Buying Bitcoin Guide To Help Beginners Understand Terms And Markets

Finance & Money Blog

The prices of Bitcoin and other cryptocurrencies have shot up, and you may want to start investing. The cryptocurrency slang terms and markets can be confusing for a beginner, which is why you may want to know more before you start. The following information will help you buy Bitcoin and understand cryptocurrency terms and the markets:

Getting Started Buying Bitcoin

All cryptocurrencies are tied to Bitcoin because it is the first and biggest. Therefore, no matter what you want to invest in, you are going to need to buy Bitcoin first. Start with finding a software or hardware wallet to store your cryptocurrencies and save your seed phrase. After setting up your wallet, you are going to need to find an exchange, brokerage service or private seller. The best and safest solution is to use a reputable exchange or brokerage service. There will be a small fee for their services, but you will be able to send it to your own wallet.  

HODL and Other Cryptocurrency Slang

Cryptocurrency is somewhat counterculture by nature. This has lead to specific slang associated with Bitcoin and other cryptocurrencies that you will want to know. The most common acronym used for crypto slang is HODL, which means Hold On For Dear Life. It refers to not selling your coins because this makes them more valuable and helps the market. FUD is another acronym that is used, which means Fear, Uncertainty and Doubt. The FUD acronym is often used to refer to the negativity of the mainstream press or institutions. They use their FUD to spread rumours and news to try to downplay the massive adoption of cryptocurrencies.

Diversifying Your Portfolio With Stablecoins

Now that you have Bitcoin and know more about slang terms, it is time to diversify your portfolio. To get started, you may want to invest in stablecoins. These are coins that are tied to the value of fiat money, which makes them safe when there are market fluctuations. You can also invest in other alternative cryptocurrencies. There are also NFTs like NBA Topshots moments, which are tokens that have virtual content you can own.

Knowing When To Sell and When To Buy Cryptocurrency

You may also want to know when to buy and sell, which is the most difficult. The best way to invest in cryptocurrency is to invest in what you can afford and HODL. There are times and market situations where you may want to sell for financial benefits. Wait for the prices to be higher than your original investment and for market bull runs (when the market goes up a lot) to sell if you really need the financial gains.

Investing in Bitcoin and other cryptocurrencies will be much easier now that you know how to get started. Contact a cryptocurrency service to buy Bitcoin and start building a diverse investment portfolio.

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