (taking a couple of hours or days) or long (lasting months). They are often offered by crypto exchanges and private education companies. While these courses are mostly offered online, there may be in-person options too.
- Formal academic certification – This is intended for those pursuing a career in the blockchain or cryptocurrency industry. However, investors who want to learn about crypto can also opt for formal training. Several Australian universities and TAFE institutes offer certificate, diploma or degree courses in blockchain technology.
Crypto exchanges often provide the most practical, affordable and relatable educational resources for learning the basics of cryptocurrency. CoinSpot Learn is a classic example – the detailed and insightful content on the platform caters to both beginner and expert traders.
CoinSpot Learn: Comprehensive Resource for Australians
CoinSpot Learn covers everything a first time investor needs to know about cryptocurrency. Starting with blockchain technology and crypto fundamentals, it proceeds to cover market analysis, trading strategies and risk management. From CoinSpot Learn’s landing page, navigation aids guide new crypto investors to the articles and topics they should start with.
Tailored for Australian users, the platform regularly posts articles, guides and videos. For ease of reader navigation and to facilitate progressive learning, each CoinSpot Learn article has two types of tags:
- Reader Knowledge Level – Articles are classified as either Beginner, Intermediate or Expert in line with the content’s complexity and target audience.
- Topic – Broad categorisation of the article’s primary topic such as Crypto Basics, Blockchain, NFTs, Coin Highlight, Current Events and Technology.
CoinSpot Learn goes one step further than the education programs of other exchanges by partnering with RMIT University’s Blockchain Innovation Hub. The hub is one of the first research centres in the world focused on the social science of blockchain. This partnership brings together the academic rigour of a top university with the practical experiences of a major crypto exchange.
Cryptocurrency for Beginners at CoinSpot Learn
CoinSpot Learn has nine modules designed for crypto beginners. The content is broken down into non-technical, user-friendly language that individuals with no technology background can understand fairly easily. The nine modules/lessons are:
- CoinSpot 101 – A general overview of the CoinSpot platform including its history, features, security, withdrawal/deposit process and customer support. This is a great place to begin, and you can click here to take a look.
- Crypto Glossary – Definitions of dozens of cryptocurrency terms in alphabetical order.
- Volume and Market Cap – Explanation of cryptocurrency volume and market cap and why it’s important for a crypto investor to understand the two terms.
- Cryptocurrency Wallets – Defines crypto wallets, types, private and public keys, why investors need a wallet and how to use one.
- Dollar Cost Averaging – Describes this strategy and how it leverages the fluctuations in a cryptocurrency’s market price to reduce investment risk.
- Liquidity – Explains a cryptocurrency’s liquidity and the factors affecting it.
- Stablecoins – Outlines what stablecoins are and how pegging their value to another asset (either a fiat currency, commodity or other cryptocurrency) gives them less volatility than other crypto coins.
- Buying Ethereum – An elaborate step-by-step beginner’s guide to buying Ethereum, the world’s second largest cryptocurrency by market cap.
- Six Common Crypto Terms – Explains six commonly used crypto slang terms i.e. whale, fish, mooning, HODL, sats and pump & dump.
Conclusion
Having a solid understanding of the crypto market is important for successful trading and investment. As a leading crypto exchange in Australia, CoinSpot recognises that an educated customer base is a long-term benefit for the business. Its educational offering, CoinSpot Learn, is one of the best places for Australians to start learning about the industry.
The content is delivered in simplified, relatable language devoid of jargon, a factor that has made it especially appealing for beginners. The nine-module beginner program equips rookie investors with the know-how they need to get started on their investment journey. Visit CoinSpot Learn here to have a look for yourself.