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Golden Rules To Making Money From Cryptos
The only way to pick a perfect crypto coin or fund, is to go back in time. But, that doesn’t mean you have to guess.
Here at Trading Education, we have selected our top tips to investing successfully in the crypto market.
On November 1, 2015, one Bitcoin was worth $325.43. Today, one Bitcoin is worth $13,726. Bitcoin has been chosen as the best investment of the decade. If you had invested five years ago, you would be thankful now!
Bitcoin has outperformed all his competitors throughout the last decade, experiencing incredible growth. Cryptocurrencies, in their first years of existence, did not have any significant value, but over the years, their value has increased.
The price of Bitcoin was at $325.43. XRP was not even close to a cent yet. Ethereum was ranked 4th and was worth just above a dollar.
Well, if we take a look at the Coinmarketcap top 10 today, things stand entirely different. Bitcoin stands on top worth of $13,726. Ethereum is second close to $400 while as mentioned above in 2015 was worth just above a dollar. And, XRP now ranks fourth at $0.23.
So if you had decided to buy a Bitcoin back then, you would purchase it for $325. Now your Bitcoin would be worth $13.726. And imagine if you owned more bitcoins!
Moreover, according to experts, prices will only keep increasing as cryptocurrencies are becoming an integral part of the financial world.
If you were lucky enough to have invested back then in any of these cryptocurrencies, your return on investment would be enormous today.
You could not even come close to earning this amount of money with any other investment, be it stocks, bonds, gold, etc. Cryptocurrencies have outperformed any asset literally.
How To Buy a Cryptocurrency?
The easiest way to buy cryptocurrency is through cryptocurrency exchanges. Some of the best cryptocurrency exchanges are eToro, Binance, Bittrex, Coinbase and Kraken.
You just have to choose one of them, create an account, connect your credit or debit card and make your first investment.
What Cryptocurrency To Buy?
Well, that depends on your preference. There’s no specific cryptocurrency that you have to buy. Although Bitcoin is the most reputable cryptocurrency and people tend to buy it more, other cryptocurrencies are good options as well.
As per Coinmarketcap, there are 7575 cryptocurrencies right now. Except for Bitcoin, some other cryptocurrencies that are booming are Ethereum, Cardano, Litecoin and Chainlink.
Other altcoins can have huge returns on investments also. Some new coins experience 300-400% growth over 24 hours.
Cryptocurrencies are speculative so one can never exactly know which one will perform best.
What Is The Safest Way To Buy Cryptocurrency?
There are various ways to buy cryptocurrencies safely. You could use a crypto ATM and purchase crypto with your debit/credit card. Yet the most popular and safest way to buy crypto is by using a reputable cryptocurrency exchange. eToro is a prestigious brokerage that takes pride for their security.
Where To Keep My Cryptocurrency?
After you purchase your preferred cryptocurrency, you have to store it in a crypto wallet.
There are hot cryptocurrency wallets and cold ones. Hot wallets are websites/platforms, and obviously, they are connected to the internet while cold wallets are hardware commonly in form of USB. They are not connected to the internet, which actually makes them safer as they cannot get hacked.
Is Investing In Cryptocurrency a Good Idea?
As for now, cryptocurrencies are going through a great period. Banks and financial companies are jumping into the crypto sphere offering cryptocurrency services.
Crypto experts are predicting price increases although, throughout their short history of existence, cryptocurrencies have been volatile, so it is hard to predict what will their price be in the future.
Overall, cryptocurrencies are considered risky but are known for great returns on investments.
Is Bitcoin The Best Cryptocurrency To Invest In?
Bitcoin is the most reputable cryptocurrency. It was the first one to be released in 2009, leading the way for the rest. Bitcoin is often synonymous with cryptocurrencies.
There is a tendency to invest more in Bitcoin than in other cryptocurrencies, due to the reputation that Bitcoin has. Bitcoin has always been the leader of cryptocurrencies since its launch, and in one way or another, other cryptocurrencies are correlated to it.
But, its reputation gives it more acceptance than its rivals worldwide.
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