Following the meteoric rise in prices of Bitcoin and other cryptocurrencies such as Ripple, Litecoin and Ethereum among others, they have gained global attention. The cryptocurrency industry is currently undergoing a transformation as it prepares for mainstream adoption. Cryptocurrencies are now used by many people for transactions with their growing acceptance as a regular currency. Cryptocurrency will gain a lot of traction in 2022 which is expected to be a busy year for cryptocurrency developments and trends ahead. Here are some tips that you should know about cryptocurrency to help you get maximum benefits from them.
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- 1 1 – Make use of cryptocurrency converter apps:
- 2 2 – Turn your smartphone into a digital wallet:
- 3 3 – Look out for cryptocurrency credit cards:
- 4 4 – Start mining cryptocurrency yourself:
- 5 5 – Blockchains are here to stay:
- 6 6 – Make use of decentralized exchanges:
- 7 7 – Digital wallet management tools:
1 – Make use of cryptocurrency converter apps:
There are several apps available today that can convert one type of crypto coin to another or crypto coins into fiat money as dollars or pounds. These tools are built using APIs (Application Programming Interface) that are available on the internet. People can use these apps to keep track of their crypto portfolio or calculate how much profit they made at any given time. Coinmarketcap is one website that has an extensive list of cryptocurrency converter apps.
2 – Turn your smartphone into a digital wallet:
There are several cryptocurrency wallets out there today that support multiple currencies and their developers are working hard to make them easy to use for everybody. You can choose one that is compatible with both Apple’s IOS and Google’s Android operating systems so you do not need separate wallets for different devices. The more you switch between different cryptocurrencies, the more important it will be to store them in a qualified wallet for security purposes rather than leaving them on an exchange for a very long time.
3 – Look out for cryptocurrency credit cards:
Some companies are currently offering credit cards that can suit your lifestyle and they will let you make payments in both fiat and cryptocurrencies. These cards work like the standard pre-paid debit card by allowing people to load funds onto them before they actually start using it. Once the card has been loaded, users will be able to transact with either fiat or cryptocurrency across different platforms such as Amazon or any other online stores that support such payment options using QR codes displayed on their smartphone devices. It is advisable to do some research before settling on one because there might be hidden transaction fees involved in some cases.
4 – Start mining cryptocurrency yourself:
Mining cryptocurrencies is not only rewarding but it can also be very profitable if you use the right tools to do so. Mining Bitcoin, Ethereum and other cryptocurrencies is becoming harder by the day because of their difficulty rate which means people will need more advanced mining equipment to keep them profitable. This makes buying Bitcoin directly from an exchange or any other platform pointless because it could be losing value rapidly due to high transaction fees. You do not have to buy expensive hardware upfront when using software-based mining tools such as EasyMiner which lets you mine multiple cryptocurrencies from a single computer device at home without worrying about electricity bills or technical difficulties in setting up mining rigs.
5 – Blockchains are here to stay:
A lot of companies out there are starting to see blockchain technology as a disruptive force that can drastically change how we do business today. Bitcoin is just one of the many blockchain based cryptocurrencies that has gained a lot of popularity over the last few years and it remains the most valuable cryptocurrency as well as being its first implementation. Organizations such as IBM, Amazon Web Services and Microsoft are some companies that have started to support blockchain technology on their platforms so you can expect plenty more announcements in this field before 2018 comes to an end.
6 – Make use of decentralized exchanges:
Bitcoin remains the face of this new financial revolution and there is no doubt that it will remain dominant for several more decades at least until something better comes along. Centralized exchanges such as Coinbase allow people to buy large amounts of cryptocurrencies which can attract unwanted attention from regulators because they could be used for money laundering purposes. Decentralized exchanges are slowly becoming more popular because they let users transact cryptocurrencies without needing to pass through a centralized platform that knows their identity and can track their online activities.
7 – Digital wallet management tools:
Cryptocurrency platforms that offer wallets often have support for multiple currencies but it is essential that you diversify your portfolio in order to minimize risk.
I am Professor Elicia Silvestor working as a Forex Trading professional. I have written many books on Forex Trading for those who are interested in it. In these books, I deeply explained how you can take a grip on forex and how to implement professional strategies on market fluctuations. These books have all the necessary guidelines to do mastery in Forex.