The way of the world is constantly and ever-evolving and the same goes for the new ways in which things are being traded, paid for, supplied and exchanged. It seems to all be digital in a sense, we see our monetary value on our phones or laptops, transfer or purchase with a click of a button, and it doesn’t look like it is going to be slowing down anytime soon.
We are looking at a new wave of what may essentially become the currency of the future, crypto. If you are like me when I first started, then you will know that the minute you hear the word crypto and currency in one sentence the cash goes from your wallet to the application. No more licking your thumb as you count the crisp notes you just withdrew from the ATM, it is all about the arrows, are they up or down, and more importantly are they red or green.
You want to start your research and homework from the beginning and take it slow, it may seem overwhelming at first when you set off but once you get the hang of it and the lingo becomes second nature it will be like a walk in the park. Crypto (see here for a better explanation) is in basic terms digital currency.
The transactions that take place while using the digital money to pay for services or goods are written down in a computerized ‘ledger’ of sorts and you have the means to access your funds at any time of the day or night and trade freely.
The main fact that must be understood is that more than likely when receiving or buying goods from a specific company you will need to use their personalized cryptocurrency, this way the business and transactions circulate within the firm, and investments are re-invested and so the actions continue.
Why is crypto so sought after?
There is a longer list than I had initially suspected, but after chatting to many traders, cryptocurrency firms and crypto users, we have narrowed it down to a few of the most popular reasons and also the most commented-on features of the currency market.
- This was not a point I believed would be such a contributing factor and deciding element when people begin looking into online traded currency. But because these ‘block chains’ –read here to better understand what is a blockchain– in basic terms cut out the middle bank man and the value is less at risk of going down due to inflation. Your money is safe at the value you expect it to be till traded, sold, or bought.
- As mentioned the value is increasing for crypto on the market and since the day it started the amount has escalated beyond imagination. People are now searching for the best price possible that suits their budget to purchase coins before it rises even further and only available to a small, specific demographic.
- It is advanced. Like with all things that evolve, and with everything done online and the severe risk of hackers and cybercriminals, we can never be too careful. Programs and firewalls are being put into place daily, each with intricate coding to evade and shove off potential cyber thieves and hacker geniuses.
- Long-term. The coin value is different in the sense that we don’t need to wait for a specific period before cashing out or trading up, the future aspects are not reliant on time but rather knowing when is best suited to you to move money around from and between accounts or shares.
How to buy and sell your coins.
We have all heard of the word Bitcoin and how its success seems to be taking over the world, but what about those who don’t have the funds or means to purchase the ever-popular Bitcoin and opted to buy an alternative? These coins are known as altcoin, anything other than Bitcoin.
Don’t be fooled into thinking that these are any less important as the value currently stating to be in the billions speaks for itself, they are simply different. Knowing where to buy or who the best in terms of a fair price is, immediate payouts or financial transparency can be tricky and your research will need to be thorough and concise.
To get the ball rolling and help you get started on the right track, check out vancouvercrypto.ca for professional help, clear advice, and guidance that means the difference between a great initial trading venture or not.
The experience can be exciting, seeing your trade costs rise and fall, hanging on last minute to see if anything changes, and making committed decisions are all part of the package that makes cryptocurrency all the more worthwhile.
Be sure for the reasons as to why you are wanting to get involved, do you have the financial comfort to begin while still holding your current working position, and if it doesn’t work out will you still have the financial security to take care of yourself and your family.
Take care to do so under advisement with experts on hand to help guide you on the right path, who understand why and how you want things to operate, and that share their knowledge about the industry to work to your advantage.
What to consider when selling your coins.
Ideally, selling while the price is at a high and knowing that the value is about to dive makes selling the altcoins more desirable. Be sure to check and understand the market before making any hasty decisions, on the other hand, don’t be like the crowd and get greedy because that is a disaster in itself waiting to happen.
Take a quick moment to see this article on the topic and learn more about the dos and don’ts of selling and buying, the when, how, or the answer to those nagging ‘what if’ questions.
It is all about knowing and considering the facts, will you be financially and more importantly mentally stable if you sell and the stock continues to rise in price and your overall profit could have been that much better? Or is it a desperate situation and you feel yourself getting twitchy fingers? Keep a level head in the game, understand it for what it is whether good or bad, and roll with the punches as the old saying goes.
Something for everyone.
The world of trading stocks, buying, and selling crypto may not be for everyone but if you are in the game you need to do it to the best of your ability, is it not? No one goes to the match with half an effort, they are in it to win it and so should you be.
Stay motivated for those down days and when the good days come they will be that much sweeter that you stuck it out. It is a tough old world, we know this, it has its curveballs and certainly its tests, but all we need to do is dust ourselves off and get back on the horse. You have come this far so make it count and sell big.