What is crypto? Crypto stands for what word? Learn about Crypto
If you participate in the market of cryptocurrencies, cryptocurrencies, surely there will be a few times heard from the Crypto, right? So do you know what Crypto is? Here I will give you some information about what Crypto is, what are the advantages and disadvantages of Crypto and how to invest Crypto effectively, let's find out.
What is crypto?
Crypto (also known as cryptocurrency) is defined as cryptocurrency. In addition, some common names that we will come across are: cryptocurrencies, coins, cryptocurrencies, digital money and even virtual money.
In addition, we can also define Crypto as a type of digital asset designed to work as an exchange intermediary that uses cryptography to secure its transactions, and to control it. the creation of additional units, verifying the transfer of property. Therefore, Crypto value units are protected from fraudulent or fraudulent forms, while concealing user transaction information.
Fundamentals when investing in Crypto
-Only invest the money you can lose
-Always pay attention to Bitcoin
-Never put eggs in a basket
-Do not blindly invest
-Do not FOMO
-Sort investments and take a look at the long term picture
-Always learn from your mistakes
Pros and cons of Crypto
•Advantages of Crypto
Low transaction costs: The cost of trading cryptocurrencies is almost zero, there are a lot of cryptocurrencies being built in order to make transactions free of charge.
Fast transaction speed: With Crypto whether you move from Vietnam to America, Africa, Europe, it only takes a few 15-20 minutes, sometimes fast, only a few minutes, trigger money transfer between banks in If you move overseas it may take several days to arrive.
Anonymity: All your personal information is anonymous, people only know your wallet address (like your bank account), your balance, your time, your transaction history.
Uncontrolled by the government: With Crypto the government cannot control or take control.
Transboundary transactions: Victims can transfer money to anyone in any country with fast speed and low cost.
No inflation, counterfeit: Crypto is valuable and never inflation like paper money, because no one can increase and decrease this number and exist in physical form so it can not be fake.
•Disadvantages of Crypto
Create conditions for criminals to operate: Many criminals have used Crypto to launder money through the black market due to anonymity and uncontrolled.
Safety and security: If you do not have the knowledge and skills, there will be risks of data and money theft, hackers always have tricks to access your electronic wallet and steal. them.
High price volatility: Crypto is highly volatile. Moreover, the current Crypto market is easy to manipulate if someone holds a sufficiently large number of coins.
How to invest crypto effectively?
You understand what Crypto is but how to invest in Crypto is another story. Below, we will provide you with the most basic guidelines so you can confidently begin to step into your investment path.
Step 1: Filter floor
Currently, there are other altcoins on the market such as: Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Litecoin (LTC), EOS, Cardano (ADA), Tether (USDT) and Binance Coin ( BNB).
Before making a decision on which currency to invest, you should learn all the basic characteristics, liquidity, and trading platform of all cryptocurrencies above and then choose the currency that best suits you.
Step 2: Study, learn more, learn forever!
You need to read and learn a lot of knowledge including techniques, in addition, need to experience trading to draw experience. Each experience you should spend a small amount of capital.
Step 3: Nobody more than yourself
The only rival for investors in crypto is none other than themselves. If you want to succeed, instead of setting your own goals, you should focus on specific principles like deciding how to take profits when you win or lose, patience, calm and confidence.
Step 4: Prepare is never redundant
Before you start investing, make a detailed and clear investment plan. Record carefully all your trading orders, price actions, reactions to the market to store and ponder.
Step 5: Peek in passion
You confidently place your first order whether you win or lose, you will do it with passion, if you do not try, you will never know.
Above I have just provided you with information about what Crypto is like, the advantages and disadvantages of Crypto. Hope these shares will be helpful for you.