Quick: If You Think Cryptocurrency’s a Scam It’s Time for Crypto 101

Quick: If You Think Cryptocurrency’s a Scam It’s Time for Crypto 101

The following article is not an offer to buy or sell securities, and does not constitute financial advice of any kind. Investing in financical markets, and/or investment vehicles of any kind is a serious matter and should be handled through a fully licensed financial adviser. 

Millennials and Gen Z are Changing How People Invest Globally 

Cryptocurrency is a hot topic.

For many Americans, the rise of digital currency is a cause for excitement and concern.

In many minds, cryptocurrency represents a “sketchy” idea as well as a threat to the American Dream. However, once you get to know it, it’s reflective of opportunity versus a threat.

There is a silver lining to the “American Dream” of cryptocurrency in the USA.

The rise of virtual currencies and Bitcoin, in particular, is a sign of the times; though in many ways, cryptocurrency remains an untapped resource in the United States.

Let’s look at the possible benefits of furthering cryptocurrency here at home:

Crypto Could Create More Opportunities for Americans

One of the most significant benefits of crypto-currency now is that it removes the giant hurdle of having to be an expert in blockchain technology. Basically, if you have a smartphone and know how to use a banking or trading app  you’re golden.

Whether it’s learning how to use an app like Coinbase or installing the latest browser plug-in (wallet), many people can get up and running with basic cryptocurrency usage in a matter of hours.

This alone could lead to a rise in new business opportunities for the average American.

With new jobs and new business opportunities coming online with the rise of cryptocurrency, it’s easy to see how the average person could begin to see themselves as both cryptocurrency experts and entrepreneurs.

With more opportunities to earn, and more people able to make money, there will be more demand for goods and services. The argument can be made that the result of this is that jobs will be created, and the American Dream will be achievable for many more people.

Why Developing a Digital Payment System Is Critical 

One of cryptocurrency’s most intriguing potential benefits is that it could open the door for digital payment systems and become a new debit card.

One of the largest digital currencies by market cap is Bitcoin, and it trades for $45,000 per Bitcoin. However, because the system is unregulated, it’s possible that the price could surge higher.

While the price of Bitcoin is already close to $45,000, other coins and tokens are also valued at significant amounts.

If consumers are willing to pay higher fees to use a more efficient system, demand for these coins and tokens could surge. If the demand is high enough, the price could increase even more. This could lead to a positive feedback cycle, increasing the price and furthering cryptocurrency adoption. This could lead to more and more companies accepting cryptocurrency as a form of payment nationally.

Learning  the A-Z’s of Starting Crypto

To join the crypto world, you must follow a few simple steps:

Register for an exchange with your email address and a password (it’s good to pick something you can easily remember).

Registering on an exchange is like signing up for any other website  but the difference here is you will be investing in the crypto markets. The website will most likely ask you to verify your identity, which can take some time, so be patient.

A good practice is to create a unique Google account just for crypto trading and use that exclusively for trading. You can also use an anonymous browser for privacy, like TOR or I2P.

Bitcoin and altcoins are traded on markets called exchanges.

If you are new to the crypto-world, you might wonder where you can buy or sell digital currencies. We now have a few exchanges where we can purchase cryptocurrencies with fiat currency (fiat = “real money”).

There are different exchanges for Bitcoin, Ethereum, and Litecoin.

However, it’s best to choose a more popular brand as this will ensure that there are plenty of traders on the site. The best exchanges are Coinbase (store) and Robinhood, and these exchanges also serve as a trading platforms.

Once your account is verified with them, it’s time to familiarize yourself with the different coins that the exchange offers and their associated development teams.

It’s not a bad idea to do some research before making any investment, so we will leave it up to you to do your research.

So to buy or sell these coins, you need to place an order on the trading platform.

Your order can be executed by matching bids and asks.

Uphold is an excellent exchange for buying and selling multiple coins at once; it’s fast and easy to understand, and you can also hold all your coins with them.

Always check for the latest news about digital currencies on CoinDesk or CCN.

Diversify your portfolio by purchasing small amounts of different cryptocurrencies.

One of my favorite new crypto coins out there is called Brave.

Brave has made earning coins fun by allowing you to earn coins by using their custom web browser. If you are looking to purchase altcoins like Brave, it’s best to set up an account on a second exchange. A few options are available, and you can use any of them via Changelly (a third-party service).

One new token (coin) that is hitting the market by storm is the Brave Attention Token (BAT). You can download the Brave web browser for MAC or PC and start to use them as your default browser.

The more you use it, the more BAT you earn.

Brave has found a way to gamify a task most people already do, and, in turn, they earn BAT. Go check them out.

Hopefully, this will get you started in the right direction if you are curious about the crypto currency world. This is an opinion piece and is not professional financial investment advice. Invest at your own risk. 

Entrepreneur John Quick helps businesses discover how to best use social media and technology to connect with customers, drive traffic, tell an authentic story, and increase sales. He’s a former regional director for Samaritan’s Purse and is known as “chief implementor and red tape cutter.” Read John Quick’s Reports — More Here.

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