Starting With Cryptocurrencies
Do you ever wonder how cryptocurrencies can get started, then this article is just for you. I will be sharing some basic details in this article to get acquainted with cryptocurrencies.
In this article, You will comprehend;
-What Cryptocurrencies are
—Why is it essential?
-- How to use cryptocurrencies to make money
-- How to invest correctly in crypto-currencies
What are cryptocurrencies?
Cryptocurrency is a type of digital money that can be sent from one person to another. It has all the qualities of cash, such as exchange medium, divisible and value store. But unlike conventional money, cryptocurrencies can not be physically felt, have no central bank, and because of their fixed supply, it is a better form of money.
In order to ensure a decentralized, stable and trustless financial system, cryptocurrencies use blockchain technology.
Cryptocurrencies are revolutionizing the banking sector, just as technical developments are revolutionizing other sectors.
The use of cryptocurrency has launched a new era of "Decentralized Finance" (DeFi) in which cryptocurrency is used by blockchain companies to provide financial services.
Cryptocurrency Value
There are some important reasons why cryptocurrencies are still very significant and continue to gain traction over the years. And for some of those reasons, here are;
-- Payment to cross border
-- Cheaper fees on purchases
-- Set supply to supply
-- Source of earnings by trade and investment
* Payment from Cross Bother
With cryptocurrencies, it is now easy to send money to anyone all over the world, a smart phone with internet connection is the only requirement. For instance, you have to send money from Africa to a business partner in Europe. You will previously have to go via Western Union, which is not accessible in all countries, then it takes a couple of days to collect the money sent. In addition, there is a lot of reporting that needs to be completed and the entire procedure is tedious in some instances. However, you can send and receive payments from all over the world instantly with cryptocurrencies.
* Cheaper Payments for Purchases
Transaction fees can range from 2-7 percent, depending on the financial service you are using. If you had to send $1 million in the same vain, you can do the math for an average charge of 4 percent to see how much you would have spent on transaction fees alone.
You can, however, send $1 million dollars in Bitcoin transactions with cryptocurrencies at just under $2.
* Set Supply Service
It's a known fact that, every now and then, central banks simply print currency, which has contributed to hyperinflation in many nations. For example, in Nigeria, while the minimum wage has been raised, the amount of items that you can buy with that minimum wage has decreased. As long as central banks continue to print currency, the value of the Naira, the Dollar and other fiat currencies will continue to decrease.
However, supply is set for cryptocurrencies such as Bitcoin. Therefore, from 2009 to date, the price has increased from under $1 to over $10,000. Surprisingly, fiat currencies (naira and dollar) have continued to fall in value over the same era. During the same time , for example, Naira went from 150/$ to 470/$. In fact, this is inflation and it will continue to occur.
* The source of earning by trading and investing
One of Cryptocurrencies' greatest benefits is that it acts as a source of revenue by trading and investing. As stated earlier, since its launch, the price of Bitcoin has gone from below $1 to over $10,000. Early investors who came in when it was still quite inexpensive have already made a lot of profit. Additionally, as a means of livelihood, individuals also trade cryptocurrencies on exchange such as Binance regular.
Why Cryptocurrencies Make Money
In cryptocurrencies, there are various ways to make money and I will share some of the most common ways to make money with cryptocurrencies in this session.
-- Earn from crypto-staking / farming
-- Earn from the use of Binance P2P
-- Earn from Spot, Futures or Binance Exchange Margin trading
1. Gain from crypto-staking / farming
Crypto staking / farming has become a huge subject of interest with the new buzz in Defi Ventures. We have seen some staking / farming projects offer over 2500 percent yield in recent times. In addition, as you can stake your BNB coins and gain new coins that are being farmed, Binance has made it very easy. A lot of individuals are purchasing BNB to simply invest it or use it to expand other tokens.
Note, here you don't have to do something boring, just transfer your asset into the acceptable staking program and you receive according to the offered interest rate.
2. Using p2p Binance
With p2p, with ease, pace and cool profits, you can exchange crypto for fiat. Three excellent reasons why this is brilliant are that it uses zero fees, can be used for remittance purposes, and also does not require strong technological skills.
If you're new to crypto and want to start making profits on a regular basis. This is the safest and best place for trading to begin. It's a simple trading strategy involving the exchange of fiat (local currency) between binary crypto traders. If you want to explore this opportunity, log in to your account and head to p2p to get started.
3. Earn on Binance from Spot, Futures or Margin trading
Crypto trading is the most common of all the different ways for you to earn in space.
Through trading cryptocurrencies, you can make money using all of the trading products of Binance, such as Spot Trading, Margin or Futures. All that is needed is to have the skills you need and you are good to go.
How to invest correctly in Cryptocurrencies
Finally, I would like to educate you further about how to correctly invest in cryptocurrencies in this post.
There are a few important items to remember when it comes to investing in cryptocurrencies when you go about investing and trading it.
1. Never spend any more than you're prepared to lose.
While you can invest and exchange crypto for money, you can also lose money doing it. Therefore, always doing good risk management and never spending more than you are prepared to lose is the first keynote point to investing in cryptocurrencies. When, for example, you receive a monthly paycheck. It is worth spending a few months' salary in crypto. While you expect the best from your investment, you can still get it back with just a few months of work at your job if things go down to nothing.
2. For the long term, invest in trustworthy crypto only
Once you have determined how much you are prepared to invest in cryptocurrencies. Only in cryptocurrencies that have a strong track record should you invest. Don't buy into each project simply because it was suggested by others. Following Twitter gurus who deceive them, too many people have got burnt transactions. Don't be a casualty.
A percentage of the money is recommended to go into long-term investing, and another percentage is recommended to go into short-term trading.
You will certainly need the Binance Exchange Account if you plan to become a daily trader or an investor, so kindly follow this connection to build one. Join our business group to learn about more possibilities in space.
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