The Complete Guide to Making Money In Crypto Currency
Just about everyone has heard of Bitcoin, even if you don’t quite understand how it works yet. But in the world of cryptocurrency, there are hundreds of different coins and tokens that can be traded, bought, and sold as well as many ways to get started with them. This guide will provide you with all the information you need to start making money in cryptocurrency today!
What Is Cryptocurrency?
Cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation. From a user perspective, cryptocurrencies are money on the Internet that can be used for electronic purchases and transfers.
How Do I Buy Bitcoin or Other Cryptocurrencies?
First, you’ll need a wallet. There are a lot of options for storing bitcoins and other cryptocurrencies, but most experts recommend using one made by a trusted company with a track record in cryptocurrency storage, such as Coinbase or Blockchain. If you choose not to use your own wallet for some reason, then look into third-party wallets that are available.
How Do I Safely Store My Cryptocurrency?
One of the primary benefits of cryptocurrency is its security and anonymity. But if you don’t take proper precautions, your cryptocurrency could be stolen, or even lost forever. Don’t let that happen! Here are six simple steps for safely storing your cryptocurrency:
- Select a cold storage wallet
- Back up your wallet
- Be smart about who you trust
- Keep only what you need in hot wallets
- Use multi-signature wallets
- Be aware of mobile and desktop wallets
Where Can I Spend My Cryptocurrency?
As a beginner, you may be wondering, where can I spend my cryptocurrency? It’s no secret that Bitcoin is accepted nearly everywhere. It’s what many people consider real money because it has value in and of itself. Many large online retailers, such as Amazon or Expedia, accept Bitcoin and so do plenty of local businesses.
Should I Invest in ICOs?
If you’re into cryptocurrency, chances are you’ve heard of ICOs (initial coin offerings). They have been around for a few years now, and raised millions in just a few hours or days. However, they are highly risky investments 80% of all ICOs fail within four months and it seems like they only exist to separate fools from their money. But is that true? Should we avoid investing in ICOs completely? Or can investors profit if they play their cards right?
What Are the Best Investments in Cryptocurrency?
To start making money in cryptocurrency, you’ll need to make an investment. While there are plenty of shady coins out there promising big returns, your best bet is investing in a widely adopted coin or token (bitcoin or ether, for example). The best way to do that is by buying an altcoin through an online exchange like Coinbase or GDAX. These will give you some exposure to different cryptocurrencies and allow you to buy and sell smaller amounts of currency at a time.