Cryptocurrency: What is it and how to trade cryptocurrency?

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To start trading cryptocurrency you have to choose a cryptocurrency wallet and an exchange to trade on. How to invest in cryptocurrency: If you want to invest in cryptocurrency, and not just buy/sell/trade, then you have a few options. Generally, new investors can choose between the GBTC trust sold on the stock market, a cryptocurrency IRA, an exchange to buy coins on and a wallet to store the coins in, or an exchange-broker-wallet hybrid like Coinbase/GDAX.

What is cryptocurrency

Each option has its pros and cons, but notably, only an exchange-broker-wallet hybrid like Coinbase/GDAX allows one to trade and invest directly using a single platform.

TIP: A cryptocurrency wallet is a place where you store encrypted passwords that represent coins and a cryptocurrency exchange is like a stock exchange or like a currency exchange in a foreign airport.

Just like if you want to trade stocks you need a bank account and access to the stock exchange, it is the same deal with cryptocurrency. There are only a few things to know about trading cryptocurrency beyond what has been noted above. A cryptocurrency exchange is not part of the regular stock exchange. A beginner might prefer to trade cryptocurrency stocks on the stock market.

Cryptocurrency trading is a 24-hour market, where the traditional stock market is not. On cryptocurrency mining: As noted, one way to invest in cryptocurrency is via cryptocurrency mining. The average investor will want to trade USD for cryptocurrency on a market and avoid the complexities and investments of mining. Since the above is the case, a good start for any American wishing to trade cryptocurrency is starting with Coinbase.com.

TIP: A good first foray into cryptocurrency investing is obvious, buying a major cryptocurrency like Bitcoin. After that, you’ll likely want to trade USD for crypto on an exchange like GDAX. After that, you should try trading BTC and ETH for other cryptocurrencies, hope that solves your query for the question what is cryptocurrency