Crypto Crash Course, Day 1: Security and Fundamentals

We’ll start by setting you up with solid security fundamentals, so you’ll be confident storing your crypto assets.

Here are the four lessons we’ll be covering today. It’s a little over an hour of video content. I would recommend setting aside a solid 2-hour block of time to complete everything.

  1. Set up your hardware wallet (13:59)
  2. Buy ETH on an exchange (7:10)
  3. Set up Ledger Live and Metamask (31:58)
  4. Learn the basics of Ethereum (28:08)

Your homework: shoot me an e-mail (hi@coins.fyi). Let me know what you enjoyed, what was confusing, and what sucked.

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Prerequisites

#1: Get a Hardware Wallet

Buy the Ledger Nano X (if it’s showing delayed delivery, the Nano S model will work just fine). Only buy direct from Ledger’s website, never from Amazon or any other 3rd party. These ship from France, so you’ll want to get a head start on this.

The number one thing you can do to protect your crypto assets is to use a hardware wallet.

There are a few different hardware wallets on the market. Ledger and Trezor are the two most popular brands. Neither are amazing, and you are going to have a love/hate relationship with this device.

I look forward to the day where I can make a recommendation I’m super excited about. But for now, the Ledger Nano X is the best choice (if they are backordered, the Nano S is fine too).

#2: Fund an Exchange Account

To follow along, you’re going to need some cryptocurrency. The easiest way to buy some is to use an exchange, where you can wire fiat currency (USD, CAD, EUR, etc) and trade for cryptocurrency (BTC, ETH, etc).

My favorite exchange is FTX. You can save 5% on your trading fees and motivate me to keep making these videos by using my referral links:

I’m going to fund the example account with $10,000. I’d recommend starting with anywhere from $2,000 to $10,000. Realistically, starting with less than $2,000 is going to be an uphill battle due to transaction fees we’ll incur trying out a bunch of networks and applications.

If you fund your account by ACH, most exchanges will let you trade immediately but will not let you withdraw until the ACH clears (several business days). If you fund your account by bank wire, most exchanges will let you trade and withdraw immediately.

Don’t worry about buying any cryptocurrency yet, we’ll go over that in these lessons.