A decade ago when Bitcoin was launched, most people didn’t believe that crypto coins would be successful. Even today, some people still think that cryptocurrencies are a scam. However, crypto coins and blockchain technology are now giving centralized systems serious competition.
There are plenty of coins in the market. The success of Bitcoin spurred the development of other crypto coins, which are collectively known as altcoins. In crypto lingo, altcoins refer to all other crypto coins that are not Bitcoin.
If you’re new to crypto, you might get overwhelmed by the number of crypto coins on the market. However, this guide is a good starting point that will ease you into the world of crypto. We will share tips on how to find the best xrp interest wallet and how you can earn free crypto by storing your coins in a high-yield xrp savings account.
A Little Bit About Crypto Coins
Cryptocurrencies are split into two major categories: crypto coins and stablecoins. The value of stablecoins is tied to a fiat currency such as the USD or Euro. One of the most common stablecoins is USDT. Stablecoins allow crypto investors to benefit from blockchain technology without incurring risks that come with price volatilities.
Crypto coins are quite susceptible to frequent price dips and spikes. As such, they come with plenty of risks, but they can be very profitable if handled the right way. Some of the most valuable crypto coins include Bitcoin, Ethereum, and XRP. The most valuable crypto coins often have high liquidity, meaning that you can easily buy and sell them on crypto exchange platforms.
Benefits of Investing in Crypto Coins
Crypto coins offer and open up another world of possibilities. It is one of the reasons why most people are investing in crypto assets over real estate and stock markets. In this section, we will highlight some of the major benefits of investing in cryptocurrency.
Crypto coins operate on decentralized systems. This means that people with crypto assets have complete control over their coins. In addition, the government cannot freeze your crypto wallets or spy on your transactions.
Cryptocurrencies are also immune to inflation that may be caused by the global economic crisis. It is one of the reasons why developers thought of creating crypto technology. In addition, crypto coins are accepted in most countries across the world.
Sending crypto coins or paying for services using cryptocurrencies is also very fast and convenient. Besides that, you do not incur any extra expenses in the form of transfer fees or exchange rates. Nowadays, more businesses are also accepting payments in the form of Bitcoin.
Purchasing Your First Crypto Coins
If you’re planning to purchase crypto coins soon, we would suggest that first get good crypto or xrp interest wallet. Premium crypto wallets offer more security and ensure that you have complete control over your assets. Some crypto exchange platforms offer crypto wallet services. However, you don’t get to own your wallet’s private keys.
You can purchase crypto coins from either crypto exchange platforms or P2P trading sites. If you are a beginner, we would suggest you use crypto exchange platforms as they are quite easy to use. You will need to sign up for an account, which should take less than five minutes.
After that, you might be asked to verify your account details. Once your account is verified, you can then move ahead and add your preferred mode of payment. Most crypto exchange sites and apps allow users to buy crypto directly from their bank account using either a credit or debit card.
Saving and Making Profits from Crypto Coins
Over the years, most crypto owners made profits through crypto trading. Ideally, crypto trading involves buying crypto coins during a dip and selling them for a profit when the prices increase. However, nowadays, you can save your Ripple coins in an xrp savings account and get free coins via interest earned.
One of the best crypto pro-savings platforms is YouHodler. It is primarily a crypto exchange platform that offers services such as crypto-backed loans and pro-savings accounts. The idea behind YouHodler was to create a platform that would allow crypto investors leverage their savings.
Users saving their crypto coins on YouHodler have access to plenty of benefits. First, your crypto earns interest, which is deposited to your account every week. You can also use your crypto savings to apply for loans.
Factors to Consider When Investing in Crypto
Investing in crypto can be challenging. You will most certainly come across a new coin on the market after a couple of months. However, you need to curb your FOMO (fear of missing out) if you want to make it big in crypto.
The first rule is to avoid investing in hype coins or meme coins. Most of these coins often sell out during the first ICO. After that, their value starts dipping once the hype is over. Most of the people who invest often end up losing huge sums of money.
Ensure that you sign up with a legit crypto exchange platform. There have been cases in the past where people ended up losing assets saved in their xrp savings account after the platform was hacked or collapsed.
Bottom Line
Investing in crypto is a high-risk high-reward adventure. If you’re interested in only using the blockchain systems, you can invest in stablecoins, which are not as risky. Make sure you also stay up-to-date with what is going on in the world of crypto.
Make sure you do adequate background research before investing in any coin. You should also explore the options offered by high-yield crypto-saving platforms such as YouHodler. You can take advantage of the crypt-backed loans to purchase a more profitable coin that has high liquidity.
You should also join some of the online crypto forums. There you will often come across experienced crypto traders who can offer insightful advice for beginners. The forums will also ensure that you’re on top of what is happening in the crypto world.
