A number of search requests for “What is Bitcoin?” is increasing alongside with the price of the first ever cryptocurrency. It is very likely that within one year, the newcomers to cryptocurrency will catch up with the experienced users. This is the reason why Bitcoin and the whole cryptocurrency industry grows in the exponential scope.
If you are willing to invest in cryptocurrency but don’t know how and where to start, due to some confusion, this is the best article for you. So, let us begin.
Research About Cryptocurrency
Of course, this is the first thing you’ve got to do. Pay specific attention to the following aspects:
What Is Cryptocurrency?
Bitcoin was the pioneer and only cryptocurrency at first. Now there are about a thousand of them. In order to understand it better check everything you need to know about Bitcoin.
Every cryptocurrency is:
- A digital currency
- Based on the blockchain
What Is The Blockchain?
It’s a decentralized database. The core of what makes cryptocurrency so different from any other currency. The blockchain technology is even broader than the cryptocurrency. It’s a new way of how things are going to work in the near future. Well, they already do in some aspects.
What Are The Most Principal Representatives Of Cryptocurrency?
Of course, Bitcoin, because it is the first. It opened the world to the new notion of decentralized technologies. As of now, Bitcoin is the most stable and investable cryptocurrency. It is definitely the starting point for every newcomer.
Ethereum has the second biggest, after Bitcoin, market capitalization. This project has clearly shown us that blockchain is capable of doing much more than only providing transactions. Ether, the token distributed within the Ethereum network, is the most recognizable Altcoin (alternative to Bitcoin cryptocurrency).
Try Yourself On Board
If you feel well-informed about cryptocurrency, the next step is to gain some experience. Are you ready?
Choose A Specific Exchange
When it comes to this point, you should focus on what is most important for you. The two main points every potential or factual crypto holder should pay attention to is security and, bluntly said, user-friendliness. It’s an absolute jackpot if you’ve found a cryptocurrency exchange that combines safety, reliability and a plain interface that makes it easy for beginners to get into the process of buying/selling cryptocurrency.
Luckily, there is one. CEX.IO is a UK-based Bitcoin and Altcoin exchange. It is a legitimate company with respective registrations and certificates, established in 2013. The safety of their users’ funds and personal data is the number one goal for the CEX.IO team. At the same time it is considered as one of the most user-friendly cryptocurrency exchanges. The interface is made in the most intuitive way. It also includes plenty of tips as well as a number of tutorials on their blog.
Make An Account On CEX.IO
- Registration. It’s nothing different from any other regular website. You also have the opportunity to make an account via Facebook, Google, etc.
- Payment card verification. This is probably the most essential step, after which your account type will turn into a basic. You will already be able to withdraw and deposit a certain amount of money. There’s nothing complicated about it, but just in case, here’s CEX.IO’s step-by-step guide that will help you do this without any problems.
- Identity verification. This is an additional step you can take. So this way, your account type will become a verified account. In practical terms, it allows you to withdraw up to $100 thousand dollars per month and $10,000 dollars daily.
Buy Your First BTC
You may think: “Why especially Bitcoin?”. There’s no big difference, in fact. Although, as it was already said, Bitcoin is good for the start. For now, it is considered as the most stable investment compared to Altcoins.
You can buy any amount of BTC you wish (on CEX.IO, the minimum buy order is 0.01 BTC, which is less than $50 currently). This will never be amiss, plus it will give you some experience in buying and storing your first cryptocurrency coins.
The process of buying BTC won’t be a trouble for you, because CEX.IO provides one of the easiest ways to buy cryptocurrency using your bank card and offer a bunch of various tutorials on how to do it.
Research More About Altcoins
If you have experienced the process of buying Bitcoins or other cryptocurrency yourself (which, for sure, was not so tough as you thought it would be, was it?) and have done quite enough research, you are now ready to have a thought on certain Altcoins. Here are few tips about the way, or, specifically, the approach of how you may do it.
Price Is The Least Thing That Matters
Some think that whereas the price of 1BTC is much higher than the price of, let’s say, 1ETH, it will bring more earnings. It may happen, but may not, as well. So, it’s not the price you should pay attention to, but the volume of its growth. For example, over the last year, the price of Ether coin has increased more than 40 times, while Bitcoin – less than 10.
Go Deep Into The Technology, The Team Behind It And Their Future Plans
Every successful Altcoin has a certain underlying technology that makes it stand out of its market competitors.
- Ethereum is unique for its smart contracts. Especially this feature led to the price skyrocketing within one year. It happened due to the increased demand of ICOs that were proceeded through the Ethereum network.
- Dash is reckoned as one of the most usable and applied to real life cryptocurrencies. Their team has set a challenge to make the user experience as positive as possible. In fact, they are now working on a blockchain network upgrade called the Dash Evolution, that as they say, will become the ‘PayPal killer’. If this happens, you probably do realize how much this will affect the price.
- Bitcoin Cash is considered as a Bitcoin renewal by various people. Technically, it’s an upgrade of the original Bitcoin network done by certain group of individuals. As a result, it has evolved the appearance of the new independent token. Being one of the youngest coins on the market, it has already became the third cryptocurrency according to its market capitalization.
As you can see there are plenty of factors that affect the price. Before investing in any cryptocurrency, it is extremely important to research a lot about the whole technology and even the people who are working on it. When you have an approximate understanding of market tendencies and experience in the following sphere you are able to come to a right decision that eventually brings great profits.
If you reach a decision to invest in a certain cryptocurrency be sure to know that with CEX.IO you are granted the opportunity to trade Bitcoin, Ethereum, Bitcoin Cash, Dash and Zcash. It’s no accident that trading of especially these tokens are implemented on the platform. CEX.IO feels obliged to support its users with the most advanced and promising cryptocurrencies on the market.
The industry is at the very beginning of its long and progressive future and the right decision today can actually bring a great income tomorrow. So, if you are interested in cryptocurrency – explore, learn and invest. But be objective and avoid rash decisions.
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