Cryptocurrency is a lot popular term these days and especially in the past few years, Crypto has gained a lot of significance among various people, institutions, banks, etc.
Everybody has heard about Cryptocurrency somewhere or the other and few of them may also be having knowledge about it. But the fact is that only some know about it in detail. Majorly everyone has limited knowledge in this area as it’s new and a bit complicated field.
In today’s article, we will be presenting a basic and brief guide on Cryptocurrency and investing in Crypto which will be fruitful for a beginner to kickoff well.
What’s exactly Cryptocurrency?
Cryptocurrency is the digital currency which utilizes cryptography for security. It separates it from the various regular and fiat currency on the basis that it’s transparent, decentralized and has no control of government or any kind of financial institution on it. Everything takes place on blockchain and the transcations are monitored and verified through miners who take bitcoin as their charge in return.
Things To Look Before Investing :
- Don’t attach any feelings with investment and be ready to even lose it in certain cases. Understand the risks and set goals accordingly.
- Learn to diversify your portfolio and don’t end up sticking with fewer things only.
- Analyze the white paper elements carefully.
- Don’t lose your patience in the journey.
- Lastly, do your own research and don’t just rely upon the media headlines.
Where To Begin?
1) The first step is to generate wallets and for that you can setup a MyEtherWallet (MEW) or you can set it up via The Bitcoin Code.It’s totally free of cost and is also open source. Directly visit their official web page for a quick walkthrough.
2) The next step is to involve in purchasing Litecoin (LTC), Ethereum (ETH) or Bitcoin (BTC). Purchase what’s best for you and for that you can checkout corners like Coinbase, Coinsquare, etc.
3) Register yourself on some good exchanges and for that you can consider from Hitbtc, Binance, and Kucoin.
4) The exchanges would prompt you to have 2 factor authentication. We recommend you to perform this step for sure as it keeps your account safe from hackers. Google Authenticator can be a wise option that you can try!
5) It’s time to transfer your Ethereum (ETH). To perform the transfer to any other place or wallet, you need to get the ETH wallet address. In simple language, it’s like transfer of amount from one bank account to another bank account. Every wallet or exchange would have its own unique address.
6) Lastly, just exchange your ETH for the digital coin that you desire for.
We hope that the article would have given you a basic knowledge on Cryptocurrency and its Investing. If you would like to check out prices or make sured decisions then you could checkout the tool named coinmarketcap. It’s a helpful tool which would be beneficial in the starting of your journey. Till then, share the post and we would be back with more of guides on Cryptocurrency.