Whether it’s the mystique of Bitcoin (BTC) itself or to diversify your portfolio, more and more people on Main Street are investing and trading in Bitcoin and other Cryptocurrencies for cash. Those who were early adoptersare now reaping the benefits of being bold and taking a risk on Bitcoin. If you’re completely new to this exciting arena and would like to dip your toe in the crypto water, this guide for cryptocurrency trading for beginners new to Bitcoin will get you started.
What Cryptocurrencies Should I Purchase and How Do I Buy Them?
Cryptocurrencies can be bought on cryptocurrency exchanges. Crypto exchanges never close and trade digital currencies 24/7 all over the world. Two well established US-based crypto exchanges where you can buy BTC are Gemini and Bitquick. Other non-US based exchanges include Binance, Kraken, and Bitfinex.
Given its maturity, BTC is the dominant cryptocurrency traded in today’s crypto exchanges. Bitcoin, with a market cap currently of $112 billion, is the most established cryptocurrency. In second place, Ethereum or ETH has a market cap of $20 billion. Rounding out the top five are Ripple (XRP) having an $18 billion market cap, EOS with $4 billion, and Stellar, also at $4 billion.
How Do I Keep My Bitcoin and Other Digital Currencies Safe?
A very important consideration if you will be getting into Cryptocurrencies is how to store your digital money. One option is to keep them on the exchange where you purchased them. However, this requires extreme caution and due diligence on your part in order to avoid being scammed out of your hard-earned digital cash. As Bitcoin and other Cryptocurrencies become more popular, as sure as day follows night, unscrupulous bad actors will surely try to cheat people out of their digital money.
Another option to try is for you to store them using various techniques. One of the safest techniques most people use is a hardware wallet. Hardware wallets are devices the size of a regular USB thumb drive that are capable of storing Bitcoin safely. Some well-known brands of hardware wallets include Ledger,Trezor, and Keepkey. However, caution has to be taken by the owner of these wallets because of their robust security. If you forget your password or pin or seed key, there is a real danger of not being able to retrieve your Bitcoin from the wallet. That is almost the same thing as if they were stolen from you buy some bad actor.
Are Cryptocurrency Markets Volatile and Where Can I Find Out More Information About Them?
Markets that trade BTC and other digital currencies tend to be quite volatile, therefore they are not for the faint of heart. Learning and getting educated is key to not losing your money but instead make some profits and staying for the long-term. While cryptocurrency markets tend to have violent movements either in the up or down direction, just remember the old cliché holds true: “No Risk, No Reward.”
Established news sites that report regularly and exclusively on digital currencies include Coindesk, Cointelegraph, and news.bitcoin.com. Besides these sites, there are also podcasts and twitter accounts where information concerning Bitcoin and other Cryptocurrencies can be found. Twitter accounts such as @TraceMayer, @ToneVays, [@Bitcoin], and @WhalePanda put out timely information as far as BTC and other cryptocurrencies are concerned. Some podcasts worth listening to because of the Bitcoin content include Let’s Talk Bitcoin, and Bitcoin Knowledge Podcast.
Bitcoin first came onto the scene around late 2008 early 2009 and is nearly 10 years old at the time of this article. Given the price rise from less than a quarter to almost $7000 today, it can be stated as fact that there is a genuine interest in owning BTC, and other Cryptocurrencies, as real wealth. If you want to start trading in this exciting new financial technological (fintech) revolution, then your first step is to gain as much knowledge and understanding of this new form of money.
Once you have mastered some knowledge on this new form of wealth, the next logical step would be to find a trading platform where you can turn that knowledge into wealth for you and your family. Using a proven trading platform can lead the way to untold riches for you and your family.