Many people believe that cryptocurrency is the most profitable investment tool today. In fact, many people became millionaires overnight through bitcoin investments.
Bitcoin is the most well-known cryptocurrency to date, and in 2016 alone, a single BTC was priced at only $800. But the price of bitcoin in November 2017 was over $7,000. Now, it is around $10,000.
Ethereum, the second-largest encryption currency in terms of market value, has risen at the fastest pace among digital currencies so far.
However, it is important to keep in mind that cryptocurrency is a high-risk asset. The market value of cryptocurrency is fluctuating higher than any other investment. Moreover, since this is a market with few regulations, there is a risk of it being illegal in some countries. And many hackers target cryptocurrency exchanges, making users lose investment funds.
If someone wants to invest in cryptography, it will be Bitcoin, most of all. But these day, there is a wide range of options, with some coins focused on privacy. Some are not so open or some are far less decentralized than bitcoin, while others are the copycat versions of bitcoin.
Beyond cryptocurrency purchase in crypto investment
While Bitcoin purchases are very easy (the exchange for BTC purchases is very common), other encryption coins are not that easy to purchase. But now more and more exchanges start trading other currencies such as Litecoin, Ethereum, Monero and Ripple. Other ways to buy coins include buying and selling between individuals or buying through Bitcoin ATMs.
When you buy an cryptocurrency, you also have to think about how to keep it. All large exchanges offer Wallet services. This method may seem convenient at first glance. But it is most secure to keep encrypted assets in their hard drive wallets or invest in hardware wallets so they can be accessed offline. This is not only the safest way to store coins, but also the most convenient way to use them.
Not much different from any other investment, one should pay attention to the changes in the market value of the encryption money and always keep an eye on the news related to it. Coinmarketcap, for example, frequently provides information on prices, volume of transactions, existing supplies and market prices for all kinds of encryption money currently traded around the world.
