Nowadays, almost everything can be done online. And now that most of our financial transactions can already be done without having to leave,
it is not impossible for physical money to be obsolete in the near future. This is where cryptocurrencies come in.
Why Crypto?
Aside from being made out of ones and zeroes, the most essential difference of cryptocurrencies from printed money is that the former is not regulated by any centralized bank or government.
You can say that it’s the people’s money.It basically depends on the fact that people are using it and that there are miners who verify these transactions which eventually turn into more currency that can be used.
Tickets to the TrainJust like any kind of investments, cryptocurrencies can be a very lucrative source of income¬ —that is, if you do it right.
• Stick to Bitcoin
Bitcoin is the main player of the crypto game. Sure, investing in alternative coins such as the famous DogeCoin can be a good strategy when BTC goes down while alt coins go up.
But people are eventually going to go back to the main currency. To be safe, stick with the coins that you know. Besides, Bitcoin is like the mother of all cryptocurrencies, and it has stood the test of time.
• No to FOMO
The fear of missing out can actually cause you to miss some major gains. Never go for a currency just because the price is high and everybody’s doing it.Remember when Bitcoin rose to more than 15 thousand dollars? Everyone started buying BTCs thinking it would still go up, but it didn’t. You can jump in the hype, but don’t go all in.
• Use Wallets
Never keep your coins on an exchange. They’re unsafe and are prone to hackers. It’s best to use online wallets like Blockchain. You can also use hardware wallets that are in the form of USB drives.And if you want to use actual leather wallets, that’s possible too.
There are paper wallets which are basically a document with information that can be used to receive, send, and spend coins. Plus, it’s unhackable.
• Never invest money you can’t afford to lose
This needs no deep explanation. The cryptocurrency market can be very unpredictable, and it’s best to play it safe unless you have lots of surplus capital.
• Research!
Finally, you could never get all the information you need in one article on the internet. It’s always better to diversify your sources and get tips from people who are actually involved in the crypto scene.
They say knowledge is power. In this case, knowledge is profit.
Cryptocurrencies aren’t going away any sooner.
It is possible that governments themselves might create their own kind of digital currency. And while this is still not happening, you should get ready to board that train.
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