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How to become a crypto ninja

by AITradingJune 13th, 2018

Too Long; Didn't Read

<em>Although the implementation of cryptocurrency has been planned and discussed for several years, its usage has only exploded in recent times, together with the evolution of the digital era.</em>

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Although the implementation of cryptocurrency has been planned and discussed for several years, its usage has only exploded in recent times, together with the evolution of the digital era.

Many refer to these ages as the ones of the Bitcoin Boom, as, its creation, has completely disrupted the trading activity. Bitcoin, indeed, can univocally be considered as the pioneer of all cryptocurrencies.

The benefits of cryptocurrencies can be mainly summarized in a couple of points, aimed to free the World from banking systems and allow more secure transactions.

With this kept in mind, investing in cryptocurrencies appears to be a great opportunity, as every crypto transaction is safely recorded with the help of the Blockchain technology.

If you have thought many times of getting involved into this Digital Currency Boom but you haven’t done anything about it yet and you don’t know where to move your first steps, this article is for you.

What we want to see today is: How to become a crypto investor? What are the options and the opportunities that this activity involves?

The first crypto step to make is certainly creating a crypto wallet. We know that cryptocurrencies are all digital but, at the end of the day, your crypto coins and crypto bills also need a crypto wallet.

Crypto wallets allow you to store, control and have the complete ownership of your Coins, and give you the chance to monitor your balance and make transactions in total security.

Creating and managing a crypto wallet is very easy, but keep in mind that the options are many and, in most cases, experts suggest to mix the use of different wallets together, as each one of them has its own peculiarity.

According to your purposes and your preferences, you might decide of using:

Wallet applications,

Desktop wallets,

Online wallets,

Hardware wallets or

Paper wallet.

1Wallet applications are generally the ones that everyone prefers at beginning of a crypto trading career, as they are easy to use, they usually have a friendly interface and, most of all, they can be carried around and consulted in every moment.

2 They differ from the desktop wallets. These ones, as you can easily understand, are only accessible from your computer. You can easily download them and they guarantee you a higher level of security.

3Online wallets can be accessed from any device provided the Internet connection.

4 On the other hand, if you don’t want to depend from your network, you can opt for a hardware wallet, that can work perfectly offline.

5Another offline option is represented by paper wallets, that allow you to print out your Bitcoin private keys and that can be a safe solution against hackers.

No matter what wallet you decide to go with, the opening process might be similar for the majority of them. All you need to do is create your crypto account, link it to your card and you are all set!

Don’t forget that the wallets you choose depend on the currency you want to trade. Among all, Ledger Nano S is considered the best for Ether exchange, while Coinbase is recommended for Bitcoin.

Of course, the choice of which currency to trade is subsequent to the one of which market to trade in.

You can’t trade crypto on the Forex stock exchange but the choices are still many - more than 250!

1One of the options is Binance, that ensures secure transactions and low charges. Binance presents the highest trading volume, compared to the other crypto exchange markets, and is used by over seven million traders.

2Another important crypto market is Bitfinex, which is also used by several millions of people from all over the world and it has been the largest Bitcoin exchange platform for four years already.

3A third option could be Exmo, that advertises fast deposits and rapid withdrawals, together with promising the lowest commission fees on the market.

The identification of the right crypto exchange market strongly depends on the currency you decide to trade.We have mentioned Bitcoin before, as it is certainly the most well-known among all digital currencies.Of course, however, Bitcoin it is not the only one available in the market. Other cryptocurrencies are Litecoin, Ether and Ripple.

Litecoin was introduced with the purpose of offering a better, cheaper and faster option than the Bitcoin, but, substantially, does not differ much from the cryptocurrency pioneer.

Ether is the token used as the cryptocurrency of the platform Ethereum. The main peculiarity of Ethereum is that its blockchain technology concentrates on running the programming code of any decentralized application.

Ripple was launched in 2012 and it differentiates itself from the other cryptocurrencies because it is the only one that is connected to legitimate banks, such as Santander, Bank of America and UBS.