The internet is a great tool for business, despite the criticisms and skepticisms it faced when it was introduced to the public, the internet has continued to enjoy unprecedented growth, this growth has created several opportunities for people and businesses, and so many of them have attributed their success to the internet. With the use of the internet came several new technological innovations, one of which is the blockchain technology, which is responsible for the creation of digital currencies. The blockchain technology is growing at an alarming rate as developers have discovered new use cases that make it a very important part of almost any system, even in business models. As young as the blockchain technology is, it already has so many people, businesses, and companies integrating and using it for various purposes.
Despite not going mainstream yet, the crypto industry is already experiencing a massive influx of people who have seen just how profitable owning cryptocurrencies can be, and every minute, more people keep joining the crypto community. These people and businesses are not just investing in cryptocurrencies for the sake of owning investments, but rather because some cryptocurrencies like Bitcoins, Ethereum, etc. are very valuable, and as such investing in them is a good business strategy.
Like all other investments, it is imperative that prior to investing in any scheme, the investor is supposed to run checks and do detailed researches about the scheme, before deciding whether to continue with the investment process or not. The crypto community may be a very good place to invest, it is also a very risky business, and it is only right that the investor knows the odds. One problem with investing in the crypto industry lies in knowing the right cryptocurrency to invest in, and also knowing the right tools to use to analyze and monitor the crypto market, to stay abreast of the happenings and irregularities within the community.
Cryptocurrencies are usually very volatile, and this is often responsible for the fluctuations in the market prices of the cryptocurrencies, however, the volatility along with the increased demand of the cryptocurrency are some of the factors responsible for the exponential increase in the value of such cryptocurrencies like the case of Bitcoin, or Ethereum. Hence, it is very important to employ the use of tools to ensure the user has access to all the necessary information needed to invest in and monitor the activities of the investment.
These tools will help the investor pick the right cryptocurrencies to invest in, know the best time to invest in the crypto community, know when to trade, among other uses. There are already so many crypto tools created for different crypto-related purposes, but we will discuss some of the ones that are essential to a new crypto investor who is still not certain about the functionality and intricacies surrounding crypto investments. Here are some tools that are essential for crypto investors:
- Be Informed (News)
It is not a wise decision to invest in what you have no idea about. Cryptocurrency is a trend that is growing fast, and it is attracting businesses and people from all over the world. This trend has put media agencies in a bit of a frenzy as they always have something to talk about concerning the ever adaptable and growing crypto community. For a new crypto investor, it is very important to stay up to date with happenings in the crypto community, and this is why it is recommended that the investor uses services like:
- Coindesk which gives insight into the latest news about events happening in the crypto community, they also have investigative crypto articles.
- If you are looking to get easy guides that will show you how to get round to dealing with your crypto investment, then Coinstaker is one of the best tools to use.
- Other tools to access cryptocurrency news and articles include: The Merkle, CoinTelegraph, Fintech, NewsBTC, Cryptocoins News, ICObench, among others.
- BTCNews provides all of the above, plus the tools, and informative reviews and articles.
By using these media tools, the investor is better informed about what is going on within the crypto community, and how best to tread.
- Study Reviews (Forums)
Prior to trying out a new product, it is always very important to know just how good or bad the product is, and the fastest way to go through with it is by reviewing the inputs of the product, and to this end, many forums have been created, all with the aim of making it easy for investors to invest in the crypto community. You are able to interact with professionals and some other new investors like you. Here are some forums that will help you achieve the aim of knowing more about different cryptocurrencies, and how to invest:
- A very popular forum that has many cryptocurrency and blockchain developers is Bitcointalk, asides contributing to the topics there, you will also have the opportunity to know about very new projects, and be updated about tokens that are being traded.
- Quora is another great forum where you can ask questions, and get very good answers in return, as there are so many cryptocurrency enthusiasts on the platform.
- For more forums where cryptocurrencies are discussed in full details, and from various perspectives, these forums are good; Reddit, CoinPursuit, TradingView, Trading Heroes, among other interesting, yet educative forums.
- Know the Stats (Stat Tracker)
Statistics are an important part of planning for any type of business, by studying statistics, you are able to track the trends, and know what steps to avoid, and the right steps to take in the right direction. Cryptocurrencies are dynamic and volatile and as such are not expected to remain the same even over short periods. Some platforms for tracking the stats include:
- For adept analysis and statistics about different cryptocurrencies and their market trends, CoinCodex is just the perfect platform to use. The platform also features a news section, an ICO calendar, and other information about the different cryptocurrencies.
- CoinMarketCap is also similar to CoinCodex, as the information offered is precise, and the prices of the crypto coins are offered to you.
- There are so many equally good platforms for tracking the stats of these cryptocurrencies, and they include: CryptoEYE, StockTwits, Elementus,BlockLink, and BTCnews etc.
As a new crypto investor, your first port of call after going through the necessary information needed before investing in crypto is the crypto exchange. The crypto exchange basically functions as a platform where the trade of cryptocurrencies takes place. Before going on an exchange, it is important that you ascertain the exchange is safe and secure, can deliver fast, and that it is also very transparent. Exchanges should not just be jumped into for face value, but a thorough research about the exchange should be done, and if you do not know how to go about researching the exchange, then you are advised to read reviews about the platform. Here are some trading platforms that will facilitate your journey to the crypto community:
- One very popular exchange that has won the hearts of many in the crypto business is Coinbase. If you intend to invest in either of these; Bitcoin, Litecoin, Ethereum, and Bitcoin Cash, then Coinbase is just one of the best platforms to carry out the trade.
- If you are looking for an exchange platform that offers a lot of cryptocurrencies and pairings, then Binance is the exchange to visit. Furthermore, users of the Binance exchange platform can deposit coins freely, their trading fees are relatively low, and the platform also has the mobile version for on-the-move trading.
- The exchanges are many, and all of them have the unique features that make them different from each other. More exchanges include Paxful, BitMEX, CoinMaMa, Gemini, BitShares, Bisq, Bitfinex, Bittrex, ShapeShift, among other good exchanges.
For the best exchanges of 2018 click here.
You cannot be a crypto user or investor without owning a crypto wallet. The digital wallet is a computer program that is used for storing private and public keys, as it performs an interaction with different blockchain networks to help users with the sending and receiving of cryptocurrencies, while also helping the users keep an eye on the balance. Cryptocurrency wallets have different categories, including:
- Online Wallets
- Mobile Wallets
- Hardware Wallets
- Paper Wallets
- Desktop Wallets
For 2018’s top wallets click here.
- Other Tools
For the effective monitoring of your cryptocurrency investments, here are some tools you can employ to assist you for optimum performance:
- Cryptolumewhich functions as a tool to monitor trends in the crypto market, including price notices, exchanges, and volume graphs.
- Currency arbitrage tool is a very important tool that is able to assist with the calculation of profits.
- Other tools to help your investment include SCAM test, ch, Santiment, Cryptopia, OpenBazaar, etc.
These are some useful tools that will help a crypto investor who is new to the crypto community, to make the right decisions.
To learn about blockchain technology and how it’s changing the world click here
To learn about bitcoin and cryptocurrency, you will not want to miss this click here
To buy bitcoin and altcoins you will want to see this chart and prices click here