CryptoLife with Levi: The Real Life
By Levi Rasmussen
Blockchain Islands? GDPR? Petro controversy? A storm of new ideas, old criticisms, and plenty of noise from both sides of the crypto world is brewing. The market seems to be on the brink of something. But what that something is? Who knows…
Welcome to this week’s edition of CryptoLife with Levi. I hope you’re mastering the WSS trading platform and making (virtual) money hand over fist with your newfound crypto knowledge. This week, I am going to push you out into the real world, and help you start thinking about what trading cryptocurrency in real life looks like.
Let’s get started!
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A good first step to start cryptocurrency trading is to do research on exchanges. Much like a stock exchange, cryptocurrency exchanges are the platforms through which cryptocurrency trades are made. Unlike stock exchanges, however, cryptocurrency exchanges are accessible to anyone who has internet. Although this makes crypto trading very user-friendly and gives users a broader spectrum of choices, it also puts users at risk to security breaches.
Cryptocurrency exchanges have been widely criticized and exposed for their lack of ability to protect their users’ assets. So, when getting started, make sure to do research on which exchanges are reputable. This article is a good place to start.
One of the most widely discussed issues in cryptocurrency is the issue of the wallet. A wallet is where owned cryptocurrencies are stored, and there are many different types. Exchanges often offer online wallets, there are downloadable wallets, and even external hard drive wallets.
Across the community, it is widely regarded that external wallets are the most secure, but they are also typically the most expensive and the least convenient. Regardless of what type you choose, make sure to consider the options carefully. Here’s an article that has some more in depth information about crypto wallets.
Buying in and Cashing out
Because the mainstream market is so new to cryptocurrency, many users experience difficulties when changing their fiat currencies into cryptocurrencies or vice versa. The key to buying in or cashing out is communication. Call your bank and ask what their policy is on cryptocurrency transactions, and work with them to transfer money between your bank account and your crypto exchange. Although it is a slightly inconvenient process, drastic improvements will be made in the coming years.
Although this article erred on the technical side of things, I hope you gleaned some valuable knowledge from it! Also, in case you didn’t realize, the days of March are dwindling. Time to kick your strategy into overdrive and go for gold (and by gold I mean ether). Good luck this week, and keep your eyes peeled for the next edition of CryptoLife coming soon!