When you bought or invest in crypto !
A lot of Questions Asked After Purchasing Crypto-Currency!!
As soon as you buy your first crypto, your mind is going to be flooded with numerous questions. I have received and answered several such questions asked by friends followers etc..
Now, I am looking to answer popular questions that asked by people who have just bought their first crypto.
What crypto can be invested in?
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Bitcoin may be the most popular and common form of Crypto-Currency circulating currently in the market. However, there are plenty of other forms of Crypto-Currency out there, commonly known as Altcoins, which you can also invest in. In fact, there are almost 1700 different types of coins being traded currently in the market.
While some of these coins hold great potential and may prove to be eventual winners in the industry, there are some that may not prove to be as lucky. Hence, it may make sense to make investments in coins like NEO or Ethereum, Litecoin, Stellar or Steem, and EOS, ... to name a few. There are several other such potential big players circulating the market now. With time, they may grow to be as exciting and profitable as Bitcoins. However, you must study the pros and cons of making investments in such Altcoins before actually investing real cash on them.
So, how do you buy these coins? Well, the answer is Exchanges! You can make money on gateways through exchanging one form of Crypto-Currency for another. While some gateways may only allow you to exchange between a few limited choices, there are others that will allows you to exchange between dozens. There are also some that allow you to buy hundreds of different options. With time, the number of exchanges with Crypto-Currency is gradually increasing, which sure offers plenty of hopes for investors.
If you ask for my recommendation, I would ask you to work with Binance. This exchange has an interface that is quite simple and easy to understand and use.
Moreover, the gateway also has the reputation of having never being involved in any hacking despite many attempts, something that not many gateways can boast of. At the same time, this exchange also works with a number of different Crypto-Currency options and has a fee structure that is not as expensive as most others. The standard fee of any trade is deemed as 0.1 percent of the total value and 0.05 percent for trading with coins offered by the exchange.
There are plenty of other exchanges such as Cryptopia, HitBTC and Bittrex. These exchanges offer numerous options of Crypto-Currency but do not accept any fiat deposits for making trades. Yes, you have to use the Crypto-Currency that you have already purchased in order to trade with any other form of coins that you choose.
Where do Bitcoins get stored?
When you purchase Bitcoins from an exchange, the website will display your balance. It is up to you whether you wish to keep the balance with that particular exchange or take it somewhere else. You also have the option of transferring your balance in part or full.
You may also not want to keep your coins stored in one particular website for long. Think of it as a bank, but without the necessary transparency of actual establishments. You may lose all access to your coins in case the website decides to shut down or loses all records due to hacking. Without any transparency or access to the database directly, you may have no way of tracking your coins in case of such mishaps. Hence, you must keep moving your coins from one exchange to another in order to ensure that you are able to track your wallet at all times.
What is a “Wallet”?
You may have come across the term “Wallet” in many gateways. So, what exactly does this term mean? Well, simply stating, a Wallet is quite similar to the wallet you carry. The money in it belongs to you only and cannot be accessed by anybody else without your approval. Having your coins stored in the Wallet offered to you by the gateway allows you complete authority over your coins. Not even the website can access your wallet or stop you from accessing or trading
your coins.
The Wallets on these exchanges also allow you to access your coins from anywhere as long as you have a computer or a mobile device with internet. This is quite contrary to an actual wallet where you lose all the money in it in case you lose the wallet for any reason. Since the coins are not stored directly on the hard drive of the computer device, you can access it on any device as long as that has access to the internet.
You also need to remember your login credentials and the private key to your account in order to access your account or your wallet. Without the necessary credentials, you will not be able to touch your coins even though they are technically still yours.
Hence, you must choose a reliable and secure wallet before you decide to move your Crypto-Currency from one exchange to another. The wallet must have proper security processes with adequate backup options so that you can access the contents of your wallet even if the website has issues. One of the best wallets out these is Exodus, a platform that supports a variety of coin options and also has a simple and easy-to-use interface.
If you are entering the world of Crypto-Currency trading for the first time, you may be faced with numerous challenges. There are plenty of different concepts that you may have to be acquainted with. Moreover, you may also find that different exchanges work in tandem with varying concepts, something that may often leave you confused. The world of Crypto-Currency trading is constantly evolving and you may have to keep up with new developments all the time in order to prosper.
This challenge may, however, keep you on your toes and make things interesting for you. After all, every day brings new ideas, developments, possibilities and technological advancements. You must also keep up at all times and explore trending concepts in order to excel in this world of crypto-currency.
Buy and sell cryptocurrency on Binance
Previous posts that may be of interest to you:
Faster, Lighter, Highly Scalable and Unique !? this is IOTA !
This is Eos! And this is some reasons that can let us to Invest In!
From App Store to DApps Store !
Ripple’s plan for XRP was always to have a cryptocurrency that would be safe, useful and fast for institutional transfers !
Why EOS is going to be the TRUMP TOWER !
To support me!
Delegate steem power or donate steem to @simobnr
Donate other cryptos to :
IOTA: UKLNL9KXJKIIKPGDYS9AUGUKDOKPNAZ9THYSXAKFYEVURGO9CQI9XGPMPHUBOTXDDGGEWHQG9LYSIBIFWKXBITNNGB
Ethereum: 0x63a65a8f8e850e58d941afe55df4c213295befcd
Bitcoin: 1EVbgEB2hRYoJjWckzDSXNHtAmQEPdRnHC
Litecoin: LXM1o2mvUmSMCS1a9z8X91JGGZ4os1crps
All the best!
simo
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
As usual buy low sell high!
if only it was that easy
What about to use DEX exchangers? Do you think they are not yet developed?
There are some more decentralized exchanges out of which few are still being build and few are still have very low liquidity or are facing security difficulties.
So can'nt advice you to use a spesific one but go here and do mor research before use DEX !
https://coinsutra.com/best-decentralized-exchanges-dex/
Thank you for suggestion, i use Waves and it is second in the list, where i put my coins too, what do you think about that?
good, future is for dex :)
true sir, binance is also working on decentralized exchange, sorry for unwanted opinon
Crypto is so overwhelming to newbies! This is a great link to share with my friends! Thank you and upvoted!!
nice introduction to crpyto
What I've learned is that no one knows anything. Besides a very small portion of people who have studied stocks, economics, and trading their entire life, we're all just making it up as we go along. If you believe in the technology, buy it now and it will eventually go up. If you try to time the market or spend all of your time looking at charts, you're going to drive yourself insane. I check the price once a week, and browse this sub and /r/ethereum for any interesting and exciting news. I know it's become a meme, but hodling is the safest way to eventually make profits
agreed, all the people that we think are "experts", they don't know as much as we think they know...
I think no one is perfect and expert in crypto . This is an unexpected till now . I also do the TA in my blog also you can check but not expert. This is my experience only that is share here in blogs . Simple fanda buy rumors sell news if you are a trader
There are people who know crypto, but there are so many who don't (yet still comment on it) that the good ones get lost amongst the bad.
I strongly disagree that the old school financial and trading experts know crypto. My experience tells me the opposite. Crypto does not behave like traditional stocks and commodities. This is a fact which they seem completely incapable of "un-learning". They try to apply their market knowledge to a blockchain based tech in the early phases of adoption and fail miserably. I find very few of them are willing to buy crypto at all, they are normally dead against it; thereby demonstrating their complete misunderstanding of the crypto market or their inability to even trade what should be a great money making asset due to its high volatility.
Just look at Warren Buffett or Jamie Dimon for perfect examples of what I mean.
You are talking when you start invest at early stage but where I am living today on the date of 13 july I am talking, no one knows about bitcoin and cryptocurrency . It's just shocking when I try to told peoples and they said it's scam without hear me. I don't know how can they neglect the future technology even some graduate and post graduate peoples also. By god
so totally true, agree with you 100% always best to HODL, i think though crypto could become a good peer to peer and created fairness of resources in society, is my thought
I basically don't trade. I invest (3-5 years) long term on cryptos and stocks, which I believe in. (I have my own philosophy (future proof, sustainable...) , principles (No Fear of missing out, research extensively before buy...) and try to always stick to that. The few times I deviate it cost me.
This way you are almost immune to market manipulations.
Thanks For Sharing!! You've got a new follower!! Hey You got a minute? CLICK on this link, enter your e-mail, and then watch the video!!
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Definitely. For people who don't trade at all, best not to. However, learning some basic tools like moving averages can help you determine to enter or exit the market
Thanks For Sharing!! You've got a new follower!! Hey You got a minute? CLICK on this link, enter your e-mail, and then watch the video!!
www.winwithroberthollis.com/pjcswart
i am still remembering the day when i have invested in crypto.
same here, the first day was the most exciting
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@simobnr ,i agree with u as binance is world's best exchange, no other exchange has seen such a huge success which binance has got in less than a year.