The simplest Bitcoin wallet for beginners and crypto marketplaces? Learn to value coins in BTC. Ether aside, Bitcoin is the current primary currency of the crypto economy (i.e., its what you have to use to buy most altcoins). Those new to crypto tend to value things in dollars. Meanwhile, even seasoned cash traders value coins in dollars. However, enough crypto traders will value coins in BTC for it to matter. If you aren’t aware of the BTC charts, you won’t be able to properly understand the trends everyone else is analyzing and reacting to. You don’t have to make getting more BTC your goal, but you must have the BTC prices of altcoins on your radar. There are times when all coins move up, but altcoins steadily loose value against Bitcoin. Those who know will be the first to dump altcoins for Bitcoin; this will set off a vicious cycle that can result in the stagnation of altcoin prices.
What are the different types of Cryptocurrency wallets? There are several types of wallets that provide different ways to store and access your digital currency. Wallets can be broken down into three distinct categories – software, hardware, and paper. Software wallets can be a desktop, mobile or online. Desktop: wallets are downloaded and installed on a PC or laptop. They are only accessible from the single computer in which they are downloaded. Desktop wallets offer one of the highest levels of security however if your computer is hacked or gets a virus there is the possibility that you may lose all your funds.
Most beginners make one common mistake: buying a coin because it’s price seems to be low or what they consider affordable. Take, for example, someone who goes for Ripple instead of Ethereum simply because the latter is much cheaper. The decision to invest in a coin should have very little to do with its affordability but a lot to do with its market cap. Just like the conventional stocks are gauged by their market caps, which is evaluated using the formula Current Market Price X Total Number of Outstanding Shares, the same applies to cryptocurrencies. Read extra details on Fairbit.
Cryptocurrencies, sometimes called virtual currencies, digital money/cash, or chips, are not exactly like US Dollars, Euros, Venezuelan Bolivars or Peruvian Soles. They exist “online” and are not usually backed by a government (there are exceptions). They are backed by the respective user networks that keep them as Bitcoin.
During an ICO (Initial Coin Offering), startups offer the general public an early chance to invest in their idea through a crowded sale. In return, these investors are allocated tokens at a lower price with a promise to sell them at a much higher price when listed on an exchange. Time has proven that ICOs can quite successful with records showing that some tokens ended up more than ten times the value of the projected returns. But what’s the catch in this, you might ask… ICOs have attracted a large number of investors clearly due to their high returns; however, another large number of ICOs have turned out to be total scams. People have lost millions worth of investments.
First out on this list is Coinbase. This is one of the most popular cryptocurrency brokers in the world. It is highly secure and trusted amongst the Bitcoin and crypto community. And for a beginner it is perfect place to start off with. As it is very easy to use and they have lots of different payment options. That includes adding several payment methods like a bank account (or wire transfer), PayPal, credit and debit card to name a few. You can also combine Coinbase and use it together with it’s sister exchange, Coinbase Pro (learn more about the two). Coinbase is one of the most popular and most-used crypto platforms around. People from all over the world use Coinbase daily to buy Bitcoin with a bank account. Read additional info at Fairbit.