Whether it’s the idea of cryptocurrencies themselves or diversifying their portfolio, people from all walks of life are investing in digital currencies. If you’re new to the concept and wondering what’s going on, here are some basic concepts and considerations for investing in cryptocurrencies.
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What cryptocurrencies are available and how can I buy them?
With a market cap of about $278 billion, Bitcoin is the most established cryptocurrency. Ethereum is second with a market cap of over $74 billion. Besides these two currencies, there are also many options, including Ripple ($28B), Litecoin ($17B) and MIOTA ($13B).
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Being the first in the market, there are many exchanges for Bitcoin trading around the world. BitStamp and Coinbase are two well-known exchanges based in the US. Bitcoin.de is an established European exchange. If you are interested in trading other digital currencies along with Bitcoin, then a crypto market where you can find all digital currencies in one place. Here is a list of exchanges according to their 24-hour trading volume.
What options do I have to save my money?
Another important consideration is the storage of coins. One option, of course, is to store it at the exchange where you bought it. However, you should be careful when choosing an exchange. The popularity of digital currencies has resulted in many new, unknown exchanges popping up everywhere. Take the time to do your due diligence so you can avoid scammers.
Another option you have with cryptocurrencies is that you can store them yourself. One of the safest options for storing your investment is hardware wallets. Companies like Ledger allow you to store Bitcoins and other digital currencies as well.
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What is the market and how can I learn more about it?
The cryptocurrency market is changing dramatically. The volatile nature of the market makes it more suitable for a long-term play.
There are many established news sites that report on digital currencies, including Coindesk, Business Insider, Coin Telegraph, and Cryptocoin News. Besides these sites, there are also several Twitter accounts that tweet about digital currencies, including @BitcoinRTs and @AltCoinCalendar.
Digital currencies aim to disrupt traditional money and commodity markets. While these currencies still have a long way to go, the success of Bitcoins and Ethereum proves that there is real interest in the concept. Understanding the basics of cryptocurrency investing will help you head in the right direction.