Bitcoin reaching new levels and it’s now at its highest price since October last year interest has once again piqued and people wanted to step in the digital world. But many people got confused about how to get started in investing cryptocurrency, especially with little knowledge about the digital world. The information about the digital currency out there can be daunting often conflicting. What cryptocurrency do you invest in? Where do you buy it? How do you buy it?
Bitfoliex is a best platform for beginners to take the first step in the crypto world. Bitfoliex.com provides a proper guide to its new users about how to start investing in cryptocurrencies.
Here we’ve tried to explain some points for the beginner so even the absolute amateur can get knowledge about cryptocurrency.
Do the Research to Understand Your Investment
This is the most important point to overlook by investors. You always need to make sure that you must know exactly what you are investing in. Read articles, research the creators and the company and be sure it is something you feel is worthwhile and not a scam or fraud. In this case, bitfoliex exchange is perfect platform to get started. By reading different blogs on different forums and speaking to people who have invested already, you are likely to get a good idea of what it is you will be putting your money into and eventually.
As the crypto world is ever-changing, following the news is compulsory too. If you want to get the best out of your investment then new technologies, changes to the laws, and the latest products related to your chosen coin or token are all important things you should keep an eye on.
Find out what cryptocurrency works for you
This is the most important thing that a beginner should know about as there are a huge amount of coins and tokens are available in the market. You should not only find a coin that will get you decent financial returns but one that could prove useful, too.
Essential questions to ask should be:
· Do I want to make a long-term investment and wait to make a return?
· Do I want to use the cryptocurrency to pay for everyday goods?
· Is the cryptocurrency you are investing in legal where you are?
Find a crypto exchange
Some digital currencies cannot be found on specific exchanges and can actually difficult to find. And some exchanges are even banned in different countries. You should find an exchange that accepts fiat currency.
It is also important to be sure of the security system. The best exchange should keep customer deposits offline, in cold storage. This protects funds from hacks. Obviously, some exchanges can boast better security than others. Some exchanges may also insure users’ funds too. Bitfoliex exchange is one of the best exchanges in the market that have all these qualities.
Get a crypto wallet
Finding the perfect wallet is also a task that requires a lot of thought. Crypto wallets store your private and public keys and associate with various blockchains that allow you to monitor the balance in your wallet, send money, and conduct other operations.
Though there are different types of wallets, and depending on your investment, choosing the right one is a difficult task. Mobile wallets are ideal for everyday use but not great for storing large amounts of crypto. Hardware wallets store a user’s private keys on a hardware device, like a USB are good for large amounts of cryptocurrency. While desktop wallets downloaded and installed on a PC or laptop and offer good security.
Bitfoliex wallets are useful as they store your keys on a cloud and are accessible from any location. But they are also not vulnerable to hacks.
You may want an everyday wallet they can use to pay for goods and services, or a long-term storage solution then bitfoliex is perfect for you.
Find a Blockchain Community
Talking to people is not only essential for finding out which cryptocurrency you want to buy but for when you actually own the cryptocurrency and want to know how to use it. Having a community is important, threads on Twitter, chat groups, and having access to people who can tell you how things work is absolutely necessary for the beginner.
Try Using Crypto Yourself
Using the product yourself is necessary for the first-time investor. It may be difficult to go into your local coffee shop and buy a drink with your cryptocurrency so try anything even sending cryptocurrency between wallets. Playing around with it will give you an idea of how the technology works.