The more we help people, businesses, and organizations with getting into cryptocurrency the more this incredible movement for humanity can grow and flourish across the globe.
This is called onboarding.
The process of phone calls, face-to-face meetings, teaching, demonstrating, listening, and answering questions. All in the effort to help transition people, businesses, and organizations from one avenue to another.
With cryptocurrency reaching the mainstream more and more people are asking us for help and our advice on how to get into crypto.
I use Bitshares when I onboard my friends and family into crypto.
Here is the process I use:
STEP ONE: Help familiarize them with cryptocurrency
STEP TWO: Help them get crypto from fiat in one of these centralized exchanges
For in-depth coverage of Step One & Two go here: https://steemit.com/utopian-io/@chiefmappster/how-to-onboard-with-bitshares
Here are Steps Three & Four:
STEP THREE: Help them get crypto into Bitshares
Just because we get addresses and transfer to addresses frequently, that doesn't mean newcomers to crypto will have the same familiarity.
Must make sure to slow down and help them send Bitcoin, Ethereum, Litecoin into Bitshares.
Help them find and pull up the "send" or "transfer" function at one of these centralized exchanges (example below)
Where do I find my Bitshares address? A very common question and then I help them find the "Deposit" function in the uper-right hand corner (see below)
And then I help them find whatever crypto they are transferring in from the centralized exchanges.
In this phase I reiterate what the different portals of Openledger and Blocktrades do and how the OPEN. cryptos work. I have learned people are sometimes caught by surprise and sometimes mad when their BTC comes up as OPEN.BTC if you do not explain the process to them beforehand. But after they understand they are off to making their first trade.
I make sure they understand to press "copy address" to correctly copy the address and put it in the correct place in Coinbase or other centralized exchange they are sending crypto from.
While we wait for the trade to show up in Bitshares, the conversation usually moves into what actual trades they want to do.
From my experience, this is where they ask the exact portfolio percentage of crypto to get into.
I only recommend cryptos that I fully believe in with my soul and understand so I respond:
"40% BTS, 20% STEEM, and 40% EOS"
I recommend this for a lot of reasons but I cover some of them in these DTube video about this question: https://steemit.com/dtube/@chiefmappster/aplt0wij
And sometimes they have other crypto like TRON or ETHOS they want to invest in and I will do research with them to help them find a way to trade these cryptos if Bitshares does not trade them.
STEP FOUR: Help them with a crypto trade
Now this is the one they are really excited about so I have learned it is beneficial to slow everything down in this step. Don't do the trade for them. They need to actually do the trade on Bitshares themselves so that they can become familiar and become self-sufficient and ultimately teach others how to get into crypto.
With Bitshares you need to have them find the market of Bitcoin, Ethereum, or Litecoin in order to sell it. I always reiterate you need to enter "OPEN." before them to find them in the markets.
Have them click "Exchange" on the top.
Then "Find Markets" on the upper right.
The Quote Currency I typically recommend is BTS and that way they only have to make less trades in order to achieve the desired result they want.
Then have them click the actual market for OPEN.BTC/BTS and it will populate like this.
This is where I walk them through where to find the price at which they are selling for. This is the highest bid. Explain to them this is the highest price someone right now is willing to purchase that crypto they are selling.
Have them click "Highest bid:" and then the price will pre-populate for them like this:
Then we move onto Quantity.
The Quantity is the amount they are trying to sell. Since Bitshares is a truly decentralized exchange there will be only so many quantity requested at different price points like below for example:
I had a friend transfer in 2.2 Bitcoin and he quickly realized that he would have to change the Quantity based on the actual buy orders in the exchange.
This is a great place to talk about liquidity of markets as well and how because Bitshares is a true market you can sell only what people are willing to buy. There is no set price. It is ever-changing. This i another great place to reiterate how Bitshares has its OPEN. crypto assets backed 1:1 by collateral. Keep reinforcing the benefits so that they can execute on them and then teach others them in the future.
Then have them select the Quantity they want to sell like below:
Make sure they double check everything and then click Sell.
"Welcome to ALT Coin land :)"
At this point, the conversation or meeting usually ends as they want to get their first crypto trades in as soon as possible now that they know how to do it.
The next step in the Onboarding process is Follow-up which is an extremely valuable step for retention and recruitment. I will go into more detail with this tomorrow.
If you want the information from Step One & Two go here: https://steemit.com/utopian-io/@chiefmappster/how-to-onboard-with-bitshares
Hope this provides value so that you can help and teach others to get into cryptocurrrency by using the Bitshares network as well spreading this awesome movement across the global.
More content to come to help others Buy and Sell EOS on the Bitshares Network as well as buying and selling STEEM.
Thank you for your time and attention. It means a lot to me. Let's get to onboarding :)
Image Sources:
- https://steemit.com/steemit/@oudekaas/breaking-news-bit-shares
- https://martajobnetoffer.com/coinbase/
Namaste
Posted on Utopian.io - Rewarding Open Source Contributors