Tue Apr 12, 2022 2:25 am by John48
1. Which cryptocurrency to choose?
Now there are about 1600 types of cryptocurrencies. You can choose any. But how to buy a cryptocurrency that will be profitable and safe? The most important and stable cryptocurrencies are Bitcoin, Ethereum and Litecoin. If you are new to trading, then cryptocurrency is a safe and reliable choice. Increasingly, there are new cryptocurrencies, but unlike the proven bitcoin, they are not so certain. No one can say for sure whether they will be popular in a few years.
2. When is the best time to buy?
Buying cryptocurrencies is very similar to buying stocks. No one can say the exact time when the purchase will be the most successful. Many investors make the mistake of buying cryptocurrencies as they rise. And then they are surprised at its subsequent decline. Experienced economists call the “ideal moment to buy” the situation when the cryptocurrency is “at the bottom”, since, most likely, it will grow in price further. But even this is very difficult to calculate correctly.
3. Where to buy cryptocurrency?
The most expensive and least profitable option is Bitcoin ATMs. There are about 20 of them in the Czech Republic. Another option is cryptocurrency exchanges. For example, the American Coinbase, which offers favorable exchange rates. But this system is larger and more complex, which is not easy to navigate, and therefore more experienced investors and financiers will appreciate them.
If you are just starting to buy cryptocurrency, then the easiest option for you is online exchanges. They work like a classic online store. You choose any cryptocurrency you like and put it in the basket, then pay for the purchase by bank transfer. If you live in the Czech Republic, you have a small plus. Unlike foreign exchanges, Czech telephone support is available to you, and you can quickly and easily buy cryptocurrencies in Czech crowns.
4. How to safely store cryptocurrency?
The safest way to store cryptocurrencies is through hardware crypto wallets. The world leader is the Czech Trezor. Another option is a personal user account on a cryptocurrency exchange. You can also store your cryptocurrency in a software wallet, which is an application on your mobile phone or computer. But this method can be unsafe for a beginner. Such applications can be hacked by scammers.