Are you interested in cryptocurrency trading?
Cryptocurrency also known as coins, tokens, digital currency, and virtual currency are traded, as well as used to buy assets, services, and other things. There are many types of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), DASH (DASH), Litecoin (LTC), IOTA (MIOTA), and other known and lesser known coins. It’s not as intimidating as you might think to obtain cryptocurrency now days. However, you still need to educate yourself about cryptocurrency related terminology, exchanges, wallets, and additional information regarding the organizations/corporations/groups associated with the coins. It’s an exciting time to think about these new applications for various software technologies and their associated digital currencies.
A few tips in obtaining cryptocurrency:
You could simply open an account on a secure online platform such as Coinbase or any other exchange that takes bank transfers, wire transfers, paypal, or credit cards and is accessible in your country. Here is a list of exchanges.
- Be sure to note that some exchanges only work with cryptocurrency and do not take fiat transfers (*money backed by governments such as US dollar or European euro). Also, some exchanges are not accessible in the US, such as Etoro.
- If you decide to transfer fiat currency such as US dollars from your bank account to the exchange, expect at least 4 -10 business days for it to be available. Although you may be eager to begin your cryptocurrency trading journey, think of it as a time to study your exchange screens, related cryptocurrency news, and more about the wallet choices for your future cryptocurrency.
Once your fiat currency is available, you can begin to buy cryptocurrency available in your exchange. For example, Coinbase and GDAX only sell Bitcoin, Ethereum, and Litecoin in 2017. Note: Cryptocurrency is sold in decimal points so you don’t have to buy a full coin, it differs from typical trading stocks in that way. GDAX and Coinbase are affiliated.
Before you buy cryptocurrency, consider the transaction fees of your exchange. Although Coinbase is simple, there are fees for transactions that you need to consider. It might be cheaper to transfer money to GDAX for trading than Coinbase. Refer to the support sites to help you.
Before you buy your cryptocurrency, stop and take time to educate yourself. There are online tutorials, blogs, and audio/text books available. Always keep personal feelings of FOMO (fear of missing out) in check. You may lose and win, just remember only invest what you can afford to lose.
Build a foundation of cryptocurrency knowledge
Sometimes, all you need is an hour audiobook to give you the basic information to build on. For example, Cryptocurrency: Beginners Bible: How you can make money trading and investing in cryptocurrency by Stephan Satoshi is an audiobook for under $5. There are other books available in audio and text formats that could help build your foundation too. You should visit a number of websites to understand more about cryptocurrency, blockchain technology, and related news.
Web resources about cryptocurrency
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