Purchase / sale of cryptocurrency: what is required to know?

Regarding cryptocurrency, it is not necessary to have high skills in computing. It is particularly a matter of having a thorough knowledge in the field of the transactions of digital assets.

Before buying virtual currency, even reselling it, it is desirable to focus you at first on the market trends and the main selection criteria of the available platforms.

First steps in cryptocurrency

Getting acquainted with the notion of encrypted currency is the very first step to be respected before throwing you in any transactions.

If the digital asset investment seduces more and more these last years, it is still an activity which can turn out to be risky if you act at random without being interested in it closely.

To succeed effectively in establishing your sources of savings or income through cryptocurrency, it will be necessary for you to know the best practices and to adopt the good reflexes. As any expanding domain, it evolves constantly and thus involves that you know how to anticipate and show discernment to grasp the favourable opportunities.

Understanding the cryptocurrencies’ market

To own digital currency is interpreted by possessing a number of tokens of such or such type of currency, held through a dematerialised wallet. This wallet can be stored online on the Internet network or in a personal device (computer, smartphone, hardware USB wallet, etc.).

Several hundreds of cryptocurrencies exist at present, each having its peculiarities, which depend on various criteria such as their volume and their quotation on the scale of the global market. That is why every currency has a variable power and a very volatile value.

To obtain virtual currency or give it to other users, two types of platforms are accessible on the market:

  • those dedicated to the operations of purchase / sale against the fiat (paper money): €, $, £, etc.
  • those allowing the exchange of cryptocurrencies between them

Choose good platforms of transactions

As well as in many more domains working through the Internet network, the operations connected to the cryptocurrency are not spared by the attempts of fraud or hacking.

To protect you against any artificial or not secured web site, take care to analyse several essential conditions, among which one in particular you will chose:

  • the reputation of the platform: to know it, consult the users’ notices on specialised forums such as reddit.com (in English) and bitcointalk.org (in French)
  • the average price of the cryptocurrency which you wish to buy or to sell and the associated expenses: to make a success of your transactions, take a first time to compare, because very big variations can be noticed from a platform to another one
  • the availability of a support or a customer service in case of problem

complete training stays nevertheless the best way to acquire the useful bases and to avoid the beginner’s errors.

Ledger Nano S - The secure hardware wallet