MineBest CEO Eyal Avramovich on Starting Your Crypto Journey (2024)

MineBestCEOEyalAvramovichhasbeen involved with crypto since 2015, and has some valuable knowledge to share with thoseabout to start their adventure with digital currencies.

After years of disbelief, cryptocurrenciesarefinally enteringthe mainstream with rapidly growingadoption.But many people stillwonderhow tojoin this innovative world.

There are manyreasons why people wantto start their journey in the world of cryptocurrencies. Some areencouragedby the possibility to hedge their wealth against the unstable future of the current financial system. Otherswant to follow theever-developing market forthe advantages thatblockchaintechnology brings.And of course,somewould liketomakesomecash and build their fortune upon it.

Regardless of the reason,everyoneneedsto start somewhereto buildthesolid foundationnecessaryinthisquicklyevolving industry.

That’s why we have reached out toEyalAvramovich, who has beeninvolved withcryptocurrenciesfor a considerable amount of time.

He has builtMineBest, one of the most dynamic companiesin the crypto mining industry.

Headquartered in Warsaw, Poland,itoperates in the international arena, constantly expanding its scope of influence.

Informationbeforemakingdecisions

According toEyal Avramovich, thefirst and most important stepisinforming yourself.“Itiscrucial to take your timewhile doing so; there’s no place forrushedand risky moves,” he says.“Withoutproper knowledge anda solididea about what you are doing, every move would bemorelike gambling.”

It is crucialto understandcryptocurrency and blockchain technologybasicsbeforeexploringthe market.Additionally,it is recommendedtogainageneralcomprehensionofwhatcrypto wallets and exchanges are.“When you figure outthefundamental concepts behind crypto,thewhole industry becomeseasier to understand,” saysAvramovich.

Instructional articles, online videos and dedicated workshops are just a couple of ways to extend your knowledge. “At first, it may look like a lot of work, but just a few days of research will be far more beneficial than making random decisions without any understanding of the crypto world,” he adds.

Do yourresearch

The next step in the cryptocurrency industryisa very popular concept thatevenhas itsownacronym –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 through the internet for projects that might be worth checking out.

But howcan youdo it? “Googleeverythingand read as much as you can!Diving intoawhitepaper may be quite difficult for beginners.But checking the chart history, market capitalization, roadmap, transparency of the teamandtheactual working product issomethingachievable even duringyourearly days on the market,” says theMineBestCEO.

Research is a time-consuming process. Why not just buy a random cryptocurrency recommended by a friend or some guy on the internet?

The cryptocurrency market is volatile, which means that the price changes within minutes, even seconds. “As a result, when you buy a cryptocurrency without any strong support behind it, there is a big chance you will panic sell at the first price drop. This means an obvious loss, even though the price could bounce right back up,” he says.

Based on his experience,Eyal Avramovich believes thatthis kind of situationiseasier to deal withwhen you have strongfaithin the cryptocurrencyyou buy.

How to buy cryptocurrency?

Now,onceyouhavegathered basic knowledge about the industry and found projectsthat youlike, itistime to buy the cryptocurrency! This mayseemlike a long road beforeyourpurchase,but thiswayyou willspend your hard-earned money on somethingin whichyou believe.There will be no random speculationsbased on nothing.

So, where can you buy cryptocurrency? The most popular way is through crypto exchanges. They allow users to exchange cryptocurrencies for other assets, such as conventional money or other digital currencies.

First, you need to create an account. Then, in order to transfer your money to the exchange account, you most likely will need to verify your identity due to the know-your-customer (KYC) and anti-money laundering (AML) policies to which most exchanges must adhere. Then you can top up your account through a bank transfer, with a credit card, or using one of the many other methods most exchanges offer.

After that, youwill finally be able to buyyour first cryptocurrency.However,Eyal Avramovichgivesa warning. “Youshouldonly use the funds that you can afford to lose.As already mentioned,thecryptocurrency market isextremelyvolatile,which canlead topotential loss.Itis crucial to be aware of that.”

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 where powerful computers solve complicated mathematical puzzles to create a new block on the blockchain. The first miner that completes the puzzle receives newly created coins as a reward. Additionally, this process maintains and secures the whole network.

This may be a better choice for new participantsinthe market as mining is more stable and less stressful. However,you needexpensiveequipment(mining rigs), as well astechnical knowledgeto startmining coins.

Because of the costs, some people decide tominewith external companies that help withvariousaspects of the process– such asminingrigmaintenance, technical organization, andmore.MineBest is one ofthe enterprises specialized in providinghardware and know-howto individuals orentities looking tomine cryptocurrencies.

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