You may have heard about people 'investing in crypto' or 'holding Bitcoin' lately and asked yourself what all this means. Many people have made a lot of money through buying, selling, and trading crypto, so if you're ready to learn more, let's dive in to the world of cryptocurrency!
Perhaps you're interested and don't know where to begin, or maybe you've bought a little crypto on an app you already use and want to learn more about how it works.
Whatever your reason, we are here to help you understand and get started in the simplest and most successful way.
So, What is Crypto?
Cryptocurrency is a revolutionary new form of money that has changed the way we think about transactions and security.
Cryptocurrency (or crypto for short) is any form of currency that only exists digitally and usually has no central issuing or regulating authority- basically meaning that nobody can regulate your money like banks have been doing for decades.
It uses a decentralized system to track where all of your money is going and keeps an eye out on the supply of any new units. The great part? It relies on cryptography to stop people from counterfeiting and making fraudulent transactions.
When dealing with crypto, all of your coins are stored in an encrypted ledger, so they can't be fake or altered. This way, you can be assured that your investments will not be diluted by hackers looking for easy targets.
Another way to obtain complete control of your money is by getting a digital wallet, which we will get into next.
How Can I Get A Digital Wallet?
There are many choices for digital wallets, but here are some of the best and most widely-used options:
Coinbase is currently one of the most popular cryptocurrency apps on the market right now because it gives you a digital wallet and the ability to buy and trade many different types of cryptocurrencies. This is a great option for true beginners.
Another great option for beginners is the Voyager app. Also with the wallet included, you get additional freebies -
- Download this app on your phone
- Trade $100 in Bitcoin
- Use this code: CC3A04
- Get $25 of free money!
Where Not To Buy
You'll want to avoid buying crypto in apps like Robinhood, because the wallet is not included. So while you feel like you own cryptocurrency, you don't truly own your coins unless you have a wallet.
PayPal and Venmo also give you the option to buy and sell crypto through they're app, but these apps don't have wallets either.
So while you're 'buying' and 'selling' crypto, you don't actually own that crypto and can't send it to another app (like one with a wallet). Honestly, it's pretty inconvenient to work around this.
Which Coin(s) Should I Own?
Once you find an app that suits you (with a wallet included) and start to explore the world of crypto, you may see there are a lot of coins out there, each with their own set of benefits and utilities.
You might be a little overwhelmed at first with so many choices, but we'll help you narrow it down.
Here are two types of coins to look into:
1. Bitcoin & Ethereum
Unless you are looking to gamble with your coins by trading, it's probably best you stick to Bitcoin and Ethereum, which are the two main coins in the crypto realm right now (Bitcoin being the biggest).
Other coins can be tempting to hold (and could make you some money), but it doesn't hurt to do your research before buying coins left and right, so don't simply buy whatever your friend's Twitter account says you should!
Altcoins (also known as alternative coins) are the other cryptocurrencies other than Bitcoin.
Besides Ethereum (which is actually an altcoin), there are a ton of altcoins to choose from. Altcoins have a lot of different bells and whistles based on their different functions.
Here are some solid altcoin choices which provide utility and show promise:
Different Ways To Earn Crypto
There are other ways to earn crypto outside of buying upfront. You're probably wondering how that's possible, but it is, here's how:
Get FREE Bitcoin with the PEI app:
- PEI literally gives you free Bitcoin for everyday purchases!
- Check out Pei (@get_pei) — automatic cashback in Bitcoin or Cash with your existing cards.
- Use this code to join: is7iqn.
Another great way to rack up on crypto is with the RoundlyX app:
- This app is a lot like the Acorns app by rounding up your credit card purchases to automatically buy crypto
- Check out RoundlyX here!
Now that you know the basics and have your apps ready to work with, you can get started buying, selling, and trading your own crypto today!
Remember these three tips:
1. Start Small:
You don't have to do everything in one day by buying tons of crypto. In fact, it's better if you start by buying small amounts first, this way you can learn how things work and set yourself up for success. When you're feeling more confident, branch out and buy/sell/trade more, perhaps earning profits on your crypto!
2. Stay Calm:
Cryptocurrency markets are known for being volatile, so don't get upset if you see big losses at first. Again, start small so you can get a feel for the ups and downs of the markets.
3. Keep Researching:
It's always a good idea to do your own ongoing research on coins you own and want to own. Also do some research on how blockchain technology works and other things centered around the world of cryptocurrency.
By the way, here's some great Twitter accounts to follow for insights:
The more you learn, the better you are to find success through investing in cryptocurrencies.
Soon, you'll be a crypto-savvy trader!
Learn More from a Crypto Cajun
Still eager to learn more about cryptocurrency? Awesome! We know a guy who would love to connect and go over your questions and ideas.
Click below to reach out!
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