If you ask anyone about Cryptocurrency, many will answer that they heard about it. But no one has a clear vision of what Cryptocurrency is and how it works! More than 12 years have passed and still, people have vague ideas about it and since they do not have clear ideas, they find it quite difficult and complicated. In this article, we are going to clear your ideas about Bitcoins and Cryptocurrency.
What the fuss is all about?
Everyone wants to keep their money secured. Digital money is somehow able to keep itself secured from any type of external attacks.it saves your time, it saves a lot of transaction fuss, and it saves it a lot of manpower. When you use digital money, you do not require any mediator to help you in the transaction. But as they say, everything on the internet is at risk. Cryptocurrency is also at risk. Hackers target your money all the way. You need to keep it safe from them.
Cryptocurrency has lots of disadvantages and drawbacks. But at the same time, it also has some positive sides to it. If you are a beginner, you need to understand the positive sides first. Cryptocurrency has some amazing benefits that make it one of the most desirable replacements of the traditional monetary system. Here are some advantages that you need to understand.
Advantages of using Cryptocurrency:
- Quick transfer: Your transaction will be done within a few minutes. It is just about some clicks and you are done. No more going to banks, no more standing in a queue, no more problems as you are handling the whole thing on your own!
- Cheaper transaction: When you go for a transaction through banks, they charge you a certain sum of money. With the advent of Cryptocurrencies, it is easier to go for cheaper transactions. As no banks are involved, no transaction fees are required!
- Swift transactions: Right now, if you want to go for an international transaction, you need to go through a lot of procedures. Sending money overseas is a big problem in many countries. You have to fill forms, you have to ask for people’s permissions, etc. With Cryptocurrency, there will be no obligation anymore! You can send as much amount to anyone around the world. No one can ask you a single question!
- Secure transaction: No one is going to know about your transactions anymore. When people get to know about the transactions, obligation follows. But now, with Cryptocurrency, no one is going to know what amount of money you are sending and to whom you are sending!
- Place for investment: Many people find it quite reasonable to invest in Cryptocurrency. No matter how much people make you believe that Cryptocurrency doesn’t have a future, do not believe them. People have a mind set to restrict anything that is new and non-conservative. If you have faith, you can make a fortune out of Cryptocurrency too!
Top 5 tricks for beginners who want to go ahead with Cryptocurrency:
- Find a dependable source: You need to know dependable and true news about Cryptocurrency. For that, you have to follow only true news providers.
- Segregate your money: Do not invest your money in one Cryptocurrency. Bitcoin is one of the most popular and trustworthy Cryptocurrency out there. But there are several other Altcoins also available. To get the best out of the Crypto-market you need to divide your money into different Cryptocurrency.
- Be prepared for anything: Cryptocurrency market is very volatile. The price goes sky high and within a few days, it steeps down below ground! If you want to earn constant benefits, you have to be prepared for everything.
- Stay vigilant: The more people know about Cryptocurrencies, the more risk involved in every transaction. Stay safe and vigilant so that no one can snatch your money out of your wallet.
- Use both Hot and Cold Wallets: Both Hot and Cold wallets have different usages, advantages, and drawbacks. It is wiser to use both of them simultaneously.
Conclusion: Know everything before you step into investing in Cryptocurrency. Do not venture into Bitcoin until you know everything in detail.