If you’ve not already jumped aboard the cryptocurrency hype train, you may well be thinking about it now following the incredible heights that Bitcoin (BTC) has reached in recent months. But jumping into a new world you don’t understand can be a little daunting at times, so we’ve decided to put together a little guide for you to help you when it comes to investing in cryptocurrency.
We’ll look at how you can get into it, what to do when you have some and some general tips to help you out along the way. So, let’s get to it.
The easiest way to get cryptocurrency is through mining. It essentially uses your computer’s hardware to mine data, and in return you get cryptocurrency. You can mine for everything from BTC to Ethereum and even smaller cryptocurrencies. But whilst the idea behind it is free and not all that time-consuming since you just leave your computer running, it can be costly.
Firstly, you need decent hardware. That’ll cost you a good chunk of money at the best of times, never mind today’s world where the price of parts for your PC has gone through the roof due to low supply and high demand. Then you have the cost of running the hardware all the time, it consumes a lot of power and will mean your bills go up.
So, if you’re going to mine, you need to work out how much you’re going to make of the coin you’re mining. You need to be making enough to cover the cost of the power, and then some on top to pay for the hardware. Once the hardware is paid off, and you’re covering the cost of your electricity, then the rest is pure profit. It can take some time to get there, but it can pay off if you do it right.
Buy and Sell
Much like stocks and shares, you can buy and sell cryptocurrencies online, or via your smartphone. This is done through things known as wallets. Applications that act as a digital wallet to store your cryptocurrencies. Now some will have access to more cryptos than others, so it is important to shop around and look at what it is you want to invest in. Research is very important because the value can fall just as quickly as it rises.
Look at BTC for example, in just over a year it has more than doubled in value and has gone from an average of $7,000 – $9,000 to hit an all-time high of $40,000 for 1 BTC.
So, the aim is to buy low, sell high, and make a profit. That’s why research is important, as you’re trying to predict what the next big thing is, which are going to soar to new heights, which are likely to drop their value, and which will hold quite well. It can be time-consuming, but it can be worth it if you put the effort in.
Invest your cryptocurrency
Once you have some cryptocurrencies, you can make them work for you to make more money. A more risky move to increase the profitability of your cryptocurrency is by placing bets with it. For several years the sports betting industry has been accepting many types of cryptocurrency. Whilst this may not sound like an investment as such, it is. Because you can place your cryptocurrency on any market, and get a return on it in cryptocurrency too. Which can be a much quicker way to build your supplies than mining. But, gambling is a risk, much like buying crypto in the first place, and things can go wrong just as easily as they go right, even for a skilled bettor this is a high-risk high reward. so be careful, thought is undeniably to be a possible route to double your investment or loss part of it in the process.
The positive thing about this though, is you can build a large supply, and overnight the value could soar. Meaning that your winnings may actually now be worth 3, 4, or even 5 times what they were the day before. At that point, it’s important to check that research again and see if it is worthwhile cashing out whilst you’re up.
Hope that helps…
And there you have it, a few tips and tricks about how to get involved in cryptocurrency and what to do once you are. There are plenty of other possibilities out there too, so if you have some of your own tips and tricks, why not let us know in the comments below or send us a message on social media.
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