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Feel Confident Investing In Cryptocurrencies

by Pralines and Cream 13 days ago in cryptocurrency

Here's why 👇

Feel Confident Investing In Cryptocurrencies
Photo by Maxim Hopman on Unsplash

You’ve come to right place. My name is Max, and I’ve been trading cryptocurrencies since 2013. My mission is simple: you can feel confident investing in cryptocurrencies. No magic tricks. No inside information. Just the educational content that will give you the knowledge, understanding and skills required to become a successful trader. I’ll share everything from the basics of Bitcoin and cryptocurrency all the way up to advanced trading strategies for making money with Bitcoin & other cryptocurrencies.

Why investing in Cryptocurrencies is the future

The world has gone crazy over the Cryptocurrencies. The market capitalization of cryptocurrency is now over $100 billion. You would have missed out on investing in Google, Apple and Facebook, but fortunately for you, you can still get involved in cryptocurrencies. Here are some of the reasons why investing in cryptocurrencies is the future:

1. Global factors affecting Cryptocurrencies:

The fiat currencies are under immense pressure these days with central banks printing more currencies than ever before. The central banks of different countries are at loggerheads over currency manipulation and other issues related to monetary policies. We are not in a steady state economy anymore and this situation is likely to continue for some time. This means that there will be more volatility in the current financial system. This will make it easy for Bitcoin and other cryptocurrencies to become attractive investment options for many people.

2. Bigger than just currency:

While Bitcoin was initially designed as a replacement for fiat currency, it has evolved into something much bigger than just a digital currency or money. It can be used as a store of value, as well as an exchange medium for goods, assets and services (like real estate).

Don’t get intimidated

Cryptocurrency is one of the buzzwords in the financial world. If you are one of those who are trying to get involved in cryptocurrency, then this blog will surely help you. It will tell you what cryptocurrencies are and how to trade them and also give you an idea about the best exchanges to buy, sell and trade cryptocurrency.

When it comes to cryptocurrency, we all know that there are so many terms and terms that we come across which are completely new for us. These terms need to be understood if we want to invest in cryptocurrency. In one of my earlier posts I wrote about Bitcoin . I also wrote about how you can start investing in Bitcoin . So if you have missed reading them, then go through them as they will help you understand the basics of cryptocurrency.

So let’s jump into the post:

Cryptocurrency is a digital asset designed to work as a medium of exchange using cryptography to secure transactions, control creation/destruction and verify transfer of assets.

The first cryptocurrency was bitcoin created by Satoshi Nakamoto on 3 January 2009. Cryptocurrencies are classified as a subset of digital currencies and are also classified as a subset of alternative currencies and virtual currencies.

Beginners mistakes to avoid

When you first get started with cryptos, there are a few mistakes that are easy to make. Here are three common ones:

1) Not paying attention to the market.

The market is everything, especially if you’re looking at short-term investments. If you buy into something and then the price starts falling, it can be hard to stay disciplined and not panic sell. Cryptocurrency prices fluctuate a lot on a regular basis, but that doesn’t mean that you shouldn’t have a long-term strategy.

If you plan on holding onto your coins for at least six months, it’s best to ignore how the market is doing every day or week. Since cryptocurrency operates in an almost entirely unregulated space, significant changes can happen in a moment’s notice. Decide on a strategy and stick to it as closely as possible.

2) Not being aware of the costs associated with buying crypto.

When people first start investing in cryptos, they often don’t realize that there are fees involved with trading them for fiat currency (i.e., US dollars).

What you need to trade cryptocurrencies

Before you can start trading cryptocurrencies, you need to set up an account with an exchange. These are the businesses that connect buyers and sellers, taking a cut from each transaction. Some exchanges offer their own digital currency exchange and charge fees for using other currencies.

To get started with your first cryptocurrency trade, look for an exchange that offers easy access to different currencies and payment methods. You don’t want to have to buy bitcoins every time you want to move funds from one currency to another—you should be able to do everything from one place.

Once you’ve opened a trading account with your desired exchange, it’s time to link your bank account. This is where things get tricky because the banks are wary of cryptocurrencies, which could be used by criminals. As a result, many exchanges will require you to verify your identity before linking a bank account (and some might even close your trading account if they discover that you haven’t verified it).

Once you’re all set up, you can buy and sell cryptocurrencies through the trading platform just like buying and selling stocks on a traditional stock exchange. You’ll pay an amount above the current value of the coin (known as “buying power”) in order to acquire it at a given rate (known as “selling power”).

To conclude

Just like we have physical world, paper money, and gold; the cryptocurrency world is the same. The value of cryptocurrencies is based on nothing more than people’s perception of their value – which you can read about in my previous post and this article. However, for now, it’s important to note just how quickly cryptocurrencies have risen in popularity and worth. From 2010 to early 2017, there was a 3000% increase in value for Bitcoin. In January 2015, 2015 there was an 800% increase. This has made some of the initial investors very wealthy – many becoming billionaires with $1 worth of Bitcoin being able to purchase approximately $140 million just 10 years later. As with any new avenue that promises such high profits, there are those who are trying to cash in on the potential using unscrupulous means.

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About the author

Pralines and Cream

Hi there,

I'm Pierre, a freelance writer, serial blogger and speaker who enjoys enlightening others about unknown and little known facts.

I'm also head of Praline and Cream Media, a publishing company that shares sweet knowledge to the world!

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