This digital asset gained a lot of attention within the last ten years. Let's learn what it is and why it is increasing in popularity compared to ten years ago!Avid bitcoin users might sell us on the idea that this non-physical currency is one of the most amazing things in the entire world. Wow, it sounds neat, but is it worth the investment, time, and risk? Beginner investors and bitcoin newbies continue to wrap their minds around such invisible beings without throwing a tantrum. What we know about bitcoin and cryptocurrency.
Converting your cash to cryptocurrency!Cryptocurrency, similar to bitcoin, is a digital currency with enhanced encryption algorithms. Bitcoin is cryptocurrency. Other cryptocurrencies like Litecoin, Solana (SOL), Ethereum (ETH), Dogecoin (DOGE), and Luna or Luna Classic, the older Luna coin (LUNA). Luna is an algorithmic stablecoin (stable price and tied to real currency, like the US dollar). Discovering the right platform to house your cryptocurrency is vital for success. The investor must take many things into account, like encryption security and platform reliability. There are numerous converting platforms that allow the investor to convert their available funds into cryptocurrency. However, before we discuss comfortable platforms for beginner crypto investors, we will go over the converting process. If one has a paycheck or at least $100 to spare, then the conversion is a piece of cake! Use a bank account you're most comfortable with.While this might sound obvious, a large number of beginner investors continue to make this poor mistake. Do not use a bank account you are not comfortable with! It is best to use an account that you do not mind playing around with your $100 (or more) before you start your crypto journey. Use quick online banks like CashApp or Chime to get started. Use the best trading platform and digital wallet.After depositing your cash into your bank account, the next step is choosing the best digital wallet and trading platform. A digital wallet allows the investor to store their cryptocurrency. Digital wallets use public keys for trading on crypto-savvy platforms, receiving, and selling crypto (like Bitcoin) with others! These wallets also allow users to purchase NFTs or Non-Fungible Tokens. Here are several wallets people would normally begin with during their starter investing journey!
After picking the right wallet for you and your security concerns, the next step is picking the best platform to start on. Different crypto trading platforms are not built the same. The idea is to generate and trade while the stocks are good and plentiful. However, some people do not experience fame and fortune instantly, thus quitting before they actually get started. Take your time, do not rush, and always trade wisely. Starting out, we have OpenSea. OpenSea is one of the largest NFT marketplaces for upcoming digital artists, gamers, and writers. Yes, you can create PDF visuals of pieces of your writing and sell it via ETH or Polygon. They rely on secured blockchain technology which seals private information while allowing the consumer to build transparent relationships with the merchant or seller.
The next choice is Coinbase. This trending platform allows their users to trade, deposit, and withdraw their cryptocurrencies into their digital wallets and bank accounts. They are one of the leading cryptocurrency exchanges that allow users to buy, sell, and trade over 100 currencies. Plus, they have unique starter videos and information for new or returning users! Another fan favorite for starters is Binance (or Binance.US for those living in the United States). Binance is another cryptocurrency exchange with massive daily trading volumes. Their interface is pretty secure, but it is still important to protect your wallet and account from phishing profiles. Most of their traders are not located in the United States, so creating an account with Binance will pose a slight problem. Although Binance is growing, they did create a Binance.US platform for those who live in the United States and certain US territories. You will be able to create an account through this portal, which will allow you to trade with others. Certain states are available during this time, so review their list carefully. Moving forward with conversion and bank deposits.After choosing the right exchange platform, the final step is converting your cryptocurrency into tangible cash. This process is tedious and varies per platform. For example, those using the Binance platform will need to select their preferred payment method. Once you know how you want your funds, choose the Fiat and Spot option on your profile (best to log in on your desktop) and select your preferred currency. On the right hand side, choose the Withdraw option, review your balance, and click continue. Investors are required to fill out their banking information, which is highly secured. After submitting the information, it will take three to five business days (depending on your country) for the funds to deposit into your account. Make sure to keep in mind about the low fees, depending how much you have available and where you are located. Generally, Binance has lower withdrawal fees, which makes this platform favorable for many beginner crypto investors. Why is learning about bitcoin important?Time and technology will continue to change. Learning and thoroughly understanding how bitcoin works can save upcoming investors wasted efforts and unnecessary mistakes. Also, within five to seven years, major banks and credit unions will transition from traditional banking to online or blockchain banking systems, encouraging their customers to use bitcoin. ResourcesHow to Withdraw to a Bank Account from Binance | Alphr
Convert Bitcoin into Cash | Binance Why should I learn about cryptocurrency? | Quora The Basics about Cryptocurrency | CTS
0 Comments
Your comment will be posted after it is approved.
Leave a Reply. |
Eternity G. BleuA fluent, flexible blogger with a healthy obsession for black cats, Mobile Legends, and anime style spicy ramen. Blogging Timeline
December 2022
Categories
All
|
Photos used under Creative Commons from wuestenigel, Jorge Franganillo, Mathieu Carbou, focusonmore.com, juliejordanscott