Cryptocurrency, Bitcoin, Ethereum, the blockchain, decentralized, altcoins, crypto tokens… Are thrown into my face all the time. Be it scrolling through a social media app or watching the news. I’m frequently bombarded with these big words and the likes of them.
After rigorous research of learning what they are this is a 6-step manual to one of the phenomena called CRYPTOTOKENS.
Crypto tokens are assets, they are equivalent to something valuable. It’s a digital resource that you can own and make transactions with. Crypto tokens made investing accessible and not a rich man’s game. It allows people of all economic levels to be a part of it. If you want in, you need to read the steps listed below to get in on the game. Yeap, it’s THAT easy.
But like I keep reminding you all that it’s not sunshine and rainbows, you need to keep yourself grounded.
Budget it out!
No one knows the state of your wallet better than you. Go easy on your pockets. Determine a sum that you are willing to invest and preserve it in crypto so you don’t end up using it. It’s a long-term value so refrain from going all in at once.
Choosing a coin
You can buy crypto tokens with your own money and then you can any transaction you wish. They are bought with Ethereum (ETH), Bitcoin (BTC), Ripple (XRP), and so on. After you buy them with fiat currency – the regular money in the finance currency – through an exchange online, you send the desired sum to an ICO address and they give you your tokens. It is like getting those tickets for playing arcade games and then getting a prize over the number of tickets you have.
A quick and easy way to describe ICOs is that they are equivalent to fundraisers. You give them money either through fiat money or preexisting digital tokens. In exchange for your investment, they give you tokens. Investors (you) hope that they will grow and you will get a return from the investor funds when the company launches its product or starts its digital currency.
So, to know which project you need to invest in is what we mean by analyzing ICOs.
Looking for a trustworthy platform
Just like any other business, you need to be wary to the scammers and find yourself a trustworthy platform, otherwise, you’ll be losing money instead of making. You can check out Fast Invest as they provide a robust and transparent system. It has no minimum investment giving you full control and no pressure; perfect for a beginner!
If you’re way too dependent on devices to keep you in check then you NEED to find a reliable place to store your digital currency. Don’t give in to the big claims and look for facts. Find wallets that are flexible and give you full control and 24/7 access.
Doing an in-depth research or overthinking the process won’t make you any smarter. At the end of the day, it all comes down to the choices you make and the timing of it all. The information can be a bit too overwhelming but don’t give in to the analysis paralysis. It all trial and error.