While cryptocurrencies in the last couple of years have become one of the most reviewed investment options that investors all over the world have looked into, there are certain things most people seeking to dive into it do not fully understand. As with other Investments, there are several starter tools that beginners will have to own to ensure that they fully understand and make profits from their investments.
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Crypto Wallet
Crypto wallets are basically the first starter tool every crypto beginner must have. Like the regular wallets, these digital crypto wallets are used to store digital tokens. Once you start purchasing these digital tokens, you would have to store them and there is no better place to store them than on these wallets. There are over four types of wallets you can choose from. The mobile wallets, the software wallets, the hardware wallet and the paper wallet are a few of the types of wallets you can find in the crypto market. As a beginner, when choosing a crypto wallet your priority should be security. If your wallet is not secure, hackers can gain access and take all your crypto funds for themselves. You must select a wallet that is safe. One of the most recommended types of wallet is the hardware wallets and this is because they store their private keys offline. Asides the hardware wallets there are other certain safe software wallets you can choose from.
Some of the most recommended wallets include :
- Nano S Ledger hardware wallet
- Trezor hardware wallet
- Mycellium
- Jaxx
- Exodus etc.
Cryptocurrency Exchange and Mining Rigs
These are important starter tools as well. Generally, as a crypto investor, there are two ways to gain these tokens, it is either you mine or you purchase these digital tokens. Mining refers to the solving of very complex mathematical puzzles on the crypto network for rewards in form of digital tokens. This is one way you can earn tokens and to mine you need a mining rig or equipment.
Exchanges are another way you can earn digital tokens as well. These exchanges as the name imply means that you have to exchange or buy digital tokens with your fiat currencies. Most people prefer this type because of the convenience that comes with it. To buy cryptocurrencies you must have an account with an exchange. There are hundreds of exchanges you can choose from and each of them offers you various payment methods you can choose from. So with these exchanges, you can choose to buy digital tokens through online payment methods like PayPal, or through your credit cards, or even through direct bank deposit.
Some of the main mining rigs you can choose from if you decide to mine includes :
- Antminer S9
- Antminer S7
For those who seek to buy cryptocurrencies from exchanges, these are a few of the recommended exchanges.
These exchanges are recommended because of their easy to use interface, they include :
- Coinbase
- Huobi
- Binance
- OKEx
- Kraken
- Poloniex etc.