update 19 August 2021

7 Reasons Why You Don’t Have to be Tech-Savvy to Transact in Cryptocurrencies

There’s a common misconception that you must possess high technical knowledge and computer skills to trade in cryptocurrency. It might seem as if only those who know how to program can enjoy all the benefits of trading Bitcoin, Ethereum, and other digital currencies.

However, is it important to be tech-savvy when transacting in cryptocurrencies? No, not really. The opposite is true. You don’t need to know how the blockchain works or what types of wallets exist in the market today, let alone which ones offer security features like multi-sig logins. In this article, you can go over why it isn’t necessary for anyone to understand what technology underlies the platforms and digital assets they’re trading in.

How Can You Trade In Cryptocurrencies With Limited Technical Know-How?

While knowledge of these technologies is desirable, it doesn’t necessarily give you an advantage over other traders who have a lower understanding of them. On the other hand, besides a good internet connection, you don’t need special training. So now, let’s show how easy it can be for beginners without programming or coding backgrounds to transact in cryptocurrencies.

  • Adoption of the Low-Code No-Code Crypto Models

Firstly, most crypto projects have adopted a no-code, low-code model. The model emphasizes simplicity. Whichever platform you’d want to trade on wouldn’t require you to understand coding before setting up. And as such, even the freshest of rookies can create an account and take control of it.

  • Intuitive Exchanges Interfaces

Crypto exchanges play a vital role in the transaction of digital assets. As well as connecting buyers and sellers, they provide the liquidity and trust required to transfer funds from one person to another. In addition, some crypto exchanges are custodial; they store your login information so you can stay focused on trading instead of remembering it all the time!

Again, these platforms have become intuitive with user interfaces that feel natural, like social media websites. They do not require any technical knowledge whatsoever. Even if you don’t know how to use them at an advanced level, more often than not, they come with tutorials or guides for newbies making navigating easy as pie.

  • User-friendly Wallets 

Crypto wallets are essential for anyone looking to access the blockchain. Crypto wallet interfaces have simplified even more over time, making them simple enough that a beginner can use one without any issues or interruptions. If anything does go wrong? You’ll always be able to get quick assistance from customer service representatives 24/7. They will help you with both functionality and security-related questions.

Moreover, there’s been an exciting change in how these wallets store your personal information. Instead of long strings of code like before, they now come as real names. So to access your wallet, you’ll only need a username and password, which is as simple as using Facebook or Gmail. It’s seriously that easy!

  • Increased User Education

Crypto projects are investing more in educating their customers. Beyond demo accounts, they have FAQ sections and bulletin boards highlighting essential aspects of the space. Moreover, customer service portals serve you 24/7 through websites with chatbots or social media channels like Twitter.

Plus, the crypto community is one of the best places: there’s a strong community of crypto enthusiasts who are always willing to help each other out. Through platforms such as Reddit, Quora, and Telegram, crypto lovers find opportunities to engage and educate each other on the goings-on in the sector.

Furthermore, some projects and individuals have YouTube pages where they provide tutorials on matters of crypto investments. Recently there’s been an increased usage of Twitter Spaces to discuss trends and emerging issues within the blockchain and crypto environment. Projects even hold AMA sessions where followers can ask questions directly to understand better what’s happening behind the scenes.

  • Crypto Bots that Streamline Crypto Transactions

The advent of crypto trading bots is another aspect that’s eased onboarding onto the crypto space. A bot is a set of computer instructions that automatically executes your trading instructions. As new technology in an industry where most lack programming skills, they’ve eased investment decisions. 

You can use them to execute trades, manage money, or perform other tasks that you wouldn’t do efficiently (or at all). These bots are available on third-party sites. You can link them to your accounts by entering your API keys from your exchange so that they can access them. Afterward, they can take actions across multiple cryptos and markets without requiring you to monitor your account continually. 

  • Crypto Charting And Portfolio Management Tools

For a newbie, crypto technical analysis is a daunting task. Regardless, you needn’t worry because there are many charting tools, for instance, TradingView and Coinigy, that you could use for that purpose. The charting software tracks the performance of digital assets across the market so that you don’t have to do so. In this way, they provide you a reasonably accurate picture of the market for your investment decisions. 

Also, if you have a broad portfolio of digital assets, there are tools to help you in their management. Some of the popular portfolio management tools available include Coin Market Manager, Koinly, and Shrimpy.

  •  You Can Easily Link Your Payment Methods

Another thing that takes the complexity out of cryptocurrency transactions is that you can easily link payment methods to your exchange or crypto wallet. Coinbase, for instance, offers an intuitive application, which lets you connect your bank account or credit card with a Coinbase wallet right from their desktop app.

Alternatively, you can also go into your settings to link other legacy payment methods like Paypal, Venmo, or Square Cash. That way, you won’t have any hassle when buying altcoins or transferring from a Coinbase app onto your account.

Final Thoughts

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The crypto revolution is here, and there’s no way to get around that. Technology has come into our lives whether we accept it or not. And we must embrace it if we want to stay current with the trends in society. If this new tech seems intimidatingly complicated, though, don’t worry! There are plenty of resources available for all levels of technicality. So whether your background is as a computer programmer or someone who wants to buy some crypto, everyone can find what they need.