The Road to Web3: My Initial Experiences and Insights
For beginners and those who barely know any computer-related terminology, but want to start
My First Steps into Web3
My journey began by diving into the basics. I didn’t immediately enroll in formal courses; instead, I sought out more accessible and flexible learning resources. YouTube became my go-to platform for understanding the fundamentals of blockchain technology. I found numerous expert tutorials that broke down complex concepts into digestible pieces, making it easier for me to grasp the intricacies of this emerging field.
In addition to online videos, I turned to books on market strategies to build a more comprehensive understanding of the finance industry. Reading works by renowned financial gurus like Warren Buffett helped me gain insights into market dynamics and investment principles. Although Buffett’s focus is primarily on traditional markets, the foundational strategies and philosophies he advocates are remarkably applicable to the world of cryptocurrencies.
Watching videos, asking friends for advice, and reading blogs have given me the flexibility to learn Web3 at my own pace. Whenever I encounter challenging topics, I can revisit them until I feel confident. This mix of visual and written materials helps me understand different aspects more thoroughly, reinforcing the concepts through various formats. By using these resources, I can customize my learning experience to fit my needs, ensuring a solid and well-rounded grasp of Web3 fundamentals.
Despite dedicating time to this nearly every day, I often feel as though I’m only scratching the surface. Nevertheless, this is one of the main reasons I aim to write more articles like this — to assure others beginning their Web3 journey that the struggle is real, but we can overcome it by studying more at our own tempo!
Practicing
Starting to understand the theory was great, but I quickly realized that I needed some real experience to feel the nuances of the crypto market. So, I began by setting up a crypto wallet and exploring the world of decentralized finance (DeFi). Platforms like MetaMask or Telegram made it straightforward to create a wallet. However, before committing any significant funds, I decided to practice my market predictions on paper — a strategy that turned out to be incredibly beneficial.
I started by pretending to buy various cryptocurrencies, carefully documenting each transaction as if it were real. Over the course of a few months, I tracked the performance of these hypothetical investments, noting down my predictions and the rationale behind each decision. I meticulously record the market conditions, the news influencing those conditions, and my own thought process for when I would have bought or sold. This exercise wasn’t just about numbers; it was about understanding the ebb and flow of the market and getting a feel for its rhythms.
The insights I gained from this paper trading were invaluable. I began to notice patterns and trends, and more importantly, I started to build confidence in my decision-making abilities. Each successful prediction felt like a small victory, reinforcing the idea that I could navigate this complex landscape. I remember the first time my paper predictions turned out to be spot on — it was a lightbulb moment, a validation that my thoughts slowly started to align with market realities.
I am still practicing on paper, which allows me to make mistakes without any financial repercussions. I can test out different strategies, learn from my errors, and refine my approach. This is like a rehearsal, a crucial step that helps me build a solid foundation before diving into real investments. The more I practice, the more I understand the market, and the more confident I become. It’s a transformative experience that turns theoretical knowledge into practical skills, preparing me for cryptocurrency trading.
Joining Communities
One of the best pieces of advice I received was to join Web3 communities. I found Discord servers and Reddit forums dedicated to Web3, where people shared their experiences, resources, and advice. This not only helped me learn faster but also allowed me to network with others who were on the same journey.
I found a sense of community that was invaluable. People were incredibly generous with their knowledge and time. Despite feeling overwhelmed and thinking that Web3 was only for seasoned pros, I saw people answering questions and helping others with everything, even something like walking through the steps of connecting a wallet to a DeFi platform. Witnessing kindness and collaboration made me feel welcomed and more motivated to study Web3. It turned what could have been a solitary journey for many into a collaborative adventure, filled with shared knowledge and support.
Learning Market Predictions
When it came to market predictions, the first advice I got was to start small. I was told to never invest money I couldn’t afford to lose. This was crucial because the crypto market is extremely volatile.
I also relied on a combination of technical analysis and keeping up with the latest news. Websites like CoinMarketCap and CoinGecko provided valuable market data, while Twitter and specialized news sites kept me updated on market trends and important announcements. Initially, the fluctuating prices and market caps were dizzying, but over time, I began to notice patterns and trends.
Tips for Beginners
- Use Demo Accounts: Some platforms offer demo accounts where you can practice trading without using real money. This was a great way to learn without any financial risk. I spent hours on these demo accounts, trying out different strategies and learning from my mistakes in a risk-free environment.
- Practice on Paper: Before committing real money, I practiced my trading strategies on paper. I pretended to buy and sell cryptocurrencies and tracked my results over a couple of months. This exercise helped me refine my market predictions and gain confidence.
- Stay Updated: The Web3 space evolves rapidly. Following influencers, joining webinars, and reading the latest research papers helped me stay informed. I made it a habit to spend a part of my day catching up on the latest developments, which often sparked new ideas and strategies.
- Learn from Mistakes: Inevitably, I made mistakes along the way. Instead of getting discouraged, I treated each mistake as a learning opportunity. Each of these experiences taught me valuable lessons about due diligence and risk management.
- Focus on Top Cryptocurrencies: I focused on the top 10–15 cryptocurrencies by market capitalization. These usually have more stability and are less likely to experience extreme volatility compared to lesser-known tokens. Starting with well-established cryptocurrencies like Bitcoin, Ethereum, and Binance Coin provided a safer environment for learning.
- Videos: In addition to market predictions and analysis, starting with something like “Blockchain for Dummies” may seem funny, but it is actually a great way to grasp the basics before diving into books. This approachable resource provides a solid foundation, making complex concepts more understandable and preparing you for deeper learning. I watch a lot of videos that use real-life examples to explain Blockchain and Web3 concepts, as well as visualizations. It’s worth mentioning that my specialty is far from IT and Web3, and most of the terminology is completely new to me, If you’re in a similar situation, I highly recommend using images and straightforward daily explanations.
- Books: One of the most insightful books I started with was “Token Economy” by Shermin Voshmgir. This book breaks down the complexities of Web3 concepts in an accessible manner, using practical case studies to elucidate the functionality and importance of tokens and explains Blockchain well. It essentially provides a step-by-step guide to understanding the foundational aspects of Web3, making it an invaluable resource for anyone starting Web3.
Conclusion
Starting my journey into Web3 has been both exciting and challenging. By taking it one step at a time, joining communities, and staying informed, I’ve been able to navigate this new world without losing my initial investments. If you’re thinking about diving into Web3, my advice is to be patient, stay curious, and always keep learning.
The sense of accomplishment I’ve felt as I begin to understand and navigate this new landscape is profound. Each small victory, each bit of knowledge gained, is a stepping stone to a deeper understanding and greater confidence. And while the journey is often challenging, it’s also incredibly rewarding. The Web3 community is filled with people who are passionate about this technology and eager to share their knowledge and experiences. It’s a place where you can learn and grow, and where every step forward feels like a significant achievement.
Don’t be afraid to experiment and explore different aspects of Web3. Whether it’s understanding the mechanics of smart contracts, or getting involved in decentralized finance (DeFi), each step you take will bring you closer to mastering this new landscape. The beauty of Web3 lies in its community-driven nature, where collaboration and shared learning are highly valued. You’ll discover that there are countless resources available, from online courses and webinars to forums and social media groups where enthusiasts and experts alike share their knowledge.
As you continue your journey, remember that patience and persistence are key. The learning curve may be steep, and there will undoubtedly be moments of confusion and frustration. However, each challenge you overcome will make you more resilient and knowledgeable. Keep track of your progress and celebrate your milestones, no matter how small they may seem. Every bit of understanding you gain is a step forward.
I look forward to sharing my experiences and insights in this blog sometimes as I continue learning and progressing in my journey. My hope is that by documenting my path, I can help others who are just starting out to feel less discouraged and more empowered to start. Let’s navigate this exciting world of Web3 together, supporting one another and building a more decentralized, equitable future.
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Daria Sabanina | Student, Business Development Intern
work email: daria@zeat.me
gmail: sabaninadaria@gmail.com
