Money is a form of currency, but what happens when you remove the paper currency out of the currency and replace it with a cyber form of payment. You get crypto currency. It is a form of income that can be bought online. Similar to the stock market, the currency fluctuates in price. Crypto currency is such a new form of currency, it has no federal regulations. That means the price of crypto currency can sky rocket in a short period of time and also tank without warning. There are numerous forms of crypto currency to buy. The most talked about is Bitcoin. Aside from Bitcoin, there are almost a dozen other forms of crypto currency for sale. Each Crypto currency fluctuates in price based off the trend of Bitcoin, because Bitcoin was the first and most relevant form of Crypto currency.
How do you buy Crypto Currency
Crypto currency can be purchased online throughout numerous different platforms. The major platform is called Coin base. It is a site and app for your form that connects to your bank account, which counts as your wallet. You can deposit money into the Coin base wallet and then in return buy any form of Crypto currency that is supported by that platform. Depending on what state you live in, numerous stock platforms now offer the opportunity for you to buy Crypto currency. The most talked about stock app is “Robinhood.” Easy to use, and downloads to your phone for free. There is no commission price to buy or sell the currency and they offer half a dozen types of Crypto currency to buy. Other platforms, like buying stocks, charge you per trade (purchase and sale) of the Crypto currency.
Why buy Crypto currency
Purchasing the currency is the easy part. Understanding why you are purchasing the currency in the first place is the hard part. Making a profit off the currency is even harder. It isn’t as easy as buying it and then watching the money pile in. When Crypto currency became big, anyone who had shares of it made a lot of money. The amount of people who bought it, the low float currency of Bitcoin was able to sky rocket to heights never seen before due to the high volume of Bitcoin purchases. Once it got to the ceiling of almost 20 grand, everyone started to sell their Bitcoins off and take profits. That means that if you got in late, you got stuck holding “the bag.” “The bag” is a term used when you buy something in Crypto currency or the stock market that is over priced and now you have to wait a significant amount of time for the price to get close to the purchase price so you don’t loose to much money. The reason people buy Crypto currency is exactly that. There is no regulations, there is no ceiling and there is no floor. It is a high volatile form of currency that can be corrupted by high purchase’s or high sell off’s of the crypto currency. If you can figure out a good price to buy and hang on to the roller coaster ride that is crypto currency, watch it like a hawk, you can try to profit off it.
Other reasons why people buy crypto currency is the fear that our general currency will become obsolete some day. The currency of paper dollars and coins are mass produced and sometimes it floods the market, making certain dollars worth less than other countries dollar bill and vis versa. Crypto currency only has a certain amount of currency allotted for purchase, which means that the market can’t become saturated lowering the value. The more crypto currency is purchased, the higher the price of it gets. You can split crypto currency and buy pieces of it, as some of the currency floats between 7 grand and 15 grand. The chance to wake up and see your crypto currency triple from when you purchase it is a main reason most people jump in and give crypto currency a try.
How do you know if you bought in at a good price
The truth is you will never know if you bought in at a good price. You will buy in when you’re comfortable and hope that it goes up from when you bought in. Some people who trade stocks read the weekly and hourly charts of crypto currency. No different than buying stocks, they try to pin point trends and patterns of the ups and downs of crypto currency to show the best buying point and selling point. It is possible and people have success doing it, however it is not something that can happen over night and it takes a lot of work and practice if you never read stock charts before. When you buy crypto currency, make sure you are using disposable money. What does that mean? that means that when you are buying and selling crypto currency, make sure you use money that you can afford to lose. It can drop at the blink of an eye and if you don’t sell off, in hopes that it will go back up to what you want it to be, you could potentially lose out on a lot, if not all of your money. Using disposable money is the money that you can afford to lose but if you make more money off it, then it’s just extra money for you.
Who should buy Crypto currency and Is it for me
There is no age limit or description of who should buy crypto currency. Anyone can buy it and if you’re ok with putting your money into a virtual currency that can either make you a lot of money or go south and have you stressing that you lost money you couldn’t afford, it may or may not be for you. Only you can decide whether or not its something your interested in trying. Sometimes people kick themselves from not getting in it sooner and other times they wish they never got in. Make sure you do as much research and studying on it as possible before you invest your hard earned money.