(Newswire.net — April 6, 2021) — Can you believe that there was a time when a single Bitcoin was worth much less than a single penny? Those who had the foresight to spend a day’s of lunch money on Bitcoins when its value was $.0008 are now wealthy beyond their wildest imaginations. With well over a hundred million traders worldwide, it’s safe to say that cryptocurrency has made its mark on the finance market.
If you want to be successful at cashing in on your cryptocurrency investments, you need a well-thought-out strategy and the right tools. Due to the growing interest in crypto, there’s also a rapidly growing industry around digital currency. Continue reading to learn what some of the must-have tools cryptocurrency traders are.
1. Crypto Wallet
No matter what kind of currency you’re dealing with, there are two things you need: storage and security. Being that digital assets can only be stored as data, security is of the utmost importance. Luckily, security is a bit of a built-in feature for cryptocurrency as it’s supported by blockchain encryption technology.
However, you still need somewhere to store your digital assets, and that’s where crypto wallets come into play. There are many different types and brands of wallets, so you have to be selective when choosing the best crypto wallet for your needs. The different types of wallets are desktop, online, mobile, paper, and hardware wallets with the latter by far being the most secure.
The thing that makes hardware wallets so secure is, as the name suggests, they’re physical wallets, and they only connect to the internet when you connect them. The Ledger Nano X is widely considered to be the standard for hardware wallets and now even boasts Bluetooth technology to make them pairable with mobile devices.
Of course, whenever you’re thinking about getting the best product on the market, you can expect to pay more money than for its run-of-the-mill counterparts. Likewise, digital wallets are more costly than software wallets. The key is to do your research to learn as much about cryptocurrency wallets before you dip into your bank account for a crypto wallet.
2. Crypto Exchange
Crypto exchanges are one of the most valuable resources available to crypto traders all over the world. Crypto exchanges are places to buy and sell cryptocurrency for fiat money or even other cryptocurrencies, and it’s important to note that not all digital currency exchanges are created equally.
Coinbase is the most prominent exchange in the United States by trading volume and is home to over 20 million traders from around the world. However, if you want to be part of the largest crypto exchange in the world, you should take your cryptocurrency to Binance.
There are pros and cons associated with all exchange platforms, so it’s a must you do your due diligence before settling on an exchange. It’s also important to remember that there’s no law against trading on multiple cryptocurrency exchange platforms. Different exchanges have varying strengths so which platform is the best is a matter of your goals.
3. Cryptocurrency Cards
Many cryptocurrency traders have lamented the difficulty of converting their digital currency into fiat currency. As it is, it can be a trying process to convert your cryptocurrency into cash and move that cash to your bank account. Cryptocurrency cards make the process of spending your cryptocurrency as easy as the swipe of a debit or credit card.
Crypto debit cards are like prepaid debit cards in many aspects in that you have to pay transaction fees and monthly maintenance fees. You can use it anywhere major credit cards are accepted including ATMs. It’s all but a sure bet that in the near future, crypto cards will be as essential as wallets.