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Seven (Quick) Tips for You to Get the Most Out of Your Crypto
Bitcoin and cryptocurrency aren’t as confusing as you think they are
Bitcoin and cryptocurrencies have been enjoying a surge in popularity over the last few years. And for good reason.
They offer several advantages over traditional currency systems, like sending digital money securely to anyone in the world, all without having to go through a bank. Bitcoin, in particular, because of its historically high annual returns, can be used as an investment vehicle to create generational wealth.
These are only two of the significant advantages of using cryptocurrencies.
But if you want to get the most out of crypto, you need to know how to use them properly.
Here are seven quick tips to help you do just that.
1. Get a self-custody crypto wallet
The first and most important step in using cryptocurrencies is to get a self-custody wallet. This means that you are the only one who has access to your private keys, and as such, you are the only one who can send cryptocurrency from your wallet.
Several types of wallets are available, but the two most popular are hardware wallets and software wallets.
Hardware wallets, like the Ledger Nano S, keep your private keys offline on a physical device. This makes them virtually impossible to hack. Software wallets, on the other hand, are online wallets that are less secure.
However, if you have a software wallet, like Exodus, and you keep your private keys private, then you’re in a better position than keeping your crypto stored on a centralized exchange.
2. Buy crypto with fiat currency
If you want to buy cryptocurrencies, you’ll need to use fiat currency.
Fiat currency is any legal tender that is backed by a government. The most popular fiat currencies are the US dollar, the Euro, and the Japanese Yen.
You can buy crypto with fiat currency on exchanges like Coinbase and Gemini. Or through fiat on-ramp providers like MoonPay.
