7 Free Tools to Learn Crypto Fast
Jul 07, 2023Recommended resources for learning crypto
If you successfully invest in anything, you need tools - and crypto investing is no different. The best part is there are many free resources available to learn crypto. Some of these may be obvious but using them as part of a system unlocks even more value. Here are seven free tools for crypto intel.
1. Market cap sites
Crypto market capitalization sites are the #1 kind of app in the toolbox - and they're generally free. They offer a quick and easy glance at market prices for thousands of tokens. If you have phone service, you can check on price action at any time of day or night.
The best features include:
Price graph for multiple time periods like 1 hour, 24 hours, 7 days and so on. These graphs don’t require any technical training to understand because it simply shows the price movement over a given period. In addition, a simple mouse hover over will show a price at any point on the graph.
Key Takeaway
Every investor has a unique investment style. Don’t look at market cap sites constantly if your main thing is obsessing over your position. It may be hard to look without making a mental calculation, but you should have a plan for your position before you get into it. Then most of the time it won’t matter if your position is up or down (i.e., you are super long on Bitcoin).
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Crypto market cap sites are also like mini token links dashboards, including the following (and more):
- Project-related websites
- Social media handles
- Block explorers
- Smart contract addresses
If you could only use one kind of app, market cap apps would be top pick because you get all the basics in one place.
2. Discord channels
Discord is another free resource for learning crypto and it's the primary app for crypto projects’ community engagement. The channels are organized into specific areas like general chat, support, announcements and developers. I think this is hands-down the best app for the purpose it serves. Telegram on the other hand is unusable as a project communication tool because it’s basically one gigantic thread on all topics. If a channel has 26,000 members, for example, then the thread is a massive, disorganized frenzy.
The ultimate support
Most project Discord channels have a support channel which includes a support ticket feature for one-on-one support. Most decentralized projects use Discord so if you play in that sandbox, you have to be a Discord user to learn crypto and solve issues effectively. Centralized exchanges still have the traditional support email model, but the decentralized ethos includes experimenting and solving problems on your own.
Key Takeaway
The best way to solve a problems with DeFi apps is with a Discord support ticket (if the project supports it) Platforms also use Telegram, Twitter, etc. but these fall short on support issues in my opinion.
Discord’s use case seems to work well with crypto. If you use a DeFi platform, then connect with their Discord channel.
3. Podcasts
Crypto podcasts are typically packed with alpha because they’re interview-style with project founders who discuss their projects in detail. This is the best way to learn crypto fast. Just subscribe to multiple crypto podcasts listen when you’re traveling in the car, train or airplane. It’s free education from the mouths of babes.
I listen to every podcast I can find. That’s how I got up to speed fast in the early days. Podcasts contain intel you can’t find anywhere else so make sure your crypto toolbox has several of them.
Podcast examples.
4. News channels
Crypto-centric news sites are a must for getting up to speed on daily news. They typically cover all the broad industry-breaking stories, but it’s still valuable to get news from various sources. Other sources like the Defiant, for example, cover more DeFi and decentralization topics. Medium is another source of news. Blogs could be their own category; however, they fit best in the written content category. Many crypto projects publish their own blogs while bloggers touch on a variety of crypto happenings. The combination of broad-based news, specific topics, project news and bloggers provide a range of news related info to be successful in crypto.
News site examples:
- Medium blogs
- CoinDesk
- Cointelegraph
- The Defiant
- The Block
The crypto and blockchain space is expanding and changing so rapidly it’s becoming more difficult to cover everything happening in the space. Reading a variety of news coverage is the best way to cast the net. People who work in crypto full-time or live, eat and breathe crypto 24/7 can’t keep up.
5. Twitter and similar sites
Crypto Twitter, the corner of Twitter where crypto resides, is a great place for short, real-time info. Projects make announcements from upcoming features, and opportunities to critical news alerts on hacks and scams. It’s also the place for dueling opinions if you like controversy and drama. Twitter is also the place to jump in with your own opinion and get in on conversations. This is peer-to-peer engagement at its finest.
Key Takeaway
If you use a crypto platform, then follow their Twitter account so you get their news in your feed. When you have assets at stake, you need to be informed whether it’s an issue or an opportunity.
There are also some decentralized versions of Twitter such as Nster and Mastodon which are censorship-resistant social media. It’s refreshing to have Twitter alternatives so check these out for additional free crypto intel.
6. YouTube channels
YouTube offers a variety of crypto channels from general to chain specific. Some podcasts also post their show to YouTube so you can watch the video version. Channels specifically focused on blockchains like Cardano or Cosmos, for example, are a great way to hone in on alpha. The Cardano ecosystem has initial stake pool offerings (ISPOs) and Cosmos has airdrops which are both incentive mechanisms for essentially getting free tokens. You can learn about these types of opportunities on YouTube which is not available from other sources.
Find your favorite channels and subscribe so you get notified when new videos are released. Sometimes opportunities are short lived, so you must stay informed.
7. Portfolio and LP trackers
The six free tools thus far can help you learn crypto by gathering intel for investing in crypto assets. Then you need a way to view and track crypto investments to rinse and repeat the process. The power of on-chain transparency becomes clear when your crypto assets come to life in a portfolio tracker. Users add addresses to the tracker app for multiple chains and the app provides multiple views of your crypto portfolio including some of the following:
- Current asset positions
- Pooled asset positions
- Current market value
- Profits and losses from original position
- Impermanent loss
- Pending rewards
- APYs for assets with returns/rewards
- HODL vs. pooling assets returns (hold a single asset vs. pooling two or more assets)
Here are some examples of portfolio tracker apps:
Note: These apps also have paid versions with more features.
Crypto tax calculators usually include a portfolio view of market value and cost basis per coin albeit limited compared to portfolios trackers. Anyone who’s into DeFi needs to have a portfolio view because the investing strategy is usually spread across multiple chains on multiple DeFi platforms.
Key Takeaway
You must gather crypto intel from many sources and each source has its own value proposition. The combination of these seven free tools for learning crypto creates a powerful synergy.
Make a habit of immediately subscribing to YouTube, Discord, Twitter, Medium and other social media handles for any of your DeFi apps or other crypto platforms. When you invest in a crypto asset, you need to connect with the project community.
