Crypto traders know the value of a fast, secure, and cheap cryptocurrency exchange, a safe Bitcoin wallet, and a mind that’s always in search of knowledge. Traders in this space have become a ubiquitous sight on Wall Street and in coffee shops all over the United States, and indeed the world.
Cryptocurrency trading has become mainstream in the modern world. It’s an incredible feat that has created a meteoric shift in the way consumers, investors, and savers think about finance just over a decade since the decentralized commodity marketplace was validated as a workable model for future business and financial interaction.
If you are thinking of joining the more than 100 million active, worldwide crypto users in this new age of personal finance but don’t know where to start, then read on: This guide is for you!
The decentralized currency world is buzzing with energy.
Cryptocurrency trading never sleeps. Unlike the stock market or forex trading, Crypto exchanges are always on. This means that your trading behavior doesn’t have to fit within anyone’s limits but your own. Many investors who work during night shifts or elongated hours find it hard to manage their portfolios, but with a Bitcoin wallet, this difficulty becomes a thing of the past.
Bitcoin, Ethereum, and other cryptocurrencies are unchained from time and other restrictions as a result of their decentralized nature. This means that they are not regulated by a central issuing authority like a fiat currency (the U.S. Dollar, Russian Ruble, or Euro, for instance). Fiat currencies are the physical financial instruments that consumers carry around in their wallets and use to purchase goods and services. Importantly, fiat currencies are backed by a national issuing agency rather than gold or another commodity asset, as was the common practice up until the last century.
Decentralization allows for greater user control over the management of funds and the lifting of anyone’s limitations on the ability to trade or purchase these commodities.
Holding cryptocurrency assets requires a wallet or exchange.
In order to purchase and maintain a portfolio of cryptocurrency assets, you’ll need to do some research into the best Cryptocurrency wallet for your personalized needs. A cryptocurrency wallet is a digital container that protects your Crypto assets, much like a physical wallet holds credit and debit cards, cash, and identification.
Your wallet in the physical world is an important belonging that you protect while outside your home because a lost or stolen wallet is the quickest path to suffering unauthorized purchases, identity theft, and unending phone calls to banks and others in order to cancel old cards and have new ones issued.
The same set of principles can be applied to your Crypto wallet. With a private key that protects the contents, a Crypto wallet secures the Bitcoin, Ethereum, or Litecoin assets that you’re holding. Many wallets exist within exchanges themselves, and this gives traders unparalleled access to fast market movements and immediate transactional opportunities. Just like the difference between your checking account and stock market holdings, many traders opt to keep a portion of their assets in an exchange-held wallet while moving other assets to a hardware wallet for safe keeping.
Trading in cryptocurrencies is a great way to take advantage of the hottest commodity asset on the market right now. Bitcoin paved the way and enjoys pole position within the Crypto world; however, there are hundreds of other stable assets that interact with one another as trading pairs. Cryptocurrencies are exchanged at all hours of the day and contain a unique volatility that can be leveraged by a data-driven trader for maximum wealth gain. Make the leap into the Crypto market with the best tools available, and you won’t be sorry.