The crypto bear market continues to stretch on and on. As of this writing, bitcoin is down almost 70 percent from its all-time high set nearly a year ago. But that’s also been the longest bear market so far — in some cases, even longer than that. That’s a scary proposition for anyone who believes in the value of decentralized digital assets like bitcoin and other digital currencies. If you’re reading this, you’re probably one of the many million people who already own digital currency and think about it as your second money — or maybe your third. If your primary interest is managing your money responsibly and saving for retirement, you might want to think about moving on from other cryptocurrencies sooner to Bitcoin.
What’s the big deal with the digital currency market?
First, let’s get this straight. The digital currency market is still very much in its infancy, and most people are only aware of it when they’re looking for a new way to generate extra cash. After that, most people assume the market has prospered because of innovations like the internet and digital technology. However, the truth is that most of the attention given to the digital currency market has been focused on financial innovation. The digital currency market is just as much about developers taking advantage of the new technologies as it is about consumers consuming digital currency.
How to trade on a whim & safely
When people think of money, they usually associate it with paper money or coins. But this is not the case anymore. In fact, digital money — like e-books, videos, and other digital content — can be used almost anywhere. People can easily make money online without the need to hold physical cash or a credit card. Other than that, you can still use cash as your standard of payment.
Crypto currency exchange rates
Even though most people assume their current digital currency is the best option to go forward with, there are still some businesses that are willing to accept cryptocurrency as an alternative payment method. So you can still use your cash machine to pay for things like gas or groceries. But these businesses will usually ask for a deposit to cover any potential fees.
Where to buy real-world bitcoin
You can still buy and sell cryptocurrencies in real-time on many cryptocurrency exchanges. You can also buy and sell Bitcoin and Ethereum, the two most popular coins, in the space. But Bitcoin is the one that you should go to. Just be aware of doing own research.
The world’s leading digital currency manager is you
You should manage your own crypto. There is no way to rely on someone to manage you own money and charge it for free.
Conclusion
Invest in digital currency in caution and manage your own money.
P.S. I am not your financial advisor.
Photo by Zdeněk Macháček on Unsplash