Investing in cryptocurrencies
Investing in cryptocurrencies is one of the best investments that bring profits to the investor. Cryptocurrencies have strongly imposed themselves on the global economy, especially as their spread and trading have increased dramatically around the world. In this article, we will learn about investing in cryptocurrencies, and their types
Investing in cryptocurrencies
You can invest in cryptocurrencies by following the following steps:
1. Start with a small amount
The cryptocurrency market is constantly volatile, either downward or upward. The trader can start the process of investing in it after making sure that sufficient funds are available for at least 6 months. In addition to being able to deal with the upside and downward situations, the investment process is then initiated by allocating a small amount of money.
2. Determine the type of cryptocurrency:
Given the existence of many cryptocurrencies, it is necessary to select the type of currency you want to invest in, and it is better not to use more than 5 cryptocurrencies and should be a currency that grows in a short time. After studying the cryptocurrency market, a valid currency is selected for investment.
3. Choose a suitable trading platform:
A trading platform is a place where you can buy and sell cryptocurrencies and other assets, or save cryptocurrencies. The trading platform also has many analytical tools that provide help to choose the best cryptocurrencies for investment.
4. Choose a suitable electronic wallet:
The electronic wallet differs from the trading platform on the technical side, and there is a clear difference between them. The portfolio only provides access to cryptocurrency by using an encryption key by which to send and receive currency from one company to another.
Types of cryptocurrencies
There are a lot of cryptocurrencies traded online, most notably:
Bitcoin cryptocurrency
Bitcoin currency or symbolized by “BTC”, is officially recognized by most countries of the world to serve their interests in companies and markets. Their transactions are saved in the blockchain network “BlockChain..” Bitcoin also has the advantage of concealing the name and information of the money sender and the future, but one of the downsides of that cryptocurrency is that it is not regulated by financial agencies because it rises and decreases by the supply and demand of its shareholders.
2. Ethereum coin:
The Ethereum coin is known as “ether,” and it is supported by many companies.. This cryptocurrency operates within special programs that allow its customers to operate any software.
What distinguishes Ethereum currency from other cryptocurrencies is that it is not controlled by an individual or central system, and is more suitable for technological investments. The growth of that digital currency is also on the rise, given that it is an open-source network.
3. Currency Tether:
The currency Tether or USDT is a stable digital currency, its value is linked to the value of the USD, whereby each 1 Tether Token is tied to 1 USD held in the Tether reserve. When investing, Tether also offers a high level of investment stability, as it is rare for its price to move away from the value of the US dollar.
4. Ripple coin:
The currency Ripple as known as “XRP” was established to transfer money quickly between the trader and the consumer. That digital currency can settle financial transactions in a very short period of up to five seconds. In addition to being inexpensive and scalable over time, it relies mainly on payment systems.
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