Cryptocurrency is the new up and coming currency, some would even argue it is beginning to take over. Crypto is a digital currency that can be traded over the internet. There are many different reasons to have cryptocurrency. Some reasons may include: storage of wealth (BTC), decentralized smart contract (ETH and ADA) (allow contracts to be built on top of them), stability (USDT and USDC), settle global payments (XRP) and talk to other blockchains (DOT).
Compared to the US currency, crypto currency is very versatile and has been increasingly valuable. So how do you get started?
Investing into the crypto world is a lot different compared to investing in stocks. You will need to make sure you have a bank account, access to the internet and your ID.
When investing in crypto there are many platforms or ‘brokerage companies’ you can choose from. Some of the most popular are Coinbase, Binance or Crypto.com. You will first need to create an account with one of these companies. Keep in mind, you may not be able to invest in the specific coin you want depending on what is available on the platform. I have found everything I wanted to invest in through Crypto.com.
Once the account is created and your identity is verified you are free to fund your account and start investing.
One of the biggest lessons I learned in crypto is that there are crypto wallets. These wallets ensure that your investments are secure. In laymen’s term a crypto wallet is a hard drive that you download your investments onto. That way, no one will be able to hack into your investment account and steal your money.
Always remember, as my dad says, “only invest money you are willing to lose”.
Looking to start investing in crypto? Click the link below to start with $25 automatically invested:
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