Publisher: HM's book
Publication Date: May 14, 2018
Binding: Kobo eBook
We explain how to trade cryptocurrency for beginners. To start trading cryptocurrency you need to choose a cryptocurrency wallet and an exchange to trade on.
From there it is as simple as filling out a form and waiting for the transaction to process (once your information is verified with the exchange you pick)
In other words, if you want to trade cryptocurrency you need:
- A cryptocurrency wallet (or two).
- A cryptocurrency exchange (or two) to trade on.
A cryptocurrency wallet is a place where you store encrypted passwords that represent coins (the equivalent to storing money in a bank account). A cryptocurrency exchange is like a stock exchange or like a currency exchange in a foreign airport (a place people can trade cryptocurrency for other cryptocurrencies and fiat currencies like the US dollar). Just like if you want to trade stocks you need a bank account and access to the stock exchange, it is the same deal with cryptocurrency!!!
A good first foray into cryptocurrency investing is the obvious, buying a major cryptocurrency like Bitcoin. After that, you’ll probably want to trade USD for crypto on an exchange like GDAX. Once you have done that, you could try trading BTC and ETH for other cryptocurrencies. Trading “crypto pairs” can be rewarding, but it is more complex and often more risky than just buying a single cryptocurrency as an investment.
On cryptocurrency mining: As noted, one way to invest in cryptocurrency is via cryptocurrency mining. That is a valid way to start investing if say you love computer gaming and need a new rig and want to invest in small amounts of cryptocurrency while maybe making back some of the cost of the rig (and maybe even breaking even) but that is an entirely different subject. The average investor will want to trade USD for cryptocurrency on an exchange and avoid the complexities and investments of mining. In all cases, unless you already have a good rig with a ...