It is hard to believe that in a mere 12 years, Bitcoin, and cryptocurrency in general, have completely changed the way we look at financing and the financial industry. More and more people are investing in digital currency, with an estimated 17% of the American adult population admitting to having invested money in cryptocurrency. Not only that, but young people are investing in cryptocurrency more than any other previous generation.
The appeal of cryptocurrency is clear. Today, when surveillance is at an all-time high, and when people have lost their faith in the traditional investment methods of the past, cryptocurrency provides a great alternative, through which anonymity are freedom are placed in the forefront. On top of that, cryptocurrency has the potential to change a person’s life in the blink of an eye, with many early investors becoming overnight millionaires.
With all of this in mind, there are many people still unaware of what cryptocurrency is and how crypto trading works. In this article we will take a look at some of the things to keep in mind before dipping your toes into the world of cryptocurrency, and becoming an investor.
Cryptocurrency: What is it?
The most important question to answer is, just what exactly is cryptocurrency. Cryptocurrency is a digital currency, which uses cryptographic encryption technology to make secure payments and ensure privacy and anonymity. Most cryptocurrency is decentralized, which means they are not beholden to banks or governments. This means that users of cryptocurrency are not obligated to pay transaction fees to the banks like one would have to using fiat currencies.
What Can You Do with Crypto?
rading is the main thing that most crypto enthusiasts do. Basically, the crypto market works like any stock market. You purchase a share of a certain cryptocurrency, and hope for a surge in value. Despite its enormous volatility, cryptocurrency is actually quite successful in terms of trading. In fact, it is the third biggest trading market, behind stocks and forex.
But, trading isn’t all you can do with crypto. You can also use Bitcoin, Ethereum, or any of the popular digital coins to fund your online casino accounts. In other words, you can play some of the best and most beloved casino games, while using cryptocurrency to make deposits and withdrawals.
How Does One Trade Cryptocurrency?
Cryptocurrency can be acquired and traded in many ways. The simplest way for anyone to start out in the world of crypto trading is to make an account on one of the numerous crypto trading sites. These sites place user safety and security as their top priority, and they are remarkably easy to access, as all one needs to do is create an account using an email.
Trading sites promise high returns on user investments, and tend to be backed by hundreds of reviews vouching for their success. On top of everything they use artificial intelligence technology to predict the changes and fluctuations associated with the crypto market, and make sure that their user-base gets the absolute best return on their investment. They also are quite helpful with evaluating digital currency, especially if you are a newbie to the market.
Another way to get your hands on cryptocurrency is to use the many Bitcoin ATMs. Despite the name, most of these machines provide access to multiple kinds of cryptocurrencies. It is important to note that cryptocurrency ATMs charge higher fees than crypto trading sites. Whereas most crypto trading sites only take a fee between 1% and 5%, Bitcoin ATMs charge 15-20%.
What are the Best Cryptocurrencies on the Market Right Now?
The first cryptocurrency, and to this day the most profitable and highly-valued is Bitcoin. It got its start in 2009, when it was worth only $0.0008. In the little more than a decade that Bitcoin has existed, it has seen a massive spike in value, being worth over $35.000 in 2021. Of course, as bitcoin became more and more popular, it spawned a number of imitators, some much better and more profitable than others.
Other than bitcoin, the best cryptocurrencies to look out for are Ethereum, being priced at over two thousand dollars as of 2021, with prospects of the value increasing in the future. The other big competitor is Tether, a stablecoin whose value has remained at a steady $1 for most of its existence. Some honorable mentions to look into are Litecoin, Bitcoin Cash, and Ripple.