Altcoins Talks - Cryptocurrency Forum
Learning & News => For Beginners => Basic Questions about Cryptos => Topic started by: Mimi on January 27, 2024, 02:49:03 PM
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I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??
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People are really looking into crypto because it brings about the digital money of investment. You as an investor, invest in crypto, for a short or long while you make profits.
Cryptocurrency is a risky investment, the investment made in it, is at one's risk, not of someone else. That's why you ought to be mindful of that kind of investment to make in crypto.
To be at a safe side of crypto investment, invest in bitcoin and be sure of future profits.
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There are so many aspect when you want to invest in cryptocurrency you can either buy crypto and wait for an increase in price or you can go into forex trading if have enough knowledge and experience when I mean trading in demo account and learning the basics my advice for a newbie who want to invest in cryptocurrency don't invest in shitcoin
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There are so many aspect when you want to invest in cryptocurrency you can either buy crypto and wait for an increase in price or you can go into forex trading if have enough knowledge and experience when I mean trading in demo account and learning the basics my advice for a newbie who want to invest in cryptocurrency don't invest in shitcoin
I don't think that should be the first advice to be given to a newbie who knows nothing about cryptocurrency as he may end up losing his investment to trading. Trading should be done at a level where you have full understanding and experience of how it works, the market and many aspects of crypto.
As for op, the first thing you need to ask your self now is are you going for a long term holder or a short term trader. And if yes then you should also be aware that there are lots of cryptocurrency in the market and investing on good reputable one would be the best idea if you don't want to end up with a bag of worthless coins or tokens at the end of the day. I will always advice people to carry it research to ensure they understand all they need to know about a particular coin before investing. Bitcoin is still the king and has always been if you know you can invest in Bitcoin then you should get a good wallet like electrum and accumulate using the DCA method.
If you choose to go for other cryptocurrency other than Bitcoin like etherum, then you should get also a good wallet like unstoppable but make sure to keep your keys safe and away from thefts of loss.
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As you already have a good understanding of cryptocurrency, it is recommended to start investing in only one crypto or primarily invest in Bitcoin. Investing in Bitcoin while you gather more knowledge not only about investing but also other important information about cryptocurrency will be helpful. By accumulating or holding Bitcoin as much as possible, you will gain valuable knowledge. Once you have acquired sufficient information about the market and cryptocurrencies, you can start investing in any other cryptocurrency that interests you.
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I don't know, I feel this is an information that can be easily gotten from the net.
If you truly interested like you claim, then you should start doing research yourself and maybe ask questions on topics that feels vague or too complicated.
In investing, it all depends on your goal if you want a relatively safe coin to invest then I would say all the top ten coins with some level of volatility
But if you looking for high rewarding coin which is usually tied with high risk
Then I would say you should pick low caps coin or IDOs.
But since you inexperienced I would say buy a coin with good utility, community and Team and hold. Sell when you comfortable with the profit.
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Since you already have a basic idea about crypto currency, I won't say much. The next thing you asked for an opinion on is investment. You can invest in bitcoins as an initial investment if you want. Bitcoin investment is mostly for those who can hold and be patient with Bitcoin at the end of the day it leads to profit. So you can start your cryptocurrency journey by investing in Bitcoin. Then you will be so motivated when you benefit from it. Then I would say try to know a little better about these things. If you don't know, you might have a wrong idea about it. In that case you will feel bad about it. So I would say first gain knowledge about this topic.
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Thank you everyone for your input I had knowledge but didn’t have experience and this forum is a place filled with people with crypto experience that is why I asked the question here and truly you did not disappoint and I have learned more about it ,I have been studying the cryptocurrency for a while now and I understand that the prices fluctuate and I know it’s risky but I think the trick is to invest an amount you will be comfortable losing not going in with a lot of amount and invest in short term and not quickly selling your tokens immediately it falls but while it’s still at its peak.
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I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??
If you don't know anything about cryptocurrency, I highly recommend investing in Bitcoin and using the Binance app.
Why Bitcoin?
It's because this is the safest and the lowest risk among the other cryptocurrencies, you can be sure that if you keep your key in a safe place no one can get it from you. And in terms of its value, even the price fluctuates you can assure that it will not go down to zero especially this days where the halving is nearly coming.
Why Binance?
It's because it is the rank 1 centralized exchange, and I can prove it to myself that your funds are safe here just don't violate their rules.
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Since the google is most friendly on everyone, we can easily get some information about what cryptocurrency is right before asking, this is what I expect seing from you to first take action on, make findings on your own and read article that talked about what cryptocurrency is, this is all about digital currencies, we can choose to and hold them, make payments with them and also use them as our investment digital asset or currency.
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Thank you everyone for your input I had knowledge but didn’t have experience and this forum is a place filled with people with crypto experience that is why I asked the question here and truly you did not disappoint and I have learned more about it ,I have been studying the cryptocurrency for a while now and I understand that the prices fluctuate and I know it’s risky but I think the trick is to invest an amount you will be comfortable losing not going in with a lot of amount and invest in short term and not quickly selling your tokens immediately it falls but while it’s still at its peak.
There are lots of sources where to learn about Crypto without enough knowledge it's too risky to invest in crypto.
Crypto is too volatile and some of them just created for churn and burn if you want to invest in crypto you need to stick to the top 50 crypto on Coinmarketcap and Coingecko and also make sure to buy crypto only in well-known exchanges don't deal with anyone who PM you here or in telegram most of them are scam and before you invest make sure to search deep about that crypto.
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You are asking what is cryptocurrency, and at the same time you are looking for one to invest your money in, i feel you should first understand what crypto is. A basic definition will be that they are digital currencies that are different from fiat currencies, digital currencies should be decentralized and run on an immutable and transparent blockchain, but there are so many centralized crypto in the industry that work just like traditional currencies.
If you learn about crypto and you are ready to buy some, i recommend you buy BTC and store it in your self custodial wallet, i.e. Electrum or BlueWallet.
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I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??
It's a digital currency that people buy and sell, meaning that there's no such thing except coins. Like we buy something in the market i.e. in the market or in the shop it has the same type but only this digital currency speaks it and you can get a lot of profit from it and sometimes suffer loss too. But the loss occurs in the case that if you take some coins and are hasty in selling it, that is, if its price is going down, then you sell it wearing what you have. You have to bear the loss.
If you any one hold these coins and didn't panic then in future they will sell these coins in profit. So let's discuss in short that its the type of normal currency but you can say digital currency. All the currencies are moving according to BTC.
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I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??
This is not that easy, we don't know how much funds you have in your pocket ready to be thrown into crypto assets, and we also don't know what are your plans, like either you want to hold your investment for longer periods of time like for 5 to 10 years or you want to make profit in one day. There are different types of trading, there is swing, day, short-term, mid-term, etc. What do you want to try?
There are many apps, that suit best according to your geographical location of yours and we also don't know that. We don't know what's on your mind. In total, we can't help you with this, but I can tell you that cryptocurrencies are digital assets, tokens, and coins, that have value some have intrinsic while some have no intrinsic value. That depends on the nature of the token. If you want to make profit from trading, then it is better that you start doing your own research, and make some analysis, if you don't know how to do that then learn first.
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I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??
Welcome to the crypto world, I am happy that you have found your way in and also trying to develop some interest in it. Talking about what is a cryptocurrency, it's like a digital asset, coin, or token that runs or functions on blockchain technology. Now you will ask what is blockchain technology, it's a chain of blocks that are attached to one another in sequence increasing the security of the data stored on these blocks.
In short, cryptocurrency is like digital money but it is more volatile that's why investors and traders prefer to use it to make some profit, but don't get confused that you only get profit out of it, you can also make a loss too. Therefore proper research is needed otherwise you can lose everything.
I can't give you any financial advice but if you have some funds and want to invest for the long term then ETH and BTC are the best choices right now, but still, I will say DYOR and follow your guts because following others makes you dependent on them. So try to learn more and groom more. Best of Luck!
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Cryptocurrency is a type of digital or virtual currency that uses cryptography for security and operates independently of a central authority, such as a government or bank. Unlike traditional currencies issued by governments (known as fiat currencies), cryptocurrencies are decentralized and typically utilize blockchain technology to record and verify transactions.
Key characteristics of cryptocurrencies include:
Decentralization: Cryptocurrencies operate on decentralized networks of computers, known as blockchain networks. These networks are distributed across multiple nodes, making them resistant to censorship and manipulation.
Blockchain Technology: Most cryptocurrencies utilize blockchain technology, which is a decentralized and distributed ledger that records all transactions across a network. Each block in the blockchain contains a cryptographic hash of the previous block, creating a secure and tamper-proof record of transactions.
Security: Cryptocurrencies use cryptographic techniques to secure transactions and control the creation of new units. Public and private cryptographic keys are used to verify and secure transactions, ensuring the integrity and authenticity of the currency.
Anonymity and Pseudonymity: While transactions on a blockchain are transparent and can be viewed by anyone, the identities of the parties involved are often pseudonymous. Users are identified by cryptographic addresses rather than personal information, providing a degree of anonymity.
Limited Supply: Many cryptocurrencies have a predetermined maximum supply, making them deflationary in nature. For example, the total supply of Bitcoin is capped at 21 million coins, which creates scarcity and can potentially increase the value of the currency over time.
Peer-to-Peer Transactions: Cryptocurrencies enable peer-to-peer transactions without the need for intermediaries such as banks or payment processors. This allows for fast and low-cost transfers of value across borders and without the need for traditional financial institutions.
Bitcoin, created by an anonymous person or group of people using the pseudonym Satoshi Nakamoto in 2009, was the first cryptocurrency and remains the most well-known and widely used. Since then, thousands of other cryptocurrencies, often referred to as altcoins, have been created, each with its own unique features and use cases.
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I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??
Basically, you can learn cryptocurrency here:
https://academy.binance.com/en/glossary/cryptocurrency
The information is very complete and you can widen your question and get the answer on the link quite well and the explanation is quite clear.
If it is related to investing in crypto, then you have to understand first, cryptocurrency is Bitcoin and Altcoins. For Bitcoin, you don't need to doubt the potential and trust of this coin. This is the first crypto and no doubt for investment.
Now for altcoins, that might be a little tricky and risky. You have to understand more about what coins really have potential and are safe and which are high risk. Maybe this will help you to understand altcoins:
https://cointelegraph.com/news/how-to-pick-or-analyze-altcoins
However, there is actually an easier way, namely if you want to invest in altcoins, choose the top altcoins with a high capital market. Coins such as: ETH, BNB, MATIC, SOLANA, XRP, ADA, LTC, and other top coins, are risky, but still less risky than new coins. Avoid meme coins if you can't optimize your chances of getting profits.
And for exchange use trusted global exchanges or trusted local exchange in your country. Or you can also find altcoins and exchanges based on the ranks on this site:
check on Coin Market Cap:
https://coinmarketcap.com/
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I believe if op already had an idea on what cryptocurrency is, be wouldn't have come here to make enquiries on what it it, when asking a question, there could be many reasons to why we are doing so, the difference that we have in cryptocurrency to fiat traditional currency is the decentralization, in cryptocurrency, we have the access to take charge over the wallet account and the whole model of handling our finances when there's no regulation.
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I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??
Cryptocurrency = bitcoin + altcoins
You can learn more about cryptocurrency in this space without people teaching about it. There are alot and enough information in the internet, this forum and the neighbouring forum called bitcointalk.
Concerning the app to use, you may decide to go for no custodial wallets(open source). I doubt you have not stumbled and settled for exchanges yet.
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OP, just to add to what other members have said, cryptocurency is a digital asset which you can actually acquire it without the knowledge of your friends, family, neighbors or anyone unless you tell them you have bought some cryptocurencies.
Cryptocurency gives room for a flexible investment which you can have access to your money anytime you want and you can also cash out any time you want with ease.
Things you must know about cryptocurency is that it is a volatile asset. If you want start investing, then go with Bitcoin first.
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Cryptocurrency is digital money that uses cryptography for security and operates on decentralized networks called blockchains, allowing for secure peer-to-peer transactions without the need for intermediaries like banks.
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It' is a smart Network chain P2P
The use of encryption technologies means that cryptocurrencies function both as a currency and as a virtual accounting system. To use cryptocurrencies, you need a cryptocurrency wallet.
a digital currency in which transactions are verified and records maintained by a decentralized system using cryptography, rather than by a centralized authority.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"
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Cryptocurrency is is digital money you can use this to purchase and invest crypto crypto can be distributed across large number of devices any transaction are recorded to at the blockchain
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Cryptocurrency is is digital money you can use this to purchase and invest crypto crypto can be distributed across large number of devices any transaction are recorded to at the blockchain
Take note that it is not every crypto that is money or is fungible and can be spent on goods or commodities. BTC is money, it is fungible and it is decentralized, but i cannot say the same thing of many cryptocurrencies. So many people think the characteristics of BTC is the same with altcoins, but that is not true, many altcoins are useless and are centralized and controlled by certain people.
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I have a grasp of what cryptocurrency is but I would like to know more about it as I am developing more interest in it and would like to start investing, so advisably which crypto should I go for and which App should I use.??
Hopefully this quote will help you about what is cryptocurrency:
A cryptocurrency is a digital or virtual currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Most cryptocurrencies exist on decentralized networks using blockchain technology—a distributed ledger enforced by a disparate network of computers.
More details, here, you can read fully in these articles.
https://www.investopedia.com/terms/c/cryptocurrency.asp
https://www.forbes.com/advisor/investing/cryptocurrency/what-is-cryptocurrency/
Those sources provide easy ways to learn and understand about cryptocurrency, specifically and generally. Only by reading, you can gain exact meaning and more details about cryptocurrency.
And if you are asking about investment in cryptocurrency, it's about you are trusting cryptocurrency for you, by putting your money into certain cryptocurrencies.
but, before investing, please also understand at first about what kind of cryptocurrencies much better for investment.
There are:
- Bitcoin
- Altcoins (so many altcoins ou there, but I suggest you to pick the top altcoin lists, you can see more details on https://coinmarketcap.com/)
Cryptocurrencyinevstment is exactly risky, so, never put very high expectation to be rich overnight by investing in cryptocurrency.
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Cryptocurrency is a digital currency that use cryptography and it's volatile investors and investment.