Investing in the Crypto Currency market space can be quite a little daunting for the standard investor, as investing directly in Crypto Currency (CC) requires the usage of new tools and adopting some new concepts. So should you decide to dip your toes in this market, you will want to have a good concept of what to do and what to expect. crypto to invest in
Buying and selling CC's requires you to choose an Exchange that deals in these products you wish to buy and sell, be they Bitcoin, Litecoin, or some of the over 1300 other tokens in play. In previous editions we've briefly described these products and services offered at a couple of exchanges, to offer a concept of the different offerings. There are many Exchanges to pick from and all of them do things in their very own way. Search for what matter for your requirements, like:
- Deposit policies, methods, and costs of every method
- Withdrawal policies and costs
- Which fiat currencies they deal set for deposits and withdrawals
- Products they deal in, such as crypto coins, gold, silver etc
- Costs for transactions
- where is this Exchange based? (USA / UK / South Korea / Japan...)
Be equipped for the Exchange setup procedure to be detailed and lengthy, as the Exchanges generally wish to know a whole lot about you. It is comparable to creating a fresh bank account, as the Exchanges are brokers of valuables, and they want to make certain that you are who you say you are, and that you are a trustworthy person to deal with. It appears that "trust' is earned with time, as the Exchanges typically allow only small investment amounts to start with.
Your Exchange will keep your CC's in storage for you. Many offer "cold storage" which simply means that the coins are kept "offline" and soon you indicate that you wish to do something with them. There are quite a few news stories of Exchanges being hacked, and many coins stolen. Think of your coins being in something such as a bank account at the Exchange, but remember that the coins are digital only, and that most blockchain transactions are irreversible. Unlike your bank, these Exchanges do not need deposit insurance, so know that hackers are usually out there trying everything they could to find your Crypto Coins and steal them. Exchanges generally offer Password protected accounts, and many offer 2-factor authorization schemes - something to seriously consider in order to protect your account from hackers.
Considering the fact that hackers like to prey on Exchanges and your account, we always recommend that you use a digital wallet for your coins. It is relatively easy to move coins between your Exchange account and your wallet. Be sure to choose a budget that handles all the coins you wish to be buying and selling. Your wallet is also the device you use to "spend" your coins with the merchants who accept CC's for payment. Both kinds of wallets are "hot" and "cold" ;.Hot wallets are extremely user friendly but they leave your coins confronted with the internet, but only on your pc, not the Exchange server. Cold wallets use offline storage mediums, such as specialized hardware memory sticks and simple hard copy printouts. Using a cool wallet makes transactions more difficult, but they are the safest.
Your wallet provides the "private" key that authorizes all the transactions you wish to initiate. You also have a "public" key that is shared on the network so that most users can identify your account when involved in a transaction with you. When hackers get your private key, they could move your coins anywhere they desire, and it's irreversible.
Despite all the challenges and wild volatility, we are confident that the underlying blockchain technology is just a game changer, and will revolutionize how transactions are conducted going forward.
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