Not long ago, I attended a huge cryptocurrency investing seminar. I noticed that the biggest percentage of attendees were men. I wondered why so few on the female side and I wrote a post about why women should also consider investing in cryptocurrency.
As I studied the situation closer, I realized that we women, on average, are usually more cautious than men when it comes to money. But in retrospect, I must tell you that without risk, there is little gain. Sure, we can take our savings and put them in a savings account to make crappy interest rates that may get us a cup of coffee.
I don’t know about you, but I would rather take a little more risk and make a lot more money.
I believe cryptocurrency may be the answer
So in talking with other females, I have discovered that many would like to invest in the cryptocurrency phenomenon, but they just do not know how to.
I have decided to give some information that can help you decide if cryptocurrency investing would be the right move for you.
What cryptocurrencies should you invest in?
You may be familiar with some of the main cryptocurrencies. There is:
But did you know, there are many, many others?
I am by no means a financial adviser, so I will not tell you which ones you should purchase. But you can go to Coin Market Cap and view all the cryptocurrencies in the world. You can see the current price, supply in circulation, 24 hour volume and percentages of rise or fall.
Now if you find one you are interested in, you will want to ask Google where you can buy it. I can lead you to a good place to purchase Bitcoin, Bitcoin Cash, Ethereum and Litecoin, but you will have to search where you can buy others.
If you are interested in any of the above, you can buy them here at Coinbase.
Storing your cryptocurrency
What you need is a digital wallet to store your cryptocurrency. You can have either a hot wallet or a cold wallet. A hot wallet means it is connected to the internet and cold means it isn’t. The types of wallets are:
- Desktop – They are downloaded and are on your computer. They can be accessed even if internet is not available.
- Mobile – Similar to the desktop, these are for mobile devices.
- Online wallets – These are wallets you can only get in with an internet connection. They are from 3rd parties and located “in the cloud.”
- Paper – These are simply printed on paper and stored wherever you like, preferably, a safe.
- And Hardware – A small device similar to a USB.
This link tells some of the best wallets available. Some wallets are expensive while others are free.
My recommendation is the online wallet Coinpayments. You can store over 75 different currencies and manage them easily
What you can do with your cryptocurrency
You can buy, trade or just save. As time passes, more and more online and offline merchants are accepting cryptocurrency as a payment option.
And, if you have your own business, you can set up payment gateways where you accept cryptocurrency. As a matter of fact, the Coinpayments link I gave you above allows you to do that.
I suggest that you keep records of your crypto purchases and you can watch if it is gaining or losing value.
But always keep in mind that there can be huge fluctuations in value. You do not want to get emotionally stressed or elated. I have watched Bitcoin go up more than $1,000 in one day. It has even dropped that much in 2 hours.
The best tip I can give you is to not invest more than you can lose.
I heard one speaker say, “The second biggest mistake you can make is investing so much into cryptocurrency that if it fails, you will have to file bankruptcy. But the biggest mistake is, not investing in cryptocurrency at all.”
I hope this helped you understand about investing in cryptocurrency.
Remember, I am still learning too, but I have money in on the digital blockchain because I believe it to be one of the best investments there is.
But, I have not put my eggs all in one basket. Cryptocurrency has had some crazy moments. Some experts say it will fail completely and others say it will go through the roof.
It is ultra important that you take time to learn and understand the risk. There are a huge supply of tokens available, but it can be super risky. Before investing, take a deep dive to understand the risk you are taking.
I would love to hear your thoughts.
If you have any questions or comments, feel free to post below.
Thanks and keep on moving.