Cryptocurrency has been making headlines for years, but it’s still not very well understood by many people.
The basics are simple: cryptocurrency is a medium of exchange that allows you to buy and sell goods online without using traditional forms of fiat currency such as dollars or pounds.
Unlike other kinds of currency, it’s not backed by any government or central bank — there’s nothing physical about cryptocurrency at all.
This means its value is determined purely by supply and demand.
If you’re using crypto as a medium of exchange, spend it
You can use cryptocurrency as a medium of exchange, store of value and unit of account.
Cryptocurrency is not only a digital currency but also has many other features.
If you’re looking for an alternative to fiat currency, you should consider investing in crypto.
Cryptocurrency is decentralized, meaning that no central authority such as a government controls it.
Since cryptocurrencies are based on blockchain technology, which makes them immutable, you won’t have to worry about someone changing the rules on you later on down the line.
The whole point is that it’s a currency and is ultimately meant to be spent and earned.
You can even use crypto to play online casino games. If you make an account at dappGambl.com, you can use your crypto to play casino games for your entertainment.
It’s an ideal way to spend your crypto because you also have the chance to win it back!
When you’re holding onto crypto for investment, save it
If you’re holding onto crypto for investment purposes, it’s best to save it until you need it.
If your goal is the long-term growth of your portfolio, then saving your coins until they’re needed will help ensure their value has the most opportunity to increase as they sit idle in an exchange account or wallet.
You can also mine crypto for extra income
Crypto mining is a great way to earn passive income if you have the hardware.
In fact, some cryptos can even be mined with your smart phone. You can set your phone to do this while you’re sleeping, and it will earn crypto for you passively.
Investing in crypto typically means that your investment will increase over time, so it’s best to save that money until you need it
If you’re investing in cryptocurrency, it’s best to save your investment until you need it.
The value of your investment will likely increase over time, so if you invest now and spend the money later on an emergency or some other unexpected expense, then the value of that currency could be higher than what it was when you purchased it.
If this happens with any regularity, and especially if there are significant spikes, it might make sense for someone who believes in crypto’s future prospects as an asset class to keep their savings as cryptocurrency instead of converting it back into a fiat currency when they need something immediately.
Cryptocurrency is easy to buy and sell via an exchange platform but the value of cryptocurrencies can vary widely
Cryptocurrencies are often traded on exchanges such as Coinbase or Binance with other cryptocurrencies such as Bitcoin, or even traditional fiat currencies.
Most people buy cryptocurrencies with cash from their bank account or credit card in what’s known as an “exchange” which charges a small fee per transaction.
Some trades are done peer-to-peer without an intermediary, which means there won’t be any fees charged for buying/selling your coins but there may still be some risks associated with this type of buying method, so please do your research before committing yourself.
Find a reputable exchange and make sure you transfer your coins to your crypto wallet when you plan on holding them a while.
They’ll be safer there where only you can access them.
Conclusion
Cryptocurrencies are an exciting and volatile investment opportunity.
They’re also one of the easiest ways to exchange money online, which makes them ideal for people who want to spend their money quickly and securely.
If you’re planning on using cryptocurrencies as a medium of exchange, then it’s best to actually spend them and use them to buy the things you need.
That way, you’ll be supporting crypto as a whole.
However, if you’re looking for an investment opportunity, then it might make sense for you to save those coins until the time comes when they can be used most effectively.
The choice is up to you depending on your intentions.
