Cryptocurrencies have taken the world by storm, as they have become quite mainstream over the past few years. While they have gained so much popularity, there are still some people who do not know what they are or how to get involved with them. For those of you who are interested in cryptocurrencies and want to learn more about them, this article will go over the basics, what cryptocurrencies are and how to get started trading them.
1) What are Cryptocurrencies?
Think of them as virtual assets, or online currency. Every cryptocurrency has it’s own blockchain, which is like a public ledger detailing all transactions made with that specific coin. If you have some bitcoins, for example, you have to write down on a piece of paper exactly how many and when you bought them and what price per coin at that time. It’s kind of like a stock purchase or real estate transaction.
2) Choosing an Exchange and Getting Crypto
Before jumping into cryptocurrency investing, it’s important to decide which cryptocurrencies you want to invest in. It might seem overwhelming at first, but remember that no matter how much you buy, they can all be broken down into fractions as small as 0.00000001 of a bitcoin.
3) Where Can I Spend My Crypto?
While Bitcoin, Ethereum, and Litecoin are three of the most popular cryptocurrencies out there (on which it’s possible to make money!), they aren’t your only options. Check out other currencies—Zcash and Dash also perform well in today’s market—and coin exchanges like Bittrex or Poloniex to see how you can expand your currency horizons. And if you want to know more about trading digital coins, check out our guide!
4) Tips On Accumulating Bitcoin, Altcoins, and Other Cryptos
If you’re looking to make money from cryptocurrencies, these are a few tips that might help. Check out Coinbase for more information on how to get started. Your first foray into cryptocurrency won’t be cheap—it’ll probably set you back about $2,000 to purchase just one Bitcoin—but things can move quickly once you start investing in it.
5) Myths About Cryptocurrency Investing
You’ve probably heard a lot of myths about cryptocurrency investing. For example, you hear Cryptocurrency is a bubble! and Cryptocurrency investing is risky! While it’s not hard to debunk these claims, let’s tackle them head-on and clear up any confusion surrounding these investments. Read on to learn more about how cryptocurrency works and whether it really makes sense for your portfolio. It turns out that its benefits are more than skin deep.