If you would like to invest in cryptocurrencies, and yet you do not know what you should do to get started, then in the article we will introduce you to how to buy or mine the first units of virtual money. The moment you start your adventure in the cryptocurrency market with Bitcoin, after some time you will understand through analogies how to expand your wallet with other virtual coins.
What's more, investing in cryptocurrencies during the pandemic may be one of the possible forms of securing capital. Very low interest rates, unprofitable deposits and huge inflation make cryptocurrencies a good option for people who want to become slightly independent of the modern financial system.
Cryptocurrencies in recent times.
It can be said that in the last two years there has been a huge increase in interest in cryptocurrencies. Many investors decided that this way of investing funds is not only a hedge against rampant inflation, but also a way to earn extra money. Cryptocurrencies seem to be a very sensible solutionif you have some money to invest in your wallet.
A few tips to get you started.
Do you know what cryptocurrencies are and how blockchain works? Perhaps some will find that such knowledge is superfluous, but in our opinion, its assimilation will allow you to understand the laws governing Bitcoin. The cryptocurrency market is very sensitive to external, global events. These can be political, social, economic matters. The high risk of exchange rate changes means that you should not invest such amounts, after the loss of which you will not be able to function normally.
Before you buy Bitcoin.
If you decide to buy cryptocurrencies, remember to invest only such financial resources as you can afford to lose. If buying Bitcoin is a long-term investment for you, then a good option will be to keep the funds in your wallet for so long that they can earn their profit.
Before you buy cryptocurrency units, it's a good idea to keep track of the results on the cryptocurrency exchange website. Especially when you are a beginner, it will be easier for you to know the current prices of cryptocurrencies and get acquainted with the changes in their rates. Initially, you will probably find it easy to get lost in the dynamics of the cryptocurrency exchange, but once you understand how the market works, you will be able to purchase Bitcoin at the most convenient time.
The first step.
At first, you should set up your own cryptocurrency wallet. You have both online and offline wallets at your disposal. Each of them has its pros and cons. Setting up a wallet should be completely free. With it, you will be able to have control over your virtual money and be able to store it when you are not making cryptocurrency-related transactions.
Where can I buy Bitcoin?
There are several possibilities to buy. Virtual money can be purchased thanks to: purchase at a Bitcoin exchange, on a cryptocurrency exchange, from another holder of virtual currency or in a mobile application.
Whichever way you decide, the good news will be that you can buy Bitcoin or other cryptocurrencies for a buck. If you decide on an exchange, choose one that is trustworthy and safe. An additional advantage will certainly be the Polish-speaking customer service. The advantage of a cryptocurrency exchange is the ability to invest in them from anywhere in the world. Do not choose the exchange carelessly, because not every one of them offers services in Polish and honors transactions in ZLOTYs.
In the case of the decision to mine cryptocurrencies, you will not do without investing money in equipment, i.e. in Bitcoin miners. It is certainly a long-term investment, requiring a large amount of capital and time. A large dose of patience and perseverance will also be useful. A habit worth developing is to constantly observe the state of the market and the Bitcoin rate.
To mine Bitcoin or other cryptocurrencies, you can use a processor or graphics card. Thanks to the provision of computing power, the process of "mining" virtual money takes place. Unfortunately, the greater the number of people involved in mining, the more the difficulty of digging increases. Currently, a good way to mine Bitcoin is to have dozens of graphics cards characterized by high performance.
Since the investment requires a lot of energy, you will also have to take into account the increased electricity bills.
Both the advantage and disadvantage of virtual currencies is the difficulty in predicting the profitability of mining in the long run. Certainly, investing in other cryptocurrencies can also become very profitable. While mining any virtual currency is a complex process, it is still worth the time and resources.
It will not do without efficient graphics cards and regular tracking of the situation on the cryptocurrency market.
However, if you treat the adventure with cryptocurrencies in the category of fun, you can start with an excavator equipped with two powerful graphics cards and devote some free time.