WazirX App Review: A Cryptocurrency Exchange
The world’s first automated peer-to-peer trading platform.
WazirXApp has a price alert option.
The user interface is simple and straightforward to use for beginners.
More than 450 trading cryptocurrencies are available.
Web presence, Android and iOS mobile apps, and Windows apps
How To invest in cryptocurrency? 4 steps for beginners to get started
The cryptocurrency market has been in the news lately and it is no longer about the prices, but about how to invest in them. In this article, I will tell you what you should know before you invest in cryptocurrency.
The good news is that cryptocurrency is not the only investment that you can have in your portfolio. I am going to explain four simple steps you should follow if you are looking to invest in cryptocurrency.
I will not get into the details of how to trade or mine cryptocurrency, as I want you to get into the cryptocurrency story and not the trading mechanics.
I will assume that you have the technical skills to set up your own mining rig or that you are willing to invest in mining.
Why invest in cryptocurrency?
Cryptocurrency allows you to trade an asset that is impossible to establish ownership of. For example, just as a person cannot own a share of a public company, a person cannot own a share of a blockchain company.
You can’t buy a token because there are not enough shares of the company to allow you to do so.
When you exchange cryptocurrency for a foreign currency, the process is called trading, and in most cases, the foreign currency must be converted into a cryptocurrency like bitcoin.
Cryptocurrencies are different from traditional currencies and assets in many ways. A simple way to think about cryptocurrency is like a marketplace where you can trade real-world assets such as gold, shares of a company, property, or a product.
Cryptocurrency is built on blockchain, which is a distributed ledger. Unlike traditional financial ledgers, blockchain does not rely on a third party to ensure that information is accurate and unaltered.
As a result, blockchain is very efficient and fast, meaning that more than 100,000 transactions are recorded in a day. This makes cryptocurrency extremely appealing as a replacement for fiat currencies such as the U.S. dollar or the euro.
With bitcoin, for example, you can transfer money without involving an intermediary such as a bank.
However, to be able to convert a bitcoin into fiat currency, you need to trade with another user who has the required amount of bitcoin. The process is called buying and selling or buying and selling with another user called a trader.
The bottom line
If you are a person who has an interest in financial assets or an entrepreneur looking to start a new business, cryptocurrency might be an avenue for you to explore. For a deeper dive into the idea of using cryptocurrency, check out my previous article on the subject.