Cryptocurrencies have gone from being an obscure fad in the digital underground pre-2010 to full-blown acceptance in the mainstream by 2018, and every time you turn around there’s a news story or social media article about them. The industry supporting Crypto has become so vast that the University of Notre Dame actually has a leading course on Cryptology! 

The question on most people’s minds however is: What exactly is a Cryptocurrency? You may see an advertisement on Youtube stating that people are making millions of dollars investing in crypto. The speakers in these videos tell you to go here to find out more information or go there to download an e-book which explains everything, but these presentations are generally openers to convince people buy an extended education on how to become successful investing in this new currency. 

The reality however is that you can learn plenty about crypto investing for free by simply searching online. This is the beautiful thing about it, as crypto is all about an open source community. 

Getting started, the first thing you need is a way to store your cryptocurrencies because there are many different types. Cryptocurrencies are in the form of coins. These coins are often stored in a physical or digital wallet. If you’re looking for a paper wallet, all you have to do is search for the coin you’re interested and add paper wallet. This will bring up the website that allows you to print out a paper wallet and show you how to put your coins in what’s known as “cold storage”.

There’s a much easier and less complex way to store your coins and this is the digital way. There are a few websites out there such as Abra which allows you to store your coins digitally, and they would take on the responsibility of keeping your coins safe. The upside to digital wallets is that you don’t need to worry if you lose it like you can with your real world cold storage wallet, and unfortunately this does happen. 

Also, when you have a digital wallet all you have to do is sign into the site that holds your coins and you can buy/sell your coins quickly and easily from the comfort of your desktop, laptop or even phone! 

Investing in cryptocurrencies is well on its way to becoming the wave of the future. Already you have brokerages, hedge funds and highly successful individuals setting up funds to trade cryptocurrency coins on a massive scale. Everyone is taking notice and it’s usually wise to follow the big money, and the money looks to be going to crypto. 

You should take note however that Cryptocurrency coins are very volatile at the moment. As time goes on they’ll probably become more stable, and as that happens society may begin to start using them as actual money instead of an instrument of capital to buy and trade. Right now, they’re a digital commodity. Tomorrow you may be buying goods you can hold in your hand with them on a regular basis. 

Whether you’re a short-term trader, a true believer in crypto or you’re simply looking for a place to put inactive money that’s earning almost 0% interest in a bank account, you’re going to need a crypto wallet and you should choose wisely as to the one you decide to go with.

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