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Are you hearing a lot about Bitcoin, Ethereum, or Dogecoin? Even though the crypto market has plummeted this year, there is still a lingering craze around this relatively new asset, and everyone wants a piece of the pie. We have made it easier for crypto traders to choose from the best cryptocurrency exchanges below and start investing today.
Best Crypto Platforms of 2023:
What is cryptocurrency?
Crypto is one of the most important topics of conversation these days. Many are still unsure what it is and how to get involved correctly.
Cryptocurrency is a digital asset secured by a unique cryptography code, making it decentralized and hard to duplicate. When we say decentralized, we mean that it is not regulated by any government entity, which makes it easily exchangeable online without tracing.
This digital asset is unique as it is based on a blockchain technology network distributed digitally through the internet. Bitcoin was the first of its kind and was created in 2009 in response to the market crash in 2008 by an anonymous person who called themselves Satoshi Nakamoto. Bitcoin was initially designed to withstand economic fall, beat inflation, and have freedom from government control.
At that time, the only people who knew about Bitcoin were using cryptocurrency for black market purchases. Still, as more individuals were getting rich off this digital asset, more people wanted in.
An increasing number of businesses are allowing purchases to be made with cryptocurrency, while credit card companies are implementing rewards systems that include cryptocurrency.
Cryptocurrency can be bought and sold through crypto exchange platforms that work very similarly to online brokerage platforms, which we have outlined below.
Things to consider when choosing a crypto exchange platform
When choosing the right crypto exchange platform to fit all of your needs, there are a few things to consider:
- Supported assets: If you want to trade specific currencies, it is essential to know if your platform trades that specific one. For example, most platforms trade Bitcoin but not all platforms support tokens such as Cardano (ADA).
- Payment methods: Most platforms allow you to trade using bank transfers, but not all allow you to purchase with credit cards. If that means something to you, double-check the accepted payment methods.
- Fee structure: As most platforms will charge a fee, the fees can differ depending on the amount traded and the frequency of trades.
- Security: Security breaches and cyber hacking are widespread in crypto as many hackers are looking to get their hands on cryptocurrency. The platform you choose must have extensive security measures and protocols in place.
The bottom line
When choosing an online brokerage account when you start investing, choosing the proper crypto exchange will incur the same measures. Be clear on what kinds of coins you want to trade and if your location supports your chosen platform.
Digital assets are not just a growing trend; they are the future and are an essential piece of your financial portfolio, whether personal or for business use.
Cryptocurrency is entering the entrepreneur space, and you should know how to get in.
Information provided on Entrepreneur Guide is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, we do not recommend or advise individuals to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results