How to store cryptocurrencies and cash in one place safely and which one to choose
If you are here, you probably already know the basics of trading or are merely interested in finding out more about cryptocurrencies. We will cover the basics, so you know what to look for, how to manage, and where to store your coins for future tradings.
Top 5 cryptocurrencies in 2020
You might’ve heard already, but cryptocurrencies have a limited amount. Litecoin has much more than Bitcoin, automatically making it more approachable on the stock market. What is also essential is that liquidity percentage is high, due to its value. It is also much faster to mine a Litecoin block, and it’s one of the safest currencies despite strong competitors.
Ethereum is right behind Bitcoin in terms of liquidity (which means virtually no problem with buying or selling it), and it was the first cryptocurrency to present smart contracts. Maybe the most important thing to mention is that it has a much better chance to continue existing on the stock market than Litecoin or Bitcoin. Many people put their trust in Ethereum, so it has a lot of backup in that sense. You can be sure that you are making a good investment if you decide that Ethereum is the way to go for you.
Bitcoin has been the most used cryptocurrency for years already. They always wanted to become the main cashless currency without any regulations or restrictions. It is the best cryptocurrency to start with if you are a beginner since it has the highest liquidity. Despite many rises and falls, it is still the most stable cryptocurrency, and you can expect it to rise even higher due to constant demand!
Ripple comes right behind Bitcoin and Ethereum on the stock market, but its goal is different from the other cryptocurrencies we mentioned. It is focused more on large institutions and not so much on individuals. It even succeeded in partnering with banks and offer services as a financial settlement. This is important because it makes it possible to make transactions directly across national borders without third parties included.
- BAT (Basic Attention Token)
Maybe it doesn’t ring a bell right away, but it has been a wanted cryptocurrency for three years. Bat token is mostly used to support content creators and anyone else on the internet. This is a concept created by Mozilla Firefox co-creator Brendan Eich. It is a utilized currency, and it stayed steady despite many competitors and currencies coming and going during the years, which can only be a good sign.
Choose your cryptocurrency and platform
We gave you the top 5 choices, but feel free to explore the market further, if needed. When you choose your currency, you should decide the platform you’re going to trade on, and where you could keep it. It is essential for financial planning to have all of your money (both cash and digital) in one place, and many banks are giving you this option. It is a smart move if you want to check what is going on and if you are spending too much or are overestimating how much you can spend. Remember, many people will jump into it with all they have, which is not the smartest move. You should be sharp, learn every day about the stock market and trading since this is an investment that can be profitable if you make it so.
Why it is important to keep everything in one place
We mentioned already that you should look at this as an investment, and aim towards having a profit from it. It is unreasonable to expect millions in a week, but being patient and having a steady passive income is essential. You can invest a little bit and then decide to spend more gradually.
The cryptocurrency was typically stored in a cryptocurrency wallet, but now we have many different options, including banks. This is a big improvement and means a lot to anyone skeptical about opening their accounts on other platforms next to the one they already use.
Online trading has become a regular part of creating new income. Banks opening up to having a cryptocurrency account option is smart for marketing and your own sake. You can probably recall many times you asked yourself, “Where did I spend my money, I don’t even remember.” It was perhaps some small thing you saw on the street or extra topping on your burger, but you didn’t have a record. Banks now offer everything in one place, where you can have a report every month and then eventually see what you can exclude from your expenses and what you can add. On top of that, your cryptocurrencies will also be in check, you can trade them straight from your account, and you’ll learn exactly how much money you are dealing with. Most importantly, you will know how you should make a budget or improve it.