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Cryptocurrencies are an industry that is very popular among investors due to strong returns on investment and fast market movements. We realize that this market segment is associated with advanced technologies such as blockchain, and we realize that cryptocurrencies can cause difficulties for beginners in terms of understanding the technology behind them.
The world is constantly changing, technology is changing faster, and sometimes people with a deep interest find it difficult to keep up. To understand this, in the following article for novice investors, we have outlined the basics about the cryptocurrency market while explaining some important terms that any novice investor might come across. We've also explained exactly what the trading process looks like on our xStation platform.
Information about digital currencies for beginners
Cryptocurrencies have risen to prominence in the portfolios of many individual and institutional investors. At the same time, analysts continue to warn investors about the volatile nature and unpredictability of these financial assets. Before you invest in Bitcoin and enter the cryptocurrency market, it is important that you read what we have prepared for you.
Just like any other investment, it is important to gain knowledge before investing your money. Here are the things you should know before. As a novice cryptocurrency investor, take time to learn about the cryptocurrencies we offer such as Bitcoin, Chainlink, Ethereum, Cardano or Uniswap and also understand blockchain technology, the basics of which are easy to understand. Investment awareness is one of the most important things, and when investing money, you should be able to answer why you are doing it and what value do you see in Bitcoin and other projects?
Perhaps the main question you should ask yourself before investing in cryptocurrencies is why you are doing so.
There are countless investment vehicles available at this stage.
There are countless investment vehicles available at this stage.
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After careful research, you probably already have an idea about the cryptocurrency industry and may have chosen one or more projects to invest in. The next step is to determine the timing of your investment.
The world of cryptocurrencies moves quickly and is known to be very volatile. If you see an opportunity somewhere - don't be afraid to take advantage of it, but remember the basics in risk management.
Cryptocurrencies tend to follow certain price patterns, and the market behaves in a cyclical and sometimes predictable manner.
Bitcoin often takes the lead among cryptocurrencies that tend to follow its own path. When Bitcoin is in the process of making significant price movements, we talk about what is called Bitcoin dominance. This is the time when the biggest increases are usually recorded and many investors are switching from altcoins to Bitcoin to participate in the “rise”.
Altcoins usually rise significantly when Bitcoin is at high price levels and is consolidating “sideways”, waiting for a big move. At this point, the low volatility of Bitcoin prices prompts investors to jump into riskier and smaller projects.
When Bitcoin declines, altcoins usually decline as well, usually falling more than Bitcoin. However, there are speculative projects that sometimes rise spectacularly when Bitcoin falls to encourage investors to move from falling Bitcoin into these assets to “offset losses.”
Obviously, news of a stock exchange hack, scam or price manipulation can cause change in the cryptocurrency space, so it is important to follow the market and read market news. Currently, another SEC investigation is underway into the world's most popular stablecoin, Tether, which mirrors the US dollar on cryptocurrency exchanges. The eyes of all investors in the cryptocurrency market are directed towards it.
Investing in the field of cryptocurrencies means high risk and in the worst cases, you should expect the possibility of complete failure. However, by applying risk management methods and working on your psychology, you can avoid major losses and learn more lessons in the financial markets. Knowledge is an opportunity for success.
What are digital currencies?
Cryptocurrencies are digital assets that you can use as investments due to their huge price volatility and for online purchases. They are secured using encryption, making it impossible to forge or double spend.
The digital currency is intangible, which means that you obviously cannot pick up a Bitcoin and hold it in your hand.
Each cryptocurrency consists of a program or token. It cannot be copied, but it can be traced (exceptions are anonymity-based cryptocurrencies such as Monero or ZCash).
How it works?
Cryptocurrencies operate on a chain of computers, in a peer-to-peer network without an intermediary.
Cryptocurrencies are decentralized – meaning there is no government or bank that manages how they are created, what their value is (demand generates price value), or how they will be exchanged. All digital currency transactions are secured using cryptography.
Are digital currencies blockchain?
Blockchain is the technology that enables digital currency to exist. Blockchain is a digital ledger of transactions distributed across a network of computer systems. It is a ledger that records the history of a particular cryptocurrency in real time.
It is considered a system for recording information that prevents piracy. Each block in the blockchain contains many transactions, and every time a new transaction occurs on the blockchain, a record of that transaction is added to the ledger for each participant. A blockchain database can store a large amount of information that can be used and accessed by multiple users at the same time.
How do you store your digital currency?
Digital currency can be stored in something called a “wallet,” which can be accessed using a “key.”