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What is Cryptocurrency?
What is Blockchain and What are the Benefits of Using Blockchain?
How Does Cryptocurrency Increase in Value?
Obtaining a Virtual Wallet
CoinBase provides real-time updates of the current value of the most popular cryptocurrencies available. Some of the top performing cryptocurrencies include Bitcoin, Litecoin, and Ethereum. Currently, the total value of the crypto market is approximately $30 billion USD, making it extremely appealing to investors and individuals who are heavily dedicated to tracking the finance industry.
Once you are ready to invest in the cryptocurrency coin that is right for you using CoinBase, there are only a few steps necessary to get started:
- Log in to your official CoinBase account
- Verify your virtual wallet is valid and in working order
- Select the “Buy/Sell” bitcoin tab
- Choose the payment method that is right for you
- Enter in the amount of Bitcoin you wish to purchase
- Select “Buy Bitcoin” or “Buy Bitcoin Immediately”
- Instantly receive Bitcoin in your virtual wallet
Purchasing Bitcoin directly also offers advantages if you are thinking of investing in different altcoins on the market. Once you have Bitcoin available in your virtual wallet, it is much easier to begin trading or exchanging the coin for alternatives. Keeping an eye on the market each day is essential to avoid investing in a coin that is losing value or simply not sustainable long-term.
Additional cryptocurrency exchanges to consider once you become familiar with altcoins includes both Polo and Bittrex. Join communities of cryptocurrency marketplaces to familiarize yourself with the best methods to purchase and invest your fiat currency. Choosing a Cryptocurrency That is Right for You
When Bitcoin first launched, individuals were skeptical of its potential and success. While it was once extremely affordable, one Bitcoin as of late 2018 is worth more than $6,000 USD each. Purchasing an entire Bitcoin may not seem feasible, which is why altcoins have become increasingly popular in the past few years. Use marketplaces such as CoinBase to track the current trends of upcoming and new altcoins such as Litecoin, Ethereum, Dogecoin, and more to determine the best value for your money based on growth and value over set timelines.
Join forums and online cryptocurrency communities to discuss your options and to stay updated with the latest shifts and changes in the marketplace. Monitor your virtual wallet after you have invested real fiat currency to ensure its security and to steer clear of potential hacks and vulnerabilities. Receive Google Alerts on your phone and in your inbox to monitor hacking attempts and security breaches that are most commonly associated with cryptocurrencies.
Minimize Your Risk
Before choosing to invest in cryptocurrency it is imperative to understand the risks and potential rewards. While it is tempting to invest a large amount of real money, it is important to remember that cryptocurrencies work similar to traditional stock markets. Cryptocurrencies become devalued and more valuable at faster rates due to the volatile market and new altcoins becoming increasingly available to the everyday individual. Never invest more money than you are willing to risk, especially as the cryptocurrency market continues to evolve and take shape.
After reviewing this beginners guide to cryptocurrency, move forward with your investments feeling comfortable with and confident in your choices. With a complete understanding of top performing cryptocurrencies, virtual wallets, and trading markets, get started in your cryptocurrency venture immediately.