Article by: Eugene Ato Sekyi
Your passport into the world of crypto money 🙂 is in THIS post.
You probably heard about all the fuss about Dogecoin going to moon, about Bitcoin, Ethereum and the like. You probably also have that one friends who acts broke all the time but has secretly invested in some cryptos.
If you’re wondering how you can also get started with crypto, then this post was written for you.
Crypto’s are basically digital decentralized assets, which cannot be controlled by a central bank or even governments & are safe from any form of manipulation. Basically, it’s secure money via internet.
There Are Different Classes Of Crypto
These are crypto assets and crypto currencies;
Crypto assets are tokens of crypto projects. For instance Vechain is a crypto token of the Vechain project. VeChain is a blockchain platform designed to enhance supply chain management and business processes. Its goal is to streamline these processes and information flow for complex supply chains through the use of distributed ledger technology.
Crypto currencies, on the other hand, are crypto assets which can be used as a medium of exchange in transactions. For example, Ama wants to buy Kofi’s car, and Kofi accepts bitcoin as medium of payment for his car. Those who created Ethereum, Bitcoin, and other digital currencies did it to present to the world decentralized alternatives so everyone can make sure their transactions are under fair conditions
Why Do You Need To Know The Difference?
People usually assume that bitcoin is all there is to crypto. Crypto is way bigger than just bitcoin. Understanding the difference between crypto assets & crypto currencies will aid you in making your investment decision.
How To Get Started With Crypto Investing
- Look for a crypto wallet and places where you can buy & store your crypto
- You can look for an online wallet such as Coinbase, Binance or Crypto.com
- You can get a cold wallet, where you would keep your crypto offline
- Research on the crypto before you invest. Some of the projects out there are scams
- Determine your profit objective (i.e whether you want to be in it for long term or short term). It will really help your decision making process
- Don’t invest money you cannot afford to lose & always do your own research