Some Helpful Tips for Cryptocurrency Beginners

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Crypocurrencies have now become a global phenomenon to many organizations and people because of their rising popularity and benefits. Cryptocurrency is a type of digital currency and it uses cryptography for tracking transfers and purchases.

Bitcoin is the most popular cryptocurrency and its most important characteristic is decentralization. Bitcoin is controlled by coders and no single institution regulates or controls it. The supply of Bitcoin depends on the algorithm and its value increases with the increase in demand. The Bitcoin transactions can’t be reversed and it is impossible to modify if more than an hour has passed after the transaction. There are many different cryptocurrencies which we’ll discuss in this post. Today we’ll give an idea to the beginners so that they know what cryptocurrency to invest in and about the best cryptocurrency exchanges out there.

What cryptocurrency to invest in?

If you’re wondering which the top cryptocurrency to invest is, let us tell you that it depends on your requirements. Bitcoin and Ethereum offer the best investment options because they are exchangeable and immutable and according to many investors and advocates, these currencies will replace Dollar and Euro in future. Since 2011, Bitcoin has increased in value by 25,000 percent and Ethereum has increased in value by 2,700 percent since 2016. Bitcoin is the standard cryptocurrency for investment but you can invest in other cryptocurrencies too which can provide a good starting point because of their affordability. Following are some other good investment options of cryptocurrencies:

  • Ripple
  • Litecoin
  • Dash
  • Monero

Each of these coins have different features such as some of them are more focused on security and privacy issues such as Monero, Dash, and Zcash. Ethereum and Ethereum classic are more focused on smart contracting while Ripple and Nem have characteristics resembling to Bitcoin such as decentralization. So if you’re thinking what cryptocurrency to invest in Bitcoin alternative, these are your options.

Best cryptocurrrency exchange:

A cryptocurrency exchange provides a platform for trading or mining the cryptocurrencies. There are certain marketplaces on the internet which serve as the best cryptocurrency exchange because they offer more security and facilities to the user. There are so many factors that make an exchange a good one such as reputation, security, transaction fees, order types, geographical restrictions, and payment fees. Some of the best cryptocurrnecy exchanges are as follows:

  • Coinbase
  • Coinsquare
  • Kraken
  • io
  • ShapeShift
  • Poloniex
  • Bitstamp
  • CoinMama
  • LocalBitcoin

Bitcoin mining software:

Bitcoin Mining Software allows you to receive profits. Bitcoin miners use particular software to solve algorithms and they offer a certain number of Bitcoins in exchange. These software require you to mine on an individual or solo basis, or you can also mine the cryptocurrrencies as part of a pool. If you need small and frequent payouts you should consider pooled mining whereas if you need irregular and large payouts, then solo mining will be suitable for you. Following are some good cryptocurrency trading apps which will provide Bitcoin mining software:

  • CGminer
  • BFGminer
  • BitMinter
  • BTCminer
  • EASYminer
  • 50Miner

Conclusion:

To start mining or trading in cryptocurrencies, you’ll need to use the bitcoin exchanges and use some bitcoin mining software or app. It is important to do some research and gather information regarding cryptomining so that you don’t end up having a bad experience.

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