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HOW TO GET STARTED WITH CRYPTOCURRENCY

by Sonal Shukla

You would like to invest in cryptocurrency, but don’t know how to do it? In this article, we show what beginners need to pay attention to. Once you’ve decided to start with buying cryptocurrencies, there are many tricky questions to answer. For example, you need to know how to buy cryptocurrencies, where to store them, and what to do with the digital assets. Before we get started, it is important to note one thing: cryptocurrencies are not for inexperienced people. It will be helpful to have a basic understanding of the blockchain technology behind it. 

By the way, today it is even possible to make online casino deposits in cryptocurrency. Play online casino games in Canada and try it! This article shows you what you need to pay attention to getting started with cryptocurrency.

WHERE TO BUY CRYPTOCURRENCY? 

It couldn’t be easier: buy cryptos via a finance app. If you don’t want to mess around with wallets and crypto exchanges, use a special financial app. There you can buy cryptocurrencies like Bitcoin or Ether. Once you have downloaded the app, all you have to do is digitally submit your ID and provide personal details. Then load money onto the app and buy your first cryptos.

But beware: the crypto assets remain on the app, and you can only buy, sell, or exchange them for other currencies. You can’t transfer the purchased cryptos to any wallet. Unlike those who use paper or hardware wallets, you don’t own the cryptocurrencies because you don’t own the “private keys”.

To store the cryptocurrency, use the wallet. The associated cryptos can be found on the corresponding blockchain. The private keys and public keys for each currency are stored in the wallet. The public keys are used to make deposits to the wallet. The wallet provides an overview of monetary values and makes it possible to send and receive coins and to call up the current account balance. There are several types of wallets, for example, mobile wallets, desktop wallets, hardware wallets, and paper wallets.

BUYING CRYPTOCURRENCIES ON MARKETPLACES

It is also possible to buy cryptocurrencies on one of the many crypto exchanges. There is no such thing as the right platform, and it depends on personal taste and needs. Some specialize in being very user-friendly. An example of this is Coinbase. Others are aimed at specialists with a large selection of coins and various trading functions. These include Binance and Kraken, for example.

WHAT TO DO IF YOU ALREADY HAVE YOUR COINS?

Have you already bought your first coins and stored them? Then you can sell them again at the next price explosion or invest everything in non-fungible tokens. Because it requires extensive knowledge, time, and resources. 

HOW MUCH SHOULD I INVEST IN CRYPTOCURRENCIES?

Well, there is no universal answer to this question. There are over 8,500 cryptocurrencies, and you should consider them separately. The most important cryptocurrency remains Bitcoin. For beginners, an investment breakdown of this is already sufficient. However, even choosing cryptocurrencies needs some experience.

Anyway, all cryptocurrencies, including Bitcoin, and Ethereum are very liquid and, above all, fast. You will not need bank and bank working days anymore. The banking transactions and processes usually take much more time. And the cryptocurrency transfers are mostly instant in the blockchain. True, there can be delays, especially if the network is overloaded, but the digital money is more liquid than the bank account. And you also have unlimited access to your cryptocurrency worldwide. The next advantage is you are independent of any institution. That means your cryptocurrency is 100% yours. We wish you good luck with cryptocurrency!

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