Secrets of Cryptowood Trade: How to Choose 'the Right' and Make a Profit?

The combination of economics and technology has led to one of the most popular online stuff on the Internet - Bitcoin. There is hardly any person who has not heard of this digital currency today, especially since its value began to grow (although it was created in 2009). However, only a small number of people know that there are over a thousand other crypts. Which are the most popular and (perhaps) in the future the most profitable and how to get them?

The definition of the digital currencies of the European Central Bank in the Virtual Currency Scheme - Further Analysis from 2015 report that this type of electronic money is in fact a digital display of value that is not issued by a bank, a credit institution or an e-money institution, and which (in certain cases) can be used as an alternative to standard forms of money.

The Fintech community that is engaged in this field, however, already optimisticly expects this alternative to become mainstream in the future, and completely replace the physical money. Because, if you did not opt ​​for a fast and reliable transaction that is recorded in a blockchain chain - a database that is not in one place, it contains information about all transactions made and, most importantly, they can not be changed.

As the printing of banknotes is expensive, and those are relatively easy to counterfeit, it is no surprise that the conclusion of some participants of the World Economic Forum in Davos in 2016 was that the physical money is nearing its end, and that the time comes for new financial instruments and their legitimacy, among which and digital currencies. And that's only in ten years, according to John Krajan, CEO of Deutche Bank.

BTC, ETC, DASH, XRP, LTC, XRP. What does that mean and what does it do?

In addition to the inevitable Bitcoin (BTC) (whose value greatly oscillates, although it has reached its record value several times last year), one of the most dominant and most popular digital currencies is Ether (ETC), the currency of the software platform Ethereum, was created by Vitalik Buterin (and won Cukerberg for that year and received the World Technology Award in the field of IT software in 2014), which enables the realization of peer to peer smart contracts. With the help of them, a transfer of money, property or any other value can be carried out safely, without the need for a broker, and each transaction is recorded and almost can not be changed.

"Another crypt that is more and more often mentioned is Dash, a digital currency that, unlike Bitcoin, allows almost instant transactions, while their price is negligible and often amounts to only a few cents," Djordjevic says.

In addition to providing fast, simple and secure transactions, the non-Coca-Cola counterpart said that the goal of Dash community is to constantly work on projects to improve the stability and functionality of the currency. For this purpose in June 2018, the launch of the Dash Evolution project is expected to "represent the upgrade of existing payment systems like PayPal, but through blockchain and Dash network".

Bitcoin, Ether, Dash, Ripple, Litecoin and Monero are most commonly cited among the most promising cryptoworks.
At the end of last year, the attention of the media and the public was drawn to Ripple (XRP), whose creator is the company with the same name, which is increasingly used by companies like UniCredit and UBS. Its goal is, as reported by the San Francisco company, "to provide global financial transactions of any size and without return, immediately and almost free of charge." This is also one of the currencies that experienced the highest growth during the year and its value in the first half of 2017 increased by 3.977%.

Another currency dominated by the world's most important digital coins is Litecoin, a currency created by a former Google engineer, who is said to be the first companion to Bitcoin, although this currency was created just to correct its shortcomings. Its advantages include being more secure than Bitcoin and due to the growth of its value as a good investment.

The last currency that is most often mentioned on the world's top 5 lists is Monero (XMR), a cryptowat created in 2014, which, unlike its "cousins", strives for complete privacy and anonymity of transactions, and this is why it can not be accessed by details of the exchange who sent this currency, who received it, etc.). In addition, its scalability makes it an increasingly invaluable investment option and its value continues to grow.

What's ahead of security shopping?

Another of the current questions that accompany the "boom" that crippled the crypts is the eternal dilemma of those who in this way would like to enrich themselves: "mining" or buying?

As "mining" is a fairly expensive job because it requires high power computers, the only choice that enthusiasts in this field are at the beginning of their "career" in the domain of crypts is buying. Numerous markets like BitMEX, UpCoin offer the ability to buy / sell various cryptoids, and in turn very often ask for a lot of information about you, all in order to improve the "weak point" of this type of security - security. Djordje says:

First and foremost is to understand that the basic meaning of crypts is not a quick and easy money gain - creators of blockchain technology have never had this in mind. However, in the current situation, trade through various currencies can quickly earn, but great caution is needed.

Good knowledge of the crypts themselves and verification of information from multiple sources are the key to secure trade in digital currencies.
The first rule, as Đorđe states, is - good information before getting into any kind of shopping. "The frequency of fraud with crypts lies precisely in the fact that very few people understand how they function and therefore represent a good target," he says.

Second - "use common sense and always check all the information you receive from multiple sources." In addition, Djordje emphasizes that you should not invest any money that you are not ready to lose - "the market is very unstable and at any moment can be a big fall, as we saw a couple of days ago when almost all crypts lost a lot of their value."

In addition to the online shopping method, certain crypto channels can also be purchased via ATMs, and the best way to store them is a digital wallet. So, as always when it comes to safe trading, it all comes down to fundamental research, tracking trends, stock markets (like CoinMarketCap) and luck because the stock market is the same as the regular cube. The only sure thing in this "game" is that cryptoworks represent an almost secure future.