All I have done is spent around £250 on different cryptos using Kraken.com. £125 just on BTC. and the rest are Polkadot, Ethereum and Ethereum classic (I still dont know the difference between ETH and ETH classic) How can I make anything out of these small investments, do I need to increase investment? I dont want to spend too much money straght away. I would also be really grateful if someone could help explain staking and whether it is worth doing it with these small amounts of crypto as well. Many thanks
Well, Staking is basically locking up a coin to earn more. Some coins are built with this mechanic natively - in that new coins get distributed out to holders of the coin that have them locked up in a wallet. However, most of the coins you are talking about don’t actually do this. Instead, some services pay you interest for keeping your coins with them (like a bank account). Polkadot is the only one that does staking on Kraken, unless you want to convert your Eth to Eth 2.0. There’s a page about what coins you can stake on their site here: https://www.kraken.com/en-us/features/staking-coins . It looks like you just go to that page, and click Stake on the coin you want to do it with (not a Kraken user, so can’t give any more specifics than that).
Well clearly investments take time and patience . To understand crypto start by watching videos on it or reading about it , it doesn’t mean you have to understand everything just the main points.
After that you read about wallets => transaction => things to do with crypto => trading crypto => mining crypto and so forth just know that their is no right way to learn so freely explore.
i started watching vosk back in 2018 and wondering what the hell is ETH then i did some digging into it and in the process gained info and that became knowledge and i hope this helps on your journey.
Thank you so much for the info, very kind.