Until today, many people don’t understand the concept of cryptocurrency. So, what is cryptocurrency anyway? Cryptocurrency is a decentralized virtual currency that also gains or loses value, similar to stocks. Instead of using traditional cash, cryptocurrency is a virtual coin that is used for trading, buying, and selling.
Of course, it is only used with people or businesses who accept cryptocurrency like universities, best online casinos, and other online purchases. Some of the main reasons why people are attracted to the concept of crypto are it guarantees anonymity, explosive value, and low fees. For instance, casino online websites in Canada accept cryptocurrency as a payment method.
It’s an even more attractive way of gambling since it hides one’s identity. So, if you decide to play online, choose only trusted websites with gambling licenses in Canada. According to Canadian gambling laws, gambling is illegal if it doesn’t have the necessary licenses to operate at both federal and provincial levels.
Each province of Canada has its own regulations, so it’s best to check with each of them. You need to make sure you can trust your crypto with reputable sites that are licensed in Canada or whichever country you wish to play. In this article, we’ll show the basics of how to start investing in crypto in the easiest terms.
1. Choose a Cryptocurrency
The first and most important step is choosing a cryptocurrency that you prefer. Thus, it is vital to do extensive research on the different cryptocurrencies that are reliable and promising. You can choose the ones with a dominant position such as Bitcoin or cryptocurrencies that are deemed to be the next big thing.
There are hundreds of cryptocurrencies available, and it can be difficult to choose what’s best. Check their historical charts and projects if they are high-performing or not. You can also pick the ones with passive income opportunities like cryptocurrency staking.
If you’re into online casinos, it will be in your best interests to choose a cryptocurrency that works with casino online payments. Some examples of cryptocurrencies that can be used in online casinos are Bitcoin and XRP from Ripple.
2. Choose a Trusted Platform to Purchase Cryptocurrency
Now that you’ve done your research, the next crucial step is finding a reliable cryptocurrency exchange. It’s similar to choosing a trusted broker for your stocks online. It’s safe to say that it’s best to stick with one of the largest platforms of these exchanges since they already have a proven track record and customer reviews.
Some of the trusted platforms today are Binance, eToro, Coinbase, Gemini, and Kraken. After choosing your desired cryptocurrency exchange, you’ll open an account with them, which will require your personal identification documents and bank account. The bank account information is needed since you’ll be purchasing crypto via your debit card or credit card.
After setting up an account and depositing money into your account, you can now purchase crypto. Some cryptos can cost a fortune for just one coin, and that’s okay since you can first purchase a small fraction of a coin as a new investor.
3. Keep Your Cryptocurrency in a Wallet
Cryptocurrencies are typically stored in a virtual wallet. However, your cryptocurrency is not kept in the wallet but it’s only a bridge to your blockchain. It is a platform that stores private and public keys that connect to a blockchain where you keep your cryptocurrency.
This software program is a virtual wallet that allows you to keep a record of your transactions and your current balance. To access your wallet, you’ll be given codes for all your cryptocurrency which you’ll need to memorize and input every time you open your wallet.
Additionally, there are hardware wallets available that can hold your crypto. It’s similar to a USB device and is believed to be more secure than a virtual wallet that runs as software online.
Is It Worth It?
Now that you know the basics of investing in cryptocurrency, you might be thinking if this is a worthy investment. All investments are risky, whether high or low. In the past, nobody believed in the future of cryptocurrency. But today, it is widely used for purchases, online transactions, payment methods in casinos online, and even made millionaires overnight.
It’s a high-risk investment with a promising future. Expect more people to invest in crypto with the influence of business moguls, social media, and stock manipulators. The more people who buy crypto, the higher the value it becomes. It’s only a matter of investing at the right time with a little luck to purchase and then sell your crypto at a higher value.
If you’re looking to be anonymous especially in online casinos, then buying crypto is a surefire way to keep your identity hidden. Nevertheless, it’s a volatile asset that should be purchased with utmost research and caution. It’s easy to learn how to invest, but difficult to maintain if you have the desired income goal.
As an Amazon Associate, Icy Canada earns from qualifying purchases.