A Beginner’s Guide to Getting Started with Cryptocurrency

Cryptocurrency can be a little bit intimidating to some people, but it doesn’t have to be. Once you understand the basics, buying and selling crypto is easy. The most important thing is making sure that you’re thoroughly informed first and understand the risks and benefits of crypto. You also need to have a solid understanding of what they are, as well as their limitations. Let’s take a look at what beginners need to get started with cryptocurrency.

Learn About Cryptocurrency Types

The first thing you will need to learn is your major cryptocurrencies. At the time of writing, we would say that Bitcoin, Ether, Litecoin, and Ripple are the ones you should pay the most attention to. You can also look at a few lesser-known but still popular coins, like Cardano, for instance.

You will then need to understand what differentiates cryptocurrencies. Bitcoin, for instance, is purely transactional. Ether, on the other hand, serves as a form of ‘fuel’ developers have to use to power their apps, like the Ethereum blockchain. You can already see the fundamental difference between the two.

As a newcomer, you will also need to pay attention to tether. That’s because transferring currencies from fiat to crypto and back is not always easy. However, Tether is a cryptocurrency that replicates the movements of the US dollar.

This means that you can buy USDT instantly from an exchange like Paxful and be able to switch between cryptocurrencies easily while still taking advantage of the stability of the US dollar. This site makes it easy to trade coins with other verified members and you can accelerate transactions when you buy USDT instantly. It’s also very safe, and they have a great wallet that you can try as well, which brings us to our next points.

bitcoin cryptocurrency for beginners

Get Yourself a Wallet

Note that you will need a wallet if you want to exchange and store cryptocurrency safely. Do not leave your money on an exchange unless you have no other choice. Make sure they let you transfer your funds to your wallet easily.

Your wallet can be anything from a piece of paper with your private and public key to an encrypted USB key. It’s good to have a combination of wallets just in case. You can have a software-based one and a hardware one like the Ledger Nano, which you can store in a safe place.

Know that there will be no way to get your coins if you lose your private key. And there are many stories of people who have lost insane amounts of coins because of that. So, take that part very seriously.

Learn how to Trade

The next step is learning how to be an actual trader. You want to learn how to read candlestick charts. You want to learn how to use technical indicators to verify your predictions. This way, you’ll have a better idea of whether the coin might be over or undersold, for instance, and not just bet on movements.

This is really all that it takes for you to get started with cryptocurrency. Like anything, practice makes perfect, and the more you learn about trading and crypto the better your strategies and returns will be.

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