How To Get Started In Cryptocurrency
This year has seen an increasingly intense interest in all things crypto. From the incredibly fast-moving Non-Fungible Transaction (NFT) market to the massive numbers of new coins and tokens on the blockchain.
From the highly popular likes of Bitcoin and Etherium which have received physical crypto coins to commemorate their success, to all manner of unique, bizarre and sometimes surreal tokens, the crypto world is huge, and it can be difficult to know where to start.
Cutting through the jargon, here are some tips on how to get started investing.
Find An Exchange
The first step to buying and selling cryptocurrencies is to register with a cryptocurrency exchange, which allows you to trade conventional money into a cryptocurrency, and use that money to trade for other digital currencies and assets.
There are a lot of ones to choose from, but popular exchanges include Binance and Coinbase.
Have a look around different exchanges to see which one suits you best, one you trust and gives you the best price for your fiat currency.
Set Up A Wallet
A crypto wallet is a digital tool that lets you send, receive and store coins. Typically they take the form of an application but hardware wallets do exist as well, and most coins have an official wallet.
Which wallet is best for you depends on whether you plan to trade on a phone or a desktop, as well as whether you plan on using a specific currency or wish to dabble in several of them.
The main difference between wallets is whether they require online connectivity or not, which are defined as hot or cold wallets.
Hot wallets are easier to use but inherently less secure due to being connected to the internet, whilst cold wallets are stored locally and are thus better for long-term holdings.
Crypto is infamously volatile and so therefore any coin you choose to purchase should be done with great care and attention.
Sites such as CoinMarketCap help you to see which coins are doing well, trending or falling, and it is worth doing as much due diligence as possible, especially if you are investing in a new token or AltCoin.