Many people showed interest in investing in cryptocurrencies. Even aware that sometimes they can lose, they are also aware they can earn an enormous amount of money. It is not always easy to earn, it is necessary to spend hours and hours by following the market, but it is worth it.
What is cryptocurrency?
For those who are new to encountering cryptocurrencies, we will say it is decentralized digital money. Decentralized means there is no central control authority and we say it is digital money because it does not have a printed version, but has value. Trade can be done only electronically. Many people found it very profitable to invest in such trading. The number of cryptocurrencies constantly grows and it is not possible to say the exact number, but there are thousands of them.
Even if you don’t know much about it, you probably heard about Bitcoin (BTC). This is the most valuable and popular currency in the world of crypto coins. It was created at the beginning of 2009 by the group of people hidden behind the pseudonym, Satoshi Nakamoto. Even though created with some mistakes, very soon it became No 1 currency. And still is. The value of every currency unpredictable changes, it can rise or fall unexpectedly, but Bitcoin is one of those that constantly rises. Currently, its value is 9.627,64$!
Of course, it is not enough to invest the money and think your job is done. Before even starting, it is good to think about how much you are ready to lose. This means you shouldn’t invest more you are ready to lose. For the beginners, it is good to invest small amounts, or in several different currencies. In that way, you will not lose all the money you invested. Some people advise investing in other, weaker currencies.
Where Do I Keep cryptocurrencies?
Before starting with it, it is necessary to have a place to keep the money. It is also called a wallet, but unlike a regular one, this wallet is in the digital version. There are several types of it, exchange offices offer a wallet service, but people found it more secure to keep the currencies in the online wallet on the hard disc. Wallets can be hot and cold. Hot wallet requires access via an internet browser which makes them easy targets for hackers, while a cold wallet is one of the best ways to keep the money safe.
With Bitcoins you can do almost the same as with regular money – you can pay a vacation, a dinner, education for your family, flight ticket, you can invest in company shares, mining, and so on. The list of possibilities is endless.
Where and how can I buy it?
If you still do not know how to start with your new hobby and the way of earning, here is a short guide. Like we already mentioned, people all around the world found it profitable to invest in such a business. But where can you buy crypto-money? The answer is – everywhere! It is possible to buy it online, in the cryptocurrency exchanges, ATMs, investment funds, by using a gift voucher or even peer-to-peer.
Speaking of ATM, their number in the world increases day by day. At the moment, there are approximately 5,000 ATMs around the world. This is one of the easiest and most popular ways to get what you want and start with work.
The exchange office might be complicated. First of all, it is difficult to find. Another important thing is it has to be controlled and approved by the government, and the customer has to be informed with protocols about anti-money laundering, which leads us to the waste of time by going through the bureaucratic procedure. Many exchange offices will demand you to link to your existing bank account, which deprives you of anonymity. Therefore, to avoid leaving your personal information, it is easier, faster, and safer to use an ATM. All you have to do is to slide your credit card in, buy wanted currencies, scan QR code to transfer the currencies into the digital wallet you already provided.
We mentioned various possibilities of investing and mining is one of them. This can be a very slow, but profitable investment. It is important to find the so-called mining pool to join before starting. A mining pool is a group of investors joined together. This will increase your chances to win. You will have to download the mining program, there is no universal software, many pools have its own.
How can you maximize profits?
- No matter if you are investing in mining, shares, or any other domain, the equipment is very important. The more you invest, the more you will earn. Don’t be cheap on that. By purchasing the right software, you have already secured earnings. You can consider it your best worker who will use its algorithm to bring you a profit. BitcoinsUnion will help you enter the world of investing and earning safely and without worries. It is important to check if there are any additional costs hidden, is it safe and what is the minimum you have to invest in.
- Patience is very important in such a business. Do not expect fortune overnight.
- Invest in several different places. It can increase your chances to win, but also to lose less.
- If you are investing in mining, do not hesitate to join the mining pool. Researches showed that the odds of winning are 1:1.000.000 or even less when you are on your own, and your chances are increasing to 1:1.000, depending on how big the pool is.
- Stay informed about every day changes on the stock market and be prepared to set aside your time for this. To be successful in anything, you have to commit to it as well. This will make you react faster in selling and buying, depending on if values rise or fall. Invest wisely, follow the market and the effort will pay off.