An Ultimate Guide to understanding the cryptocurrencies
Those without bank accounts in countries around the globe are turning to cryptocurrencies as an alternative.
Blockchain technology-based cryptocurrencies are the new avenue for people who are still not aware of the independent financial system.
The cryptocurrency revolution has created a bridge and platform for those who wish to achieve financial independence, and the 21st century will act as a bridge for those who have left behind the financial revolution.
If you are still left behind, let me provide you with some information that might help you give some basic idea about the cryptocurrency market.
In the stock market, mutual funds, you need to have knowledge about the sector and the country you want to invest in. You can only invest in the country you reside, sometimes if you are rich there are avenues that will help you invest in other countries too, but for small investors, it is not possible.
Sky's the limit
Crypto breaks this boundary and provides anyone with a sky full of opportunities to invest even $1 in any crypto projects across the globe.
There are hundreds of use cases that crypto projects have given life to. From feeding wild animals across the globe, working for climate & ocean, cross-border remittances, data storage, decentralized finance (DeFi), staking, loans, educations, supply chains, logistics, music, videos, retails, marketing, health, media, sports, IoT (Internet of Things), big data & AI (artificial intelligence), insurance, transport, agriculture & food, privacy, social media, cloud and much more.
Investing in crypto projects will help a user attain financial freedom, as there is no third party that is watching you, where you are investing and why you are investing.
24X7 financial access
Traditional markets have a limitation of time. We have seen banks working on five days a week, sometimes national holidays too add to this. But the crypto market never sleeps. It is available round the clock, 24X7 and can be accessed from any part of the world.
You just need a mobile phone, desktop, laptop or a computer with an internet connection.
Power of finance in your own hand
With crypto, you have the power in your own hand, as you decide when to sell, buy or trade for whichever cryptocurrencies you like. Many cryptocurrency exchanges allow trading anonymously; some have some level of Know your Customer (KYC) process. But, decentralized exchanges (DEX) are the place where you can trade for any crypto with full control of your accounts.
DYOR – Do Your Own Research
Before you enter the crypto space, always do your research, take your time to understand the crypto project you want to invest in, check the team involved in the project, their experience, research on social media, search the web about the project and then make an investment.
Always read the project whitepaper, litepaper, or project details that are available on the crypto platform website. This information is very important for any new crypto enthusiast. Remember, it is your hard-earned money, invest Kleverly.
Always select an exchange that provides good support, there are many exchanges that don’t reply to users' issues on time and you lose your money.
You might be reading & watching news that a crypto project has given over 10X to 1000x return in a year or less. Please note, this never happens to all the projects, there are some projects that can give you these returns, but not all.
Patience and your research time is the key for any investment that can provide you with desired results.
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Disclaimer: This article is opinion-based. The information provided is based on individual experience and not scientific research.