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CRYPTOCURRENCIES

I believe it is important to start any introduction on cryptocurrencies to emphasise that we are entering uncharted territory but it is an extremely interesting and exciting time. If you had bought $100 worth of bitcoins in 2010 they would be worth a staggering $27 million today. Yes $27 million !!!

If you are completely new to cryptocurrencies but considering testing the waters, I would suggest that now is the time. You may find it all a little intimidating at first but you could easily be up and running in a short space of time. From the outset it was very difficult for people to understand the general terminology and exactly how to break into the market but the good news is that the whole process has been simplified and buying bitcoin can be as easy as downloading an app accessing your bank account online. In fact all banks will eventually offer accounts soley for cryptocurrencies.

Bitcoin

There is a general feeling of "Thats all very well but it's all too late - surely I have missed the bus ?" Ok so few people could afford to buy a full bitcoin (presently around $64,000), so they may consider buying one tenth of bitcoin for example (or even less). Alternatively there are mnay other crypto currencies, like ethereum for example that can be purchased at a much lower rate.

However, Bitcoin does compare favourably at the moment because it's been around for a while and is the largest and most secure crypto. For anyone starting out in cryptocurrencies, I would recoomend investing in Bitcoin, however small the investment.

Crypto Wallets

There was much scepticism about cryptocurrencies from the outset but the general public generally have a better undertanding of them and more and more people are investing in them year by year. Presently cryptocurrencies in aggregate are valued at over $2 trillion in market capitalization.

If you do decide to take the plunge in this exciting area, you are required to have a "Wallet" in which coins are held. You can hold you cryptocurrency in an exchange and they will provide the wallet for you. You will need to provide the exchange with some basic details including ID such as a passport or driving licence. You can also self-host your wallet and take total control of your assets but it is imperative you keep all your necessary details to access your wallet safely because, if lost it would be impossible to retrieve your assets. Some wallets only support specific cryptocurrencies so this should be a consideraation when choosing your wallet.

Cryptos

The need to keep your cryptocurrency secure can't be stressed enough. You will require a private key or a series of data equivalent to a password. Private keys can be represented as a binary code, QR code or other formats. Private keys can be stored in desktop devices or mobile apps or a separate hardware device not connected to the internet. You will of course have to make a decision on you chosen method to acquire cryptocrrency and ther is much information available for you to help you make that first step.

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