No Cap! The world is moving in a new direction of currency, and you should be in the know about how to collect these new “coins.”
Because the cryptocurrency industry has been presented to most as intimidating and very technical, many tend to shy away from learning the ins and outs of cryptocurrency. If you’ve been sleeping on cryptocurrency, it’s simply a new kind of internet money. You can use it to buy things online, and you can send it instantly to other users anywhere in the world, at a very low cost, needing nothing more than a smartphone and an internet connection. The total value of all cryptocurrencies on Aug. 18, 2021, was more than $1.9 trillion — down from April’s high of $2.2 trillion, according to CoinMarketCap. (Royal 2021). Cryptocurrency can be cheaper and more convenient than many existing services that are used to regularly send money overseas. Several million people are actively using it today for that purpose.
You may have been told that you need lots of money to invest; however, that is not the case at all. You can start trading or invest in cryptos in no time if you follow the right process. A step in the right direction starts by choosing your crypto currency exchange, and we hope that very soon, you will consider First Boulevard as your cryptocurrency exchange of choice.
Here are three quick lessons on choosing a cryptocurrency exchange.
Lesson #1 – Education Is Key
If you are entering the crypto world for the first time, there are two things for certain you must learn, and that’s how to trade and how to purchase. For the newbies, diving into crypto can be both exciting and overwhelming. Not only is there a need to decipher the complexities of the technologies behind the currencies, but also a need to understand the difficulties associated with investing, trading, and monitoring your coins.
If you are getting into the space to make a quick buck, you better know how to earn that quick buck. If, on the other hand, you are in it for a long-term gain (and as a beginner, most likely some loss), you need to understand how the market works, especially as it pertains to exchanges.
Lesson #2: Crypto Exchanges
What is a crypto exchange, you ask? Cryptocurrency exchanges are the gateway to your success as a trader or investor. Hence, knowing how to choose a crypto exchange is crucial. There are many available exchanges that you can buy cryptocurrencies at and navigating the right exchange can be a challenge. There are numerous factors that you must consider in ensuring that you’ve opened the right exchange based on your expectations, requirements, and what’s best for you. A good majority of exchanges offer only the top coins, which usually consists of Bitcoin Ethereum or Litecoin. Consequently, some coins can only be purchased by using these bases and cannot be bought using a domestic currency, such as the USD.
In its most simplistic definition, cryptocurrency exchanges allow an individual to do three things:
- To exchange one cryptocurrency for another type of cryptocurrency.
- To purchase and sell a particular crypto coin(s); and/or
- To exchange and convert your fiat into another cryptocurrency.
Lesson #3 – The Value of Cryptocurrency
Newcomers to cryptocurrency find this aspect very confusing. How can this new internet money, which can’t even be touched, be so valuable? To answer that question, we need to think back to the evolution of money. Cryptocurrency is specifically designed to include all the characteristics we’ve discovered about money; be convenient for the digital age but with no one point of failure.
The above characteristics give us a good way to measure sound money candidates against and should help tackle the question of whether cryptocurrency, as a potential new form of money, has value.
Please don’t feel that you’re late to the party of cryptocurrency, as the party is just getting started. As cryptocurrency continues to evolve and more people like yourself understand it, new improvements and refinements are made and may soon be the ultimate form of sound money. There’s no question about it: Cryptocurrencies are here to stay. The question becomes, where is the best place to invest your money in the market? You may have heard these words before “all [people] are created equal.” But, in the world of fiat and monies, not all currencies are valued equally. Be wise and intentional and find a platform that values you as equally as your coins. Don’t be a FUD (fear uncertainty and doubt) and drop the FOMO (fear of mission out) and jump on the train to building wealth. Coach JP strives to help you control your money and passively build wealth by educating you to understand the world of cryptocurrency.