Cryptocurrency World-All you need to get started
Introduction to the cryptocurrency world
Want to get started in the Cryptocurrency World? Here is How You Do It!
Today, (December 17, 2018), the price of Bitcoin is now almost $20,000. At the start of the year, the price was just under $1,000. There is a lot of hype not just around Bitcoin but the cryptocurrency market at large. Ether, Litecoin, XRP, MIOTA, and BTG are just some of the cryptocoins that are making headlines with their prices and growing market capitalization. This year has also seen the emergence of ICOsBitaddress.org and Liteaddress.orgMy Ether Wallet and Coinbaseexchangeservice like Coinbase, GeminiBittrex. Most of these online services have a number of payment options that they accept such as bank transfers and credit/debit card payments. If you have a friend or a relative that has some cryptocoins and can spare you some or is willing to sell, you can also buy from them.
· Investing in ICOs
ICOs are a veritable means of gaining a foothold in the market. By investing in an ICO, you become an early adopter of what can possibly turn out to be the next Bitcoin or Ethereum. Great care must be taken here though as there are many fraudulent ICO campaigns that offer absolutely nothing in terms of future economic potential.
If an ICO develops into a viable project, the tokens that you have bought will increase in value and they may even become at par with the value of the big players like Bitcoin and Ether. It is a bit like betting or to use the more technical term, speculating that a token will appreciate in value over time thus making it a good investment.
· Getting Involved in Mining
An individual can also choose to get involved in mining cryptocurrencies. There are some Bitcoin whales today that got to that position by being one of the first people to actively engage in mining Bitcoins. Back when it was still possible to mine Bitcoins using a normal everyday laptop or desktop. These days, there are integrated mining facilities running state-of-the-art ASIC units. However, there are also pool mining services that people can sign up to in order to participate in decentralized mining and earn commissions.
There are also other mineable cryptocurrencies like Ether which do not require advanced hardware setups in order to successfully mine them. Investors on a tight budget can go for such cryptocurrencies and make good profits from mining them.
It is a good idea to have more than one type of wallet. For ease of transaction, an online wallet is a must-have resource. However, it is not advisable to store your coins in online wallets for a long time or to even store large deposits of coins on them for any period of time. This is where having a companion cold storage option for bulk storage and secure protection comes in handy. When you wish to make a transaction, you can transfer from your bulk storage to your online wallet.
Be wary of fraudulent ICOs and Pool Mining Services. Ensure that you do your due diligence when analyzing an ICO offering to make sure that it is worth investing in. As for pool mining services, some of them are nothing but Ponzi schemes. Scouring the net for information about these services before signing up is a good idea.