What really is Cryptocurrency? How do I start? Will, I really gain from it? Is it worthy of my spare money?
Those are the most common question that we have – at first. We get curious about it as it is all over the internet, your friends talk about it, and even on the news. And we become so interested that we do our own research, there is a lot to read, to watch, and to listen. So how do we start on getting to know and understand the so-called “cryptoworld“?
This is not like the usual money growing activity that you know of. There is no office that you can go to and no money insurance in case you lose your funds. This requires studies and research to at least know what you are getting into. So remember, never put all your funds that you cannot lose in the end.
cryp·to·cur·ren·cy /’kripto?k?r?nse/ /noun/
A digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
So, it is digital. Not something we can touch compared to bills or coins, or even silver or gold. We know we have it, we can spend it, we can buy and sell it, and earn from it. Values can change from time to time compared to your paper bills.
How do I start?
There are several online exchange platforms that you can find nowadays. To name a few, we have Coinbase, Bittrex, Binance, Bitfinex, Poloniex. Let us have Coinbase as our example. Register on their website using your name, email address and phone number. You will then receive a link and a code to verify your registration. It is one security feature to make sure that you are human and not a hacker. You can choose a platform that offers access to mobile devices such as Android or IoS for better access. While you are creating an account, make sure you create a unique password. It should be a combination of letters (uppercase and lowercase), numbers, and characters. It would be advisable to keep a hard copy of your passwords and never save them on your computer or mobile phones. Hackers are using high-end technology and would likely be able to hack any accounts.
How much do I need to start with?
We may or we may not call it an investment. You can buy cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin to name a few. Given that you have a coin wallet of your choice, you can load it with funds through credit/debit card or with cash. You can add $100 dollars for a start and it will either grow or not, worst, from $100 to let’s say $80. You see, it is not a sure money with the cryptoworld. You need to be careful about watching the bitcoin values from time to time.
Which Cryptocurrency is best to begin with?
There are two cryptocurrencies that we can recommend. They are the Bitcoin and the Etherium. So far, they are the most stable of all. Bitcoin launched back in 2009 and was the first to use blockchain technology. It has the most share in the market, also the biggest and the most dominant back in 2017. It is used for manual transactions, such as purchasing goods and services or receiving money. Next is Etherium which launched in 2015. Etherium places second from Bitcoin. Etherium grew as much as 3000% as per study back in 2017 like Bitcoin. To learn more about the two, you can check out Ethereum vs Bitcoin guide. https://www.bitdegree.org/tutorials/ethereum-vs-bitcoin/
There are so many reviews online that can help you decide which is best for you. Depending on your country, there are so many recommendations that you can review. You need a clear understanding of what you are getting into. Join forums, talk to people, send them an email, or even telegram them. Since you will be putting money on this, it will be wise to make sure you will only use money that you can lose, nothing more.
Make sure you have the time to check the status of your cryptocurrency. Never get tired of monitoring as you need to be on top of what is the latest. That is why we recommend that you also download their mobile whenever possible.
While cryptocurrencies can give huge profits, you must be ready though to lose money as well. Predictions won’t always be right and no one knows what the price of a cryptocurrency for the next few days. I hope that you find the best platform and strategy for you. Consult experts and professionals if you can, they might come in handy in the future.