Is it time that you invested in Cryptocurrency? You may have watched the continued rise of cryptocurrency and you might well have come to the realization that it is most definitely here to stay, and that it is big money.
Cryptocurrencies have been floating around for a while now, but were never mainstream. Most of it due to vicious rumours.
When they started, some thought they were with the Silk Road, a dark web site that sells illegal goods. But today, cryptocurrencies have found a mainstream audience, particularly since their perceived value is now so high.
There are around 3000 different types of cryptocurrency available. Some are common knowledge, like Bitcoin. But there are others that are being made today. There has been talking about Facebook getting into the cryptocurrency market with Libra, however, everything remains up in the air for what might potentially have been the biggest contender for the BitCoin crown.
A cryptocurrency is a decentralized and digitized currency. This means no political systems control them. They also are not backed by gold reserves. All transactions made are written in a ledger. This ledger is called Blockchain. Despite the use of cryptocurrencies as a transactional currency, trading of these currencies is especially popular.
Knowing where to start is vital if you want to invest in cryptocurrencies. Here are some helpful tips to get you off the ground.
Find A Suitable Exchange
When you want to get into the buying and selling of cryptocurrencies, first you want to deal with is a reputable exchange. Our suggestion is this one: https://swyftx.com.au/buy/xrp-ripple/. From here, you will be able to buy and sell many of the major cryptocurrencies such as Bitcoin, Etherium, XRP, and many more.
Once registered, these online exchanges are similar in principle to the stock exchange,
There are lots of these exchanges about, and you should read reviews of the ones that you are interested in, before deciding where to spend your money.
Before you actually make your first purchase, you will need a wallet
Use A Cryptocurrency Wallet
Just like with cash, you need a way of keeping your cryptocurrencies safe. This calls for a wallet. But the wallets are different than your standard wallet.
First, you’ve got to download them to your computer. These wallets are specifically designed to store specific coins but also serve in a few other ways. Your wallet is where you keep your keys which can be used for receiving and buying cryptocurrencies.
Research the various wallet options available and make sure you are confident with your choice.
Research Research Research
Cryptocurrencies are constantly evolving, and the market is going to keep changing. While Bitcoin has retained the number one spot since it was first issued, it is not to say that another currency won’t take its place. If Facebook Libra ever gets off the ground properly, it may well be a contender.
Researching the state of the market and the trajectory of your chosen currency is vital before you spend anything.