In the last 10 years, bitcoin has been built as a recognizable trading tool. More and more people see a profit in investing in this digital currency for a reason. However, to succeed in this, you need to know a few basic things about investing.
Crypto wallet
Providing a crypto wallet is the first step you need to take, even before buying any cryptocurrency. It is a digital wallet where your digital money is stored. It is important to say that there are several types of wallets, and they are divided into hot and cold. We call hot wallets those that require an internet connection. That is why they are exposed to a constant attack by hackers, so many prefer to opt for a cold wallet, or hardware-software that keeps their money safe. A cold level is expensive, but if you are looking at the long term, it is worthwhile because the money keeps you safe. Think of it as a smart investment.
Applications as help
People have come up with the idea to design software applications that will make it easier for you to trade cryptocurrencies. These are mobile applications that are designed to do all the work for you, that is, to monitor changes in the market thanks to artificial intelligence and to keep you informed. This is very useful for those for whom cryptocurrency trading is a secondary business and do not want to spend their free time on it.
How to choose a stock exchange for trading?
To buy, trade, and sell crypto, you will usually need the services of a crypto exchange. With the recent explosion in the cryptocurrency market and the resulting popularity, many different stock exchanges are emerging that offer you the opportunity to invest in cryptocurrencies. Some even allow you to buy bitcoin by credit or debit card.
Before choosing the right exchange or podcast whose status you will monitor, you must be familiar with the security measures and protocols of the crypto exchange. While most are safe, there are also hacks. Therefore, it is better to get acquainted with the security measures that a particular exchange has to protect its clients. Also, think about their reputation, that is, read all the reviews because by reading the experiences of others you will get a true picture of everything. Trading volume is another very important thing to consider. It is basically a calculation of how much certain assets are traded on the stock exchange. The more users on the platform (and the higher the volume of the store), the easier it will be to buy and sell. On bitcoin-evolutionpro.com you will find all the necessary information on how to make a profit thanks to automated trading software.
Which podcasts are best to listen to and follow?
On the podcast, you can hear a lot of useful information about the value of cryptocurrencies, recommendations, and tips on what is best to do and many investors are happy to follow them. Of course, it’s important to choose the ones you trust and who are serious about analysis.
1. The Money Movement
The global economy is experiencing unprecedented change. Business leaders everywhere are grappling with how to transform their companies to become more digital, resilient and efficient. As we face this change, a new global movement is building around the promise of digital currencies and blockchains, forming a new architecture for the global economy and creating new opportunities for companies and people everywhere. The Money Movement explores and chronicles the ideas and opportunities that are driving this new world of digital money. Click here to subscribe.
2. The Promp Podcast by Anthony Pompliano
On this podcast you can find more than 300 episodes and it is currently at the top of the most popular podcasts in the field of business and investment. You can follow The Pomp Podcast on YouTube, Spotify, Google, and iTunes.
3. Unchained
Unchained comes out once a week for one hour. It dives deep into the people building the decentralized internet, the details of this technology that could underpin our future, and some of the thorniest topics in crypto. Many like to follow the podcasts of Shenan Chandrasekar and her associates and thanks to them and their advice and statistics they make money.
4. The Bad Crypto Podcast
Here you will find more than 480 episodes, and if you watch them carefully, you will learn everything you need to know about cryptocurrencies and algorithmic finance.
5. Bitcoin Audible by Guy Swann
The good news is that you are entitled to a 30-day free trial here, so you have plenty of time to assess if this is what you need.
Ways of earning on cryptocurrencies
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Trading
The easiest and most common way to make money on cryptocurrencies for the average citizen is to trade them, so buy them at a lower price and sell them at a higher price, but here are a few more ways to get them:
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Investing in ICO (initial coin offering – initial currency offer)
Investing in new cryptocurrencies that try to enter the market before they can be exchanged on popular exchanges. Then a lower price and extra free coins are usually offered for early entry into the project and risk-taking. It is your job to discover what that is and to bring it about.
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Option saving/stacking
You can keep some cryptocurrencies ‘locked’ in wallets or stock exchanges. By keeping them there for a while, you achieve a passive yield.
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DeFi yield farming
Decentralized financing (DeFi) projects come with a reward system that resembles a bond market. The method is to obtain rewards by locking cryptocurrencies. When you lock your funds and assign liquidity to the DeFi token, you will receive rewards and interest. Depending on the project, in addition to the yield, you can get additional tokens.
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Airdrops
When a new currency is introduced or a new series of currencies is released to gain momentum and interest, many companies try Airdrops. This is the case where the cryptocurrency development team distributes its coin to the community for free or in exchange for small tasks such as downloading its software, parent wallet, or registering for ICO (initial coin offering).
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Gaming
All you need is to play games on your smartphone, you will be rewarded with cryptocurrency.
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Microtask
Some websites allow users to pay a reward in cryptocurrencies for certain tasks, such as writing articles and editing content.
Final thoughts
Now that you have the basic guidelines, you can start investing and expanding your knowledge that will bring you more profit. One rule applies to investing – since the outcome is always uncertain, you never enter more than you are willing to lose.
