THE UNTOLD TRUTH OF CRYPTOCURRENCY

THE UNTOLD TRUTH OF CRYPTOCURRENCY

LEARN EVERYTHING ABOUT CRYPTO CURRENCY

WHAT IS CRYPTO CURRENCY ?

Cryptocurrency is a type of digital currency that generally only exists electronically. There is no physical coin or bill unless you use a service that allows you to cash in cryptocurrency for a physical token.

TYPES OF CRYPTO CURRENCY ?

Bitcoin (BTC) ...
Litecoin (LTC) ...
Ethereum (ETH) ...
Bitcoin Cash (BCH) ...
Ethereum Classic (ETC) ...
Zcash (ZEC) ...
Stellar Lumen (XLM) ...
Bitcoin Satoshi's Vision (BSV)
AND MANY MORE ....

IS CRYPTO SAFE ??

Investments are always risky, but some experts say cryptocurrency is one of the riskier investment choices out there, according to Consumer Reports. However, digital currencies are also some of the hottest commodities.

HOW CRYPTO CURRENCY WORKS ?

Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.

CRYPTO CURRENCY LEGAL STATUS ?

The legal status of bitcoin (and related crypto instruments) varies substantially from state to state and is still undefined or changing in many of them. Whereas the majority of countries do not make the usage of bitcoin itself illegal, its status as money (or a commodity) varies, with differing regulatory implications.

While some states have explicitly allowed its use and trade, others have banned or restricted it. Likewise, various government agencies, departments, and courts have classified bitcoins differently. While this article provides the legal status of bitcoin, regulations and bans that apply to this cryptocurrency likely extend to similar systems as well.

What happens if Cryptocurrency is banned?

Banning 'cryptocurrencies', better termed crypto assets, would also stop investment in companies that use crypto tokens to power their technology. Agencies If a ban is intended to protect the rupee, it is not necessary. The term 'cryptocurrency' is just a word. Bitcoin is not meant to be a legal tender.

IS IT PROFITABLE?

Cryptocurrency day trading can end up being a very lucrative pursuit so long as it is properly executed but it can certainly be a challenge for newer traders - specifically those who are unprepared and without a well-thought-out strategy.

HOW TO TRADE ?

Cryptocurrency Trading Steps

Take a look at the 5 steps to trading cryptocurrency.

Step 1: Make a cryptocurrency brokerage account.

Unless you already own cryptocurrency, you’ll need to make an account with a crypto brokerage. Coinbase, Gemini and eToro are among the best crypto brokerages on the market. All 3 of these options offer a simple user interface and a variety of altcoins to choose from.

To make an account, you’ll need to provide your crypto brokerage with personal identification information, similarly to opening an account with a stock brokerage. Some common information you need to provide when setting up your account includes your Social Security number, address, date of birth and email address.

Step 2: Fund your account.

Once you’ve signed up with a crypto brokerage, you’ll need to connect your bank account. Most crypto brokerages offer bank funding through debit cards and wire transfers. Wire transfer is typically your cheapest option to fund your account –– it’s free on Coinbase and Gemini.

Step 3: Pick a crypto to invest in.

Most active cryptocurrency traders allocate most of their capital to Bitcoin and Ethereum. These cryptos move more predictably than smaller altcoins, so trading with technical indicators can be easier.

Many crypto traders allocate a portion of their capital to smaller altcoins. Although small mid-market cap cryptos are riskier than large-market cap cryptos, they offer higher upside potential. Many small altcoins have risen over 1,000% in a matter of months, making them attractive investments for risk-tolerant investors.

Step 4: Choose a strategy.

There are a plethora of trading indicators to choose from, and most traders take multiple factors into consideration when buying and selling cryptocurrency. If you’re new to investing, you may want to consider purchasing a cryptocurrency trading course.

If you’re an experienced trader, you may already have a strategy you use to trade stocks. Stock trading strategies are also commonly used for cryptocurrencies. A personal favorite trading strategy that many traders use is Elliott Wave Theory. Elliott Wave Theory focuses on the psychology behind the market sentiment, so it works particularly well for speculative assets like cryptocurrencies.

Step 5: Store your cryptocurrency.

If you’re actively trading your cryptocurrency, you’ll have to store your funds on the exchange to have access to them. If you’re buying your cryptocurrency to hold for the mid to long term, then you should get a cryptocurrency wallet.

Cryptocurrency wallets come as software wallets or hardware wallets. Both are secure, but hardware wallets offer the best security, as they store your crypto on a physical device, offline. Ledger is a great hardware wallet brand many investors trust to store their crypto assets on. If you’re looking for a software wallet, there are several options on iOS, Google Chrome and Android that are free to use.