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What if I were to tell you that there is a new asset in the market that can turn you into a millionaire much quicker than the standard investment of stocks, bonds, etc, you would think I am lying or probably trying to sell something bogus but none of that is true. The asset I am talking about is Cryptocurrency and in the course of this article you will learn about what is cryptocurrency and answers to questions like u201c how do I buy cryptocurrency in Canadau201d.
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In today’s generation, the youth underestimate the value of saving money and investing it into mutual funds, stocks, bonds, fixed deposits, etc. The power of compounding is unbelievable and a small amount of savings every month invested into one of the above can turn into a fortune during retirement. What if I were to tell you that there is a new asset in the market that can turn you into a millionaire much quicker than the standard investment of stocks, bonds, etc, you would think I am lying or probably trying to sell something bogus but none of that is true. The asset I am talking about is Cryptocurrency and in the course of this article you will learn about what is cryptocurrency and answers to questions like “ how do I buy cryptocurrency in Canada”.
What is cryptocurrency?Cryptocurrency can best be explained as a form of a digital asset that is bought by buyers using money. However, this asset can be used in exchange to buy goods or for any form of service. This is different from standard money or fiat currency because the transactions you make using cryptocurrencies are completely anonymous and the value of these currencies appreciate much quicker than the standard fiat currencies.
How does It work? • Each transaction done using a cryptocurrency is verified using Blockchain. Blockchain transactions are completely decentralized which means that they rely on many computers to complete a transaction which is why they are considered much safer from hackers than all other assets. A decentralized network, like a blockchain, distributes risk. So, if one part of it is hacked, it doesn’t put the rest of the system in jeopardy.
How is its value determined? • Like any other asset, the value of cryptocurrencies is decided on a basic principle of supply and demand. However, other factors influence the values as well. Some of these factors are : • 1)The cost of producing a cryptocurrency through the mining process.2)The exchange it trades on.3)The number of competing cryptocurrencies.
Some popular cryptocurrencies • Some of the most popular and oldest cryptocurrencies are Bitcoin, Ethereum, Litecoin, Ripple(XRP). These currencies have been around for a while now and have a very high market capitalization which ensures investor confidence in them.
ConclusionCryptocurrencies may not have been around for as long as the stock market or may not be as safe as fixed deposits are but in recent times, they have offered a better return on investment than both those assets. A smart investor would diversify his portfolio within different assets to earn a better percentage-wise return. Any investor should invest a small portion of his funds in some of the popular cryptocurrencies stated above.
If you want to know how to get started with buying Bitcoin, Ethereum or if you want to know how to buy XRP In Canada then all you need to do is log on to the Netcoins website and follow these instructions. First, you need to provide your personal information to open an account. Then, you need to get your details verified. After this is done, you can transfer money into the wallet and begin trading.SOURCE CREDIT: https://medium.com/@netcoinscanada/tricks-to-retire-rich-by-investing-smart-5c9edfb423db
