It has been almost two years since the concept of cryptocurrency has come into existence and it has been a ride filled with ups and downs. While there are some who believe that cryptocurrencies, like Bitcoin, are currently undervalued, there are also some who doubt their worth due to the fact that they cannot be transacted in fiat currencies at all. Regardless of what your views on cryptocurrencies might be, here’s why you should consider investing in cryptocurrency today!
Cryptocurrency investment is a great opportunity
whether you’re looking to diversify your portfolio or want to venture into a completely new asset class. But with hundreds of coins out there and more popping up every day, how do you decide which one is right for you? Whether you’re investing for short-term gains or taking a long-term position, here are 5 tips to help you make an informed decision. #1 Decide on Your Strategy There are three main types of investment strategies – growth, value, and speculation.
Top Cryptocurrencies to Invest In
While there are countless cryptocurrencies out there, Bitcoin is easily one of the most popular. As for blockchain technology, it’s expected to add $3.1 trillion to business value by 2030 according to Gartner, Inc.
How To Buy Cryptocurrency
The easiest way to buy Bitcoin is to download a free app for your smartphone that will allow you to store, send and receive digital currency. The most popular of these is Coinbase, followed by Blockchain.
These apps make it very easy to purchase your first Bitcoin online, but they also connect you with other people who are into crypto trading. This means you can easily find others who want to exchange fiat money (dollars) for crypto, or vice versa.
How to Store Cryptocurrency
There are several types of wallets that allow you to hold cryptocurrencies, which provide varying levels of security. To start out, store your coins on an exchange or with a digital wallet service; these are not ideal for long-term storage but offer better protection than leaving coins on your computer, where they can be hacked. For more safety, consider using a paper or hard wallet instead. A paper wallet is essentially a printout of your public and private keys—meaning it’s something like cash.
Understanding Blockchain Technology
If you’re not familiar with blockchain technology, it is a decentralized, digital ledger used to record transactions. If that sounds like a lot of technical jargon, don’t worry—you don’t need to be a tech genius to understand how cryptocurrencies work. Just put simply, they are virtual currencies that can be used as forms of payment (hence crypto) and recorded on public ledgers called blockchains.