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Latest revision as of 14:53, 15 April 2018
Investing in the Crypto Currency marketplace space can be a little daunting for the traditional investor, as investing directly in Crypto Currency (CC) demands the use of new tools and adopting some new concepts. So if you do determine to dip your toes in this marketplace, you will want to have a extremely great idea of what to do and what to anticipate.
Purchasing and promoting CC's requires you to select an Exchange that offers in the products you want to purchase and sell, be they Bitcoin, Litecoin, or any of the over 1300 other tokens in play. In previous editions we have briefly described the goods and services accessible at a few exchanges, to give you an idea of the different offerings. There are many Exchanges to select from and they all do things in their personal way. Look for the things that matter to you, for example:
- Deposit policies, techniques, and expenses of each technique
- Withdrawal policies and expenses
- Which fiat currencies they deal in for deposits and withdrawals
- Goods they deal in, such as crypto coins, gold, silver etc
- Costs for transactions
- where is this Exchange based? (USA / UK / South Korea / Japan...)
Be prepared for the Exchange setup procedure to be detailed and lengthy, as the Exchanges generally want to know a lot about you. It is akin to setting up a new bank account, as the Exchanges are brokers of valuables, and they want to be certain that you are who you say you are, and that you are a trustworthy person to deal with. It appears that "trust' is earned over time, as the Exchanges usually permit only small investment amounts to begin with.
Your Exchange will keep your CC's in storage for you. Numerous provide "cold storage" which merely indicates that your coins are kept "offline" until you indicate that you want to do something with them. There are quite a couple of news stories of Exchanges being hacked, and numerous coins stolen. Believe about your coins becoming in some thing like a bank account at the Exchange, but remember that your coins are digital only, and that all blockchain transactions are irreversible. In contrast to your bank, these Exchanges do not have deposit insurance, so be aware that hackers are always out there attempting everything they can to get at your Crypto Coins and steal them. Exchanges usually provide Password protected accounts, and many offer 2-aspect authorization schemes - something to seriously think about in order to protect your account from hackers.
Offered that hackers adore to prey on Exchanges and your account, we always suggest that you use a digital wallet for your coins. It is fairly easy to move coins between your Exchange account and your wallet. Be sure to choose a wallet that handles all the coins you want to be buying and selling. Your wallet is also the device you use to "invest" your coins with the merchants who accept CC's for payment. The two kinds of wallets are "hot" and "cold". Hot wallets are very simple to use but they leave your coins exposed to the web, but only on your computer, not the Exchange server. Cold wallets use offline storage mediums, such as specialized hardware memory sticks and easy difficult copy printouts. Using a cold wallet makes transactions much more complex, but they are the safest.